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Schedule II - Condensed Financial Information of Registrant (Tables) | 12 Months Ended
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Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed Balance Sheets |
| December 31,
| 2017 |  | 2016
Assets |  |  |
Cash and cash equivalents | $ | 22,486 |  |  | $ | 36,394 |
Equity securities of subsidiary trusts | 7,429 |  |  | 7,422 |
Receivable from subsidiaries | 166 |  |  | 182 |
Deferred income taxes | 7,945 |  |  | 9,528 |
Federal income tax recoverable, including amount from subsidiaries | 1,059 |  |  | — |
Other assets | 1,566 |  |  | 2,540 |
| 40,651 |  |  | 56,066 |
Investment in and advances to subsidiaries | 3,550,405 |  |  | 2,992,217 |
Total assets | $ | 3,591,056 |  |  | $ | 3,048,283 |
Liabilities and Stockholders' Equity |  |  |
Liabilities: |  |  |
Notes and loan payable | $ | 494,093 |  |  | $ | 493,755 |
Subordinated debentures payable to subsidiary trusts | 242,565 |  |  | 241,853 |
Federal income tax payable | — |  |  | 3,614 |
Other liabilities | 4,241 |  |  | 17,466 |
Total liabilities | 740,899 |  |  | 756,688 |
Stockholders' equity: |  |  |
Common stock | 89,331 |  |  | 88,001 |
Additional paid-in capital | 791,446 |  |  | 770,344 |
Accumulated other comprehensive income | 724,599 |  |  | 339,966 |
Retained earnings | 1,244,781 |  |  | 1,093,284 |
Total stockholders' equity | 2,850,157 |  |  | 2,291,595 |
Total liabilities and stockholders' equity | $ | 3,591,056 |  |  | $ | 3,048,283 |
See accompanying note to condensed financial statements. See accompanying Report of Independent Registered Public Accounting Firm.
Condensed Statements of Operations |
| Year Ended December 31,
| 2017 |  | 2016 |  | 2015
Revenues: |  |  |  |  |
Net investment income | $ | 492 |  |  | $ | 78 |  |  | $ | 62 |
Dividends from subsidiary trusts | 410 |  |  | 384 |  |  | 363 |
Investment advisory fees | 83,941 |  |  | 75,706 |  |  | 65,957 |
Surplus note interest from subsidiary | 4,080 |  |  | 4,080 |  |  | 4,080 |
Change in fair value of derivatives | (412 | ) |  | (810 | ) |  | (8,225 | )
Loss on extinguishment of debt | (18,817 | ) |  | — |  |  | — |
Total revenues | 69,694 |  |  | 79,438 |  |  | 62,237 |
Expenses: |  |  |  |  |
Change in fair value of embedded derivatives | — |  |  | — |  |  | (4,516 | )
Interest expense on notes and loan payable | 30,368 |  |  | 28,248 |  |  | 28,849 |
Interest expense on subordinated debentures issued to subsidiary trusts | 14,124 |  |  | 12,958 |  |  | 12,239 |
Other operating costs and expenses | 9,234 |  |  | 8,551 |  |  | 8,195 |
Total expenses | 53,726 |  |  | 49,757 |  |  | 44,767 |
Income before income taxes and equity in undistributed income of subsidiaries | 15,968 |  |  | 29,681 |  |  | 17,470 |
Income tax expense | 6,895 |  |  | 12,073 |  |  | 7,338 |
Income before equity in undistributed income of subsidiaries | 9,073 |  |  | 17,608 |  |  | 10,132 |
Equity in undistributed income of subsidiaries | 165,572 |  |  | 65,635 |  |  | 209,698 |
Net income | $ | 174,645 |  |  | $ | 83,243 |  |  | $ | 219,830 |
See accompanying note to condensed financial statements. See accompanying Report of Independent Registered Public Accounting Firm.
Condensed Statements of Cash Flows |
| Year Ended December 31,
| 2017 |  | 2016 |  | 2015
Operating activities |  |  |  |  |
Net income | $ | 174,645 |  |  | $ | 83,243 |  |  | $ | 219,830 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Change in fair value of 2015 notes embedded conversion derivative | — |  |  | — |  |  | (4,516 | )
Provision for depreciation and amortization | 1,610 |  |  | 1,946 |  |  | 1,613 |
Accrual of discount on equity security | (7 | ) |  | (7 | ) |  | (6 | )
Equity in undistributed income of subsidiaries | (165,572 | ) |  | (65,635 | ) |  | (209,698 | )
Accrual of discount on contingent convertible notes | — |  |  | — |  |  | 698 |
Change in fair value of derivatives | (657 | ) |  | (698 | ) |  | 6,377 |
Loss on extinguishment of debt | 18,817 |  |  | — |  |  | — |
Accrual of discount on debenture issued to subsidiary trust | 236 |  |  | 221 |  |  | 207 |
Share-based compensation | 951 |  |  | 818 |  |  | 1,026 |
Deferred income taxes | 1,583 |  |  | 2,117 |  |  | 8,967 |
Changes in operating assets and liabilities: |  |  |  |  |
Receivable from subsidiaries | 16 |  |  | (125 | ) |  | 93 |
Federal income tax recoverable/payable | (4,673 | ) |  | 11,361 |  |  | 2,683 |
Other assets | 158 |  |  | (326 | ) |  | (4 | )
Other liabilities | (12,427 | ) |  | 2,546 |  |  | (1,664 | )
Net cash provided by operating activities | 14,680 |  |  | 35,461 |  |  | 25,606 |
Investing activities |  |  |  |  |
Capital contributions to subsidiaries | $ | — |  |  | $ | (255,000 | ) |  | $ | (120,000 | )
Purchases of property, plant and equipment | (45 | ) |  | (54 | ) |  | — |
Net cash used in investing activities | (45 | ) |  | (255,054 | ) |  | (120,000 | )
Financing activities |  |  |  |  |
Financing fees incurred and deferred | $ | (5,817 | ) |  | $ | (1,456 | ) |  | $ | — |
Repayment of notes payable | (413,252 | ) |  | — |  |  | (48,152 | )
Repayment of loan payable | (100,000 | ) |  | — |  |  | — |
Proceeds from issuance of notes payable | 499,650 |  |  | — |  |  | — |
Proceeds from issuance of loan payable | — |  |  | 100,000 |  |  | — |
Proceeds from issuance of common stock | 14,028 |  |  | 139,654 |  |  | 112,481 |
Net proceeds from settlement of notes hedges and warrants | — |  |  | — |  |  | 25,775 |
Dividends paid | (23,152 | ) |  | (21,114 | ) |  | (17,946 | )
Net cash provided by (used in) financing activities | (28,543 | ) |  | 217,084 |  |  | 72,158 |
Decrease in cash and cash equivalents | (13,908 | ) |  | (2,509 | ) |  | (22,236 | )
Cash and cash equivalents at beginning of year | 36,394 |  |  | 38,903 |  |  | 61,139 |
Cash and cash equivalents at end of year | $ | 22,486 |  |  | $ | 36,394 |  |  | $ | 38,903 |
Supplemental disclosures of cash flow information |  |  |  |  |
Cash paid during the year for: |  |  |  |  |
Interest on notes and loan payable | $ | 40,537 |  |  | $ | 27,164 |  |  | $ | 27,283 |
Interest on subordinated debentures | 14,573 |  |  | 12,454 |  |  | 11,833 |
Non-cash financing activity: |  |  |  |  |
Common stock issued to settle warrants that have expired | — |  |  | 93 |  |  | 48 |
See accompanying note to condensed financial statements. See accompanying Report of Independent Registered Public Accounting Firm.

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