v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income (loss) $ (3,989) $ 11,366
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Amortization and depreciation 1,443 1,305
Restricted stock and stock option expense 3,494 1,388
Deferred federal income taxes (1,326) 2,899
Amortization of bond premium and discount, net 10,555 (4,258)
Net realized investment gains (136) (847)
Loss (income) from equity method investments, net of distributions 239 (390)
Changes in:    
Premium receivables, net 7,244 9,718
Reinsurance receivables, net (2,687) 2,775
Funds held by ceding insurers 5,025 (492)
Unpaid losses and loss adjustment expenses (5,543) 3,003
Unearned premiums 2,665 (6,222)
Reinsurance balances payable (5,395) (991)
Other assets and liabilities (5,303) 2,508
Contingent commissions (3,440) (3,034)
Federal income tax receivable / payable 220 5
Deferred acquisition costs (553) 2,214
Prepaid reinsurance premiums (116) 1,729
Net cash provided by operating activities 2,397 22,676
Cash flows from investing activities:    
Proceeds from sale of fixed maturities 39,984 20,759
Proceeds from maturity of fixed maturities 705,938 125,566
Proceeds from maturity of preferred stock 0 334
Proceeds from other invested assets 5,259 4,604
Purchases of fixed maturities (684,341) (168,208)
Net cash provided by (used for) investing activities 66,840 (16,945)
Cash flows from financing activities:    
Distributions paid to common shareholders (4,990) (4,801)
Distributions paid to preferred shareholders (110) (110)
Net cash used for financing activities (5,100) (4,911)
Net change in cash and cash equivalents 64,137 820
Cash and cash equivalents at beginning of period 17,009 38,037
Cash and cash equivalents at end of period $ 81,146 $ 38,857