v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 6,355 $ 21,459
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization and depreciation 2,834 2,659
Restricted stock and stock option expense 4,238 2,759
Deferred federal income taxes 993 5,480
Amortization of bond premium and discount, net 13,319 (11,375)
Net realized investment gains (263) (1,052)
Loss (income) from equity method investments, net of distributions 957 (22)
Changes in:    
Premium receivables, net 4,655 21,571
Reinsurance receivables, net (711) 4,796
Funds held by ceding insurers 5,685 (10,152)
Unpaid losses and loss adjustment expenses (24,264) (6,393)
Unearned premiums 11,602 (1,018)
Reinsurance balances payable (5,130) (1,694)
Other assets and liabilities (3,773) 11,647
Contingent commissions (2,710) (2,033)
Income tax receivable / payable (1,325) (2,494)
Deferred acquisition costs (2,779) 1,336
Prepaid reinsurance premiums (285) 1,460
Net cash provided by operating activities 9,398 36,934
Cash flows from investing activities:    
Proceeds from sale of fixed maturities 87,361 51,491
Proceeds from maturity of fixed maturities 1,232,908 346,119
Proceeds from maturity of preferred stock 0 2,934
Proceeds from other invested assets 6,385 4,548
Purchases of fixed maturities (1,275,510) (422,767)
Net cash provided by (used for) investing activities 51,144 (17,675)
Cash flows from financing activities:    
Distributions paid to common shareholders (9,987) (9,816)
Distributions paid to preferred shareholders (220) (220)
Purchases of class A common shares   (529)
Net cash used for financing activities (10,207) (10,565)
Net change in cash and cash equivalents 50,335 8,694
Cash and cash equivalents at beginning of period 17,009 38,037
Cash and cash equivalents at end of period $ 67,344 $ 46,731