v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 20,194 $ 50,833
Adjustments to reconcile net income to net cash provided by operating activities:    
Investment amortization, net (709) (321)
Fixed asset depreciation, net 2,739 3,911
Stock based compensation 2,743 2,528
Credit for deferred income taxes 957 (88)
Net realized gains on investments (8,049) (6,394)
Credit loss expense 355 255
Earnings from partnership investments (4,361) (2,413)
Change in net unrealized gains on equity securities 6,777 (6,923)
Changes in assets and liabilities:    
Accounts receivable, net (12,343) (26,549)
Accrued investment income 467 (1,256)
Receivable from reinsurers (16,859) (10,682)
Ceded unearned premiums (3,643) (95)
Deferred policy acquisition costs (964) (6,007)
Taxes recoverable/payable (14,634) (2,710)
Other assets (984) (932)
Losses and loss adjustment expense reserves 46,525 14,272
Unearned premium reserves 9,943 39,548
Accounts payable and accrued liabilities (10,163) (7,618)
Payable to reinsurers 3,303 (3,863)
Net cash provided by operating activities 21,294 35,496
Cash flows from investing activities:    
Fixed maturities purchased (165,072) (117,399)
Equity securities purchased (48,633) (37,209)
Other invested assets purchased (2,508) (4,406)
Proceeds from sales and paydowns of fixed maturities 127,760 44,818
Proceeds from maturities, redemptions, and calls of fixed maturities 18,268 32,519
Proceeds from maturities of short-term investments   20,000
Proceed from sales of equity securities 68,743 37,407
Proceeds from other invested assets redeemed 3,588 6,453
Fixed assets purchased (2,469) (400)
Net cash used for investing activities (323) (18,217)
Cash flows from financing activities:    
Proceeds from Citizens loan   30,000
Payments on FHLB loan   (30,000)
Dividends paid to shareholders (26,954) (26,844)
Net cash used for financing activities (26,954) (26,844)
Net (decrease) increase in cash and cash equivalents (5,983) (9,565)
Cash and cash equivalents at beginning of year 73,901 58,974
Cash and cash equivalents at end of period $ 67,918 $ 49,409