Company Quick10K Filing
HCI Group
Price42.97 EPS1
Shares10 P/E38
MCap447 P/FCF12
Net Debt-41 EBIT21
TEV406 TEV/EBIT19
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-06
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-03
10-K 2018-12-31 Filed 2019-03-08
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-03
10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-03-07
10-Q 2017-09-30 Filed 2017-11-03
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10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-02-22
10-Q 2016-09-30 Filed 2016-11-04
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10-K 2015-12-31 Filed 2016-03-04
10-Q 2015-09-30 Filed 2015-11-04
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-03-10
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-06
10-Q 2014-03-31 Filed 2014-05-01
10-K 2013-12-31 Filed 2014-03-12
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-03-14
10-Q 2012-09-30 Filed 2012-11-13
10-Q 2012-06-30 Filed 2012-08-14
10-Q 2012-03-31 Filed 2012-05-14
10-K 2011-12-31 Filed 2012-03-30
10-Q 2011-09-30 Filed 2011-11-14
10-Q 2011-06-30 Filed 2011-08-12
10-Q 2011-03-31 Filed 2011-05-12
10-K 2010-12-31 Filed 2011-03-29
10-Q 2010-09-30 Filed 2010-11-12
10-Q 2010-06-30 Filed 2010-08-13
10-Q 2010-03-31 Filed 2010-05-14
10-K 2009-12-31 Filed 2010-03-30
8-K 2020-06-09
8-K 2020-06-04
8-K 2020-05-27
8-K 2020-05-15
8-K 2020-05-07
8-K 2020-03-05
8-K 2020-02-20
8-K 2020-02-12
8-K 2020-01-16
8-K 2019-11-05
8-K 2019-09-09
8-K 2019-08-06
8-K 2019-06-01
8-K 2019-05-30
8-K 2019-05-02
8-K 2019-04-09
8-K 2019-04-08
8-K 2019-03-15
8-K 2019-03-07
8-K 2019-02-09
8-K 2018-12-17
8-K 2018-12-05
8-K 2018-11-06
8-K 2018-11-06
8-K 2018-08-02
8-K 2018-06-01
8-K 2018-05-24
8-K 2018-05-01
8-K 2018-05-01
8-K 2018-04-17
8-K 2018-03-06
8-K 2018-02-08

HCI 10Q Quarterly Report

Part I - Financial Information
Item 1 - Financial Statements
Note 1 - - Nature of Operations
Note 2 - - Summary of Significant Accounting Policies
Note 3 - - Recent Accounting Pronouncements
Note 4 - - Cash, Cash Equivalents, and Restricted Cash
Note 5 - - Investments
Note 6 - - Comprehensive Income (Loss)
Note 7 - - Fair Value Measurements
Note 8 - - Other Assets
Note 9 - - Revolving Credit Facility
Note 10 - - Long - Term Debt
Note 11 - - Reinsurance
Note 12 - - Losses and Loss Adjustment Expenses
Note 13 - - Segment Information
Note 14 - - Leases
Note 15 - - Income Taxes
Note 16 - - Earnings per Share
Note 17 - - Stockholders' Equity
Note 18 - - Stock - Based Compensation
Note 19 - - Commitments and Contingencies
Note 20 - - Subsequent Events
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3 - Quantitative and Qualitative Disclosures About Market Risk
Item 4 - Controls and Procedures
Part II - Other Information
Item 1 - Legal Proceedings
Item 1A - Risk Factors
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
Item 3 - Defaults Upon Senior Securities
Item 4 - Mine Safety Disclosures
Item 5 - Other Information
Item 6 - Exhibits
EX-31.1 hci-ex311_7.htm
EX-31.2 hci-ex312_9.htm
EX-32.1 hci-ex321_10.htm
EX-32.2 hci-ex322_8.htm

HCI Group Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
1.10.90.70.40.20.02012201420172020
Assets, Equity
0.10.10.0-0.0-0.1-0.12012201420172020
Rev, G Profit, Net Income
0.20.10.10.0-0.0-0.12012201420172020
Ops, Inv, Fin

10-Q 1 hci-10q_20200331.htm 10-Q hci-10q_20200331.htm

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

Form 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

 

OR

 

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission File Number

 

001-34126 

HCI Group, Inc.

(Exact name of Registrant as specified in its charter)

 

 Florida

 

20-5961396

(State of Incorporation)

 

(IRS Employer
Identification No.)

5300 West Cypress Street, Suite 100
Tampa, FL 33607
(Address, including zip code, of principal executive offices)

 

(813) 849-9500
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

 

Trading Symbol

 

Name of Each Exchange on Which Registered

Common Shares, no par value

 

HCI

 

New York Stock Exchange

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes      No 

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 Large accelerated filer 

Accelerated filer 

Non-accelerated filer 

Smaller reporting company 

 

 

 

Emerging growth company 

 

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No 

The aggregate number of shares of the Registrant’s Common Stock, no par value, outstanding on April 30, 2020 was 7,888,834.

 

 

 


 

HCI GROUP, INC. AND SUBSIDIARIES

 

TABLE OF CONTENTS

 

 

 

 

 

Page

 

 

 

 

 

 

 

PART I – FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1

 

Financial Statements

 

 

 

 

Consolidated Balance Sheets:

 

 

 

 

March 31, 2020 (unaudited) and December 31, 2019

 

1-2

 

 

Consolidated Statements of Income:

 

 

 

 

Three months ended March 31, 2020 and 2019 (unaudited)

 

3

 

 

Consolidated Statements of Comprehensive Income:

 

 

 

 

Three months ended March 31, 2020 and 2019 (unaudited)

 

4

 

 

Consolidated Statements of Stockholders’ Equity:

 

 

 

 

Three months ended March 31, 2020 and 2019 (unaudited)

 

5-6

 

 

Consolidated Statements of Cash Flows:

 

 

 

 

Three months ended March 31, 2020 and 2019 (unaudited)

 

7-8

 

 

Notes to Consolidated Financial Statements (unaudited)

 

9-36

 

 

 

 

 

Item 2

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

37-48

 

 

 

 

 

Item 3

 

Quantitative and Qualitative Disclosures about Market Risk

 

49-50

 

 

 

 

 

Item 4

 

Controls and Procedures

 

51

 

 

 

 

 

 

 

 

 

 

 

 

PART II – OTHER INFORMATION

 

 

 

 

 

 

 

Item 1

 

Legal Proceedings

 

52

 

 

 

 

 

Item 1A

 

Risk Factors

 

52

 

 

 

 

 

Item 2

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

53-54

 

 

 

 

 

Item 3

 

Defaults upon Senior Securities

 

54

 

 

 

 

 

Item 4

 

Mine Safety Disclosures

 

54

 

 

 

 

 

Item 5

 

Other Information

 

54

 

 

 

 

 

Item 6

 

Exhibits

 

55-60

 

 

 

 

 

Signatures

 

60

 

 

 

Certifications

 

 

 

 

 

 

 

 


 

PART I – FINANCIAL INFORMATION

Item 1 – Financial Statements

HCI GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Dollar amounts in thousands)

 

 

 

March 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Fixed-maturity securities, available for sale, at fair value

   (amortized cost: $186,224 and $199,954, respectively and

    allowance for credit losses: $439 and $0, respectively)

 

$

185,845

 

 

$

202,839

 

Equity securities, at fair value (cost: $25,514 and $31,863, respectively)

 

 

24,131

 

 

 

35,285

 

Short-term investments, at fair value

 

 

464

 

 

 

491

 

Limited partnership investments

 

 

25,634

 

 

 

28,346

 

Investment in unconsolidated joint venture, at equity

 

 

746

 

 

 

762

 

Real estate investments

 

 

75,770

 

 

 

73,763

 

Total investments

 

 

312,590

 

 

 

341,486

 

Cash and cash equivalents

 

 

317,078

 

 

 

229,218

 

Restricted cash

 

 

700

 

 

 

700

 

Accrued interest and dividends receivable

 

 

1,924

 

 

 

1,616

 

Income taxes receivable

 

 

916

 

 

 

1,040

 

Premiums receivable

 

 

18,898

 

 

 

20,255

 

Prepaid reinsurance premiums

 

 

7,620

 

 

 

17,983

 

Reinsurance recoverable, net of allowance for credit losses:

 

 

 

 

 

 

 

 

Paid losses and loss adjustment expenses (allowance: $134 and $0, respectively)

 

 

16,766

 

 

 

16,155

 

Unpaid losses and loss adjustment expenses (allowance: $295 and $0, respectively)

 

 

100,937

 

 

 

116,523

 

Deferred policy acquisition costs

 

 

20,338

 

 

 

21,663

 

Property and equipment, net

 

 

14,569

 

 

 

14,698

 

Intangible assets, net

 

 

4,034

 

 

 

4,192

 

Other assets

 

 

19,969

 

 

 

17,080

 

Total assets

 

$

836,339

 

 

$

802,609

 

 

(continued)

1


 

HCI GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets - continued

(Dollar amounts in thousands)

 

 

 

March 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

(Unaudited)

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Losses and loss adjustment expenses

 

$

207,108

 

 

$

214,697

 

Unearned premiums

 

 

165,155

 

 

 

181,163

 

Advance premiums

 

 

44,545

 

 

 

5,589

 

Assumed reinsurance balances payable

 

 

54

 

 

 

76

 

Accrued expenses

 

 

9,275

 

 

 

10,059

 

Deferred income taxes, net

 

 

3,268

 

 

 

4,008

 

Revolving credit facility

 

 

23,750

 

 

 

9,750

 

Long-term debt

 

 

165,416

 

 

 

163,695

 

Other liabilities

 

 

38,512

 

 

 

28,029

 

Total liabilities

 

 

657,083

 

 

 

617,066

 

Commitments and contingencies (Note 19)

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

7% Series A cumulative convertible preferred stock (no par value,

   1,500,000 shares authorized, no shares issued or outstanding)

 

 

 

 

 

 

Series B junior participating preferred stock (no par value, 400,000 shares

   authorized, no shares issued or outstanding)

 

 

 

 

 

 

Preferred stock (no par value, 18,100,000 shares authorized, no shares

   issued or outstanding)

 

 

 

 

 

 

Common stock (no par value, 40,000,000 shares authorized, 7,735,204 and

   7,764,564 shares issued and outstanding at March 31, 2020 and

   December 31, 2019, respectively)

 

 

 

 

 

 

Additional paid-in capital

 

 

 

 

 

 

Retained income

 

 

179,210

 

 

 

183,365

 

Accumulated other comprehensive income, net of taxes

 

 

46

 

 

 

2,178

 

Total stockholders’ equity

 

 

179,256

 

 

 

185,543

 

Total liabilities and stockholders’ equity

 

$

836,339

 

 

$

802,609

 

 

See accompanying Notes to Consolidated Financial Statements

2


 

HCI GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Income

(Unaudited)

(Dollar amounts in thousands, except per share amounts)

 

 

 

Three Months Ended

 

 

 

 

March 31,

 

 

 

 

2020

 

 

2019

 

 

Revenue

 

 

 

 

 

 

 

 

 

Gross premiums earned

 

$

92,365

 

 

$

82,597

 

 

Premiums ceded

 

 

(30,719

)

 

 

(31,413

)

 

Net premiums earned

 

 

61,646

 

 

 

51,184

 

 

Net investment (loss) income

 

 

(192

)

 

 

3,278

 

 

Net realized investment losses

 

 

(2,244

)

 

 

(372

)

 

Net unrealized investment (losses) gains

 

 

(4,805

)

 

 

5,293

 

 

Credit losses on investments

 

 

(439

)

 

 

 

 

Policy fee income

 

 

829

 

 

 

795

 

 

Other

 

 

585

 

 

 

456

 

 

Total revenue

 

 

55,380

 

 

 

60,634

 

 

Expenses

 

 

 

 

 

 

 

 

 

Losses and loss adjustment expenses

 

 

28,078

 

 

 

26,996

 

 

Policy acquisition and other underwriting expenses

 

 

11,826

 

 

 

9,673

 

 

General and administrative personnel expenses

 

 

8,367

 

 

 

7,364

 

 

Interest expense

 

 

2,970

 

 

 

4,337

 

 

Other operating expenses

 

 

3,482

 

 

 

2,981

 

 

Total expenses

 

 

54,723

 

 

 

51,351

 

 

Income before income taxes

 

 

657

 

 

 

9,283

 

 

Income tax expense

 

 

110

 

 

 

2,545

 

 

Net income

 

$

547

 

 

$

6,738

 

 

Basic earnings per share

 

$

0.07

 

 

$

0.82

 

 

Diluted earnings per share

 

$

0.07

 

 

$

0.82

 

 

 

See accompanying Notes to Consolidated Financial Statements.

3


 

HCI GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income

(Unaudited)

(Amounts in thousands)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

Net income

 

$

547

 

 

$

6,738

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

Change in unrealized (loss) gain on investments:

 

 

 

 

 

 

 

 

Net unrealized (loss) gain arising during the period

 

 

(3,471

)

 

 

2,704

 

Credit losses charged to income

 

 

439

 

 

 

 

Call and repayment gains charged to investment income

 

 

(66

)

 

 

 

Reclassification adjustment for net realized loss (gain)

 

 

273

 

 

 

(33

)

Net change in unrealized (loss) gain

 

 

(2,825

)

 

 

2,671

 

Deferred income taxes on above change

 

 

693

 

 

 

(677

)

Total other comprehensive (loss) income, net of income taxes

 

 

(2,132

)

 

 

1,994

 

Comprehensive (loss) income

 

$

(1,585

)

 

$

8,732

 

 

See accompanying Notes to Consolidated Financial Statements.

4


 

HCI GROUP, INC. AND SUBSIDIARIES

Consolidated Statement of Stockholders' Equity

For the Three Months Ended March 31, 2020

(Unaudited)

(Dollar amounts in thousands, except per share amount)

 

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Retained

 

 

Accumulated

Other

Comprehensive

Income

 

 

Total

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income

 

 

Net of Tax

 

 

Equity

 

Balance at December 31, 2019

 

 

7,764,564

 

 

$

 

 

$

 

 

$

183,365

 

 

$

2,178

 

 

$

185,543

 

Net income

 

 

 

 

 

 

 

 

 

 

 

547

 

 

 

 

 

 

547

 

Total other comprehensive loss, net of

   income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,132

)

 

 

(2,132

)

Cumulative effect on adoption of credit loss standard

 

 

 

 

 

 

 

 

 

 

 

(453

)

 

 

 

 

 

(453

)

Exercise of common stock options

 

 

10,000

 

 

 

 

 

 

63

 

 

 

 

 

 

 

 

 

63

 

Issuance of restricted stock

 

 

45,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forfeiture of restricted stock

 

 

(7,138

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase and retirement of common stock

 

 

(371

)

 

 

 

 

 

(17

)

 

 

 

 

 

 

 

 

(17

)

Repurchase and retirement of common stock under

   share repurchase plan

 

 

(76,851

)

 

 

 

 

 

(3,041

)

 

 

 

 

 

 

 

 

(3,041

)

Common stock dividends ($0.40 per share)

 

 

 

 

 

 

 

 

 

 

 

(3,095

)

 

 

 

 

 

(3,095

)

Stock-based compensation

 

 

 

 

 

 

 

 

1,841

 

 

 

 

 

 

 

 

 

1,841

 

Additional paid-in capital shortfall allocated

   to retained income

 

 

 

 

 

 

 

 

1,154

 

 

 

(1,154

)

 

 

 

 

 

 

Balance at March 31, 2020

 

 

7,735,204

 

 

$

 

 

$

 

 

$

179,210

 

 

$

46

 

 

$

179,256

 

 

See accompanying Notes to Consolidated Financial Statements.

5


 

HCI GROUP, INC. AND SUBSIDIARIES

Consolidated Statement of Stockholders’ Equity

For the Three Months Ended March 31, 2019

(Unaudited)

(Dollar amounts in thousands, except per share amount)

 

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Retained

 

 

Accumulated

Other

Comprehensive

(Loss) Income,

 

 

Total

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income

 

 

Net of Tax

 

 

Equity

 

Balance at December 31, 2018

 

 

8,356,730

 

 

$

 

 

$

 

 

$

182,894

 

 

$

(1,453

)

 

$

181,441

 

Net income

 

 

 

 

 

 

 

 

 

 

 

6,738

 

 

 

 

 

 

6,738

 

Total other comprehensive loss, net of

   income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,994

 

 

 

1,994

 

Issuance of restricted stock

 

 

40,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forfeiture of restricted stock

 

 

(4,681

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase and retirement of common stock

 

 

(371

)

 

 

 

 

 

(18

)

 

 

 

 

 

 

 

 

(18

)

Repurchase and retirement of common stock under

   share repurchase plan

 

 

(31,789

)

 

 

 

 

 

(1,338

)

 

 

 

 

 

 

 

 

(1,338

)

Common stock dividends ($0.40 per share)

 

 

 

 

 

 

 

 

 

 

 

(3,236

)

 

 

 

 

 

(3,236

)

Stock-based compensation

 

 

 

 

 

 

 

 

1,459

 

 

 

 

 

 

 

 

 

1,459

 

Balance at March 31, 2019

 

 

8,359,889

 

 

$

 

 

$

103

 

 

$

186,396

 

 

$

541

 

 

$

187,040

 

 

See accompanying Notes to Consolidated Financial Statements.

 

6


 

HCI GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(Unaudited)

(Amounts in thousands)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

547

 

 

$

6,738

 

Adjustments to reconcile net income to net cash provided by operating

   activities:

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

1,841

 

 

 

1,459

 

Net (accretion of discounts) amortization of premiums on investments in fixed-maturity securities

 

 

(20

)

 

 

90

 

Depreciation and amortization

 

 

2,182

 

 

 

2,707

 

Deferred income tax (benefit) expense

 

 

(47

)

 

 

112

 

Net realized investment losses

 

 

2,244

 

 

 

372

 

Net unrealized investment losses (gains)

 

 

4,805

 

 

 

(5,293

)

Credit loss expense

 

 

415

 

 

 

 

Loss from unconsolidated joint venture

 

 

16

 

 

 

33

 

Net loss from limited partnership interests

 

 

2,935

 

 

 

211

 

Distributions received from limited partnership interests

 

 

382

 

 

 

1,013

 

Foreign currency remeasurement loss

 

 

80

 

 

 

1

 

Other non-cash items

 

 

1

 

 

 

48

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accrued interest and dividends receivable

 

 

(308

)

 

 

(664

)

Income taxes

 

 

124

 

 

 

2,400

 

Premiums receivable

 

 

1,357

 

 

 

(221

)

Prepaid reinsurance premiums

 

 

10,363

 

 

 

10,568

 

Reinsurance recoverable

 

 

14,546

 

 

 

18,271

 

Deferred policy acquisition costs

 

 

1,325

 

 

 

1,336

 

Other assets

 

 

(2,651

)

 

 

(1,821

)

Losses and loss adjustment expenses

 

 

(7,589

)

 

 

(22,925

)

Unearned premiums

 

 

(16,008

)

 

 

(14,429

)

Advance premiums

 

 

38,956

 

 

 

9,968

 

Assumed reinsurance balances payable

 

 

(22

)

 

 

(10

)

Accrued expenses and other liabilities

 

 

(71

)

 

 

631

 

Net cash provided by operating activities

 

 

55,403

 

 

 

10,595

 

 

 

 

 

 

 

 

 

 

 

7


 

HCI GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows, continued

(Unaudited)

(Amounts in thousands)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Investments in limited partnership interests

 

$

(919

)

 

$

(761

)

Distributions received from limited partnership interests

 

 

314

 

 

 

 

Purchase of property and equipment

 

 

(353

)

 

 

(634

)

Purchase of real estate investments

 

 

(2,452

)

 

 

(9,133

)

Purchase of fixed-maturity securities

 

 

(9,089

)

 

 

(69,672

)

Purchase of equity securities

 

 

(4,548

)

 

 

(12,371

)

Purchase of short-term and other investments

 

 

 

 

 

(182

)

Proceeds from sales of fixed-maturity securities

 

 

4,049

 

 

 

2,911

 

Proceeds from calls, repayments and maturities of fixed-maturity securities

 

 

27,914

 

 

 

41,403

 

Proceeds from sales of equity securities

 

 

9,007

 

 

 

27,874

 

Proceeds from sales, redemptions and maturities of short-term and other

   investments

 

 

 

 

 

35,854

 

Net cash provided by investing activities

 

 

23,923

 

 

 

15,289

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Cash dividends paid

 

 

(3,172

)

 

 

(3,313

)

Cash dividends received under share repurchase forward contract

 

 

77

 

 

 

77

 

Proceeds from revolving credit facility

 

 

14,000

 

 

 

8,000

 

Proceeds from exercise of common stock options

 

 

63

 

 

 

 

Proceeds from issuance of long-term debt

 

 

10,000

 

 

 

 

Repayment of long-term debt

 

 

(9,160

)

 

 

(90,318

)

Repurchases of common stock

 

 

(17

)

 

 

(18

)

Repurchases of common stock under share repurchase plan

 

 

(3,041

)

 

 

(1,338

)

Debt issuance costs

 

 

(165

)

 

 

(459

)

Net cash provided by (used in) financing activities

 

 

8,585

 

 

 

(87,369

)

Effect of exchange rate changes on cash

 

 

(51

)

 

 

(8

)

Net increase (decrease) in cash, cash equivalents, and restricted cash