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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2019 or
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from              to                          
Commission file number 0-16533
ProAssurance Corporation
(Exact Name of Registrant as Specified in Its Charter)
Delaware
 
 
63-1261433
(State or Other Jurisdiction of
Incorporation or Organization)
 
 
(IRS Employer Identification No.)
 
 
 
 
 
 
 
 
 
 
 
100 Brookwood Place,
Birmingham,
AL
 
 
 
 
 
35209
(Address of Principal Executive Offices)
 
 
(Zip Code)
 
 
 
 
 
 
 
 
 
 
 
(205)
877-4400
 
 
 
(Registrant’s Telephone Number,
Including Area Code)
 
 
(Former Name, Former Address, and Former
Fiscal Year, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
PRA
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 and post such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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. (Check one):
Large accelerated filer
 
 
 
Accelerated filer
 
Non-accelerated filer
 
(Do not check if a smaller reporting company)
 
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  
As of October 31, 2019, there were 53,791,436 shares of the registrant’s common stock outstanding.


Table of Contents

Glossary of Terms and Acronyms

When the following terms and acronyms appear in the text of this report, they have the meanings indicated below.
Term
Meaning
AAD
Annual aggregate deductible
AOCI
Accumulated other comprehensive income (loss)
ASU
Accounting Standards Update
BEAT
Base erosion anti-abuse tax
Board
Board of Directors of ProAssurance Corporation
BOLI
Business owned life insurance
Council of Lloyd's
The governing body for Lloyd's of London
CODM
Chief Operating Decision Maker
Commutation
An agreement between a ceding insurer and the reinsurer that provides for the valuation, payment, and complete discharge of all obligations between the parties under a particular reinsurance contract
DPAC
Deferred policy acquisition costs
Eastern Re
Eastern Re, LTD, S.P.C.
EBUB
Earned but unbilled premium
E&O
Errors and Omissions
FAL
Funds at Lloyd's
FASB
Financial Accounting Standards Board
FHLB
Federal Home Loan Bank
FHLMC
Federal Home Loan Mortgage Corporation
FNMA
Federal National Mortgage Association
GAAP
Generally accepted accounting principles in the United States of America
GILTI
Global intangible low-taxed income
GNMA
Government National Mortgage Association
HCPL
Healthcare professional liability
IBNR
Incurred but not reported
Inova Re
Inova Re, LTD, S.P.C.
IRS
Internal Revenue Service
LIBOR
London Interbank Offered Rate
LLC
Limited liability company
Lloyd's
Lloyd's of London market
LP
Limited partnership
LPT
Loss portfolio transfer
Medical technology liability
Medical technology and life sciences products liability
Mortgage Loans
Two ten-year mortgage loans collectively with an original borrowing amount of approximately $40 million, each entered into by a subsidiary of ProAssurance
NAIC
National Association of Insurance Commissioners
NAV
Net asset value
NOL
Net operating loss
NRSRO
Nationally recognized statistical rating organization
NYSE
New York Stock Exchange
OCI
Other comprehensive income (loss)
OTTI
Other-than-temporary impairment
PCAOB
Public Company Accounting Oversight Board
Revolving Credit Agreement
ProAssurance's $250 million revolving credit agreement

2

Table of Contents

Term
Meaning
ROE
Return on equity
ROU
Right-of-use
SAP
Statutory accounting principles
SEC
Securities and Exchange Commission
SPA
Special Purpose Arrangement
SPC
Segregated portfolio cell
Specialty P&C
Specialty Property and Casualty
Syndicate 1729
Lloyd's of London Syndicate 1729
Syndicate 6131
Lloyd's of London Syndicate 6131, a Special Purpose Arrangement with Lloyd's of London Syndicate 1729
Syndicate Credit Agreement
Unconditional revolving credit agreement with the Premium Trust Fund of Syndicate 1729
TCJA
Tax Cuts and Jobs Act H.R.1 of 2017
U.K.
United Kingdom of Great Britain and Northern Ireland
ULAE
Unallocated loss adjustment expense
VIE
Variable interest entity

3

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Caution Regarding Forward-Looking Statements
Any statements in this Form 10-Q that are not historical facts are specifically identified as forward-looking statements. These statements are based upon our estimates and anticipation of future events and are subject to significant risks, assumptions and uncertainties that could cause actual results to vary materially from the expected results described in the forward-looking statements. Forward-looking statements are identified by words such as, but not limited to, "anticipate," "believe," "estimate," "expect," "hope," "hopeful," "intend," "likely," "may," "optimistic," "possible," "potential," "preliminary," "project," "should," "will" and other analogous expressions. There are numerous factors that could cause our actual results to differ materially from those in the forward-looking statements. Thus, sentences and phrases that we use to convey our view of future events and trends are expressly designated as forward-looking statements as are sections of this Form 10-Q that are identified as giving our outlook on future business.
Forward-looking statements relating to our business include among other things: statements concerning future liquidity and capital requirements, investment valuation and performance, return on equity, financial ratios, net income, premiums, losses and loss reserve, premium rates and retention of current business, competition and market conditions, the expansion of product lines, the development or acquisition of business in new geographical areas, the availability of acceptable reinsurance, actions by regulators and rating agencies, court actions, legislative actions, payment or performance of obligations under indebtedness, payment of dividends and other matters.
These forward-looking statements are subject to significant risks, assumptions and uncertainties, including, among other things, the following factors that could affect the actual outcome of future events:
Ÿ
changes in general economic conditions, including the impact of inflation or deflation and unemployment;
Ÿ
our ability to maintain our dividend payments;
Ÿ
regulatory, legislative and judicial actions or decisions that could affect our business plans or operations, including the impact of Brexit;
Ÿ
the enactment or repeal of tort reforms;
Ÿ
formation or dissolution of state-sponsored insurance entities providing coverages now offered by ProAssurance which could remove or add sizable numbers of insureds from or to the private insurance market;
Ÿ
changes in the interest and tax rate environment;
Ÿ
resolution of uncertain tax matters and changes in tax laws, including the impact of the TCJA;
Ÿ
changes in laws or government regulations regarding financial markets or market activity that may affect our business;
Ÿ
changes in the ability of the U.S. government to meet its obligations that may affect the U.S. economy and our business;
Ÿ
performance of financial markets affecting the fair value of our investments or making it difficult to determine the value of our investments;
Ÿ
changes in requirements or accounting policies and practices that may be adopted by our regulatory agencies, the FASB, the SEC, the PCAOB or the NYSE that may affect our business;
Ÿ
changes in laws or government regulations affecting the financial services industry, the property and casualty insurance industry or particular insurance lines underwritten by our subsidiaries;
Ÿ
the effect on our insureds, particularly the insurance needs of our insureds, and our loss costs, of changes in the healthcare delivery system and/or changes in the U.S. political climate that may affect healthcare policy or our business;
Ÿ
consolidation of our insureds into or under larger entities which may be insured by competitors, or may not have a risk profile that meets our underwriting criteria or which may not use external providers for insuring or otherwise managing substantial portions of their liability risk;
Ÿ
uncertainties inherent in the estimate of our loss and loss adjustment expense reserve and reinsurance recoverable;
Ÿ
changes in the availability, cost, quality or collectability of insurance/reinsurance;
Ÿ
the results of litigation, including pre- or post-trial motions, trials and/or appeals we undertake;
Ÿ
effects on our claims costs from mass tort litigation that are different from that anticipated by us;
Ÿ
allegations of bad faith which may arise from our handling of any particular claim, including failure to settle;
Ÿ
loss or consolidation of independent agents, agencies, brokers or brokerage firms;
Ÿ
changes in our organization, compensation and benefit plans;

4

Table of Contents

Ÿ
changes in the business or competitive environment may limit the effectiveness of our business strategy and impact our revenues;
Ÿ
our ability to retain and recruit senior management;
Ÿ
the availability, integrity and security of our technology infrastructure or that of our third-party providers of technology infrastructure, including any susceptibility to cyber-attacks which might result in a loss of information or operating capability;
Ÿ
the impact of a catastrophic event, as it relates to both our operations and our insured risks;
Ÿ
the impact of acts of terrorism and acts of war;
Ÿ
the effects of terrorism-related insurance legislation and laws;
Ÿ
guaranty funds and other state assessments;
Ÿ
our ability to achieve continued growth through expansion into new markets or through acquisitions or business combinations;
Ÿ
changes to the ratings assigned by rating agencies to our insurance subsidiaries, individually or as a group;
Ÿ
provisions in our charter documents, Delaware law and state insurance laws may impede attempts to replace or remove management or may impede a takeover;
Ÿ
state insurance restrictions may prohibit assets held by our insurance subsidiaries, including cash and investment securities, from being used for general corporate purposes;
Ÿ
taxing authorities can take exception to our tax positions and cause us to incur significant amounts of legal and accounting costs and, if our defense is not successful, additional tax costs, including interest and penalties; and
Ÿ
expected benefits from completed and proposed acquisitions may not be achieved or may be delayed longer than expected due to business disruption; loss of customers, employees or key agents; increased operating costs or inability to achieve cost savings; and assumption of greater than expected liabilities, among other reasons.
Additional risks, assumptions and uncertainties that could arise from our membership in the Lloyd's market and our participation in Lloyd's Syndicates include, but are not limited to, the following:
Ÿ
members of Lloyd's are subject to levies by the Council of Lloyd's based on a percentage of the member's underwriting capacity, currently a maximum of 3%, but can be increased by Lloyd's;
Ÿ
Syndicate operating results can be affected by decisions made by the Council of Lloyd's which the management of Syndicate 1729 and Syndicate 6131 have little ability to control, such as a decision to not approve the business plan of Syndicate 1729 or Syndicate 6131, or a decision to increase the capital required to continue operations, and by our obligation to pay levies to Lloyd's;
Ÿ
Lloyd's insurance and reinsurance relationships and distribution channels could be disrupted or Lloyd's trading licenses could be revoked, making it more difficult for a Lloyd's Syndicate to distribute and market its products;
Ÿ
rating agencies could downgrade their ratings of Lloyd's as a whole; and
Ÿ
Syndicate 1729 and Syndicate 6131 operations are dependent on a small, specialized management team and the loss of their services could adversely affect the Syndicate’s business. The inability to identify, hire and retain other highly qualified personnel in the future could adversely affect the quality and profitability of Syndicate 1729’s or Syndicate 6131's business.
Our results may differ materially from those we expect and discuss in any forward-looking statements. The principal risk factors that may cause these differences are described in "Item 1A, Risk Factors" in our Form 10-K and other documents we file with the SEC, such as our current reports on Form 8-K and our regular reports on Form 10-Q.
We caution readers not to place undue reliance on any such forward-looking statements, which are based upon conditions existing only as of the date made, and advise readers that these factors could affect our financial performance and could cause actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. Except as required by law or regulations, we do not undertake and specifically decline any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

5

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TABLE OF CONTENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

6

Table of Contents

ProAssurance Corporation and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except share data)
 
September 30,
2019
 
December 31,
2018
Assets
 
 
 
Investments
 
 
 
Fixed maturities, available for sale, at fair value; amortized cost, $2,251,040 and $2,116,825, respectively
$
2,301,535

 
$
2,093,798

Fixed maturities, trading, at fair value; cost, $44,766 and $38,445, respectively
45,295

 
38,188

Equity investments, at fair value; cost, $389,319 and $450,931, respectively
409,100

 
442,937

Short-term investments
270,836

 
308,319

Business owned life insurance
65,653

 
64,096

Investment in unconsolidated subsidiaries
366,606

 
367,757

Other investments, $34,133 and $31,344 at fair value, respectively, otherwise at cost or amortized cost
37,049

 
34,287

Total Investments
3,496,074

 
3,349,382

Cash and cash equivalents
102,211

 
80,471

Premiums receivable
283,944

 
261,466

Receivable from reinsurers on paid losses and loss adjustment expenses
15,089

 
11,558

Receivable from reinsurers on unpaid losses and loss adjustment expenses
357,811

 
343,820

Prepaid reinsurance premiums
53,232

 
40,631

Deferred policy acquisition costs
58,099

 
54,116

Deferred tax asset, net
19,016

 
29,108

Real estate, net
30,629

 
31,114

Operating lease ROU assets
20,563

 

Intangible assets, net
72,284

 
76,776

Goodwill
210,725

 
210,725

Other assets
104,682

 
111,559

Total Assets
$
4,824,359

 
$
4,600,726

Liabilities and Shareholders' Equity
 
 
 
Liabilities
 
 
 
Policy liabilities and accruals
 
 
 
Reserve for losses and loss adjustment expenses
$
2,215,775

 
$
2,119,847

Unearned premiums
459,260

 
415,211

Reinsurance premiums payable
58,552

 
55,614

Total Policy Liabilities
2,733,587

 
2,590,672

Operating lease liabilities
21,298

 

Other liabilities
193,069

 
199,295

Debt less unamortized debt issuance costs
286,947

 
287,757

Total Liabilities
3,234,901

 
3,077,724

Shareholders' Equity
 
 
 
Common shares, par value $0.01 per share, 100,000,000 shares authorized, 63,115,253 and 62,989,421 shares issued, respectively
631

 
630

Additional paid-in capital
385,181

 
384,713

Accumulated other comprehensive income (loss), net of deferred tax expense (benefit) of $10,602 and ($4,355), respectively
39,134

 
(16,911
)
Retained earnings
1,581,789

 
1,571,847

Treasury shares, at cost, 9,352,373 shares as of each respective period end
(417,277
)
 
(417,277
)
Total Shareholders' Equity
1,589,458

 
1,523,002

Total Liabilities and Shareholders' Equity
$
4,824,359

 
$
4,600,726

See accompanying notes.

7

Table of Contents

ProAssurance Corporation and Subsidiaries
Condensed Consolidated Statements of Changes in Capital (Unaudited)
(In thousands)
 
 
 
Common Stock
 
Additional Paid-in Capital
 
Accumulated Other Comprehensive Income (Loss)
 
Retained Earnings
 
Treasury Stock
 
Total
Balance at July 1, 2019
 
$
631

 
$
385,200

 
$
31,729

 
$
1,581,273

 
$
(417,277
)
 
$
1,581,556

Common shares issued for compensation and effect of shares reissued to stock purchase plan
 

 
20

 

 

 

 
20

Share-based compensation
 

 
(11
)
 

 

 

 
(11
)
Net effect of restricted and performance shares issued
 

 
(28
)
 

 

 

 
(28
)
Dividends to shareholders
 

 

 

 
(16,677
)
 

 
(16,677
)
Other comprehensive income (loss)
 

 

 
7,405

 

 

 
7,405

Net income
 

 

 

 
17,193

 

 
17,193

Balance at September 30, 2019
 
$
631


$
385,181


$
39,134


$
1,581,789


$
(417,277
)

$
1,589,458

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common Stock
 
Additional Paid-in Capital
 
Accumulated Other Comprehensive Income (Loss)
 
Retained Earnings
 
Treasury Stock
 
Total
Balance at December 31, 2018
 
$
630

 
$
384,713

 
$
(16,911
)
 
$
1,571,847

 
$
(417,277
)
 
$
1,523,002

Cumulative-effect adjustment-
ASU 2018-07 adoption*
 

 

 

 
(444
)
 

 
(444
)
Common shares issued for compensation and effect of shares reissued to stock purchase plan
 

 
832

 

 

 

 
832

Share-based compensation
 

 
2,309

 

 

 

 
2,309

Net effect of restricted and performance shares issued
 
1

 
(2,673
)
 

 

 

 
(2,672
)
Dividends to shareholders
 

 

 

 
(49,992
)
 

 
(49,992
)
Other comprehensive income (loss)
 

 

 
56,045

 

 

 
56,045

Net income
 

 

 

 
60,378

 

 
60,378

Balance at September 30, 2019
 
$
631


$
385,181


$
39,134


$
1,581,789


$
(417,277
)

$
1,589,458

* See Note 1 for discussion of accounting guidance adopted during the period.
Continued on the following page.

8

Table of Contents

Continued from the previous page.
 
 
Common Stock
 
Additional Paid-in Capital
 
Accumulated Other Comprehensive Income (Loss)
 
Retained Earnings
 
Treasury Stock
 
Total
Balance at July 1, 2018
 
$
630

 
$
383,001

 
$
(16,143
)
 
$
1,625,137

 
$
(418,009
)
 
$
1,574,616

Common shares issued for compensation and effect of shares reissued to stock purchase plan
 

 
34

 

 

 

 
34

Share-based compensation
 

 
1,604

 

 

 

 
1,604

Net effect of restricted and performance shares issued
 

 
(1
)
 

 

 

 
(1
)
Dividends to shareholders
 

 

 

 
(16,622
)
 

 
(16,622
)
Other comprehensive income (loss)
 

 

 
(3,964
)
 

 

 
(3,964
)
Net income
 

 

 

 
31,228

 

 
31,228

Balance at September 30, 2018
 
$
630

 
$
384,638

 
$
(20,107
)
 
$
1,639,743

 
$
(418,009
)
 
$
1,586,895

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common Stock
 
Additional Paid-in Capital
 
Accumulated Other Comprehensive Income (Loss)
 
Retained Earnings
 
Treasury Stock
 
Total
Balance at December 31, 2017
 
$
628

 
$
383,077

 
$
14,911

 
$
1,614,186

 
$
(418,007
)
 
$
1,594,795

Cumulative-effect adjustment-
ASU 2016-01 adoption
 

 

 

 
8,334

 

 
8,334

Cumulative-effect adjustment-
ASU 2018-02 adoption
 

 

 
3,416

 
(3,416
)
 

 

Common shares issued for compensation and effect of shares reissued to stock purchase plan
 

 
1,350

 

 

 
(2
)
 
1,348

Share-based compensation
 

 
4,083

 

 

 

 
4,083

Net effect of restricted and performance shares issued
 
2

 
(3,872
)
 

 

 

 
(3,870
)
Dividends to shareholders
 

 

 

 
(50,868
)
 

 
(50,868
)
Other comprehensive income (loss)
 

 

 
(38,434
)
 

 

 
(38,434
)
Net income
 

 

 

 
71,507

 

 
71,507

Balance at September 30, 2018
 
$
630

 
$
384,638

 
$
(20,107
)
 
$
1,639,743

 
$
(418,009
)
 
$
1,586,895

 
See accompanying notes.

9

Table of Contents

ProAssurance Corporation and Subsidiaries
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)
(In thousands, except per share data)
 
Three Months Ended September 30
 
Nine Months Ended September 30
 
2019
 
2018
 
2019
 
2018
Revenues
 
 
 
 
 
 
 
Net premiums earned
$
215,788

 
$
206,070

 
$
633,086

 
$
616,819

Net investment income
23,681

 
23,266

 
70,038

 
67,677

Equity in earnings (loss) of unconsolidated subsidiaries
(1,277
)
 
5,228

 
(7,240
)
 
12,247

Net realized investment gains (losses):
 
 
 
 
 
 
 
OTTI losses
(66
)
 
(86
)
 
(202
)
 
(490
)
Portion of OTTI losses recognized in other comprehensive income before taxes
36

 

 
124

 

Net impairment losses recognized in earnings
(30
)
 
(86
)
 
(78
)
 
(490
)
Other net realized investment gains (losses)
1,164

 
12,459

 
47,142

 
3,141

Total net realized investment gains (losses)
1,134

 
12,373

 
47,064

 
2,651

Other income
2,548

 
2,388

 
7,419

 
7,155

Total revenues
241,874

 
249,325

 
750,367

 
706,549

Expenses
 
 
 
 
 
 
 
Net losses and loss adjustment expenses
161,614

 
147,605

 
489,808

 
439,120

Underwriting, policy acquisition and operating expenses
 
 
 
 
 
 
 
Operating expense
32,778

 
35,213

 
100,729

 
101,634

DPAC amortization
29,083

 
26,631

 
85,231

 
77,178

Segregated portfolio cells dividend expense (income)
3,621

 
5,255

 
1,375

 
9,787

Interest expense
4,274

 
3,599

 
12,850

 
11,262

Total expenses
231,370

 
218,303

 
689,993

 
638,981

Income before income taxes
10,504

 
31,022

 
60,374

 
67,568

Provision for income taxes
 
 
 
 
 
 
 
Current expense (benefit)
3,013

 
(1,637
)
 
4,864

 
(4,140
)
Deferred expense (benefit)
(9,702
)
 
1,431

 
(4,868
)
 
201

Total income tax expense (benefit)
(6,689
)
 
(206
)
 
(4
)
 
(3,939
)
Net income
17,193

 
31,228

 
60,378

 
71,507

Other comprehensive income (loss), after tax, net of reclassification adjustments
7,405

 
(3,964
)
 
56,045

 
(38,434
)
Comprehensive income (loss)
$
24,598

 
$
27,264

 
$
116,423

 
$
33,073

Earnings per share
 
 
 
 
 
 
 
Basic
$
0.32

 
$
0.58

 
$
1.12

 
$
1.33

Diluted
$
0.32

 
$
0.58

 
$
1.12

 
$
1.33

Weighted average number of common shares outstanding:
 
 
 
 
 
 
 
Basic
53,762

 
53,620

 
53,732

 
53,585

Diluted
53,856

 
53,773

 
53,831

 
53,735

Cash dividends declared per common share
$
0.31

 
$
0.31

 
$
0.93

 
$
0.93

See accompanying notes.

10

Table of Contents

ProAssurance Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
 
Nine Months Ended September 30
 
2019
 
2018
Operating Activities
 
 
 
Net income
$
60,378

 
$
71,507

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization, net of accretion
14,073

 
16,544

(Increase) decrease in cash surrender value of BOLI
(1,557
)
 
(1,525
)
Net realized investment (gains) losses
(47,064
)
 
(2,651
)
Share-based compensation
2,323

 
4,145

Deferred income tax expense (benefit)
(4,868
)
 
201

Policy acquisition costs, net of amortization (net deferral)
(3,983
)
 
(5,989
)
Equity in (earnings) loss of unconsolidated subsidiaries
7,240

 
(12,247
)
Distributed earnings from unconsolidated subsidiaries
11,690

 
23,906

Other
2,026

 
490

Other changes in assets and liabilities:
 
 
 
Premiums receivable
(22,478
)
 
(45,602
)
Reinsurance related assets and liabilities
(27,185
)
 
5,741

Other assets
(3,552
)
 
(1,961
)
Reserve for losses and loss adjustment expenses
95,928

 
51,446

Unearned premiums
44,049

 
46,114

Other liabilities
1,783

 
(3,725
)
Net cash provided (used) by operating activities
128,803

 
146,394

Investing Activities
 
 
 
Purchases of:
 
 
 
Fixed maturities, available for sale
(553,186
)
 
(717,119
)
Fixed maturities, trading
(6,339
)
 
(33,086
)
Equity investments
(74,649
)
 
(169,160
)
Other investments
(24,088
)
 
(22,557
)
Funding of qualified affordable housing project tax credit partnerships
(322
)
 
(74
)
Investment in unconsolidated subsidiaries
(53,630
)
 
(54,496
)
Proceeds from sales or maturities of:
 
 
 
Fixed maturities, available for sale
416,805

 
809,095

Equity investments
149,720

 
138,423

Other investments
24,583

 
21,853

Return of invested capital from unconsolidated subsidiaries
35,902