| Cash Flow for United America Indemnity Ltd. (INDM) | | | | | | | Cash Flow | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Net Income | 98,917 | 99,418 | 65,593 | 37,047 | 52,521 | | Provision for Loan Loss | - | - | - | - | - | | Depreciation & Amortization | 2,801 | 4,407 | 8,731 | 3,189 | 1,197 | | Deferred Income Taxes | (1,561) | 8,606 | (3,229) | (2,101) | (1,192) | | Change in Assets (Receivables) | 293,603 | 311,711 | 271,657 | 225,213 | 25,293 | | Change in Liabilities (Payables) | (253,181) | (241,338) | (168,964) | (264,608) | (48,141) | | Investment Securities Gain | - | - | (554) | (2,677) | (169) | | Net Policy Acquisition Cost | 7,581 | (1,201) | - | - | - | | Realized Investment Gains | (968) | 570 | (1,426) | (1,195) | (46,424) | | Net Premiums Receivables | - | - | 8,194 | 75,313 | 31,274 | | Change in Income Taxes | 3,076 | (1,558) | (610) | 4,345 | (4,199) | | Other Non-Cash Items | (2,249) | 165 | (11,431) | (15,237) | (17,045) | | Net Cash from Operating Activities | 148,019 | 180,780 | 167,961 | 59,289 | (6,885) | | | | Proceeds from Sale/Mat. Inv. | 320,365 | 513,190 | 518,254 | 353,337 | 200,421 | | Purchase of Investment Securities | (435,218) | (673,969) | (662,895) | (390,177) | (252,569) | | Net Increase Fed. Funds Sold | - | - | - | - | - | | Purchase of Property & Equipment | - | - | - | - | - | | Acquisitions | - | 34,300 | (60,011) | - | (11,522) | | Other Investment Changes, Net | - | - | (936) | (2,434) | (2,892) | | Net Cash from Investing Activities | (114,853) | (126,479) | (205,588) | (39,274) | (66,562) | | | Net Change in Deposits | - | - | - | - | - | | Cash Dividends paid | - | - | (22) | - | - | | Repayment of Long Term Debt | (40,384) | (5,900) | (78,818) | - | - | | Change in Short Term Debt | - | - | - | - | - | | Issuance of Long term Debt | 22,906 | 3,827 | 94,466 | - | 30,000 | | Issuance of Preferred Stock | - | - | - | - | - | | Issuance of Common Stock | 2,904 | 5,575 | - | 7,312 | 168,243 | | Purchase of Treasury Stock | (48,422) | - | - | - | (150,000) | | Other Financing Activities | 406 | 431 | - | - | - | | Cash from Financing Activities | (62,590) | 3,933 | 15,626 | 7,312 | 48,243 | | | | Effect of Exchange Rate Changes | - | - | - | - | - | | Net Change in Cash & Equivalents | (29,424) | 58,234 | (22,001) | 27,327 | (25,204) | | | Cash at Beginning of Period | 273,745 | 215,511 | 242,123 | 214,796 | 240,000 | | Cash at End of Period | 244,321 | 273,745 | 220,122 | 242,123 | 214,796 | | | |
