v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 333,586 $ 344,661
Adjustments to reconcile net income to net cash provided by operating activities:    
Net investment (gains) losses 10,586 14,397
Amortization of fixed maturity securities discounts and premiums (6,519) (5,335)
Amortization of deferred acquisition costs and intangibles 4,634 4,551
Acquisition costs deferred (2,551) (2,878)
Deferred income taxes 3,206 955
Stock-based compensation expense 8,107 6,889
Amortization of debt issuance costs 703 1,272
Gain (Loss) on Extinguishment of Debt 0 10,930
Change in certain assets and liabilities:    
Accrued investment income (3,664) (3,758)
Premiums receivable 8,940 (3,628)
Other assets (3,313) 474
Loss reserves 27,225 (10,053)
Unearned premiums (13,475) (19,460)
Other liabilities (21,223) (7,021)
Net cash provided by operating activities 346,242 331,996
Cash flows from investing activities:    
Purchases of fixed maturity securities available-for-sale (1,115,564) (725,137)
Payments to acquire limited partnership and equity interests (500) (5,512)
Proceeds from sales of fixed maturity securities available-for-sale 524,742 324,372
Proceeds from maturities of fixed maturity securities available-for-sale 478,339 325,359
Net change in short-term investments 372 7,906
Other (2,576) (8,255)
Net cash used in investing activities (115,187) (81,267)
Cash flows from financing activities:    
Net proceeds from the issuance of long-term debt 0 749,648
Debt issuance costs 0 (6,651)
Redemption of long-term debt 0 (757,500)
Repurchase of common stock (149,864) (98,334)
Dividends paid (59,585) (54,540)
Proceeds from (Payments for) Other Financing Activities (8,071) 0
Net cash used in financing activities (217,520) (167,377)
Net increase in cash and cash equivalents 13,535 83,352
Cash and cash equivalents at beginning of period 599,432 615,683
Cash and cash equivalents at end of period $ 612,967 $ 699,035