v3.26.1
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 190,421 $ (108,327)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 19,841 17,244
Net realized investment losses (gains) 4,543 (23,321)
Increase in premiums receivable (73,346) (54,872)
Decrease (increase) in reinsurance recoverables 61,901 (594,986)
Changes in current and deferred income taxes 45,226 (30,688)
Increase in deferred policy acquisition costs (6,849) (1,139)
Increase in loss and loss adjustment expense reserves 12,863 640,550
Increase in unearned premiums 97,623 81,413
(Decrease) increase in accounts payable and accrued expenses (55,895) 115,760
Other, net 29,273 (110,363)
Net cash provided by (used in) operating activities 325,601 (68,729)
Fixed maturity securities available for sale in nature:    
Purchases (646,273) (299,354)
Sales 342,886 351,769
Calls or maturities 204,163 255,122
Equity securities available for sale in nature:    
Purchases (559,193) (493,342)
Sales 505,064 805,966
Changes in securities payable and receivable (1,231) (31,936)
(Increase) decrease in short-term investments (104,832) 75,683
Purchases of fixed assets (16,802) (13,143)
Other, net 3,910 837
Net cash (used in) provided by investing activities (272,308) 651,602
CASH FLOWS FROM FINANCING ACTIVITIES    
Dividends paid to shareholders (17,586) (17,586)
Payments on finance lease obligations (398) (754)
Net cash used in financing activities (17,984) (18,340)
Net increase in cash 35,309 564,533
Cash:    
Beginning of the year 1,315,574 720,257
End of period 1,350,883 1,284,790
SUPPLEMENTAL CASH FLOW DISCLOSURE    
Interest paid 10,840 11,179
Income taxes paid (refunded), net    
U.S. federal 0 (3,256)
Foreign 5 2
Total income taxes paid (refunded), net 5 (3,280)
California    
Income taxes paid (refunded), net    
U.S. state and local 0 0
Other    
Income taxes paid (refunded), net    
U.S. state and local $ 0 $ (26)