v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 167,772 $ 165,778
Adjustments to reconcile net income to net cash provided by operating activities:    
Net investment (gains) losses 5,823 3,243
Amortization of fixed maturity securities discounts and premiums (3,627) (3,411)
Amortization of deferred acquisition costs and intangibles 2,123 2,429
Acquisition costs deferred (1,533) (1,242)
Deferred income taxes 3,266 4,492
Stock-based compensation expense 5,175 3,872
Amortization of debt issuance costs 372 349
Change in certain assets and liabilities:    
Accrued investment income (271) (59)
Premiums receivable (1,268) 6,580
Other assets 2,134 (904)
Loss reserves 17,923 17,813
Unearned premiums (6,387) (7,161)
Other liabilities 32,537 34,945
Net cash provided by operating activities 224,039 226,724
Cash flows from investing activities:    
Purchases of fixed maturity securities available-for-sale (419,516) (505,026)
Purchases of limited partnerships and equity interests (350) (500)
Proceeds from sales of fixed maturity securities available-for-sale 131,714 142,643
Proceeds from maturities of fixed maturity securities available-for-sale 165,850 276,497
Net change in short-term investments 0 (322)
Other (3,178) (2,867)
Net cash used in investing activities (125,480) (89,575)
Cash flows from financing activities:    
Repurchase of common stock (93,196) (65,283)
Dividends paid (29,760) (28,088)
Other (9,056) (7,941)
Net cash used in financing activities (132,012) (101,312)
Net increase (decrease) in cash and cash equivalents (33,453) 35,837
Cash and cash equivalents at beginning of period 582,493 599,432
Cash and cash equivalents at end of period $ 549,040 $ 635,269