v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net Income (Loss) $ 73,407 $ 69,684
Net income attributable to noncontrolling interests 11,636 4,546
Net income 85,043 74,230
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation expense 3,359 2,972
Net accretion of discount on investments in available-for-sale fixed-maturity securities (98) (336)
Depreciation and amortization 2,240 2,491
Deferred income tax expense (benefit) 423 (1,297)
Net realized investment gains (534) (1,167)
Net unrealized investment gains 1,698 1,906
Credit loss expense - reinsurance recoverable (9) (35)
Net loss (income) from limited partnership investments 324 626
Gains on sales of real estate investments (354) (370)
Foreign currency remeasurement loss 96 (3)
Other non-cash items (45) 11
Changes in operating assets and liabilities:    
Income taxes 29,866 28,390
Premiums receivable, net (2,905) (4,122)
Prepaid reinsurance premiums 29,179 54,051
Reinsurance recoverable 20,053 30,707
Deferred policy acquisition costs 22 (2,095)
Funds withheld for assumed business (45) 3,239
Other assets (11,814) (1,434)
Losses and loss adjustment expenses (9,656) (47,754)
Unearned premiums (45,514) (11,138)
Advance premiums 28,703 18,940
Reinsurance payable on paid losses and loss adjustment expenses (0) (2,496)
Ceded reinsurance premiums payable (1,116) 1,466
Assumed reinsurance balances payable 1,312 1,406
Accrued expenses and other liabilities 18,583 13,818
Net cash provided by operating activities 148,811 162,006
Cash flows from investing activities:    
Investments in limited partnerships 0 (95)
Distributions received from limited partnership investments 195 95
Purchase of property and equipment (335) (1,732)
Purchase of real estate investments (818) (1,857)
Purchase of available-for-sale fixed-maturity securities (328,863) (15,000)
Purchase of equity securities (15,156) (9,327)
Proceeds from sales of real estate investments 760 824
Proceeds from sales of available-for-sale fixed-maturity securities 1,878 2,610
Proceeds from calls, repayments and maturities of available-for-sale fixed-maturity securities 2,042 81,211
Proceeds from sales of equity securities 15,074 9,542
Net cash provided by (used in) investing activities (325,223) 66,271
Cash flows from financing activities:    
Common stock dividends (5,195) (4,306)
Repayment under revolving credit facility, net 0 (2,000)
Subscriber surplus contributions, net 2,683 830
Payment of other noncontrolling interests issuance costs (57) 0
Repayment of long-term debt (220) (133)
Proceeds from exercise of stock options 800 0
Payment of net share settlements and other (81) (639)
Repurchases of common stock (17,501) 0
Net cash used in financing activities (19,571) (6,248)
Effect of exchange rate changes on cash (85) (11)
Net (decrease) increase in cash and cash equivalents and restricted cash (196,068) 222,018
Cash and cash equivalents and restricted cash at beginning of period 1,213,874 536,185
Cash and cash equivalents and restricted cash at end of period 1,017,806 758,203
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 52 65
Cash paid for interest 975 214
Non-cash investing and financing activities:    
Payable on purchases of equity securities 484 0
Payable on purchases of available-for-sale fixed-maturity securities 500 0
4.25% Convertible Senior Notes [Member]    
Non-cash investing and financing activities:    
Conversion of Convertible Senior Notes $ 0 $ 250