v3.26.1
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities    
Net income (loss) $ 227,061 $ 195,839
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 17,432 15,733
Stock-based compensation expense 18,245 17,682
Undistributed gains of equity method investments (11,904) (5,725)
Distributions in excess of current year income of equity method investments 8,083 8,505
Net realized and unrealized (gains) losses (3,670) (4,401)
(Gain) loss on disposal of fixed assets 0 (72)
Changes in assets and liabilities:    
Increase in reserve for loss and loss expense, net of reinsurance recoverable 419,288 401,112
Increase in unearned premiums, net of prepaid reinsurance 13,498 182,258
(Increase) decrease in net federal income taxes (26,337) (35,020)
Increase in premiums receivable (103,813) (194,745)
Increase in deferred policy acquisition costs 7,685 (31,087)
Increase in accrued investment income (9,561) (10,109)
Increase (decrease) in accrued salaries and benefits (18,600) (13,944)
(Increase) decrease in other assets (11,198) (4,220)
Increase (decrease) in other liabilities (75,775) (70,874)
Net cash provided by (used in) operating activities 450,434 450,932
Investing Activities    
Purchases of fixed income securities, held-to-maturity 0 (2,400)
Purchases of fixed income securities, available-for-sale (2,009,166) (1,628,299)
Purchases of commercial mortgage loans (20,218) (50,785)
Purchases of equity securities (7,376) (107,094)
Purchases of alternative investments and other investments (74,151) (65,373)
Purchases of short-term investments (4,476,044) (7,173,300)
Sales of fixed income securities, available-for-sale 788,679 463,280
Proceeds from commercial mortgage loans 24,938 9,188
Sales of short-term investments 4,745,620 7,151,330
Redemption and maturities of fixed income securities, held-to-maturity 3,835 3,224
Redemption and maturities of fixed income securities, available-for-sale 694,702 555,893
Sales of equity securities 0 7,125
Sales of alternative investments and other investments 62 44,567
Distributions from alternative investments and other investments 15,930 13,416
Purchases of property and equipment (25,041) (20,260)
Net cash provided by (used in) investing activities (338,230) (799,488)
Financing Activities    
Dividends to preferred stockholders (4,600) (4,600)
Dividends to common stockholders (49,857) (45,189)
Acquisition of treasury stock (67,405) (25,458)
Net proceeds from stock purchase and compensation plans 3,964 4,560
Proceeds from borrowings (net of debt issuance costs of $4.1 million in 2025) 0 395,857
Repayments of finance lease obligations (1,337) (1,403)
Net cash provided by (used in) financing activities (119,235) 323,767
Net increase (decrease) in cash and restricted cash (7,031) (24,789)
Cash and restricted cash, beginning of period 17,958 63,024
Cash and restricted cash, end of period $ 10,927 $ 38,235