v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net Income $ 347,448 $ 377,942
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,870 5,228
Deferred tax expense (benefit) 5,456 5,943
Equity compensation 12,256 12,869
Net (gains) losses on investments and other financial instruments 2,395 685
Change in certain assets and liabilities:    
Accrued investment income 415 1,958
Reinsurance recoverable on loss reserves (11,089) (6,500)
Reinsurance recoverable on paid losses (1,051) 2,156
Premiums receivable (11,510) 300
Deferred insurance policy acquisition costs 904 1,420
Loss reserves 17,117 (10,508)
Unearned premiums (8,515) (15,311)
Current income taxes (74,394) 61,484
Other, net [1] (19,436) (31,019)
Net cash provided by (used in) operating activities 261,866 406,647
Cash flows from investing activities:    
Purchases of investments (779,539) (771,072)
Proceeds from sales of investments 58,450 41,017
Proceeds from maturity of fixed income securities 765,722 882,984
Additions to property and equipment (657) (145)
Net cash provided by (used in) investing activities 43,976 152,784
Cash flows from financing activities:    
Repurchase of common stock (377,048) (411,585)
Dividends paid (66,819) (64,677)
Payment of withholding taxes related to share-based compensation net share settlement (22,393) (18,901)
Net cash provided by (used in) financing activities (466,260) (495,163)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents (160,418) 64,268
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 375,514 234,627
Cash and cash equivalents and restricted cash and cash equivalents at end of period $ 215,096 $ 298,895
[1]
(1) Certain amounts have been reclassified to conform with current year presentation