v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 342,610 $ 333,586
Adjustments to reconcile net income to net cash provided by operating activities:    
Net investment (gains) losses 8,057 10,586
Amortization of fixed maturity securities discounts and premiums (7,063) (6,519)
Amortization of deferred acquisition costs and intangibles 4,246 4,634
Acquisition costs deferred (3,140) (2,551)
Deferred income taxes 971 3,206
Stock-based compensation expense 9,758 8,107
Amortization of debt issuance costs 751 703
Change in certain assets and liabilities:    
Accrued investment income (6,308) (3,664)
Premiums receivable (20,531) 8,940
Other assets 2,084 (3,313)
Loss reserves 26,216 27,225
Unearned premiums (10,701) (13,475)
Other liabilities (4,398) (21,223)
Net cash provided by operating activities 342,552 346,242
Cash flows from investing activities:    
Purchases of fixed maturity securities available-for-sale (791,642) (1,115,564)
Purchases of limited partnerships and equity interests (450) (500)
Proceeds from sales of fixed maturity securities available-for-sale 273,796 524,742
Proceeds from maturities of fixed maturity securities available-for-sale 354,690 478,339
Net change in short-term investments (49,146) 372
Other (4,986) (2,576)
Net cash used in investing activities (217,738) (115,187)
Cash flows from financing activities:    
Repurchase of common stock (186,536) (149,864)
Dividends paid (63,238) (59,585)
Other (9,087) (8,071)
Net cash used in financing activities (258,861) (217,520)
Net increase (decrease) in cash and cash equivalents (134,047) 13,535
Cash and cash equivalents at beginning of period 582,493 599,432
Cash and cash equivalents at end of period $ 448,446 $ 612,967