v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income after noncontrolling interests $ 147,204 $ 135,844
Net income attributable to noncontrolling interests 20,739 8,665
Net income 167,943 144,509
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation expense 6,698 5,667
Net accretion of discount on investments in available-for-sale fixed-maturity securities (498) (1,389)
Depreciation and amortization 4,285 6,560
Deferred income tax expense (benefit) 2,013 (1,353)
Net realized investment gains (1,756) (1,322)
Net unrealized investment gains 955 726
Credit loss expense - reinsurance recoverable (24) (49)
Net loss from limited partnership investments 399 658
Debt conversion expense 0 1,125
Gains on sales of real estate investments (354) (440)
Foreign currency remeasurement loss 192 47
Other non-cash items 317 71
Changes in operating assets and liabilities:    
Income taxes 3,740 16,176
Premiums receivable, net (20,113) (15,244)
Prepaid reinsurance premiums 50,127 92,060
Reinsurance recoverable 34,176 120,565
Deferred policy acquisition costs (8,484) (10,835)
Funds withheld for assumed business (92) 3,152
Other assets (19,842) (14,587)
Losses and loss adjustment expenses (17,513) (149,008)
Unearned premiums 16,007 42,781
Advance premiums 25,138 24,810
Reinsurance payable on paid losses and loss adjustment expenses 0 (2,369)
Ceded reinsurance premiums payable 7,181 19,808
Assumed reinsurance balances payable 2,305 (1,801)
Accrued expenses and other liabilities 21,127 26,687
Net cash provided by operating activities 273,927 307,005
Cash flows from investing activities:    
Investments in limited partnerships 0 (270)
Return of capital from limited partnership investments 897 644
Purchase of property and equipment (625) (2,254)
Purchase of real estate investments (983) (8,862)
Purchase of available-for-sale fixed-maturity securities (520,005) (136,582)
Purchase of equity securities (27,760) (23,293)
Proceeds from sales of real estate investments 760 2,013
Proceeds from sales of available-for-sale fixed-maturity securities 3,643 3,359
Proceeds from calls, repayments and maturities of available-for-sale fixed-maturity securities 8,512 263,643
Proceeds from sales of equity securities 35,173 21,621
Net cash provided by (used in) investing activities (500,388) 120,019
Cash flows from financing activities:    
Common stock dividends (10,276) (8,924)
Proceeds from exercise of stock options 800 0
Payment of other noncontrolling interests issuance costs (375) 0
Repayment under revolving credit facility, net 0 (4,000)
Subscriber surplus contributions, net 6,824 2,736
Repayment of long-term debt (442) (268)
Debt conversion costs paid 0 (1,125)
Payment of net share settlements and other (11,202) (687)
Repurchase of common stock (74,476) 0
Repurchase of noncontrolling interests (10,043) 0
Payment for deposit accounting assets (11,330) 0
Net cash used in financing activities (110,520) (12,268)
Effect of exchange rate changes on cash (179) (45)
Net (decrease) increase in cash and cash equivalents and restricted cash (337,160) 414,711
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 876,714 950,896
Supplemental disclosure of cash flow information:    
Income taxes paid, net of refunds 52,662 37,952
Interest paid 1,864 3,697
Non-cash investing and financing activities:    
Unrealized (loss) gain on investments in available-for-sale fixed-maturity securities, net of income taxes (11,006) 1,907
Receivable from sale of equity securities 121 0
Payable on purchase of equity securities 115 184
Payable on purchase of available-for-sale fixed-maturity securities 0 127
Payable related to share repurchase:    
Payable related to repurchase of common stock 745  
Payable related to repurchase of noncontrolling interests 100 0
4.25% Convertible Senior Notes [Member]    
Non-cash investing and financing activities:    
Conversion of Convertible Senior Notes $ 0 $ 172,500