v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
OPERATING ACTIVITIES    
Net income $ 98,194 $ 78,498
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Stock-based compensation 2,674 2,915
Bond amortization and accretion (388) (208)
Expected credit allowance on reinsurance 0 22
Amortization of original issuance discount on debt 235 140
Depreciation and amortization 6,054 5,856
Provision for credit losses (196) 181
Net realized losses (21) 0
Deferred income taxes 1,378 (939)
Gain on sale of fixed assets, net 0 (4)
Changes in operating assets and liabilities:    
Accrued investment income (951) 43
Premiums receivable, net 1,493 2,229
Prepaid reinsurance premiums (153,655) (220,483)
Reinsurance recoverable on paid and unpaid claims 13,413 216,137
Income tax receivable 0 (19,118)
Deferred policy acquisition costs (4,377) (7,736)
Right of use leased asset, net 16 1,849
Other assets 1,407 (14,539)
Unpaid losses and loss adjustment expenses (97,480) (329,504)
Unearned premiums 30,461 59,528
Reinsurance payable 268,232 275,220
Accrued interest (7) (125)
Accrued compensation (2,226) (2,543)
Advance premiums 7,471 3,420
Leased liabilities, net (840) (1,891)
Income tax payable 1,378 (846)
Other liabilities (5,712) (3,973)
Net cash provided by operating activities 166,553 44,129
INVESTING ACTIVITIES    
Fixed maturity securities sales, maturities and paydowns 66,772 91,238
Fixed maturity securities purchases (161,453) (86,327)
Redemption of equity securities 0 893
Proceeds from sale of assets 0 16
Return on other investments 26 1,088
Equity securities reinvestments of dividends 248 (21)
Cost of property and equipment acquired, net of disposals (2,473) (3,631)
Net cash used in (provided by) investing activities (96,880) 3,256
FINANCING ACTIVITIES    
Principal payments on term loan facility (1,876) (4,750)
Purchase of treasury stock (24,590) 0
Repayment of loan agreement (5,500) (19,200)
Tax withholding on share-based compensation awards (8,909) 0
Mortgage loan payments 0 (148)
Net cash used in financing activities (40,875) (24,098)
Increase in cash, cash equivalents, and restricted cash 28,798 23,287
Cash, cash equivalents and restricted cash, beginning of period 572,581 463,645
Cash, cash equivalents and restricted cash, end of period 601,379 486,932
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Interest paid 2,926 3,940
Income taxes paid, net of refunds    
Federal income taxes paid, net of refunds 24,300 40,800
State income taxes paid, net of refunds 5,951 4,672
Total income taxes paid, net of refunds 30,251 45,472
Florida    
Income taxes paid, net of refunds    
State income taxes paid, net of refunds $ 5,500 $ 4,000