v3.26.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net income after noncontrolling interests $ 230,703 $ 201,351
Net income attributable to noncontrolling interests 23,467 11,046
Net income 254,170 212,397
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation expense 10,011 8,362
Net accretion of discount on investments in available-for-sale fixed-maturity securities (1,187) (1,920)
Depreciation and amortization 6,418 8,878
Deferred income tax expense 2,751 2,269
Net realized investment gains from investing activities (1,965) (1,940)
Net unrealized investment losses (gains) 2,140 (488)
Credit loss expense - reinsurance recoverable (35) (56)
Net loss from limited partnership investments 122 709
Distributions of return on investment from limited partnership investments 0 1
Debt conversion expense 0 1,125
Gain on sale of real estate investments (681) (440)
Foreign currency remeasurement loss 232 143
Other non-cash items 282 209
Changes in operating assets and liabilities:    
Income taxes 13,005 11,526
Premiums receivable, net (23,771) (19,643)
Prepaid reinsurance premiums 267 26,467
Reinsurance recoverable 53,909 228,855
Deferred policy acquisition costs (13,170) (13,143)
Funds withheld for assumed business 742 4,194
Other assets (16,931) (6,936)
Losses and loss adjustment expenses (26,888) (230,265)
Unearned premiums 52,985 56,873
Advance premiums 18,961 24,151
Reinsurance payable on paid losses and loss adjustment expenses 0 (1,127)
Ceded reinsurance premiums payable (17,124) (14,553)
Assumed premiums payable (803) (1,563)
Accrued expenses and other liabilities 35,351 39,594
Net cash provided by operating activities 348,791 333,679
Cash flows from investing activities:    
Investments in limited partnerships 0 (391)
Return of capital from limited partnership investments 1,492 1,547
Purchase of property and equipment (1,035) (3,048)
Purchase of real estate investments (1,418) (28,528)
Purchase of available-for-sale fixed-maturity securities (717,786) (284,013)
Purchase of equity securities (35,048) (33,654)
Purchase of other investments 0 (5,000)
Proceeds from sales of real estate investments 1,422 2,013
Proceeds from sales of available-for-sale fixed-maturity securities 5,521 6,139
Proceeds from calls, repayments and maturities of available-for-sale fixed-maturity securities 13,895 440,019
Proceeds from sales of equity securities 41,272 27,736
Net cash (used in) provided by investing activities (691,685) 122,820
Cash flows from financing activities:    
Common stock dividends (15,249) (14,107)
Proceeds from exercise of stock options 800 0
Payment of other noncontrolling interests issuance costs (375) 0
Repayment under revolving credit facility, net 0 (6,000)
Proceeds from issuance of long-term debt 0 17,000
Subscriber surplus contributions, net 12,531 4,909
Repayment of long-term debt (667) (430)
Debt conversion costs paid 0 (1,125)
Payment of net share settlements and other (11,274) (724)
Repurchase of common stock (80,010) 0
Repurchase of noncontrolling interests (17,004) 0
Payment of net share settlements of noncontrolling interests and other (62) (0)
Payment for deposit accounting assets (11,330) 0
Debt issuance costs 0 (375)
Net cash used in financing activities (122,640) (852)
Effect of exchange rate changes on cash (213) (160)
Net (decrease) increase in cash and cash equivalents and restricted cash (465,747) 455,487
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 748,127 991,672
Supplemental disclosure of cash flow information:    
Income taxes paid, net of refunds 72,725 61,690
Interest paid 2,914 4,634
Non-cash investing and financing activities:    
Unrealized (loss) gain on investments in available-for-sale fixed-maturity securities, net of income taxes (41,604) 2,785
Payable related to purchase of real estate investments 541 0
Payable related to repurchase of common stock 800 0
Payable related to repurchase of noncontrolling interests 168 0
4.25% Convertible Senior Notes [Member]    
Non-cash investing and financing activities:    
Conversion of Convertible Senior Notes $ 0 $ 172,500