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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 578,294 $ 528,445
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 14,403 29,004
Deferred tax expense (benefit) 2,744 (3,172)
Equity compensation 24,843 23,089
Net (gains) losses on investments and other financial instruments 8,202 13,380
Change in certain assets and liabilities:    
Accrued investment income (635) (3,321)
Reinsurance recoverable on loss reserves (12,025) (12,694)
Reinsurance recoverable on paid losses 8,904 17,816
Premiums receivable 374 394
Deferred insurance policy acquisition costs 2,083 3,157
Loss reserves (44,805) (32,460)
Unearned premiums (28,228) (30,196)
Return premium accrual (6,700) (5,900)
Current income taxes 35,944 (2,130)
Other, net (40,744) 1,304
Net cash provided by (used in) operating activities 542,654 526,716
Cash flows from investing activities:    
Purchases of investments (1,114,276) (1,220,219)
Proceeds from sales of investments 29,742 294,202
Proceeds from maturity of fixed income securities 962,952 686,552
Proceeds from sale of equipment 0 166
Additions to property and equipment (660) (1,455)
Net cash provided by (used in) investing activities (122,242) (240,754)
Cash flows from financing activities:    
Conversion/purchase of 9% convertible junior debentures 0 (28,637)
Repurchase of common stock (374,814) (216,693)
Dividends paid (97,587) (91,174)
Payment of withholding taxes related to share-based compensation net share settlement (19,046) (7,246)
Net cash provided by (used in) financing activities (491,447) (343,750)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents (71,035) (57,788)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 370,644 332,913
Cash and cash equivalents and restricted cash and cash equivalents at end of period $ 299,609 $ 275,125