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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net Income $ 165,303 $ 185,460
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization (84) 2,694
Deferred tax expense (benefit) 7,367 9,932
Equity compensation 6,431 8,087
Net (gains) losses on investments and other financial instruments 169 (741)
Change in certain assets and liabilities:    
Accrued investment income 753 2,296
Reinsurance recoverable on loss reserves (8,129) (4,583)
Reinsurance recoverable on paid losses 489 2,350
Premiums receivable (9,959) 1,263
Deferred insurance policy acquisition costs 422 580
Loss reserves 24,236 2,371
Unearned premiums (420) (8,373)
Current income taxes (80,619) 61,087
Other, net [1] (29,057) (38,769)
Net cash provided by (used in) operating activities 76,902 223,654
Cash flows from investing activities:    
Purchases of investments (430,297) (455,780)
Proceeds from sales of investments 1,040 20,737
Proceeds from maturity of fixed income securities 476,227 467,543
Additions to property and equipment (184) (125)
Net cash provided by (used in) investing activities 46,786 32,375
Cash flows from financing activities:    
Repurchase of common stock (192,368) (225,176)
Dividends paid (35,184) (33,919)
Payment of withholding taxes related to share-based compensation net share settlement (22,155) (18,868)
Net cash provided by (used in) financing activities (249,707) (277,963)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents (126,019) (21,934)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 375,514 234,627
Cash and cash equivalents and restricted cash and cash equivalents at end of period $ 249,495 $ 212,693
[1]
(1) Certain amounts have been reclassified to conform with current year presentation