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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating Activities    
Net income $ 274,167 $ 135,648
Adjustments to reconcile net income to net cash provided by operating activities:    
Realized investment losses (gains), net 7,352 (641)
Income from other invested assets (24,705) (526)
Distribution of income from other invested assets 4,452 428
Depreciation and amortization 755 863
Stock-based compensation expense 4,807 5,179
Amortization of premium on investment securities 7,123 6,468
Deferred income tax provision 22,162 23,714
Change in:    
Accrued investment income 3,313 (3,652)
Accounts receivable 1,009 3,867
Deferred policy acquisition costs 1,030 2,282
Other assets 4,910 (6,874)
Reserve for losses and LAE (114,373) 36,182
Unearned premium reserve (15,599) (14,706)
Other accrued liabilities 4,226 (461)
Net cash provided by operating activities 180,629 187,771
Investing Activities    
Net change in short-term investments (204,276) 277,528
Purchase of investments available for sale (281,565) (681,516)
Proceeds from maturities and paydowns of investments available for sale 54,035 56,603
Proceeds from sales of investments available for sale 493,211 166,390
Purchase of other invested assets (21,796) (11,150)
Return of investment from other invested assets 0 6,460
Purchase of property and equipment (716) (574)
Net cash provided by (used in) investing activities 38,893 (186,259)
Financing Activities    
Treasury stock acquired (75,422) (5,377)
Payment of issuance costs for credit facility (154) 0
Dividends paid (21,592) (17,943)
Net cash used in financing activities (97,168) (23,320)
Net increase (decrease) in cash 122,354 (21,808)
Cash at beginning of year 81,491 102,830
Cash at end of period 203,845 81,022
Supplemental Disclosure of Cash Flow Information    
Interest payments (1,886) (1,762)
Noncash Transactions    
Lease liabilities arising from obtaining right-of-use assets $ 9,174 $ 0