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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating Activities    
Net income $ 170,827 $ 274,167
Adjustments to reconcile net income to net cash provided by operating activities:    
Loss on the sale of investments, net 488 7,352
Loss (income) from other invested assets 2,702 (24,705)
Distribution of income from other invested assets 851 4,452
Depreciation and amortization 698 755
Stock-based compensation expense 5,106 4,807
Amortization of premium on investment securities 3,203 7,123
Deferred income tax provision 16,878 22,162
Change in:    
Accrued investment income (3,734) 3,313
Accounts receivable (2,602) 1,009
Deferred policy acquisition costs 399 1,030
Other assets (4,061) 4,910
Reserve for losses and LAE (442) (114,373)
Unearned premium reserve (5,358) (15,599)
Other accrued liabilities (166) 4,226
Net cash provided by operating activities 184,789 180,629
Investing Activities    
Net change in short-term investments (95,725) (204,276)
Purchase of investments available for sale (798,280) (281,565)
Proceeds from maturity of investments available for sale 412,441 54,035
Proceeds from sales of investments available for sale 333,513 493,211
Purchase of other invested assets (1,945) (21,796)
Return of investment from other invested assets 1,044 0
Purchase of property and equipment (390) (716)
Net cash (used in) provided by investing activities (149,342) 38,893
Financing Activities    
Treasury stock acquired (21,279) (75,422)
Payment of issuance costs for credit facility 0 (154)
Dividends paid (26,775) (21,592)
Net cash used in financing activities (48,054) (97,168)
Net (decrease) increase in cash (12,607) 122,354
Cash at beginning of year 81,240 81,491
Cash at end of period 68,633 203,845
Supplemental Disclosure of Cash Flow Information    
Income tax payments 0 0
Interest payments (6,402) (1,886)
Noncash Transactions    
Lease liabilities arising from obtaining right-of-use assets $ 87 $ 9,174