XML 17 R7.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating Activities    
Net income $ 181,719 $ 170,827
Adjustments to reconcile net income to net cash provided by operating activities:    
Loss on the sale of investments, net 1,140 488
Loss (income) from other invested assets 1,915 2,702
Distribution of income from other invested assets 1,806 851
Depreciation and amortization 1,390 698
Stock-based compensation expense 6,820 5,106
Amortization of premium on investment securities 4,544 3,203
Deferred income tax provision 9,324 16,878
Change in:    
Accrued investment income (128) (3,734)
Accounts receivable (695) (2,602)
Deferred policy acquisition costs 159 399
Prepaid federal income tax 3,463 0
Other assets (3,882) (4,061)
Reserve for losses and LAE 7,229 (442)
Unearned premium reserve (7,050) (5,358)
Other accrued liabilities 9,181 (166)
Net cash provided by operating activities 216,935 184,789
Investing Activities    
Net change in short-term investments (268,106) (95,725)
Purchase of investments available for sale (63,092) (798,280)
Proceeds from maturity of investments available for sale 113,323 412,441
Proceeds from sales of investments available for sale 77,182 333,513
Purchase of other invested assets (6,348) (1,945)
Return of investment from other invested assets 227 1,044
Purchase of property and equipment (4,484) (390)
Net cash used in investing activities (151,298) (149,342)
Financing Activities    
Treasury stock acquired (13,552) (21,279)
Dividends paid (29,617) (26,775)
Net cash used in financing activities (43,169) (48,054)
Net increase (decrease) in cash 22,468 (12,607)
Cash at beginning of year 141,787 81,240
Cash at end of period 164,255 68,633
Supplemental Disclosure of Cash Flow Information    
Income tax payments 621 0
Interest payments (7,610) (6,402)
Noncash Transactions    
Lease liabilities arising from obtaining right-of-use assets $ 0 $ 87