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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating Activities    
Net income $ 189,764 $ 133,179
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 42,346 34,961
Stock-based compensation expense 15,857 12,150
Undistributed gains of equity method investments (8,832) (4,243)
Distributions in excess of current year income of equity method investments 2,267 3,210
(Gain) loss on disposal of fixed assets (21) 62
Net realized and unrealized (gains) losses (15,295) 16,988
Changes in assets and liabilities:    
Increase in reserve for loss and loss expense, net of reinsurance recoverable 134,951 144,920
Increase in unearned premiums, net of prepaid reinsurance 122,460 120,535
Decrease in net federal income taxes 2,408 18,339
Increase in premiums receivable (89,962) (79,894)
Increase in deferred policy acquisition costs (26,627) (22,978)
(Increase) decrease in interest and dividends due or accrued (1,460) 72
Decrease in accrued salaries and benefits (16,261) (36,498)
Increase in other assets (35,810) (13,881)
Increase (decrease) in other liabilities 414 (34,437)
Net Cash Provided by Operating Activities 316,199 292,485
Investing Activities    
Purchase of fixed income securities, held-to-maturity 0 (7,150)
Purchase of fixed income securities, available-for-sale (1,330,827) (1,974,253)
Purchase of equity securities (40,233) (57,834)
Purchase of other investments (41,248) (47,238)
Purchase of short-term investments (4,108,414) (2,711,360)
Sale of fixed income securities, available-for-sale 461,825 1,382,677
Sale of short-term investments 4,106,643 2,572,399
Redemption and maturities of fixed income securities, held-to-maturity 10,062 3,923
Redemption and maturities of fixed income securities, available-for-sale 413,220 456,037
Sale of equity securities 125,302 79,676
Sale of other investments 18,016 3,497
Distributions from other investments 19,054 23,420
Purchase of property and equipment (24,424) (11,150)
Fixed asset disposals 35 0
Net Cash (Used in) Investing Activities (390,989) (287,356)
Financing Activities    
Dividends to stockholders (34,440) (30,694)
Acquisition of treasury stock (8,071) (6,423)
Net proceeds from stock purchase and compensation plans 5,599 5,001
Proceeds from borrowings 355,757 130,000
Repayments of borrowings (250,000) (130,000)
Repayments of finance lease obligations (811) (4,891)
Net Cash Provided by (Used in) Financing Activities 68,034 (37,007)
Cash and Restricted Cash, Period Increase (Decrease) (6,756) (31,878)
Cash and restricted cash, beginning of year 16,919 44,710
Cash and restricted cash, end of period $ 10,163 $ 12,832