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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating Activities      
Net income $ 246,355 $ 271,623 $ 178,939
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation and amortization 59,350 55,205 44,874
Stock-based compensation expense 16,227 19,077 14,507
Undistributed gains of equity method investments (12,408) (12,773) (8,341)
Distributions in excess of current year income of equity method investments 3,472 2,807 2,924
Net realized and unrealized losses (gains) 4,217 (14,422) 54,923
Loss on disposal of fixed assets 22 42 63
Changes in assets and liabilities:      
Increase in reserves for loss and loss expense, net of reinsurance recoverables 181,839 149,232 168,288
Increase in unearned premiums, net of prepaid reinsurance 91,278 82,253 78,058
Decrease in net federal income taxes 7,708 7,721 2,428
Increase in premiums receivable (13,171) (53,383) (23,489)
Increase in Deferred Policy Acquisition Costs (17,392) (18,574) (17,557)
Increase in interest and dividends due or accrued (158) (3,226) (540)
Decrease in accrued salaries and benefits (13,264) (3,748) (26,418)
Increase in other assets (27,927) (39,337) (372)
Increase (decrease) in other liabilities 27,897 34,998 (13,343)
Net cash provided by operating activities 554,045 477,495 454,944
Investing Activities      
Purchase of fixed income securities, held-to-maturity 0 0 (7,150)
Purchase of fixed income securities, available-for-sale (1,723,818) (1,856,125) (2,918,203)
Purchase of commercial mortgage loans (46,506) 0 0
Purchase of equity securities (230,813) (46,397) (94,344)
Purchase of other investments (79,598) (64,908) (68,578)
Purchase of short-term investments (5,762,725) (6,087,909) (4,259,734)
Sale of fixed income securities, available-for-sale 487,087 594,743 2,030,664
Proceeds from commercial mortgage loans 201 0 0
Sale of short-term investments 5,635,463 6,129,885 4,101,530
Redemption and maturities of fixed income securities, held-to-maturity 3,888 16,149 12,106
Redemption and maturities of fixed income securities, available-for-sale 1,019,132 626,686 638,916
Sale of equity securities 1,320 137,294 113,339
Sale of other investments 5,375 17,964 3,497
Distributions from other investments 24,884 19,972 28,379
Fixed asset disposals 0 9 0
Purchase of property and equipment (22,064) (30,986) (16,110)
Net cash used in investing activities (688,174) (543,623) (435,688)
Financing Activities      
Dividends to preferred stockholders 0 0 0
Dividends to common stockholders (54,486) (47,675) (42,097)
Acquisition of treasury stock (7,053) (8,164) (6,556)
Net proceeds from stock purchase and compensation plans 8,411 8,243 7,252
Preferred stock issued, net of issuance costs 195,063 0 0
Proceeds from borrowings 587,000 355,757 130,000
Repayment of borrowings (587,000) (250,000) (130,000)
Repayment of finance lease obligations (550) (977) (5,646)
Net cash provided by (used in) financing activities 141,385 57,184 (47,047)
Net increase (decrease) in cash and restricted cash 7,256 (8,944) (27,791)
Cash and restricted cash, beginning of year 7,975 16,919 44,710
Cash and restricted cash, end of year $ 15,231 $ 7,975 $ 16,919