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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating Activities    
Net income $ 231,153 $ 49,419
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 27,451 29,634
Stock-based compensation expense 10,927 11,198
Undistributed (gains) losses of equity method investments (34,841) 7,319
Distributions in excess of current year income of equity method investments 1,817 8,488
Net realized and unrealized (gains) losses (15,176) 32,017
Loss on disposal of fixed assets 10 17
Changes in assets and liabilities:    
Increase in reserve for loss and loss expense, net of reinsurance recoverable 167,509 101,151
Increase in unearned premiums, net of prepaid reinsurance 165,905 89,705
(Decrease) increase in net federal income taxes (9,278) 8,340
Increase in premiums receivable (151,936) (44,095)
Increase in deferred policy acquisition costs (34,577) (14,269)
Increase in interest and dividends due or accrued (1,124) (934)
Decrease in accrued salaries and benefits (11,485) (44,082)
Increase in other assets (21,991) (2,753)
Decrease in other liabilities (31,912) (33,770)
Net Cash Provided by Operating Activities 292,452 197,385
Investing Activities    
Purchase of fixed income securities, held-to-maturity (11,250) 0
Purchase of fixed income securities, available-for-sale (1,158,017) (961,803)
Purchase of commercial mortgage loans (25,945) (17,934)
Purchase of equity securities (76,793) (73,879)
Purchase of other investments (40,286) (39,400)
Purchase of short-term investments (2,596,863) (3,368,828)
Sale of fixed income securities, available-for-sale 307,057 302,342
Proceeds from commercial mortgage loans 217 54
Sale of short-term investments 2,655,450 3,278,106
Redemption and maturities of fixed income securities, held-to-maturity 1,032 1,200
Redemption and maturities of fixed income securities, available-for-sale 629,512 461,527
Sale of equity securities 57,316 1,320
Sale of other investments 3,128 53
Distributions from other investments 6,245 7,349
Purchase of property and equipment (9,491) (12,634)
Net Cash Used in Investing Activities (258,688) (422,527)
Financing Activities    
Dividends to preferred stockholders (4,753) 0
Dividends to common stockholders (29,155) (26,631)
Acquisition of treasury stock (8,916) (6,982)
Net proceeds from stock purchase and compensation plans 3,790 4,731
Preferred stock issued, net of issuance costs (479) 0
Proceeds from borrowings 0 387,000
Repayments of borrowings 0 (135,000)
Repayments of finance lease obligations (229) (314)
Net Cash (used in) provided by Financing Activities (39,742) 222,804
Cash and restricted cash, beginning of year 15,231 7,975
Cash and restricted cash, end of period 9,253 5,637
Net decrease in cash and restricted cash $ (5,978) $ (2,338)