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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating Activities    
Net income $ 304,858 $ 119,294
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 40,706 44,435
Stock-based compensation expense 13,431 13,935
Undistributed gains of equity method investments (65,215) (5,146)
Distributions in excess of current year income of equity method investments 2,750 3,136
Net realized and unrealized (gains) losses (15,353) 24,296
Loss on disposal of fixed assets 50 17
Changes in assets and liabilities:    
Increase in reserve for loss and loss expense, net of reinsurance recoverable 251,260 190,796
Increase in unearned premiums, net of prepaid reinsurance 211,564 114,672
Increase in net federal income taxes (17,866) (10,775)
Increase in premiums receivable (148,817) (28,239)
Increase in deferred policy acquisition costs (45,417) (21,523)
Increase in interest and dividends due or accrued (1,249) (1,507)
Decrease in accrued salaries and benefits (1,160) (33,677)
Increase in other assets (22,045) (23,388)
Increase (decrease) in other liabilities 35,806 (5,443)
Net Cash Provided by Operating Activities 543,303 380,883
Investing Activities    
Purchase of fixed income securities, held-to-maturity (11,250) 0
Purchase of fixed income securities, available-for-sale (1,660,798) (1,373,226)
Purchase of commercial mortgage loans (38,129) (29,800)
Payments to Acquire Equity Securities, FV-NI 82,223 87,307
Purchase of other investments (63,661) (61,051)
Purchase of short-term investments (3,443,597) (4,475,128)
Sale of fixed income securities, available-for-sale 384,586 411,263
Proceeds from commercial mortgage loans 442 109
Sale of short-term investments 3,497,243 4,377,024
Redemption and maturities of fixed income securities, held-to-maturity 2,735 1,646
Redemption and maturities of fixed income securities, available-for-sale 910,741 738,238
Proceeds from Sale of Equity Securities, FV-NI 85,373 1,320
Sale of other investments 5,377 3,879
Distributions from other investments 10,524 12,890
Purchase of property and equipment (15,123) (17,858)
Net Cash Used in Investing Activities (417,760) (498,001)
Financing Activities    
Dividends to preferred stockholders (7,053) 0
Dividends to common stockholders (43,756) (39,972)
Acquisition of treasury stock (8,974) (7,039)
Net proceeds from stock purchase and compensation plans 4,575 5,478
Preferred stock issued, net of issuance costs (479) 0
Proceeds from borrowings 0 487,000
Repayments of borrowings (50,000) (320,000)
Repayments of finance lease obligations (298) (429)
Net Cash (used in) provided by Financing Activities (105,985) 125,038
Cash and restricted cash, beginning of year 15,231 7,975
Cash and restricted cash, end of period 34,789 15,895
Net increase in cash and restricted cash $ 19,558 $ 7,920