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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating Activities    
Net income $ 95,850 $ 231,153
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 21,998 27,451
Stock-based compensation expense 11,886 10,927
Undistributed gains of equity method investments (12,890) (34,841)
Distributions in excess of current year income of equity method investments 20,252 1,817
Net realized and unrealized losses (gains) 83,232 (15,176)
(Gain) Loss on disposal of fixed assets (1) 10
Changes in assets and liabilities:    
Increase in reserve for loss and loss expense, net of reinsurance recoverable 169,114 167,509
Increase in unearned premiums, net of prepaid reinsurance 173,817 165,905
Increase in net federal income taxes (17,665) (9,278)
Increase in premiums receivable (172,231) (151,936)
Increase in deferred policy acquisition costs (32,464) (34,577)
Increase in accrued investment income (2,116) (1,124)
Decrease in accrued salaries and benefits (18,530) (11,485)
Increase in other assets (25,598) (21,991)
Decrease in other liabilities (51,171) (31,912)
Net Cash Provided by Operating Activities 243,483 292,452
Investing Activities    
Purchases and sales of fixed income securities, held-to-maturity (5,000) (11,250)
Purchases and sales of fixed income securities, available-for-sale (1,478,298) (1,158,017)
Purchases of commercial mortgage loans (48,926) (25,945)
Purchases of equity securities (18,209) (76,793)
Purchases of other investments (32,179) (40,286)
Purchases of short-term investments (2,041,614) (2,596,863)
Sales of fixed income securities, available-for-sale 705,039 307,057
Proceeds from commercial mortgage loans 7,504 217
Sale of short-term investments 2,200,624 2,655,450
Redemption and maturities of fixed income securities, held-to-maturity 1,684 1,032
Redemption and maturities of fixed income securities, available-for-sale 392,648 629,512
Sales of Equity Securities 85,162 57,316
Sales of other investments 2,156 3,128
Distributions from other investments 9,013 6,245
Purchases of property and equipment (14,101) (9,491)
Net Cash Used in Investing Activities (234,497) (258,688)
Financing Activities    
Dividends to preferred stockholders (4,600) (4,753)
Dividends to common stockholders (32,886) (29,155)
Acquisition of treasury stock (12,075) (8,916)
Net proceeds from stock purchase and compensation plans 4,280 3,790
Preferred stock issued, net of issuance costs 0 (479)
Proceeds from borrowings 35,000 0
Repayments of borrowings (35,000) 0
Repayments of finance lease obligations (1,202) (229)
Net Cash used in Financing Activities (46,483) (39,742)
Net decrease in cash and restricted cash (37,497) (5,978)
Cash and restricted cash, beginning of period 45,063 15,231
Cash and restricted cash, end of period $ 7,566 $ 9,253