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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating Activities    
Net income $ 151,182 $ 95,850
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 17,179 21,998
Stock-based compensation expense 12,886 11,886
Undistributed gains of equity method investments (13,478) (12,890)
Distributions in excess of current year income of equity method investments 6,698 20,252
Net realized and unrealized (gains) losses 2,082 83,232
Loss (gain) on disposal of fixed assets 5 (1)
Changes in assets and liabilities:    
Increase in reserve for loss and loss expense, net of reinsurance recoverable 168,221 169,114
Increase in unearned premiums, net of prepaid reinsurance 240,189 173,817
Decrease (increase) in net federal income taxes 1,006 (17,665)
Increase in premiums receivable (200,807) (172,231)
Increase in deferred policy acquisition costs (45,189) (32,464)
Increase in accrued investment income (264) (2,116)
Decrease in accrued salaries and benefits (23,192) (18,530)
Increase in other assets (4,667) (25,598)
Decrease in other liabilities (18,205) (51,171)
Net cash provided by (used in) operating activities 293,646 243,483
Investing Activities    
Purchases of fixed income securities, held-to-maturity 0 (5,000)
Purchases of fixed income securities, available-for-sale (1,562,206) (1,478,298)
Purchases of commercial mortgage loans (27,201) (48,926)
Purchases of equity securities (8,373) (18,209)
Purchases of alternative investments and other investments (21,161) (32,179)
Purchases of short-term investments (2,422,123) (2,041,614)
Sales of fixed income securities, available-for-sale 959,248 705,039
Proceeds from commercial mortgage loans 968 7,504
Sales of short-term investments 2,543,683 2,200,624
Redemption and maturities of fixed income securities, held-to-maturity 7,481 1,684
Redemption and maturities of fixed income securities, available-for-sale 227,884 392,648
Sales of equity securities 51,763 85,162
Sales of other investments 892 2,156
Distributions from alternative investments and other investments 5,130 9,013
Purchases of property and equipment (9,549) (14,101)
Net cash provided by (used in) investing activities (253,564) (234,497)
Financing Activities    
Dividends to preferred stockholders (4,600) (4,600)
Dividends to common stockholders (35,385) (32,886)
Acquisition of treasury stock (7,512) (12,075)
Net proceeds from stock purchase and compensation plans 4,695 4,280
Proceeds from borrowings 20,000 35,000
Repayments of borrowings (20,000) (35,000)
Repayments of finance lease obligations (1,231) (1,202)
Net cash provided by (used in) financing activities (44,033) (46,483)
Net increase (decrease) in cash and restricted cash (3,951) (37,497)
Cash and restricted cash, beginning of period 25,209 45,063
Cash and restricted cash, end of period $ 21,258 $ 7,566