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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating Activities    
Net income $ 240,390 $ 138,375
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 23,432 34,350
Stock-based compensation expense 16,374 15,123
Undistributed gains of equity method investments (16,266) (12,971)
Distributions in excess of current year income of equity method investments 8,656 33,365
Net realized and unrealized (gains) losses 8,962 108,913
Loss (gain) on disposal of fixed assets (6) 0
Changes in assets and liabilities:    
Increase in reserve for loss and loss expense, net of reinsurance recoverable 254,018 271,311
Increase in unearned premiums, net of prepaid reinsurance 316,597 223,332
Decrease (increase) in net federal income taxes 216 (31,607)
Increase in premiums receivable (244,361) (168,286)
Increase in deferred policy acquisition costs (57,130) (44,010)
Increase in accrued investment income (3,038) (5,936)
Decrease in accrued salaries and benefits (946) (8,830)
Increase in other assets (12,496) (31,241)
Decrease in other liabilities (12,096) (36,444)
Net cash provided by (used in) operating activities 522,306 485,444
Investing Activities    
Purchases of fixed income securities, held-to-maturity 0 (6,692)
Purchases of fixed income securities, available-for-sale (1,999,665) (2,183,013)
Purchases of commercial mortgage loans (38,281) (57,289)
Purchases of equity securities (13,731) (21,044)
Purchases of alternative investments and other investments (83,810) (45,495)
Purchases of short-term investments (3,483,923) (3,123,086)
Sales of fixed income securities, available-for-sale 1,115,260 986,367
Proceeds from commercial mortgage loans 1,473 7,875
Sales of short-term investments 3,609,991 3,302,140
Redemption and maturities of fixed income securities, held-to-maturity 7,918 2,508
Redemption and maturities of fixed income securities, available-for-sale 367,495 539,680
Sales of equity securities 53,344 155,670
Sales of other investments 900 2,156
Distributions from alternative investments and other investments 7,765 11,114
Purchases of property and equipment (14,763) (21,758)
Net cash provided by (used in) investing activities (470,027) (450,867)
Financing Activities    
Dividends to preferred stockholders (6,900) (6,900)
Dividends to common stockholders (53,122) (49,307)
Acquisition of treasury stock (7,804) (18,081)
Net proceeds from stock purchase and compensation plans 5,616 5,500
Proceeds from borrowings 20,000 35,000
Repayments of borrowings (20,000) (35,000)
Repayments of finance lease obligations (1,933) (1,819)
Net cash provided by (used in) financing activities (64,143) (70,607)
Net increase (decrease) in cash and restricted cash (11,864) (36,030)
Cash and restricted cash, beginning of period 25,209 45,063
Cash and restricted cash, end of period $ 13,345 $ 9,033