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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities      
Net income $ 365,238 $ 224,886 $ 403,837
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation and amortization 30,040 42,336 55,109
Stock-based compensation expense 18,346 18,428 15,893
Undistributed gains of equity method investments (17,083) (12,946) (69,873)
Distributions in excess of current year income of equity method investments 16,052 43,184 2,910
Net realized and unrealized (gains) losses 3,552 114,808 (17,599)
Loss (gain) on disposal of fixed assets (6) 172 50
Changes in assets and liabilities:      
Increase in reserve for loss and loss expense, net of reinsurance recoverable 318,075 381,176 307,972
Increase in unearned premiums, net of prepaid reinsurance 306,926 200,210 172,460
(Increase) decrease in net federal income taxes 9,082 (25,932) (542)
Increase in premiums receivable (227,392) (140,500) (109,173)
Increase in deferred policy acquisition costs (56,240) (41,709) (38,337)
Increase in accrued investment income (7,172) (10,920) (3,243)
Increase (decrease) in accrued salaries and benefits 6,430 (3,092) 7,216
(Increase) decrease in other assets (23,195) (37,561) (33,379)
Increase in other liabilities 16,255 49,869 78,121
Net cash provided by (used in) operating activities 758,908 802,409 771,422
Investing Activities      
Purchases of fixed income securities, held-to-maturity 0 (6,691) (16,250)
Purchases of fixed income securities, available-for-sale (2,438,851) (2,648,974) (2,165,555)
Purchases of commercial mortgage loans (42,114) (64,008) (50,204)
Purchases of equity securities (24,166) (26,675) (88,640)
Purchases of alternative investments and other investments (97,597) (73,408) (85,044)
Purchases of short-term investments (4,479,918) (4,506,500) (4,345,140)
Sales of fixed income securities, available-for-sale 1,221,918 1,211,739 502,911
Proceeds from commercial mortgage loans 2,711 10,498 714
Sales of short-term investments 4,611,342 4,513,940 4,306,684
Redemption and maturities of fixed income securities, held-to-maturity 8,458 4,351 4,192
Redemption and maturities of fixed income securities, available-for-sale 509,220 669,211 1,217,555
Sales of equity securities 53,344 186,144 99,235
Sales of other investments 900 3,281 5,428
Distributions from alternative investments and other investments 11,029 18,664 17,497
Purchases of property and equipment (22,631) (26,019) (22,163)
Net cash provided by (used in) investing activities (686,355) (734,447) (618,780)
Financing Activities      
Dividends to preferred stockholders (9,200) (9,200) (9,353)
Dividends to common stockholders (73,827) (66,920) (60,136)
Acquisition of treasury stock (7,930) (18,344) (9,050)
Net proceeds from stock purchase and compensation plans 9,133 9,086 7,976
Preferred stock issued, net of issuance costs 0 0 (479)
Net proceeds from the issuance 20,000 60,000 0
Repayment of borrowings (20,000) (60,000) (50,000)
Repayment of finance lease obligations (2,666) (2,438) (1,768)
Net cash provided by (used in) financing activities (84,490) (87,816) (122,810)
Net increase (decrease) in cash and restricted cash (11,937) (19,854) 29,832
Cash and restricted cash, beginning of year 25,209 45,063 15,231
Cash and restricted cash, end of year $ 13,272 $ 25,209 $ 45,063