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Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating Activities    
Net income $ 82,518 $ 92,574
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 9,084 8,957
Stock-based compensation expense 10,115 7,719
Undistributed gains of equity method investments (5,873) (6,693)
Distributions in excess of current year income of equity method investments 5,148 1,876
Net realized and unrealized (gains) losses 1,635 (3,344)
Changes in assets and liabilities:    
Increase in reserve for loss and loss expense, net of reinsurance recoverable 170,279 70,397
Increase in unearned premiums, net of prepaid reinsurance 105,677 97,432
Decrease in net federal income taxes 18,979 20,522
Increase in premiums receivable (126,033) (68,478)
Increase in deferred policy acquisition costs (23,476) (19,320)
(Increase) decrease in accrued investment income (2,091) 1,456
Decrease in accrued salaries and benefits (24,085) (26,406)
Increase in other assets (6,226) (4,083)
Decrease in other liabilities (101,445) (36,840)
Net cash provided by (used in) operating activities 114,206 135,769
Investing Activities    
Purchases of fixed income securities, available-for-sale (521,745) (1,003,617)
Purchases of commercial mortgage loans (22,256) (8,447)
Purchases of equity securities (6,473) (3,229)
Purchases of alternative investments and other investments (12,738) (7,736)
Purchases of short-term investments (1,232,780) (1,361,774)
Sales of fixed income securities, available-for-sale 219,889 639,365
Proceeds from commercial mortgage loans 2,812 469
Sales of short-term investments 1,294,522 1,499,963
Redemption and maturities of fixed income securities, held-to-maturity 2,404 6,507
Redemption and maturities of fixed income securities, available-for-sale 193,109 109,999
Sales of equity securities 0 32,918
Distributions from alternative investments and other investments 3,448 2,854
Purchases of property and equipment (6,199) (5,510)
Net cash provided by (used in) investing activities (86,007) (98,238)
Financing Activities    
Dividends to preferred stockholders (2,300) (2,300)
Dividends to common stockholders (20,784) (17,690)
Acquisition of treasury stock (6,697) (7,443)
Net proceeds from stock purchase and compensation plans 885 973
Repayments of finance lease obligations (731) (615)
Net cash provided by (used in) financing activities (29,627) (27,075)
Net increase (decrease) in cash and restricted cash (1,428) 10,456
Cash and restricted cash, beginning of period 13,272 25,209
Cash and restricted cash, end of period $ 11,844 $ 35,665