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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Activities      
Net income $ 207,012 $ 365,238 $ 224,886
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation and amortization 34,800 30,040 42,336
Stock-based compensation expense 22,763 18,346 18,428
Undistributed gains of equity method investments (17,778) (17,083) (12,946)
Distributions in excess of current year income of equity method investments 16,750 16,052 43,184
Net realized and unrealized (gains) losses 2,949 3,552 114,808
Loss (gain) on disposal of fixed assets 334 (6) 172
Changes in assets and liabilities:      
Increase in reserve for loss and loss expense, net of reinsurance recoverable 848,570 318,075 381,176
Increase in unearned premiums, net of prepaid reinsurance 253,554 306,926 200,210
(Increase) decrease in net federal income taxes (2,707) 9,082 (25,932)
Increase in premiums receivable (154,727) (227,392) (140,500)
Increase in deferred policy acquisition costs (54,440) (56,240) (41,709)
Increase in accrued investment income (10,553) (7,172) (10,920)
Increase (decrease) in accrued salaries and benefits 588 6,430 (3,092)
Increase in other assets (34,016) (23,195) (37,561)
Increase (decrease) in other liabilities (13,211) 16,255 49,869
Net cash provided by (used in) operating activities 1,099,888 758,908 802,409
Investing Activities      
Purchases of fixed income securities, held-to-maturity (6,805) 0 (6,691)
Purchases of fixed income securities, available-for-sale (2,491,852) (2,438,851) (2,648,974)
Purchases of commercial mortgage loans (56,852) (42,114) (64,008)
Purchases of equity securities (46,191) (24,166) (26,675)
Purchases of alternative investments and other investments (92,207) (97,597) (73,408)
Purchases of short-term investments (9,802,626) (4,479,918) (4,506,500)
Sales of fixed income securities, available-for-sale 917,289 1,221,918 1,211,739
Proceeds from commercial mortgage loans 11,786 2,711 10,498
Sales of short-term investments 9,603,377 4,611,342 4,513,940
Redemption and maturities of fixed income securities, held-to-maturity 4,130 8,458 4,351
Redemption and maturities of fixed income securities, available-for-sale 997,229 509,220 669,211
Sales of equity securities 19,416 53,344 186,144
Sales of other investments 0 900 3,281
Distributions from alternative investments and other investments 26,735 11,029 18,664
Purchases of property and equipment (30,810) (22,631) (26,019)
Net cash provided by (used in) investing activities (947,381) (686,355) (734,447)
Financing Activities      
Dividends to preferred stockholders (9,200) (9,200) (9,200)
Dividends to common stockholders (84,936) (73,827) (66,920)
Acquisition of treasury stock (15,620) (7,930) (18,344)
Net proceeds from stock purchase and compensation plans 9,630 9,133 9,086
Proceeds from borrowings 0 20,000 60,000
Repayment of borrowings 0 (20,000) (60,000)
Repayment of finance lease obligations (2,629) (2,666) (2,438)
Net cash provided by (used in) financing activities (102,755) (84,490) (87,816)
Net increase (decrease) in cash and restricted cash 49,752 (11,937) (19,854)
Cash and restricted cash, beginning of year 13,272 25,209 45,063
Cash and restricted cash, end of year $ 63,024 $ 13,272 $ 25,209