XML 19 R7.htm IDEA: XBRL DOCUMENT v3.25.1
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating Activities    
Net income (loss) $ 109,896 $ 82,518
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 9,131 9,084
Stock-based compensation expense 12,823 10,115
Undistributed gains of equity method investments (5,006) (5,873)
Distributions in excess of current year income of equity method investments 3,266 5,148
Net realized and unrealized (gains) losses (229) 1,635
Loss (gain) on disposal of fixed assets (72) 0
Changes in assets and liabilities:    
Increase in reserve for loss and loss expense, net of reinsurance recoverable 157,255 170,279
Increase in unearned premiums, net of prepaid reinsurance 81,686 105,677
Decrease in net federal income taxes 31,850 18,979
Increase in premiums receivable (71,936) (126,033)
Increase in deferred policy acquisition costs (13,188) (23,476)
Increase in accrued investment income (201) (2,091)
Increase (decrease) in accrued salaries and benefits (16,051) (24,085)
Increase in other assets (7,421) (6,226)
Increase (decrease) in other liabilities (7,816) (101,445)
Net cash provided by (used in) operating activities 283,987 114,206
Investing Activities    
Purchases of fixed income securities, held-to-maturity (2,400) 0
Purchases of fixed income securities, available-for-sale (861,837) (521,745)
Purchases of commercial mortgage loans (32,332) (22,256)
Purchases of equity securities (57,682) (6,473)
Purchases of alternative investments and other investments (22,129) (12,738)
Purchases of short-term investments (4,802,547) (1,232,780)
Sales of fixed income securities, available-for-sale 241,928 219,889
Proceeds from commercial mortgage loans 8,260 2,812
Sales of short-term investments 4,681,279 1,294,522
Redemption and maturities of fixed income securities, held-to-maturity 2,465 2,404
Redemption and maturities of fixed income securities, available-for-sale 262,911 193,109
Sales of equity securities 6,336 0
Distributions from alternative investments and other investments 3,859 3,448
Purchases of property and equipment (13,013) (6,199)
Net cash provided by (used in) investing activities (584,902) (86,007)
Financing Activities    
Dividends to preferred stockholders (2,300) (2,300)
Dividends to common stockholders (22,268) (20,784)
Acquisition of treasury stock (25,200) (6,697)
Net proceeds from stock purchase and compensation plans 787 885
Proceeds from borrowings (net of debt issuance costs of $4.0 million) 395,867 0
Repayments of finance lease obligations (701) (731)
Net cash provided by (used in) financing activities 346,185 (29,627)
Net increase (decrease) in cash and restricted cash 45,270 (1,428)
Cash and restricted cash, beginning of period 63,024 13,272
Cash and restricted cash, end of period $ 108,294 $ 11,844