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Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating Activities    
Net income (loss) $ 195,839 $ 19,199
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 15,733 18,915
Stock-based compensation expense 17,682 16,709
Undistributed gains of equity method investments (5,725) (14,572)
Distributions in excess of current year income of equity method investments 8,505 10,377
Net realized and unrealized (gains) losses (4,401) 338
Loss (gain) on disposal of fixed assets (72) 321
Changes in assets and liabilities:    
Increase in reserve for loss and loss expense, net of reinsurance recoverable 401,112 537,851
Increase in unearned premiums, net of prepaid reinsurance 182,258 251,547
(Increase) decrease in net federal income taxes (35,020) (45,257)
Increase in premiums receivable (194,745) (266,586)
Increase in deferred policy acquisition costs (31,087) (51,655)
Increase in accrued investment income (10,109) (5,926)
Increase (decrease) in accrued salaries and benefits (13,944) (29,418)
(Increase) decrease in other assets (4,220) (22,122)
Increase (decrease) in other liabilities (70,874) (39,385)
Net cash provided by (used in) operating activities 450,932 380,336
Investing Activities    
Purchases of fixed income securities, held-to-maturity (2,400) 0
Purchases of fixed income securities, available-for-sale (1,628,299) (1,027,136)
Purchases of commercial mortgage loans (50,785) (34,281)
Purchases of equity securities (107,094) (13,738)
Purchases of alternative investments and other investments (65,373) (34,000)
Purchases of short-term investments (7,173,300) (3,016,380)
Sales of fixed income securities, available-for-sale 463,280 451,386
Proceeds from commercial mortgage loans 9,188 3,376
Sales of short-term investments 7,151,330 2,908,653
Redemption and maturities of fixed income securities, held-to-maturity 3,224 3,204
Redemption and maturities of fixed income securities, available-for-sale 555,893 415,790
Sales of equity securities 7,125 12,252
Sales of alternative investments 44,567 0
Distributions from alternative investments and other investments 13,416 11,526
Purchases of property and equipment (20,260) (13,932)
Net cash provided by (used in) investing activities (799,488) (333,280)
Financing Activities    
Dividends to preferred stockholders (4,600) (4,600)
Dividends to common stockholders (45,189) (41,573)
Acquisition of treasury stock (25,458) (6,728)
Net proceeds from stock purchase and compensation plans 4,560 4,747
Proceeds from borrowings (net of debt issuance costs of $4.1 million) 395,857 0
Repayments of finance lease obligations (1,403) (1,266)
Net cash provided by (used in) financing activities 323,767 (49,420)
Net increase (decrease) in cash and restricted cash (24,789) (2,364)
Cash and restricted cash, beginning of period 63,024 13,272
Cash and restricted cash, end of period $ 38,235 $ 10,908