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Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating Activities    
Net income (loss) $ 311,179 $ 111,477
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 23,705 27,228
Stock-based compensation expense 20,452 19,797
Undistributed gains of equity method investments (11,704) (18,573)
Distributions in excess of current year income of equity method investments 12,781 15,395
Net realized and unrealized (gains) losses (12,458) (5,051)
(Gain) loss on disposal of fixed assets (72) 321
Changes in assets and liabilities:    
Increase in reserve for loss and loss expense, net of reinsurance recoverable 600,332 714,659
Increase in unearned premiums, net of prepaid reinsurance 185,494 296,959
(Increase) decrease in net federal income taxes (31,556) (22,597)
Increase in premiums receivable (148,681) (218,861)
Increase in deferred policy acquisition costs (30,953) (63,657)
Increase in accrued investment income (9,924) (7,427)
Increase (decrease) in accrued salaries and benefits 10,161 (8,528)
(Increase) decrease in other assets (15,049) (33,138)
Increase (decrease) in other liabilities (46,943) (40,301)
Net cash provided by (used in) operating activities 856,764 767,703
Investing Activities    
Purchases of fixed income securities, held-to-maturity (2,400) (2,700)
Purchases of fixed income securities, available-for-sale (2,544,273) (1,767,201)
Purchases of commercial mortgage loans (63,193) (46,122)
Purchases of equity securities (141,210) (25,603)
Purchases of alternative investments and other investments (83,434) (66,372)
Purchases of short-term investments (10,693,027) (6,829,793)
Sales of fixed income securities, available-for-sale 779,703 743,539
Proceeds from commercial mortgage loans 17,987 11,112
Sales of short-term investments 10,614,642 6,578,742
Redemption and maturities of fixed income securities, held-to-maturity 3,532 3,441
Redemption and maturities of fixed income securities, available-for-sale 902,690 707,322
Sales of equity securities 7,125 12,252
Sales of alternative investments and other investments 44,620 (4)
Distributions from alternative investments and other investments 27,931 17,423
Purchases of property and equipment (28,762) (23,337)
Net cash provided by (used in) investing activities (1,158,069) (687,301)
Financing Activities    
Dividends to preferred stockholders (6,900) (6,900)
Dividends to common stockholders (67,672) (62,358)
Acquisition of treasury stock (62,100) (15,539)
Net proceeds from stock purchase and compensation plans 5,306 5,724
Proceeds from borrowings (net of debt issuance costs of $4.1 million) 395,957 0
Repayments of borrowings (100) 0
Repayments of finance lease obligations (2,054) (1,937)
Net cash provided by (used in) financing activities 262,437 (81,010)
Net increase (decrease) in cash and restricted cash (38,868) (608)
Cash and restricted cash, beginning of period 63,024 13,272
Cash and restricted cash, end of period $ 24,156 $ 12,664