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v3.25.2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended
--- | ---
Jun. 30, 2025 | Jun. 30, 2024
Operating activities |  |
Net cash provided by operating activities | $ 208,061 | $ 88,252
Investing activities |  |
Purchases of property and equipment | (64) | 0
Capitalized software costs | (3,076) | (2,848)
Purchases of fixed maturity securities | (629,766) | (235,549)
Purchases of equity securities | (10,261) | (202)
Sales and maturities of fixed maturity securities | 492,146 | 187,217
Sales of equity securities | 12,956 | 9,014
Change in securities receivable or payable, net | (7,035) | 6
Investments in limited partnerships | (6,089) | (2,641)
Acquisitions, net of cash acquired | (61,509) | 0
Net cash used in investing activities | (212,698) | (45,003)
Financing activities |  |
Net (payments on) proceeds from line of credit | 0 | (52,600)
Offering costs (related to prior year offering) | (131) | 0
Proceeds from common stock issued via employee stock purchase plan | 526 | 434
Proceeds from common stock issued via stock option exercises | 3,266 | 3,968
Policy holder contribution to surplus | 1,752 | 1,116
Net cash provided by (used in) financing activities | 5,413 | (47,082)
Net decrease in cash, cash equivalents and restricted cash | 776 | (3,833)
Cash, cash equivalents and restricted cash at beginning of period | 80,539 | 51,852
Cash, cash equivalents and restricted cash at end of period | 81,315 | 48,019
Supplementary cash flow information: |  |
Cash paid for income taxes | 24,717 | 23,728
Cash paid for interest | 119 | 908
Cash and cash equivalents | 81,297 |
Restricted cash | 18 |
Cash and cash equivalents and restricted cash | $ 81,315 | $ 48,019

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