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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash Flows From Operating Activities    
Net income (loss) $ 79,837 $ 30,515
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities    
Net accretion of bond premium 1,145 3,921
Depreciation and amortization 7,813 8,377
Stock-based compensation expense 6,015 3,798
Net investment (gains) losses 2,509 4,403
Net cash flows from equity and trading investments 0 56,381
Deferred income tax expense (benefit) (5,229) (8,611)
Changes in:    
Accrued investment income (131) (135)
Premiums receivable (70,037) (144,092)
Deferred policy acquisition costs (17,222) (22,506)
Reinsurance receivables (2,304) (26,773)
Prepaid reinsurance premiums 12,558 (14,331)
Income taxes receivable 11,490 4,872
Other assets 2,606 7,670
Losses and loss settlement expenses 85,285 156,186
Unearned premium 69,981 100,655
Accrued expenses and other liabilities (38,244) 23,840
Other, net 3,839 (159)
Net cash provided by (used in) operating activities 149,911 184,011
Cash Flows From Investing Activities    
Proceeds from sale of available-for-sale investments 119,943 397,379
Proceeds from call and maturity of available-for-sale investments 177,381 136,227
Proceeds from sale of other investments 7,843 7,613
Purchase of available-for-sale investments (392,486) (671,083)
Purchase of other investments (40,459) (4,278)
Net purchases and sales of property and equipment (5,791) (8,930)
Net cash provided by (used in) investing activities (133,569) (143,072)
Cash Flows From Financing Activities    
Debt note issuance 30,000 70,000
Debt note issuance costs (1,098) (3,050)
Issuance of common stock (233) (410)
Payment of cash dividends (12,223) (12,154)
Net cash provided by (used in) financing activities 16,446 54,386
Net Change in Cash and Cash Equivalents 32,788 95,325
Cash and Cash Equivalents at Beginning of Period 200,949 102,046
Cash and Cash Equivalents at End of Period 233,737 197,371
Supplemental Disclosures of Cash Flow Information    
Income taxes paid 27,800 10,712
Interest paid $ 8,085 $ 4,800