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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net earnings $ 403,337 $ 345,779 $ 304,611
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Net realized gains (65,116) (19,966) (32,518)
Net unrealized gains on equity securities (43,247) (81,734) (64,787)
Depreciation 8,129 7,664 8,545
Deferred income tax expense 12,627 10,052 7,710
Other items, net 15,552 13,725 24,947
Change in:      
Accrued investment income (1,707) (4,257) (2,803)
Premiums and reinsurance balances receivable (net of direct write-offs) 18,308 (9,328) (31,705)
Reinsurance balances payable (4,101) (26,826) 10,407
Funds held 29,862 (4,066) 302
Ceded unearned premiums 286 (12,698) 26,200
Reinsurance balances recoverable on unpaid losses and settlement expenses 8,627 1,924 (17,260)
Deferred policy acquisition costs (6,434) (19,648) (18,707)
Accrued expenses 4,355 15,362 14,011
Unpaid losses and settlement expenses 193,349 247,445 130,388
Unearned premiums 7,496 91,814 107,241
Current income taxes payable 28,974 (3,008) 7,285
Changes in investment in unconsolidated investees:      
Undistributed earnings 3,924 4,869 (9,610)
Dividends received   3,116  
Net cash provided by operating activities 614,221 560,219 464,257
Purchase of:      
Fixed income securities, available-for-sale (1,278,007) (811,926) (662,070)
Equity securities (171,520) (97,922) (55,652)
Property and equipment (5,523) (4,710) (5,913)
Other (4,721) (10,956) (10,786)
Proceeds from sale of:      
Fixed income securities, available-for-sale 561,397 149,939 50,135
Equity securities 115,731 64,839 51,881
Equity method investee 2,611   14,284
Property and equipment   13 27
Other 6,044 5,548 817
Proceeds from call or maturity of:      
Fixed income, available-for-sale 457,507 326,297 504,168
Net sale (purchase) of short-term investments (45,647) 60,008 (98,694)
Net cash used in investing activities (362,128) (318,870) (211,803)
Cash Flows from Financing Activities      
Proceeds from issuance of debt 50,000 73,000 100,000
Repayment of debt (50,000) (73,000) (200,000)
Proceeds from stock option exercises 1,244 (2,327) 1,245
Cash dividends paid (241,562) (235,656) (140,093)
Net cash used in financing activities (240,318) (237,983) (238,848)
Net increase (decrease) in cash 11,775 3,366 13,606
Cash at beginning of year 39,790 36,424 22,818
Cash at end of year $ 51,565 $ 39,790 $ 36,424