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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net earnings $ 583,411 $ 279,354 $ 157,091
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Net realized gains (588,515) (64,222) (17,885)
Net unrealized (gains) losses on equity securities 121,037 (65,258) (32,101)
Depreciation 7,981 7,394 7,432
Deferred income tax expense (benefit) (49,639) 18,927 8,576
Other items, net (20,467) 14,141 10,460
Change in:      
Accrued investment income (3,754) (1,379) (1,539)
Premiums and reinsurance balances receivable (net of direct write-offs and commutations) (22,222) 7,349 (14,259)
Reinsurance balances payable 18,249 586 16,574
Funds held 11,371 8,026 (1,611)
Ceded unearned premiums (7,541) (17,428) (19,832)
Reinsurance balances recoverable on unpaid losses and settlement expenses (132,003) (164,357) (59,212)
Deferred policy acquisition costs (24,306) (15,128) (3,381)
Accrued expenses (3,405) 22,349 9,299
Unpaid losses and settlement expenses 272,082 293,506 175,697
Unearned premiums 104,641 94,058 46,173
Current income taxes payable (6,619) 4,047 (2,665)
Changes in investment in unconsolidated investees:      
Undistributed earnings (9,853) (37,060) (20,233)
Dividends received 0 0 4,675
Net cash provided by operating activities 250,448 384,905 263,259
Purchase of:      
Fixed income securities, available-for-sale (2,053,359) (733,811) (518,362)
Equity securities (45,007) (140,721) (77,863)
Property and equipment (5,889) (8,310) (5,768)
Investment in equity method investee (3,819) (8,978) (4,533)
Other (5,704) (11,428) (12,851)
Proceeds from sale of:      
Fixed income securities - available-for-sale 53,300 63,811 84,587
Equity securities 62,212 180,256 79,368
Equity method investments 686,666    
Property and equipment 375    
Other 2,659 7,605 4,328
Proceeds from call or maturity of:      
Fixed income securities - available-for-sale 1,393,674 376,750 283,107
Net purchase of short-term investments (36,229)    
Net cash provided by (used in) investing activities 48,879 (274,826) (167,987)
Cash Flows from Financing Activities      
Proceeds from issuance of long-term debt   50,000  
Proceeds from stock option exercises (465) 1,838 8,648
Cash dividends paid (364,848) (135,330) (87,906)
Net cash used in financing activities (365,313) (83,492) (79,258)
Net increase (decrease) in cash (65,986) 26,587 16,014
Cash at the beginning of the year 88,804 62,217 46,203
Cash at the end of the year $ 22,818 $ 88,804 $ 62,217