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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net earnings $ 345,779 $ 304,611 $ 583,411
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Net realized gains (19,966) (32,518) (588,515)
Net unrealized (gains) losses on equity securities (81,734) (64,787) 121,037
Depreciation 7,664 8,545 7,981
Deferred income tax expense (benefit) 10,052 7,710 (49,639)
Other items, net 13,725 24,947 (20,467)
Change in:      
Accrued investment income (4,257) (2,803) (3,754)
Premiums and reinsurance balances receivable (net of direct write-offs and commutations) (9,328) (31,705) (22,222)
Reinsurance balances payable (26,826) 10,407 18,249
Funds held (4,066) 302 11,371
Ceded unearned premiums (12,698) 26,200 (7,541)
Reinsurance balances recoverable on unpaid losses and settlement expenses 1,924 (17,260) (132,003)
Deferred policy acquisition costs (19,648) (18,707) (24,306)
Accrued expenses 15,362 14,011 (3,405)
Unpaid losses and settlement expenses 247,445 130,388 272,082
Unearned premiums 91,814 107,241 104,641
Current income taxes payable (3,008) 7,285 (6,619)
Changes in investment in unconsolidated investees:      
Undistributed earnings 4,869 (9,610) (9,853)
Dividends received 3,116    
Net cash provided by operating activities 560,219 464,257 250,448
Purchase of:      
Fixed income securities, available-for-sale (811,926) (662,070) (2,053,359)
Equity securities (97,922) (55,652) (45,007)
Property and equipment (4,710) (5,913) (5,889)
Equity method investee     (3,819)
Other (10,956) (10,786) (5,704)
Proceeds from sale of:      
Fixed income securities - available-for-sale 149,939 50,135 53,300
Equity securities 64,839 51,881 62,212
Equity method investments   14,284 686,666
Property and equipment 13 27 375
Other 5,548 817 2,659
Proceeds from call or maturity of:      
Fixed income securities - available-for-sale 326,297 504,168 1,393,674
Net sale (purchase) of short-term investments 60,008 (98,694) (36,229)
Net cash provided by (used in) investing activities (318,870) (211,803) 48,879
Cash Flows from Financing Activities      
Proceeds from issuance of debt 73,000 100,000  
Repayment of debt (73,000) (200,000)  
Proceeds from stock option exercises (2,327) 1,245 (465)
Cash dividends paid (235,656) (140,093) (364,848)
Net cash used in financing activities (237,983) (238,848) (365,313)
Net increase (decrease) in cash 3,366 13,606 (65,986)
Cash at the beginning of year 36,424 22,818 88,804
Cash at end of year $ 39,790 $ 36,424 $ 22,818