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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net income $ 328,447,000 $ 235,030,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 48,882,000 44,324,000
Deferred tax expense 165,250,000 111,191,000
Net realized investment losses (gains) 211,000 (8,984,000)
Loss on debt extinguishment 65,000 90,531,000
Change in certain assets and liabilities:    
Accrued investment income 1,145,000 (2,086,000)
Reinsurance recoverable on loss reserves 4,615,000 (2,376,000)
Reinsurance recoverable on paid losses 326,000 (1,313,000)
Premium receivable (1,546,000) 1,048,000
Deferred insurance policy acquisition costs (1,265,000) (2,167,000)
Profit commission receivable (3,899,000) (2,005,000)
Loss reserves (333,662,000) (357,919,000)
Unearned premiums 41,079,000 41,353,000
Return premium accrual (18,000,000) (12,800,000)
Income taxes payable - current 33,943,000 822,000
Other, net (9,235,000) 14,337,000
Net cash provided by operating activities 256,356,000 148,986,000
Purchases of investments:    
Fixed income securities (774,985,000) (1,105,995,000)
Equity securities (58,000) (4,315,000)
Proceeds from sales of fixed income securities 233,198,000 718,894,000
Proceeds from maturity of fixed income securities 547,699,000 432,557,000
Proceeds from sale of equity securities 0 6,425,000
Net increase in payable for securities 3,738,000 3,376,000
Additions to property and equipment (12,121,000) (4,969,000)
Net cash (used in) provided by investing activities (2,529,000) 45,973,000
Cash flows from financing activities:    
Proceeds from revolving credit facility 150,000,000 0
Repayment of revolving credit facility (150,000,000) 0
Proceeds from issuance of long-term debt 0 573,094,000
Purchase or repayment of convertible senior notes (145,620,000) (363,778,000)
Payment of original issue discount - convertible senior notes (4,504,000) (11,250,000)
Purchase of convertible junior subordinated debentures 0 (100,860,000)
Payment of original issue discount - convertible junior subordinated debentures 0 (41,540,000)
Repurchase of common stock 0 (91,597,000)
Cash portion of loss on debt extinguishment 0 (59,460,000)
Payment of debt issuance costs (1,630,000) (938,000)
Payment of withholding taxes related to share-based compensation net share settlement (6,782,000) (5,007,000)
Net cash used in financing activities (158,536,000) (101,336,000)
Net increase in cash and cash equivalents 95,291,000 93,623,000
Cash and cash equivalents at beginning of period 155,410,000 181,120,000
Cash and cash equivalents at end of period $ 250,701,000 $ 274,743,000