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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net Income (Loss) $ 185,460 $ 174,097
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,694 6,485
Deferred tax expense (benefit) 9,932 6,131
Equity compensation 8,087 11,105
Net (gains) losses on investments and other financial instruments (741) 8,509
Change in certain assets and liabilities:    
Accrued investment income 2,296 681
Reinsurance recoverable on loss reserves (4,583) (5,898)
Reinsurance recoverable on paid losses 2,350 9,341
Premiums receivable 1,263 2,466
Deferred insurance policy acquisition costs 580 745
Loss reserves 2,371 (932)
Unearned premiums (8,373) (8,844)
Return premium accrual (1,426) (2,600)
Current income taxes 61,087 39,839
Other, net (37,343) (50,588)
Net cash provided by (used in) operating activities 223,654 190,537
Cash flows from investing activities:    
Purchases of investments (455,780) (327,757)
Proceeds from sales of investments 20,737 14,841
Proceeds from maturity of fixed income securities 467,543 338,885
Additions to property and equipment (125) 0
Net cash provided by (used in) investing activities 32,375 25,969
Cash flows from financing activities:    
Repurchase of common stock (225,176) (95,183)
Dividends paid (33,919) (33,353)
Payment of withholding taxes related to share-based compensation net share settlement (18,868) (19,046)
Net cash provided by (used in) financing activities (277,963) (147,582)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents (21,934) 68,924
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 234,627 370,644
Cash and cash equivalents and restricted cash and cash equivalents at end of period $ 212,693 $ 439,568