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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net Income (Loss) $ 377,942 $ 378,325
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 5,228 10,969
Deferred tax expense (benefit) 5,943 4,508
Equity compensation 12,869 18,286
Net (gains) losses on investments and other financial instruments 685 8,785
Change in certain assets and liabilities:    
Accrued investment income 1,958 (1,628)
Reinsurance recoverable on loss reserves (6,500) (9,044)
Reinsurance recoverable on paid losses 2,156 9,012
Premiums receivable 300 1,902
Deferred insurance policy acquisition costs 1,420 1,465
Loss reserves (10,508) (27,765)
Unearned premiums (15,311) (18,894)
Return premium accrual (2,171) (5,700)
Current income taxes 61,484 26,993
Other, net (28,848) (37,439)
Net cash provided by (used in) operating activities 406,647 359,775
Cash flows from investing activities:    
Purchases of investments (771,072) (737,607)
Proceeds from sales of investments 41,017 12,841
Proceeds from maturity of fixed income securities 882,984 616,633
Additions to property and equipment (145) (279)
Net cash provided by (used in) investing activities 152,784 (108,412)
Cash flows from financing activities:    
Repurchase of common stock (411,585) (251,217)
Dividends paid (64,677) (63,936)
Payment of withholding taxes related to share-based compensation net share settlement (18,901) (19,046)
Net cash provided by (used in) financing activities (495,163) (334,199)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents 64,268 (82,836)
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 $ 298,895 $ 287,808