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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FROM OPERATING ACTIVITIES:      
Net income to common stockholders $ 1,381,359 $ 1,381,062 $ 1,022,490
Adjustments to reconcile net income to net cash from operating activities:      
Net investment gains (47,042) (202,397) (90,632)
Depreciation and (accretion) amortization (20,861) 55,872 129,682
Noncontrolling interests 2,487 3,892 8,525
Investment funds (16,743) (145,099) (220,015)
Stock incentive plans 51,000 49,411 46,680
Change in:      
Arbitrage trading account (54,213) (53,291) (268,649)
Premiums and fees receivable (334,178) (268,171) (364,395)
Reinsurance accounts (306,017) (266,307) (433,644)
Deferred policy acquisition costs (99,387) (88,844) (121,663)
Current income taxes 52,451 (3,534) (43,890)
Deferred income taxes (26,691) (64,712) 7,630
Reserves for losses and loss expenses 1,715,076 1,684,254 1,635,774
Unearned premiums 617,535 466,590 786,627
Other 14,462 19,878 89,467
Net cash from operating activities 2,929,238 2,568,604 2,183,987
CASH FLOWS USED IN INVESTING ACTIVITIES:      
Proceeds from sale of fixed maturity securities 1,011,195 797,948 1,842,139
Proceeds from sale of equity securities 318,852 82,319 126,980
(Contributions to) distributions from investment funds 19,904 (24,623) (101,050)
Proceeds from maturities and prepayments of fixed maturity securities 3,506,903 4,891,179 6,067,230
Purchase of fixed maturity securities (6,664,763) (8,036,680) (10,716,748)
Purchase of equity securities (80,454) (340,482) (464,645)
Real estate (purchased) sold (2,074) (45,920) 166,886
Change in loans receivable (29,719) (83,212) (27,421)
Net additions to property, furniture and equipment (53,080) (52,684) (66,634)
Change in balances due from security brokers (33,929) 14,337 (17,983)
Cash received in connection with business disposition 96,567 906,789 0
Payment for business purchased, net of cash acquired (11,558) (49,572) 0
Net cash used in investing activities (1,961,964) (1,891,355) (2,989,146)
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES:      
Net (payments) proceeds from issuance of debt (974) (3,309)  
Net (payments) proceeds from issuance of debt     1,034,107
Repayment of senior notes and other debt 0 (426,503) (504,952)
Cash dividends to common stockholders (501,456) (235,192) (355,736)
Purchase of common treasury shares (537,163) (94,140) (122,426)
Other, net (22,902) (12,848) (45,162)
Net cash (used in) from financing activities (1,062,495) (771,992) 5,831
Net impact on cash due to change in foreign exchange rates 9,070 (24,754) (4,195)
Net decrease in cash and cash equivalents (86,151) (119,497) (803,523)
Cash and cash equivalents at beginning of year 1,449,346 1,568,843 2,372,366
Cash and cash equivalents at end of year $ 1,363,195 $ 1,449,346 $ 1,568,843