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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 flows from operating activities:      
Net earnings $ 304,611 $ 583,411 $ 279,354
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Net realized gains (32,518) (588,515) (64,222)
Net unrealized (gains) losses on equity securities (64,787) 121,037 (65,258)
Depreciation 8,545 7,981 7,394
Deferred income tax expense (benefit) 7,710 (49,639) 18,927
Other items, net 24,947 (20,467) 14,141
Change in:      
Accrued investment income (2,803) (3,754) (1,379)
Premiums and reinsurance balances receivable (net of direct write-offs and commutations) (31,705) (22,222) 7,349
Reinsurance balances payable 10,407 18,249 586
Funds held 302 11,371 8,026
Ceded unearned premiums 26,200 (7,541) (17,428)
Reinsurance balances recoverable on unpaid losses and settlement expenses (17,260) (132,003) (164,357)
Deferred policy acquisition costs (18,707) (24,306) (15,128)
Accrued expenses 14,011 (3,405) 22,349
Unpaid losses and settlement expenses 130,388 272,082 293,506
Unearned premiums 107,241 104,641 94,058
Current income taxes payable 7,285 (6,619) 4,047
Changes in investment in unconsolidated investees:      
Undistributed earnings (9,610) (9,853) (37,060)
Net cash provided by operating activities 464,257 250,448 384,905
Purchase of:      
Fixed income securities, available-for-sale (662,070) (2,053,359) (733,811)
Equity securities (55,652) (45,007) (140,721)
Property and equipment (5,913) (5,889) (8,310)
Equity method investee   (3,819) (8,978)
Other (10,786) (5,704) (11,428)
Proceeds from sale of:      
Fixed income securities - available-for-sale 50,135 53,300 63,811
Equity securities 51,881 62,212 180,256
Equity method investee 14,284 686,666  
Property and equipment 27 375  
Other 817 2,659 7,605
Proceeds from call or maturity of:      
Fixed income securities - available-for-sale 504,168 1,393,674 376,750
Net purchase of short-term investments (98,694) (36,229)  
Net cash provided by (used in) investing activities (211,803) 48,879 (274,826)
Cash Flows from Financing Activities      
Proceeds from issuance of debt 100,000   50,000
Repayment of debt (200,000)    
Proceeds from stock option exercises 1,245 (465) 1,838
Cash dividends paid (140,093) (364,848) (135,330)
Net cash used in financing activities (238,848) (365,313) (83,492)
Net increase (decrease) in cash 13,606 (65,986) 26,587
Cash at the beginning of the period 22,818 88,804 62,217
Cash at end of year $ 36,424 $ 22,818 $ 88,804