v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FROM OPERATING ACTIVITIES:    
Net income to common stockholders $ 967,478 $ 818,860
Adjustments to reconcile net income to net cash from operating activities:    
Net investment losses (gains) 70,965 (47,328)
Depreciation and (accretion) amortization (37,601) (23,755)
Noncontrolling interests 403 (802)
Investment funds (68,311) (54,291)
Stock incentive plans 29,000 27,487
Change in:    
Arbitrage trading account (122,457) (32,970)
Premiums and fees receivable (332,615) (362,327)
Reinsurance accounts (133,470) (133,771)
Deferred policy acquisition costs (41,641) (65,570)
Income taxes (52,082) 28,500
Reserves for losses and loss expenses 948,666 1,067,618
Unearned premiums 367,110 422,524
Other (127,541) (196,551)
Net cash from operating activities 1,467,904 1,447,624
CASH USED IN INVESTING ACTIVITIES:    
Proceeds from sale of fixed maturity securities 447,654 529,223
Proceeds from sale of equity securities 29,633 142,927
(Contributions to) distributions from investment funds (13,505) 39,421
Proceeds from maturities and prepayments of fixed maturity securities 2,699,342 2,477,846
Purchase of fixed maturity securities (4,158,366) (4,228,781)
Purchase of equity securities (196,037) (121,451)
Real estate purchased (97,740) (15,950)
Change in loans receivable 150,338 109,279
Net proceeds from sale (purchases) of property, furniture and equipment 11,853 (36,794)
Change in balances due to security brokers 177,249 (54,351)
Net cash used in investing activities (949,579) (1,158,631)
CASH USED IN FINANCING ACTIVITIES:    
Net proceeds from issuance of debt 199 429
Cash dividends to common stockholders (33,704) (254,175)
Purchase of common treasury shares (413,922) (49,202)
Other, net (19,382) (10,176)
Net cash used in financing activities (466,809) (313,124)
Net impact on cash due to change in foreign exchange rates 15,076 33,913
Net change in cash and cash equivalents 66,592 9,782
Cash and cash equivalents at beginning of period 2,539,938 1,974,747
Cash and cash equivalents at end of period $ 2,606,530 $ 1,984,529