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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FROM OPERATING ACTIVITIES:    
Net income to common stockholders $ 1,180,014 $ 984,020
Adjustments to reconcile net income to net cash from operating activities:    
Net investment losses (gains) 40,818 (39,239)
Depreciation and (accretion) amortization (156,993) 3,294
Noncontrolling interests (780) 863
Investment funds (868) (5,444)
Stock incentive plans 40,319 37,796
Change in:    
Arbitrage trading account 36,714 (41,399)
Premiums and fees receivable (311,827) (340,056)
Reinsurance accounts 85,226 (194,610)
Deferred policy acquisition costs (94,393) (93,270)
Income taxes 16,825 49,722
Reserves for losses and loss expenses 1,402,623 1,288,975
Unearned premiums 569,416 608,300
Other 61,241 (27,790)
Net cash from operating activities 2,868,335 2,231,162
CASH USED IN INVESTING ACTIVITIES:    
Proceeds from sale of fixed maturity securities 1,688,623 877,019
Proceeds from sale of equity securities 288,366 161,470
Distributions from investment funds 15,533 8,385
Proceeds from maturities and prepayments of fixed maturity securities 3,483,326 2,654,140
Purchase of fixed maturity securities (7,177,379) (5,091,866)
Purchase of equity securities (186,382) (63,815)
Real estate purchased (66,813) (15,158)
Change in loans receivable (173,548) 12,796
Net purchases of property, furniture and equipment (91,670) (42,127)
Change in balances due to security brokers 122,519 8,224
Cash received in connection with business disposition 0 94,076
Other 0 320
Net cash used in investing activities (2,097,425) (1,396,536)
CASH USED IN FINANCING ACTIVITIES:    
Repayment of senior notes and other debt (240) (1,954)
Net proceeds from issuance of debt 0 1,100
Cash dividends to common stockholders (311,514) (186,921)
Purchase of common treasury shares (236,243) (430,536)
Other, net (13,944) (20,545)
Net cash used in financing activities (561,941) (638,856)
Net impact on cash due to change in foreign exchange rates 1,074 959
Net change in cash and cash equivalents 210,043 196,728
Cash and cash equivalents at beginning of period 1,363,195 1,449,346
Cash and cash equivalents at end of period $ 1,573,238 $ 1,646,074