XML 43 R6.htm IDEA: XBRL DOCUMENT v3.3.0.814
Unaudited Condensed Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:    
Net income $ 82,184 $ 359,750
Adjustments to reconcile net income to cash provided by operating activities:    
Net realized gains on sales of investments (41,185) (118,640)
Mark to market adjustments 112,421 (5,634)
Stock compensation expense 11,805 10,822
Undistributed loss of equity method investments 19,244 10,452
Changes in:    
Reserve for losses and loss expenses, net of reinsurance recoverables 188,835 171,229
Unearned premiums, net of prepaid reinsurance 113,380 285,012
Insurance balances receivable (123,175) (256,993)
Funds held 280,351 226,727
Reinsurance balances payable 40,354 30,405
Reinsurance recoverable on paid losses (31,035) (3,634)
Net deferred acquisition costs (10,901) (45,166)
Net deferred tax assets (10,141) (3,511)
Accounts payable and accrued liabilities (39,046) 4,473
Other items, net (1,705) 4,441
Net cash provided by operating activities 591,386 669,733
CASH FLOWS USED IN INVESTING ACTIVITIES:    
Purchases of trading securities (3,962,283) (5,608,594)
Purchases of other invested assets (110,851) (242,227)
Sales of trading securities 3,888,416 5,500,176
Sales of other invested assets 160,253 243,123
Purchases of fixed assets (23,798) (14,490)
Change in restricted cash (78,892) (29,565)
Net cash paid for acquisitions (141,503) (2,565)
Net cash used in investing activities (268,658) (154,142)
CASH FLOWS USED IN FINANCING ACTIVITIES:    
Dividends paid (66,784) (55,064)
Proceeds from the exercise of stock options 9,184 7,640
Share repurchases (246,443) (166,207)
Proceeds from other long-term debt 4,003 0
Repayment of other long-term debt (154) 0
Net cash used in financing activities (300,194) (213,631)
Effect of exchange rate changes on foreign currency cash (8,063) (2,626)
NET INCREASE IN CASH AND CASH EQUIVALENTS 14,471 299,334
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 589,339 531,936
CASH AND CASH EQUIVALENTS, END OF PERIOD 603,810 831,270
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 2,213 18,052
Cash paid for interest expense $ 45,750 $ 45,750