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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
Cash flows from operating activities:          
Net income $ 103,514 $ 95,686 $ 176,719 $ 115,542  
Adjustments to reconcile net income to net cash provided by operating activities:          
Net investment losses     54,002 29,443  
Net realized and unrealized gains on other investments     (26,876) (40,226)  
Amortization of fixed maturities     15,642 20,740  
Interest in income (loss) of equity method investments     (1,891) 7,741  
Amortization of value of business acquired 53,407 0 110,517 0  
Other amortization and depreciation     22,680 12,638  
Share-based compensation expense, net of cash payments     11,707 (10,846)  
Non-cash foreign exchange losses     0 24,149 $ 24,000
Bargain purchase gain 0 (15,044) 0 (15,044)  
Changes in:          
Accrued interest receivable     (1,839) 4,208  
Reinsurance recoverable balances     (283,733) 242,437  
Deferred acquisition costs     (240,320) (151,633)  
Prepaid reinsurance premiums     (361,482) (180,107)  
Reserve for loss and loss expenses     118,803 8,015  
Unearned premiums     991,992 724,407  
Insurance and reinsurance balances, net     (654,090) (540,557)  
Other items     25,718 (102,014)  
Net cash provided by (used in) operating activities     (42,451) 148,893  
Cash flows from investing activities:          
Fixed maturities     (4,910,021) (4,766,037)  
Equity securities     (49,498) (101,289)  
Mortgage loans     (60,195) (10,207)  
Other investments     (57,477) (107,020)  
Equity method investments     0 (1,000)  
Short-term investments     (239,313) (9,029)  
Proceeds from the sale of:          
Fixed maturities     4,452,631 3,955,065  
Equity securities     219,916 127,182  
Other investments     91,946 177,238  
Short-term investments     101,510 13,539  
Proceeds from redemption of fixed maturities     706,487 1,043,002  
Proceeds from redemption of short-term investments     30,572 116,111  
Proceeds from the repayment of mortgage loans     40,741 10,467  
Purchase of other assets     (13,043) (12,205)  
Purchase of subsidiary, net     0 (78,872)  
Net cash provided by investing activities     314,256 356,945  
Cash flows from financing activities:          
Repurchase of common shares - open market     0 (262,592)  
Taxes paid on withholding shares     (8,676) (24,370)  
Dividends paid - common shares     (68,172) (71,189)  
Repurchase of preferred shares     0 (351,074)  
Dividends paid - preferred shares     (21,313) (31,532)  
Net cash used in financing activities     (98,161) (740,757)  
Effect of exchange rate changes on foreign currency cash, cash equivalents, and restricted cash     (10,737) 8,682  
Increase (decrease) in cash, cash equivalents, and restricted cash     162,907 (226,237)  
Cash, cash equivalents, and restricted cash - beginning of period     1,363,786 1,241,507 1,241,507
Cash, cash equivalents, and restricted cash - end of period $ 1,526,693 $ 1,015,270 1,526,693 1,015,270 $ 1,363,786
Supplemental disclosures of cash flow information:          
Income taxes paid     7,350 4,104  
Interest paid     $ 32,550 $ 24,438