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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income (loss) $ (57,783) $ 285,828
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Net investment (gains) losses 9,831 (33,996)
Net realized and unrealized (gains) losses on other investments 39,700 (38,128)
Amortization of fixed maturities 14,850 8,592
Interest in (income) loss of equity method investments 16,475 (4,853)
Amortization of value of business acquired 3,083 20,298
Other amortization and depreciation 30,481 41,444
Share-based compensation expense, net of cash payments 7,125 9,100
Changes in:    
Accrued interest receivable 9,223 (2,244)
Reinsurance recoverable balances on unpaid and paid losses (353,946) (146,353)
Deferred acquisition costs (92,026) (91,193)
Prepaid reinsurance premiums (250,988) (279,659)
Reserve for losses and loss expenses 438,746 (21,446)
Unearned premiums 797,402 869,640
Insurance and reinsurance balances, net (440,688) (580,450)
Other items (65,493) (53,163)
Net cash provided by (used in) operating activities 105,992 (16,583)
Purchases of:    
Fixed maturities (5,311,263) (5,014,725)
Equity securities (15,724) (26,971)
Mortgage loans (95,764) (95,906)
Other investments (75,803) (141,525)
Short-term investments (134,822) (100,936)
Proceeds from the sale of:    
Fixed maturities 5,357,595 3,796,747
Equity securities 86,833 2,456
Other investments 80,235 163,773
Short-term investments 81,215 205,607
Proceeds from redemption of fixed maturities 796,594 569,922
Proceeds from redemption of short-term investments 57,948 7,571
Proceeds from the repayment of mortgage loans 3,951 486
Purchase of other assets (28,470) (32,747)
Net cash provided by (used in) investing activities 802,525 (666,248)
Cash flows from financing activities:    
Taxes paid on withholding shares (8,602) (9,414)
Dividends paid - common shares (71,994) (69,948)
Repurchase of preferred shares (225,000) 0
Dividends paid - preferred shares (16,706) (21,313)
Net proceeds from issuance of senior notes 0 296,334
Redemption of senior notes (500,000) (250,000)
Net cash used in financing activities (822,302) (54,341)
Effect of exchange rate changes on foreign currency cash, cash equivalents and restricted cash (13,839) 1,866
Increase (decrease) in cash, cash equivalents and restricted cash 72,376 (735,306)
Cash, cash equivalents and restricted cash - beginning of period 1,576,457 1,830,020
Cash, cash equivalents and restricted cash - end of period 1,648,833 1,094,714
Supplemental disclosures of cash flow information:    
Income taxes paid (refund) (408) 13,405
Interest paid $ 34,820 $ 31,438