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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income (loss) $ 618,609 $ (120,424) $ 323,473
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Net investment gains (134,279) (129,133) (91,233)
Net realized and unrealized gains on other investments (180,329) (16,059) (60,038)
Amortization of fixed maturities 35,839 32,893 18,499
Interest in (income) loss of equity method investments (32,084) 3,612 (9,718)
Amortization of value of business acquired 3,854 5,139 26,722
Other amortization and depreciation 66,977 65,797 75,229
Share-based compensation expense, net of cash payments 37,744 29,005 32,491
Non-cash foreign exchange gains 0 0 (6,043)
Changes in:      
Accrued interest receivable 633 13,097 2,140
Reinsurance recoverable on unpaid losses and loss expenses (527,362) (618,040) (359,543)
Reinsurance recoverable on paid losses and loss expenses (207,429) (105,820) (52,533)
Deferred acquisition costs (34,386) 60,828 74,331
Prepaid reinsurance premiums (185,646) (94,122) (88,789)
Reserve for losses and loss expenses 737,342 1,178,292 467,428
Unearned premiums 409,858 62,999 (7,958)
Insurance and reinsurance balances, net 349,502 72,503 (51,075)
Other items 155,979 (97,064) (94,379)
Net cash provided by operating activities 1,114,822 343,503 199,004
Purchases of:      
Fixed maturities, available for sale (12,133,755) (10,494,198) (9,994,025)
Fixed maturities, held to maturity (196,775) 0 0
Equity securities (137,247) (117,883) (58,022)
Mortgage loans (145,832) (199,259) (194,020)
Other investments (263,712) (166,602) (218,178)
Short-term investments (159,056) (365,170) (179,230)
Proceeds from the sale of:      
Fixed maturities, available for sale 9,203,241 9,784,137 8,018,658
Equity securities 24,862 119,381 36,016
Other investments 324,810 166,976 249,129
Short-term investments 177,672 171,976 266,057
Proceeds from redemption of fixed maturities, available for sale 1,817,482 1,526,396 1,282,796
Proceeds from redemption of fixed maturities, held to maturity 155,809 0 0
Proceeds from redemption of short-term investments 111,417 69,707 19,366
Proceeds from the repayment of mortgage loans 145,621 39,121 60,244
Purchase of other assets (38,732) (44,661) (63,106)
Net cash provided by (used in) investing activities (1,114,195) 489,921 (774,315)
Cash flows from financing activities:      
Net proceeds from issuance of senior notes 0 0 717,509
Redemption of senior notes 0 (500,000) (250,000)
Repurchase of preferred shares 0 (225,000) 0
Taxes paid on withholding shares (10,242) (10,382) (10,165)
Dividends paid - common shares (145,603) (141,590) (137,209)
Dividends paid - preferred shares (30,250) (31,831) (42,625)
Net cash provided by (used in) financing activities (186,095) (908,803) 277,510
Effect of exchange rate changes on foreign currency cash, cash equivalents and restricted cash (74) 2,154 44,238
Decrease in cash, cash equivalents and restricted cash (185,542) (73,225) (253,563)
Cash, cash equivalents and restricted cash - beginning of year 1,503,232 1,576,457 1,830,020
Cash, cash equivalents and restricted cash - end of year 1,317,690 1,503,232 1,576,457
Supplemental disclosures of cash flow information:      
Income taxes paid 45,083 4,414 39,949
Interest paid $ 59,400 $ 54,108 $ 59,563