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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income (loss) $ 223,083 $ 618,609 $ (120,424)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Net investment (gains) losses 456,789 (134,279) (129,133)
Net realized and unrealized gains on other investments (55,757) (180,329) (16,059)
Amortization of fixed maturities 26,138 35,839 32,893
Interest in (income) loss of equity method investments (1,995) (32,084) 3,612
Amortization of value of business acquired 0 3,854 5,139
Other amortization and depreciation 68,288 66,977 65,797
Share-based compensation expense, net of cash payments 48,494 37,744 29,005
Changes in:      
Accrued interest receivable (30,432) 633 13,097
Reinsurance recoverable on unpaid losses and loss expenses (825,608) (527,362) (618,040)
Reinsurance recoverable on paid losses and loss expenses 101,691 (207,429) (105,820)
Deferred acquisition costs (10,548) (34,386) 60,828
Prepaid reinsurance premiums (176,498) (185,646) (94,122)
Reserve for losses and loss expenses 544,459 737,342 1,178,292
Unearned premiums 287,082 409,858 62,999
Insurance and reinsurance balances, net 82,878 349,502 72,503
Other items (45,848) 155,979 (97,064)
Net cash provided by operating activities 692,216 1,114,822 343,503
Purchases of:      
Fixed maturities, available for sale (7,476,440) (12,133,755) (10,494,198)
Fixed maturities, held to maturity (255,610) (196,775) 0
Equity securities (94,324) (137,247) (117,883)
Mortgage loans (117,023) (145,832) (199,259)
Other investments (147,717) (263,712) (166,602)
Short-term investments (176,968) (159,056) (365,170)
Proceeds from the sale of:      
Fixed maturities, available for sale 6,110,148 9,203,241 9,784,137
Equity securities 138,542 24,862 119,381
Other investments 156,719 324,810 166,976
Short-term investments 116,752 177,672 171,976
Proceeds from redemption of fixed maturities, available for sale 1,018,922 1,817,482 1,526,396
Proceeds from redemption of fixed maturities, held to maturity 3,541 155,809 0
Proceeds from redemption of short-term investments 20,124 111,417 69,707
Proceeds from the repayment of mortgage loans 84,365 145,621 39,121
Purchase of other assets (36,829) (38,732) (44,661)
Net cash provided by (used in) investing activities (655,798) (1,114,195) 489,921
Cash flows from financing activities:      
Redemption of senior notes 0 0 (500,000)
Repurchase of preferred shares 0 0 (225,000)
Repurchase of common shares - open market (34,987) 0
Taxes paid on withholding shares (13,994) (10,242) (10,382)
Dividends paid - common shares (149,341) (145,603) (141,590)
Dividends paid - preferred shares (30,250) (30,250) (31,831)
Federal Home Loan Bank advances, net 78,950 0 0
Net cash used in financing activities (149,622) (186,095) (908,803)
Effect of exchange rate changes on foreign currency cash, cash equivalents and restricted cash (29,833) (74) 2,154
Decrease in cash, cash equivalents and restricted cash (143,037) (185,542) (73,225)
Cash, cash equivalents and restricted cash - beginning of year 1,317,690 1,503,232 1,576,457
Cash, cash equivalents and restricted cash - end of year 1,174,653 1,317,690 1,503,232
Supplemental disclosures of cash flow information:      
Income taxes paid 33,418 45,083 4,414
Interest paid $ 59,886 $ 59,400 $ 54,108