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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 518,870 $ 174,592
Adjustments to reconcile net income to net cash provided by operating activities:    
Net investment (gains) losses 97,671 414,231
Net realized and unrealized (gains) losses on other investments 4,923 (31,843)
Amortization of fixed maturities (11,655) 24,918
Interest in income (loss) of equity method investments (2,835) (5,040)
Other amortization and depreciation 62,378 52,469
Share-based compensation expense, net of cash payments 39,911 36,097
Changes in:    
Accrued interest receivable (5,948) (13,796)
Reinsurance recoverable on unpaid losses and loss expenses (205,369) (239,482)
Reinsurance recoverable on paid losses and loss expenses (54,297) 201,729
Deferred acquisition costs (32,663) (79,994)
Prepaid reinsurance premiums (422,078) (222,235)
Reserve for losses and loss expenses 400,725 29,151
Unearned premiums 639,441 577,490
Insurance and reinsurance balances, net (103,589) 72,655
Other items 23,818 (73,932)
Net cash provided by operating activities 949,303 917,010
Purchases of:    
Fixed maturities, available for sale (5,166,446) (5,466,347)
Fixed maturities, held to maturity (25,000) (247,862)
Equity securities (87,388) (92,977)
Mortgage loans (22,318) (113,978)
Other investments (67,828) (122,628)
Equity method investments (11,289) 0
Short-term investments (221,618) (141,821)
Proceeds from the sale of:    
Fixed maturities, available for sale 4,038,436 4,730,523
Equity securities 29,171 111,148
Other investments 104,275 134,348
Short-term investments 132,421 71,435
Proceeds from redemption of fixed maturities, available for sale 680,637 850,954
Proceeds from redemption of fixed maturities, held to maturity 11,360 3,500
Proceeds from redemption of short-term investments 46,072 20,124
Proceeds from the repayment of mortgage loans 35,620 54,881
Proceeds from the (purchase) sale of other assets, net (16,219) (25,041)
Loan advances made (149,879) 0
Net cash used in investing activities (689,993) (233,741)
Cash flows from financing activities:    
Repurchase of common shares - open market 0 (34,987)
Taxes paid on withholding shares (17,424) (13,688)
Dividends paid - common shares (115,569) (112,888)
Dividends paid - preferred shares (22,688) (22,688)
Federal Home Loan Bank advances, net 5,250 78,950
Net cash used in financing activities (150,431) (105,301)
Effect of exchange rate changes on foreign currency cash, cash equivalents and restricted cash (16,217) (60,396)
Increase in cash, cash equivalents and restricted cash 92,662 517,572
Cash, cash equivalents and restricted cash - beginning of period 1,174,653 1,317,690
Cash, cash equivalents and restricted cash - end of period 1,267,315 1,835,262
Supplemental disclosures of cash flow information:    
Income taxes paid 54,756 36,431
Interest paid $ 49,207 $ 45,963