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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Cash flows from operating activities:      
Net income $ 194,071 $ 395,459  
Adjustments to reconcile net income to net cash provided by operating activities:      
Net investment (gains) losses 30,005 9,207  
Net realized and unrealized gains on other investments (22,410) (4,973)  
Amortization of fixed maturities (10,621) (8,630)  
Interest in income of equity method investments (2,291) (1,169)  
Other amortization and depreciation 13,792 14,257  
Share-based compensation expense 11,829 13,670  
Changes in:      
Accrued interest receivable 5,503 (1,411)  
Reinsurance recoverable on unpaid losses and loss expenses (106,132) (186,791)  
Reinsurance recoverable on paid losses and loss expenses 1,064 98,362  
Deferred acquisition costs (103,121) (94,737)  
Prepaid reinsurance premiums (240,695) (144,311)  
Reserve for losses and loss expenses 278,614 209,390  
Unearned premiums 653,052 611,974  
Insurance and reinsurance balances, net (326,816) (267,456)  
Other items (66,765) (258,702)  
Net cash provided by operating activities 309,079 384,139  
Purchases of:      
Fixed maturities, available for sale (2,946,681) (2,450,714)  
Fixed maturities, held to maturity (9,950) (46,534)  
Equity securities (73,063) (76,270)  
Mortgage loans (72) (1,552)  
Other investments (20,729) (18,368)  
Equity method investments (4,955) (6,791)  
Short-term investments (196,153) (82,199)  
Proceeds from the sale of:      
Fixed maturities, available for sale 2,872,156 2,367,906  
Equity securities 82,625 97,434  
Other investments 34,855 38,027  
Short-term investments 228,673 19,325  
Proceeds from redemption of fixed maturities, available for sale 369,666 435,700  
Proceeds from redemption of fixed maturities, held to maturity 63,780 39,791  
Proceeds from redemption of short-term investments 102,524 4,510  
Proceeds from the repayment of mortgage loans 35,579 211  
Proceeds from the purchase of other asset, net (7,273) (8,208)  
Loan advances made (68,696) (101,229)  
Net cash provided by investing activities 462,286 211,039  
Cash flows from financing activities:      
Repurchase of common shares - open market (439,992) (61,607)  
Taxes paid on withholding shares (24,514) (14,121)  
Dividends paid - common shares (39,590) (40,208)  
Dividends paid - preferred shares (7,563) (7,563)  
Net cash used in financing activities (511,659) (123,499)  
Effect of exchange rate changes on foreign currency cash, cash equivalents and restricted cash 9,440 (14,090)  
Increase in cash, cash equivalents and restricted cash 269,146 457,589  
Cash, cash equivalents and restricted cash - beginning of period 3,063,621 1,383,985 $ 1,383,985
Cash, cash equivalents and restricted cash - end of period 3,332,767 1,841,574 $ 3,063,621
Supplemental disclosures of cash flow information:      
Income taxes paid 12,770 6,796  
Interest paid $ 17,099 $ 17,504