XML 18 R7.htm IDEA: XBRL DOCUMENT v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Cash flows from operating activities:          
Net income $ 223,358 $ 211,964 $ 417,427 $ 607,425  
Adjustments to reconcile net income to net cash provided by operating activities:          
Net investment (gains) losses [1]     (12,370) 62,687  
Net realized and unrealized gains on other investments     (39,951) (18,869)  
Amortization of fixed maturities     (20,058) (18,390)  
Interest in income of equity method investments 705 (7,900) (1,586) (9,069)  
Other amortization and depreciation     27,271 27,893  
Share-based compensation expense     23,089 23,275  
Changes in:          
Accrued interest receivable     5,641 (12,294)  
Reinsurance recoverable on unpaid losses and loss expenses     (2,247,316) (278,507)  
Reinsurance recoverable on paid losses and loss expenses     (124,418) 80,018  
Deferred acquisition costs     (130,457) (143,481)  
Prepaid reinsurance premiums     (286,888) (197,903)  
Reserve for losses and loss expenses     645,415 326,820  
Unearned premiums     942,072 936,026  
Insurance and reinsurance balances, net     (517,574) (272,528)  
Other items     (25,436) (210,864)  
Net cash provided by (used in) operating activities     (1,345,139) 902,239  
Purchases of:          
Fixed maturities, available for sale     (4,836,342) (4,534,094)  
Fixed maturities, held to maturity     (43,923) (77,033)  
Equity securities     (81,146) (78,131)  
Mortgage loans     (10,225) (2,385)  
Other investments     (41,377) (38,059)  
Equity method investments     (7,340) (10,002)  
Short-term investments     (234,067) (104,190)  
Proceeds from the sale of:          
Fixed maturities, available for sale     4,200,006 3,341,151  
Equity securities     101,326 97,430  
Other investments     72,684 69,701  
Short-term investments     290,531 24,488  
Proceeds from redemption of fixed maturities, available for sale     706,891 829,963  
Proceeds from redemption of fixed maturities, held to maturity     82,290 125,552  
Proceeds from redemption of short-term investments     118,319 40,411  
Proceeds from the repayment of mortgage loans     73,655 53,524  
Proceeds from the purchase of other asset, net     (19,342) (8,932)  
Loan advances made     (94,161) (139,585)  
Net cash provided by (used in) investing activities     277,779 (410,191)  
Cash flows from financing activities:          
Repurchase of common shares     (489,981) (99,968)  
Taxes paid on withholding shares     (25,614) (14,556)  
Dividends paid - common shares     (74,362) (77,509)  
Dividends paid - preferred shares     (15,125) (15,125)  
Net cash used in financing activities     (605,082) (207,158)  
Effect of exchange rate changes on foreign currency cash, cash equivalents and restricted cash     18,022 (13,812)  
Increase (decrease) in cash, cash equivalents and restricted cash     (1,654,420) 271,078  
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 $ 1,409,201 $ 1,655,063 1,409,201 1,655,063 $ 3,063,621
Supplemental disclosures of cash flow information:          
Income taxes paid     71,984 24,853  
Interest paid     $ 31,293 $ 32,148  
[1] In 2025, net investment losses in the consolidated statement of cash flows included net realized gains on overseas deposits of $1 million that are included in net investment gains (losses) in the consolidated statement of operations.