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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows provided by (used in) operating activities      
Net income $ 467,857 $ 554,843 $ 595,148
Adjustments to reconcile net income to cash provided by (used in) operating activities:      
Share compensation expenses 38,341 33,073 27,630
(Gain) loss on sale of subsidiary 0 (709) 3,237
Amortization of discount on senior notes 108 108 108
Income from investment affiliate (4,281) (8,411) (4,790)
Net realized (gains) losses on investments (2,298) (14,917) 764
Change in net unrealized losses on investments 32,395 2,842 52,419
Amortization of intangible assets 5,666 4,538 4,162
Loss (income) from operating affiliates 3,949 4,340 (542)
Foreign exchange losses included in net income 18,907 23,591 1,912
Amortization of premium on fixed maturities investments 23,075 19,107 19,093
Change in:      
Premiums receivable 44,154 22,034 139,539
Deferred acquisition costs (19,980) (27,131) 14,255
Prepaid reinsurance premiums 4,955 34,443 (4,695)
Loss reserves recoverable 24,659 81,824 69,910
Paid losses recoverable 15,111 43,580 (33,807)
Income taxes recoverable (16,477) 0 0
Deferred tax asset 1,979 0 0
Accrued investment income 878 2,417 2,499
Other assets 10,023 31,264 (75,623)
Reserve for losses and loss expenses (231,345) (404,280) (491,380)
Unearned premiums (23,019) 18,161 (81,454)
Reinsurance balances payable (52,785) (32,262) (1,580)
Deferred tax liability (1,820) (45,380) (1,008)
Accounts payable and accrued expenses (5,546) (2,914) (431)
Net cash provided by operating activities 334,506 340,161 235,366
Cash flows provided by (used in) investing activities      
Proceeds on sales of fixed maturity investments 3,842,408 4,756,555 4,370,548
Proceeds on maturities of investments 332,410 554,619 490,459
Purchases of fixed maturities (4,225,031) (4,391,814) (5,392,728)
(Purchases) sales of short-term investments, net (436,690) (329,301) 934,759
(Purchases) sales of other investments, net (5,988) (143,597) 26,508
(Increase) decrease in securities lending collateral (4,393) 2,922 (3,167)
Redemption from operating affiliates 46,603 0 0
Decrease (increase) in restricted cash 99,733 27,489 (172,962)
Proceeds on sale of subsidiary, net of cash 0 16,459 21,388
Purchase of subsidiary, net of cash acquired 0 (643,545) 0
Net cash (used in) provided by investing activities (370,834) (162,681) 253,813
Cash flows provided by (used in) financing activities      
Net proceeds on issuance of notes payable to AlphaCat investors 75,493 0 0
Issuance of common shares, net 17,407 5,347 1,211
Purchases of common shares under share repurchase program (260,430) (510,952) (513,504)
Dividends paid (112,991) (117,043) (360,071)
Increase (decrease) in securities lending payable 4,393 (2,922) 3,167
Third party investment in redeemable noncontrolling interest 499,200 300,200 142,190
Third party redemption of redeemable noncontrolling interest (86,934) (13,192) 0
Third party investment in noncontrolling interest 9,600 117,243 136,619
Third party distributions of noncontrolling interest (168,733) (237,183) (289,260)
Third party subscriptions received on AlphaCat Funds and Sidecars 249,636 127,400 15,600
Net cash provided by (used in) financing activities 226,641 (331,102) (864,048)
Effect of foreign currency rate changes on cash and cash equivalents (17,605) (25,310) (6,364)
Net increase (decrease) in cash 172,708 (178,932) (381,233)
Cash and cash equivalents - beginning of year 550,401 729,333 1,110,566
Cash and cash equivalents - end of year 723,109 550,401 729,333
Taxes paid during the year 16,050 42,689 5,407
Interest paid during the year 55,047 54,526 52,191
Operating Affiliates      
Cash flows provided by (used in) investing activities      
Investments in affiliates 0 0 (6,500)
Investment Affiliates      
Adjustments to reconcile net income to cash provided by (used in) operating activities:      
Income from investment affiliate (4,281) (8,411)  
Cash flows provided by (used in) investing activities      
Investments in affiliates $ (19,886) $ (12,468) $ (14,492)