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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows provided by (used in) operating activities      
Net income $ 487,202 $ 467,857 $ 554,843
Adjustments to reconcile net income to cash provided by operating activities:      
Share compensation expenses 42,907 38,341 33,073
Gain on sale of subsidiary 0 0 (709)
Amortization of discount on senior notes 108 108 108
Loss (income) from investment and operating affiliates 2,106 (332) (4,071)
Net realized and change in net unrealized (gains) losses on investments (32,628) 30,097 (12,075)
Amortization of intangible assets 5,666 5,666 4,538
Foreign exchange losses included in net income 3,043 18,907 23,591
Amortization of premium on fixed maturity investments 17,961 23,075 19,107
Change in operational balance sheet items:      
Premiums receivable (76,659) 44,154 22,034
Deferred acquisition costs (28,225) (19,980) (27,131)
Prepaid reinsurance premiums (4) 4,955 34,443
Loss reserves recoverable (85,264) 24,659 81,824
Paid losses recoverable (11,932) 15,111 43,580
Reserve for losses and loss expenses 37,042 (231,345) (404,280)
Unearned premiums 109,839 (23,019) 18,161
Reinsurance balances payable (18,487) (52,785) (32,262)
Other operational balance sheet items, net (42,472) (10,963) (14,613)
Net cash provided by operating activities 410,203 334,506 340,161
Cash flows provided by (used in) investing activities      
Proceeds on sales of fixed maturity investments 2,671,226 3,842,408 4,756,555
Proceeds on maturities of fixed maturity investments 349,722 332,410 554,619
Purchases of fixed maturity investments (3,074,703) (4,225,031) (4,391,814)
Purchases of short-term investments, net (856,021) (436,690) (329,301)
Purchases of other investments, net (64,943) (5,988) (143,597)
(Increase) decrease in securities lending collateral (4,916) (4,393) 2,922
Distributions from operating affiliates 369 46,603 0
Investments in investment affiliates, net (14,841) (19,886) (12,468)
Decrease in restricted cash 2,314 99,733 27,489
Proceeds on sale of subsidiary, net of cash 0 0 16,459
Purchase of subsidiary, net of cash 0 0 (643,545)
Net cash used in investing activities (991,793) (370,834) (162,681)
Cash flows provided by (used in) financing activities      
Net proceeds on issuance of notes payable to AlphaCat investors 296,325 75,493 0
Net proceeds on issuance of preferred shares 144,852 0 0
(Redemption) issuance of common shares, net (7,701) 17,407 5,347
Purchases of common shares under share repurchase program (212,675) (260,430) (510,952)
Dividends paid on preferred shares (4,455) 0 0
Dividends paid on common shares (115,625) (112,967) (117,043)
Increase (decrease) in securities lending payable 4,916 4,393 (2,922)
Third party investments in redeemable noncontrolling interests 393,450 499,200 300,200
Third party redemptions of redeemable noncontrolling interests (17,285) (86,933) (13,192)
Third party investments in noncontrolling interests 171,674 9,600 117,243
Third party distributions of noncontrolling interests (127,103) (168,758) (237,183)
Third party subscriptions (deployed) received on AlphaCat Funds and Sidecars (225,284) 249,636 127,400
Net cash provided by (used in) financing activities 301,089 226,641 (331,102)
Effect of foreign currency rate changes on cash and cash equivalents (22,632) (17,605) (25,310)
Net (decrease) increase in cash and cash equivalents (303,133) 172,708 (178,932)
Cash and cash equivalents - beginning of year 723,109 550,401 729,333
Cash and cash equivalents - end of year 419,976 723,109 550,401
Supplemental disclosure of cash flow information:      
Taxes paid during the year 6,034 16,050 42,689
Interest paid during the year $ 54,638 $ 55,047 $ 54,526