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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating activities    
Net cash (used in) provided by operating activities [1] $ (136,231) $ 68,123
Securities available-for-sale:    
Purchases – fixed maturity securities (368,975) (260,853)
Sales – fixed maturity securities 9,432 91,537
Maturities and calls – fixed maturity securities 92,395 64,905
Purchases – equity securities (9,993) (3,977)
Sales – equity securities 3,295 263
Bank loan participations:    
Purchases (24,107) (46,327)
Sales 103,933 27,920
Maturities 17,238 25,565
Other invested assets:    
Purchases (438) 0
Return of capital 251 1,266
Redemptions 13,612 3,000
Short-term investments, net 60,660 57,503
Securities receivable or payable, net 19,098 1,925
Purchases of property and equipment (211) (197)
Net cash used in investing activities (83,810) (37,470)
Financing activities    
Senior debt issuances 119,000 0
Senior debt repayments (60,000) (20,000)
Dividends paid (18,645) (18,342)
Issuance of common shares under equity incentive plans 838 6,493
Common share repurchases (2,063) (2,136)
Net cash provided by (used in) financing activities 39,130 (33,985)
Change in cash, cash equivalents, and restricted cash equivalents (180,911) (3,332)
Cash, cash equivalents, and restricted cash equivalents at beginning of period 1,406,076 172,457
Cash, cash equivalents, and restricted cash equivalents at end of period 1,225,165 169,125
Supplemental information    
Interest paid 6,526 $ 6,499
Restricted cash returned to a former insured 178,300  
Cash provided by operating activities excluding reduction in collateral funds $ 42,100  
[1] Cash used in operating activities for the six months ended June 30, 2020 primarily reflects $178.3 million of restricted cash equivalents returned to a former insured, per the terms of a collateral trust (see Amounts Recoverable from an Indemnifying Party in Liquidity and Capital Resources). Excluding the reduction in the collateral funds, cash provided by operating activities was $42.1 million for the six months ended June 30, 2020.