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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating activities    
Net cash (used in) provided by operating activities [1] $ (222,060) $ 213,787
Securities available-for-sale:    
Purchases – fixed maturity securities (509,764) (327,725)
Sales – fixed maturity securities 17,465 102,030
Maturities and calls – fixed maturity securities 163,974 85,921
Purchases – equity securities (10,057) (4,975)
Sales – equity securities 3,945 3,131
Bank loan participations:    
Purchases (36,168) (73,102)
Sales 113,432 41,707
Maturities 22,786 34,303
Other invested assets:    
Purchases (1,687) 0
Return of capital 314 1,477
Redemptions 16,292 7,016
Short-term investments, net 84,939 32,082
Securities receivable or payable, net (487) 10,673
Purchases of property and equipment (315) (442)
Net cash used in investing activities (135,331) (87,904)
Financing activities    
Senior debt issuances 119,000 0
Senior debt repayments (60,000) (20,000)
Dividends paid (27,838) (27,463)
Issuance of common shares under equity incentive plans 2,529 7,961
Common share repurchases (2,186) (2,536)
Net cash provided by (used in) financing activities 31,505 (42,038)
Change in cash, cash equivalents, and restricted cash equivalents (325,886) 83,845
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 1,080,190 256,302
Supplemental information    
Interest paid 9,023 $ 9,510
Restricted cash returned to a former insured 258,900  
Cash provided by operating activities excluding reduction in collateral funds $ 36,900  
[1] Cash used in operating activities for the nine months ended September 30, 2020 primarily reflects $258.9 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 $36.9 million for the nine months ended September 30, 2020.