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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities    
Net cash provided by (used in) operating activities [1] $ 139,321 $ (93,003)
Securities available-for-sale:    
Purchases – fixed maturity securities (351,715) (273,016)
Sales – fixed maturity securities 158,469 36,591
Maturities and calls – fixed maturity securities 109,184 142,895
Purchases – equity securities (6,751) (10,326)
Sales – equity securities 5,171 6,734
Bank loan participations:    
Purchases (59,450) (71,011)
Sales 32,679 36,059
Maturities 11,360 23,713
Other invested assets:    
Purchases 0 (10,545)
Return of capital 998 336
Short-term investments, net 6,128 90,626
Securities receivable or payable, net 22,042 16,229
Purchases of property and equipment (3,175) (1,876)
Net cash used in investing activities (75,060) (13,591)
Financing activities    
Senior debt repayments (40,000) 0
Issuance of Series A preferred shares 144,898 0
Issuance of common shares - public offering 0 192,107
Issuance of common shares under equity incentive plans 0 329
Common share repurchases (941) (2,762)
Dividends on Series A preferred shares (3,500) 0
Dividends on common shares (4,007) (20,804)
Net cash provided by financing activities 96,450 168,870
Change in cash, cash equivalents, and restricted cash equivalents 160,711 62,276
Cash, cash equivalents, and restricted cash equivalents at beginning of period 292,128 1,022,180
Cash, cash equivalents, and restricted cash equivalents at end of period 452,839 1,084,456
Supplemental information    
Interest paid 5,455 4,716
Restricted cash equivalents at beginning of period 102,005 859,920
Restricted cash equivalents at end of period 102,099 723,525
Change in restricted cash equivalents $ 94 $ (136,395)
[1] Cash used in operating activities for the six months ended June 30, 2021 primarily reflects restricted cash equivalents returned to a former insured, per the terms of a collateral trust. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Amounts Recoverable from an Indemnifying Party and Reinsurer on Legacy Commercial Auto Book”. Excluding the restricted cash activity above, cash provided by operating activities was $139.2 million and $43.4 million for the six months ended June 30, 2022 and 2021, respectively.