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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities    
Net (losses) earnings $ (361,472) $ 447,902
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:    
Depreciation and amortization 33,158 27,732
Change in the fair value of equity securities 522,976 (392,353)
Net realized capital (gains) losses (13,026) (4,442)
Credit losses for available for sale securities 31,375  
Credit losses for available for sale securities   10,020
(Increase) decrease in reinsurance recoverables, net of reinsurance payable 49,693 165,434
(Increase) decrease in premium balances receivable (143,970) (103,538)
(Increase) decrease in ceded unearned premiums (18,020) (9,849)
(Increase) decrease in deferred acquisition costs (18,463) (23,537)
(Increase) decrease in funds held under reinsurance agreements (23,757) 19,984
Increase (decrease) in unearned premiums 102,239 101,816
Increase (decrease) in loss and loss adjustment expenses 138,079 (395,170)
Change in unrealized foreign currency exchange rate losses (gains) 80,530 1,070
Other, net (386,627) 88,546
Net adjustments 354,187 (514,287)
Net cash provided by (used in) operating activities (7,285) (66,385)
Cash flows from investing activities    
Purchases of debt securities (1,993,449) (2,460,366)
Purchases of equity securities (331,453) (69,729)
Sales of debt securities 1,960,691 987,132
Maturities and redemptions of debt securities 459,655 235,521
Sales of equity securities 602,627 1,510,222
Net (purchases) sales of short-term investments 378,854 (376,414)
Net (purchases) sales and maturities of commercial mortgage loans 3,551 29
(Purchases) sales of property and equipment (8,840) (12,956)
Purchases of affiliates and subsidiaries, net of cash acquired (26,383) 1,157
Other, net (152,416) 73,423
Net cash provided by (used in) investing activities 892,837 (111,981)
Cash flows from financing activities    
Repayment of senior notes (307,095)  
Treasury stock acquisitions (44,268) (80,486)
Increase (decrease) in other debt 62,659 8,178
Cash dividends paid (215,013)  
Other, net 3,664 (11,421)
Net cash provided by (used in) financing activities (500,053) (83,729)
Effect of foreign exchange rate changes on cash (9,412) 1,396
Net increase (decrease) in cash 376,087 (260,699)
Cash at beginning of period 1,179,098 1,038,763
Cash at end of period 1,555,185 778,064
Supplemental disclosures of cash flow information    
Interest paid 17,065 19,368
Income taxes paid (refund received) $ 24,604 $ (39,657)