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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities      
Net earnings $ 126,883 $ 890,201 $ 54,654
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:      
Depreciation and amortization 160,002 119,513 127,374
Change in the fair value of equity securities 110,459 (709,695) 228,994
Net realized capital (gains) losses (3,098) 6,551 3,241
Change in allowance for credit losses on available for sale securities 8,029    
Change in allowance for credit losses on available for sale securities   19,660 1,328
(Increase) decrease in reinsurance recoverables, net of reinsurance payable (79,149) 259,048 (162,499)
(Increase) decrease in premium balances receivable (197,331) (105,368) (45,296)
(Increase) decrease in ceded unearned premiums (63,745) (26,921) (30,980)
(Increase) decrease in deferred acquisition costs (72,540) (58,031) (11,200)
(Increase) decrease in funds held under reinsurance agreements (38,938) (11,458) (38,015)
Increase (decrease) in unearned premiums 417,890 299,092 84,784
Increase (decrease) in loss and loss adjustment expenses 1,042,267 (321,935) 379,044
Change in unrealized foreign currency exchange rate losses (gains) (99,134) (18,033) 84,089
Other, net (274,761) 371,781 (273,095)
Net adjustments 909,951 (175,796) 347,769
Net cash provided by (used in) operating activities 1,036,834 714,405 402,423
Cash flows from investing activities      
Purchases of debt securities (6,721,073) (6,726,809) (4,716,070)
Purchases of equity securities (1,974,625) (520,961) (1,041,887)
Sales of debt securities 4,042,915 3,645,307 3,647,156
Maturities and redemptions of debt securities 1,664,285 1,166,841 1,526,060
Sales of equity securities 1,659,234 2,296,371 1,609,647
Net (purchases) sales of short-term investments 208,263 (21,564) (316,366)
Net (purchases) sales and maturities of commercial mortgage loans 15,967 (9,674) (18,168)
(Purchases) sales of property and equipment (37,519) (47,572) (23,286)
Purchases of affiliates and subsidiaries, net of cash acquired (128,921) (218,260) (235,176)
Other, net (12,973) (40,218) (86,478)
Net cash provided by (used in) investing activities (1,284,447) (476,539) 345,432
Cash flows from financing activities      
Repayment of senior notes (307,095) 0 0
Treasury stock acquisitions (194,762) (144,422) (491,633)
Proceeds from issuance of senior notes 499,335 0 0
Debt issue costs paid (4,550) 0 0
Increase (decrease) in other debt 85,989 81,738 104,404
Cash dividends paid (215,013) 0 (153,967)
Other, net (27,912) (40,530) 4,512
Net cash provided by (used in) financing activities (164,008) (103,214) (536,684)
Effect of foreign exchange rate changes on cash 23,965 5,683 (10,783)
Net (decrease) increase in cash (387,656) 140,335 200,388
Cash at beginning of period 1,179,098 1,038,763 838,375
Cash at end of period 791,442 1,179,098 1,038,763
Supplemental disclosures of cash flow information      
Interest paid 91,832 97,016 88,345
Income taxes paid (refund received) $ 90,828 $ 61,786 $ 33,677