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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities      
Net income $ 600,671 $ 393,626 $ 672,309
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Net (gains) losses on investments and other financial instruments (15,603) (60,277) (51,719)
Loss on extinguishment of debt 0 0 22,738
Impairment of goodwill 0 0 4,828
Amortization and impairment of other acquired intangible assets 3,450 5,144 22,288
Depreciation, other amortization, and other impairments, net 72,020 66,585 50,439
Deferred income tax provision 161,793 102,079 157,162
Change in:      
Accrued investment income 1,235 (1,714) 2,545
Accounts and notes receivable (2,722) (29,280) (25,504)
Reinsurance recoverables 5,306 (56,226) (2,574)
Deferred policy acquisition costs 1,988 2,454 (3,448)
Other assets (78,163) 38,680 (77,181)
Unearned premiums (119,701) (178,031) (112,535)
Reserve for losses and LAE (19,771) 443,648 3,404
Reinsurance funds withheld (50,477) (13,274) (29,383)
Other liabilities (2,914) (54,980) 61,062
Net cash provided by (used in) operating activities 557,112 658,434 694,431
Cash flows from investing activities      
Fixed-maturities available for sale 735,340 963,589 986,647
Trading securities 7,952 11,602 130,537
Equity securities 36,748 90,450 69,779
Fixed-maturities available for sale 1,225,626 645,068 464,777
Trading securities 16,668 22,913 37,684
Fixed-maturities available for sale (1,980,155) (2,449,762) (1,913,703)
Equity securities (105,649) (85,014) (57,422)
Short-term investments, net 68,083 (82,925) 8,017
Other assets and other invested assets, net 6,126 1,434 (739)
Proceeds from sale of subsidiary, net of cash sold 0 16,481 0
Purchases of property and equipment (12,601) (17,016) (27,626)
Net cash provided by (used in) investing activities (1,862) (883,180) (302,049)
Cash flows from financing activities      
Dividends and dividend equivalents paid (103,298) (97,458) (2,061)
Issuance of common stock 1,382 1,553 2,416
Repurchases of common stock (399,100) (226,305) (300,201)
Issuance of senior notes, net 0 515,567 442,439
Repayments and repurchases of senior notes 0 0 (610,763)
Credit facility commitment fees paid (3,325) (2,292) (989)
Change in secured borrowings, net (with terms three months or less) 13,565 (37,475) 13,862
Proceeds from secured borrowings (with terms greater than three months) 42,000 207,034 115,275
Repayments of secured borrowings (with terms greater than three months) (48,000) (137,927) (62,932)
Repayments of other borrowings 0 (79) (152)
Net cash provided by (used in) financing activities (496,776) 222,618 (403,106)
Effect of exchange rate changes on cash and restricted cash 0 0 (4)
Increase (decrease) in cash and restricted cash 58,474 (2,128) (10,728)
Cash and restricted cash, beginning of period 94,146 96,274 107,002
Cash and restricted cash, end of period 152,620 94,146 96,274
Supplemental disclosures of cash flow information      
Income taxes paid (Note 10) 143,973 81,404 71,469
Interest paid $ 78,704 $ 60,564 $ 45,762