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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities    
Net income $ 159,543 $ 586,678
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of net premium on investments 50,606 54,783
Amortization of intangible assets 13,535 14,005
Net realized and unrealized investment losses (gains) 140,089 (307,888)
Changes in:    
Reinsurance balances, net (680,908) (518,432)
Reinsurance recoverable on paid and unpaid losses, net of ceded premiums payable 56,054 46,768
Funds held by reinsured companies and funds held – directly managed 67,763 115,224
Deferred acquisition costs (90,494) (105,900)
Net tax assets and liabilities (42,360) (55,879)
Unpaid losses and loss expenses including life policy benefits 193,289 (131,400)
Unearned premiums 412,972 550,308
Other net changes in operating assets and liabilities (23,590) (27,380)
Net cash provided by operating activities 256,499 220,887
Cash flows from investing activities    
Redemptions of fixed maturities 366,356 338,238
Sales and redemptions of short-term investments 37,357 31,405
Purchases of short-term investments (31,239) (49,706)
Other, net (73,378) (17,980)
Net cash provided by (used in) investing activities 171,449 (86,452)
Cash flows from financing activities    
Dividends paid to common and preferred shareholders (94,976) (96,658)
Repurchase of common shares (71,376) (316,091)
Reissuance of treasury shares and issuance of common shares, net of taxes paid (816) 6,156
Distribution of shares to noncontrolling interests (55,820) (14,266)
Net cash used in financing activities (222,988) (420,859)
Effect of foreign exchange rate changes on cash (25,431) (1,841)
Increase (decrease) in cash and cash equivalents 179,529 (288,265)
Cash and cash equivalents—beginning of period 1,313,468 1,496,485
Cash and cash equivalents—end of period 1,492,997 1,208,220
Supplemental cash flow information:    
Taxes paid 124,999 195,261
Interest paid 24,630 24,630
Fixed maturities [Member]    
Sales of fixed maturities and sales of equities 4,199,011 4,276,812
Purchases of fixed maturities and purchases of equities (4,363,623) (4,683,829)
Equities [Member]    
Sales of fixed maturities and sales of equities 497,082 122,296
Purchases of fixed maturities and purchases of equities $ (460,117) $ (103,688)