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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 income (loss) $ 254,189 $ 936,748 $ (85,994)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Amortization of net premium on investments 34,708 14,478 52,495
Amortization of intangible assets 9,988 11,434 35,473
Net realized and unrealized investment (gains) losses (454,319) (886,670) 389,632
Loss on redemption of debt 0 15,175 0
Changes in:      
Reinsurance balances, net 274,506 (397,563) (427,220)
Reinsurance recoverable on paid and unpaid losses, net of ceded premiums payable 16,026 112,223 (98,086)
Funds held by reinsured companies and funds held–directly managed 175,272 56,890 (23,483)
Deferred acquisition costs 74,871 (128,426) (98,475)
Net tax assets and liabilities (23,647) 17,118 (82,247)
Non-life and life and health reserves 944,263 713,281 637,652
Unearned premiums, net of prepaid reinsurance premiums (235,968) 383,841 289,554
Other net changes in operating assets and liabilities 55,004 150,340 (141,808)
Net cash provided by operating activities 1,124,893 998,869 447,493
Cash flows from investing activities      
Sales of fixed maturities 5,518,588 16,502,655 14,665,938
Redemptions of fixed maturities 1,821,934 738,478 494,148
Purchases of fixed maturities (8,962,066) (14,918,698) (15,638,777)
Sales of short-term investments 3,637,532 1,914,640 224,411
Redemptions of short-term investments 1,971,826 724,033 23,432
Purchases of short-term investments (5,006,397) (3,142,818) (733,431)
Sales of equities 143,932 133,891 89,349
Purchases of equities (151,292) (296,687) (218,751)
Sales and redemptions of other invested assets 1,300,591 330,227 328,924
Purchases of other invested assets (930,827) (2,009,452) (490,797)
Other, net 23,431 (94,263) (5,357)
Net cash used in investing activities (632,748) (117,994) (1,260,911)
Cash flows from financing activities      
Dividends paid to common and preferred shareholders (95,990) (245,802) (94,251)
Issuance of unrestricted Class B common shares [1] 2,257 1,159 0
Redemption of Class B common shares [1] (5,157) (6,540) 0
Redemption of preferred shares (66,985) 0 0
Proceeds from Issuance of Debt 494,237 496,012 0
Redemption of debt 0 (512,697) 0
Net cash provided by (used in) financing activities 328,362 (267,868) (94,251)
Effect of foreign exchange rate changes on cash 45,863 (6,451) 13,564
Increase (decrease) in cash and cash equivalents 866,370 606,556 (894,105)
Cash and cash equivalents—beginning of year 1,484,463 877,907 1,772,012
Cash and cash equivalents—end of year 2,350,833 1,484,463 877,907
Supplemental cash flow information:      
Taxes paid 64,288 85,047 139,543
Interest paid $ 33,164 $ 38,650 $ 41,551
[1] Class B shares are recorded as a liability on the Company's Consolidated Balance Sheet. See Note 13 for further details.