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SCHEDULE II - Condensed Statements of Cash Flows - Parent Company Only (Details) - USD ($)
$ / shares in Units, $ in Thousands
12 Months Ended
Mar. 15, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
May 03, 2021
Cash flows from operating activities          
Net income   $ 723,404 $ 254,189 $ 936,748  
Adjustments to reconcile net income to net cash used in operating activities:          
Other, net   23,801 55,004 150,340  
Net cash provided by operating activities   1,232,590 1,124,893 998,869  
Cash flows from investing activities          
Purchases of fixed maturities   (8,141,246) (8,962,066) (14,918,698)  
Purchases of short-term investments   (372,901) (5,006,397) (3,142,818)  
Other, net   (31,903) 23,431 (94,263)  
Net cash used in investing activities   (2,329,122) (632,748) (117,994)  
Issuance of preferred shares   193,887 0 0  
Redemption of preferred shares   (637,241) (66,985) 0  
Net cash used in financing activities   $ (573,295) 328,362 (267,868)  
Supplemental cash flow information:          
Non-cash exchange of intercompany balances     $ 204,000    
Preferred shares, par value per share   $ 1.00 $ 1.00    
Aggregate liquidation preference   $ 200,000 $ 637,241   $ 637,000
Underwriting discounts and commissions     $ 21,300 [1]   $ 21,000
Series J Preferred Stock          
Supplemental cash flow information:          
Shares issued during the period (in shares) 8,000,000        
Annual dividend rate 4.875% 4.875%      
Preferred shares, par value per share $ 1.00 $ 1.00      
Aggregate liquidation preference $ 200,000 $ 200,000      
Underwriting discounts and commissions $ 6,000 6,100      
Preferred shares, redemption price per share (in dollars per share) $ 25        
Series G 6.5% cumulative          
Supplemental cash flow information:          
Annual dividend rate     6.50%    
Preferred shares, par value per share     $ 1.00    
Aggregate liquidation preference     $ 160,400    
Underwriting discounts and commissions [1]     $ 5,400    
Preferred shares, redemption price per share (in dollars per share)         $ 25
Series I 5.875% non-cumulative          
Supplemental cash flow information:          
Annual dividend rate     5.875%    
Preferred shares, par value per share     $ 1.00    
Aggregate liquidation preference     $ 183,000    
Underwriting discounts and commissions [1]     $ 6,400    
Preferred shares, redemption price per share (in dollars per share)         25
Series H 7.25% cumulative          
Supplemental cash flow information:          
Annual dividend rate     7.25%    
Preferred shares, par value per share     $ 1.00    
Aggregate liquidation preference     $ 293,800    
Underwriting discounts and commissions [1]     9,500    
Preferred shares, redemption price per share (in dollars per share)         $ 25
Parent Company          
Cash flows from operating activities          
Net income   723,404 254,189 936,748  
Adjustments to reconcile net income to net cash used in operating activities:          
Equity in net income of subsidiaries   (748,994) (404,973) (959,194)  
Other, net   (51,783) 87,789 (17,167)  
Net cash provided by operating activities   (77,373) (62,995) (39,613)  
Cash flows from investing activities          
Advances to/from subsidiaries, net (1) [2]   100,426 73,738 (282,233)  
Net issue of intercompany loans receivable and payable (1) (2) [2],[3]   0 458,489 276,332  
Sales and redemptions of fixed maturities   481,015 32,230 72,724  
Sales and redemptions of short-term investments   0 43,899 2,189  
Purchases of fixed maturities   (62,239) (496,139) (18,621)  
Purchases of short-term investments   0 (39,913) (6,173)  
Other, net   (8,465) (3,987) (29)  
Net cash used in investing activities   510,737 68,317 44,189  
Issuance of preferred shares [4]   193,887 0 0  
Redemption of preferred shares [4]   (637,241) 0 0  
Net cash used in financing activities   (443,354) 0 0  
Effect of foreign exchange rate changes on cash   1,958 186 (1,145)  
(Decrease) increase in cash and cash equivalents   (8,032) 5,508 3,431  
Cash and cash equivalents—beginning of year   10,020 4,512 1,081  
Cash and cash equivalents—end of year   $ 1,988 $ 10,020 4,512  
Supplemental cash flow information:          
Preferred shares, par value per share   $ 1.00 $ 1.00    
Aggregate liquidation preference   $ 200,000 $ 637,241    
Subsidiaries          
Cash flows from investing activities          
Redemption of preferred shares     (67,000)    
Supplemental cash flow information:          
Payment of dividends by subsidiary on behalf of parent   129,000 96,000 246,000  
Non-cash dividends received from subsidiaries   $ 350,000   979,000  
Non-cash capital contributions to subsidiaries     25,000 $ 22,000  
Notes Issued     $ 458,000    
[1] Underwriting discounts and commissions represent the original amounts paid to issue Series D, E and F shares. These amounts were reallocated on a pro-rata basis between the previously issued and the newly issued series G, H and I shares as a result of the share exchange in May 2016 for $nil consideration
[2] The following non-cash transactions were excluded from the Condensed Statement of Cash Flows - Parent Company Only:
a.During 2020, the parent recorded a non-cash exchange related to a reduction of intercompany loans and balances receivable of $204 million and a corresponding reduction of intercompany loans and balances payable of $204 million.
b.During 2021, 2020 and 2019, dividends paid to common and preferred shareholders of $129 million, $96 million and $246 million, respectively, were paid by a Bermuda subsidiary on behalf of the parent, with a corresponding increase to intercompany balances payable. During 2020, the redemption of Series F preferred shares of $67 million in 2020 was also paid by a Bermuda subsidiary on behalf of the parent, with a corresponding increase to intercompany balances payable.
c.During 2021, the parent recorded a non-cash dividend received from a subsidiary of $350 million, with a corresponding change to intercompany balances payable. During 2020, the parent recorded a non-cash capital contribution to a subsidiary of $25 million, with a corresponding change to the intercompany balances payable. During 2019, the Parent recorded non-cash dividends received from subsidiaries and non-cash capital contributions to subsidiaries of $979 million and $22 million, respectively, with corresponding changes to the intercompany balances receivable/payable.
[3] During 2020, the Company recorded a $458 million loan payable maturing in 2030 with a direct Bermuda subsidiary in exchange for shares of an indirectly owned subsidiary, which were subsequently transferred to another subsidiary in exchange for cash. The cash proceeds were primarily invested in fixed maturities and used during 2021 to redeem the Series G, H and I preferred shares.
[4] During 2021, the parent issued 8 million 4.875% Series J fixed rate non-cumulative redeemable preferred shares at a par value of $1.00 per share and a redemption price of $200 million, and incurred preferred share issuance costs of $6 million. The parent also redeemed all outstanding Series G, H and I preferred shares at $25 per share for an aggregate liquidation value of $637 million during 2021.