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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 $ 723,404 $ 254,189 $ 936,748
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization of net premium on investments 57,900 34,708 14,478
Amortization of intangible assets 8,861 9,988 11,434
Net realized and unrealized investment gains (37,797) (454,319) (886,670)
Loss on redemption of debt 0 0 15,175
Changes in:      
Reinsurance balances, net 19,366 274,506 (397,563)
Reinsurance recoverable on paid and unpaid losses, net of ceded premiums payable (637,908) 16,026 112,223
Funds held by reinsured companies 113,626 175,272 56,890
Deferred acquisition costs (122,739) 74,871 (128,426)
Net tax assets and liabilities 3,256 (23,647) 17,118
Non-life and life and health reserves 903,324 944,263 713,281
Unearned premiums, net of prepaid reinsurance premiums 177,496 (235,968) 383,841
Other net changes in operating assets and liabilities 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      
Sales of fixed maturities 3,693,365 5,518,588 16,502,655
Redemptions of fixed maturities 2,381,821 1,821,934 738,478
Purchases of fixed maturities (8,141,246) (8,962,066) (14,918,698)
Sales of short-term investments 252,527 3,637,532 1,914,640
Redemptions of short-term investments 321,609 1,971,826 724,033
Purchases of short-term investments (372,901) (5,006,397) (3,142,818)
Sales of equities 161,501 143,932 133,891
Purchases of equities (144,537) (151,292) (296,687)
Sales and redemptions of other invested assets 1,106,211 1,300,591 330,227
Purchases of other invested assets (1,555,569) (930,827) (2,009,452)
Other, net (31,903) 23,431 (94,263)
Net cash used in investing activities (2,329,122) (632,748) (117,994)
Cash flows from financing activities      
Dividends paid to common and preferred shareholders (129,360) (95,990) (245,802)
Issuance of unrestricted Class B common shares [1] 0 2,257 1,159
Redemption of Class B common shares [1] (581) (5,157) (6,540)
Issuance of preferred shares 193,887 0 0
Redemption of preferred shares (637,241) (66,985) 0
Issuance of debt 0 494,237 496,012
Redemption of debt 0 0 (512,697)
Net cash (used in) provided by financing activities (573,295) 328,362 (267,868)
Effect of foreign exchange rate changes on cash (20,109) 45,863 (6,451)
(Decrease) increase in cash and cash equivalents (1,689,936) 866,370 606,556
Cash and cash equivalents—beginning of year 2,350,833 1,484,463 877,907
Cash and cash equivalents—end of year 660,897 2,350,833 1,484,463
Supplemental cash flow information:      
Taxes paid 100,222 64,288 85,047
Interest paid $ 56,177 $ 33,164 $ 38,650
[1] Class B shares are recorded as a liability on the Company's Consolidated Balance Sheet. See Note 13 for further details.