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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net (loss) income $ (1,090,029) $ 723,404 $ 254,189
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization of net premium on investments 78,162 57,900 34,708
Amortization of intangible assets 8,912 8,861 9,988
Net realized and unrealized investment losses (gains) 1,969,014 (37,797) (454,319)
Changes in:      
Reinsurance balances, net (381,838) 19,366 274,506
Reinsurance recoverable on paid and unpaid losses, net of ceded premiums payable (325,409) (637,908) 16,026
Funds held by reinsured companies 53,335 113,626 175,272
Deferred acquisition costs (131,236) (122,739) 74,871
Net tax assets and liabilities (72,452) 3,256 (23,647)
Non-life and life and health reserves 1,009,439 903,324 944,263
Unearned premiums, net of prepaid reinsurance premiums 287,078 177,496 (235,968)
Other net changes in operating assets and liabilities 63,433 23,801 55,004
Net cash provided by operating activities 1,468,409 1,232,590 1,124,893
Cash flows from investing activities      
Sales of fixed maturities 623,929 3,693,365 5,518,588
Redemptions of fixed maturities 1,216,920 2,381,821 1,821,934
Purchases of fixed maturities (2,940,597) (8,141,246) (8,962,066)
Sales of short-term investments 308,622 252,527 3,637,532
Redemptions of short-term investments 227,118 321,609 1,971,826
Purchases of short-term investments (867,605) (372,901) (5,006,397)
Sales of equities 915,583 161,501 143,932
Purchases of equities (78,425) (144,537) (151,292)
Sales and redemptions of other invested assets 545,411 1,106,211 1,300,591
Purchases of other invested assets (627,460) (1,555,569) (930,827)
Other, net 11,679 (31,903) 23,431
Net cash used in investing activities (664,825) (2,329,122) (632,748)
Cash flows from financing activities      
Dividends paid to common and preferred shareholders (187,644) (129,360) (95,990)
Issuance of unrestricted Class B common shares [1] 0 0 2,257
Redemption of Class B common shares [1] (6,346) (581) (5,157)
Issuance of preferred shares 0 193,887 0
Redemption of preferred shares 0 (637,241) (66,985)
Issuance of debt 0 0 494,237
Redemption of debt (560) 0 0
Net cash (used in) provided by financing activities (194,550) (573,295) 328,362
Effect of foreign exchange rate changes on cash (18,335) (20,109) 45,863
Increase (decrease) in cash and cash equivalents 590,699 (1,689,936) 866,370
Cash and cash equivalents—beginning of year 660,897 2,350,833 1,484,463
Cash and cash equivalents—end of year 1,251,596 660,897 2,350,833
Supplemental cash flow information:      
Taxes paid 216,467 100,222 64,288
Interest paid $ 54,867 $ 56,177 $ 33,164
[1] Class B shares are liability-accounted on the Company's Consolidated Balance Sheet. See Note 13 for further details.