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Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating Activities    
Net income (loss) $ 866,397 $ 1,380,532
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Net realized (gains) losses (477,683) (326,532)
Equity in net income or loss of investment funds accounted for using the equity method and other income or loss 30,306 (38,912)
Amortization of intangible assets 49,835 60,214
Share-based compensation 56,433 54,432
Changes in:    
Reserve for losses and loss adjustment expenses, net of unpaid losses and loss adjustment expenses recoverable 1,668,069 377,074
Unearned premiums, net of ceded unearned premiums 498,811 312,998
Premiums receivable (461,766) (328,765)
Deferred acquisition costs (107,238) (38,606)
Reinsurance balances payable 205,620 214,902
Other items, net 2,666 (124,198)
Net cash provided by (used for) operating activities 2,331,450 1,543,139
Investing Activities    
Purchases of fixed maturity investments (34,050,883) (24,010,623)
Purchases of equity securities (1,355,848) (524,051)
Purchases of other investments (841,886) (1,014,925)
Proceeds from sales of fixed maturity investments 32,544,867 22,707,854
Proceeds from sales of equity securities 731,793 371,130
Proceeds from sales, redemptions and maturities of other investments 791,807 827,517
Proceeds from redemptions and maturities of fixed maturity investments 645,292 394,719
Net settlements of derivative instruments 163,290 92,423
Net (purchases) sales of short-term investments (1,159,351) 129,078
Change in cash collateral related to securities lending 81,210 6,990
Purchases of fixed assets (26,717) (27,635)
Other (131,992) (202,953)
Net cash provided by (used for) investing activities (2,608,418) (1,250,476)
Financing Activities    
Purchases of common shares under share repurchase program (75,486) (2,871)
Proceeds from common shares issued, net (9,656) 518
Proceeds from borrowings 1,018,793 200,083
Repayments of borrowings (304,000) (27,538)
Change in cash collateral related to securities lending (81,210) (6,990)
Third party investment in non-redeemable noncontrolling interests (2,867) 0
Change in third party investment in redeemable noncontrolling interests 0 (161,874)
Dividends paid to redeemable noncontrolling interests (3,541) (11,408)
Other 55,266 (5,207)
Preferred dividends paid (31,209) (31,209)
Net cash provided by (used for) financing activities 566,090 (46,496)
Effects of exchange rate changes on foreign currency cash and restricted cash (5,847) (8,335)
Increase (decrease) in cash and restricted cash 283,275 237,832
Cash and restricted cash, beginning of year 903,698 724,643
Cash and restricted cash, end of period $ 1,186,973 $ 962,475