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Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating Activities    
Net income (loss) $ 475,708 $ (88,674)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Net realized (gains) losses (161,007) 362,964
Equity in net (income) or loss of investment funds accounted for using the equity method and other income or loss (135,939) 29,034
Amortization of intangible assets 14,402 16,631
Share-based compensation 40,812 28,549
Changes in:    
Reserve for losses and loss adjustment expenses, net of unpaid losses and loss adjustment expenses recoverable 560,153 506,057
Unearned premiums, net of ceded unearned premiums 560,035 392,802
Premiums receivable (608,250) (418,457)
Deferred acquisition costs (126,701) (75,135)
Reinsurance balances payable 240,206 79,807
Other items, net (96,574) (223,124)
Net cash provided by (used for) operating activities 762,845 610,454
Investing Activities    
Purchases of fixed maturity investments (11,530,968) (11,965,995)
Purchases of equity securities (309,419) (760,683)
Purchases of other investments (430,961) (228,471)
Proceeds from sales of fixed maturity investments 10,917,134 11,723,123
Proceeds from sales of equity securities 284,986 266,301
Proceeds from sales, redemptions and maturities of other investments 323,591 216,131
Proceeds from redemptions and maturities of fixed maturity investments 421,042 198,356
Net settlements of derivative instruments 47,660 195,488
Net (purchases) sales of short-term investments 589,175 (11,777)
Change in cash collateral related to securities lending 0 55,001
Purchase of operating affiliate (546,349) 0
Purchases of fixed assets (12,490) (8,470)
Other (246,590) 42,500
Net cash provided by (used for) investing activities (493,189) (278,496)
Financing Activities    
Purchases of common shares under share repurchase program (179,266) (75,486)
Proceeds from common shares issued, net (10,008) (4,527)
Proceeds from borrowings 0 16,300
Change in cash collateral related to securities lending 0 (55,001)
Third party investment in non-redeemable noncontrolling interests 15,971 (2,867)
Dividends paid to redeemable noncontrolling interests (948) (1,181)
Other (1,948) (1,331)
Preferred dividends paid (10,403) (10,403)
Net cash provided by (used for) financing activities (186,602) (134,496)
Effects of exchange rate changes on foreign currency cash and restricted cash (6,084) (30,723)
Increase (decrease) in cash and restricted cash 76,970 166,739
Cash and restricted cash, beginning of year 1,290,544 903,698
Cash and restricted cash, end of period $ 1,367,514 $ 1,070,437