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Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating Activities    
Net income (loss) $ 1,194,372 $ 377,715
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Net realized (gains) losses (379,049) (194,776)
Equity in net (income) or loss of investment funds accounted for using the equity method and other income or loss (181,028) 125,384
Amortization of intangible assets 29,688 33,120
Share-based compensation 57,564 41,912
Changes in:    
Reserve for losses and loss adjustment expenses, net of unpaid losses and loss adjustment expenses recoverable 948,505 1,158,446
Unearned premiums, net of ceded unearned premiums 838,650 395,759
Premiums receivable (781,391) (463,638)
Deferred acquisition costs (214,893) (92,437)
Reinsurance balances payable 331,461 132,161
Other items, net (231,307) (192,066)
Net cash provided by (used for) operating activities 1,612,572 1,321,580
Investing Activities    
Purchases of fixed maturity investments (23,554,384) (25,410,849)
Purchases of equity securities (620,774) (1,025,149)
Purchases of other investments (1,033,134) (501,692)
Proceeds from sales of fixed maturity investments 23,130,388 24,833,030
Proceeds from sales of equity securities 542,290 580,346
Proceeds from sales, redemptions and maturities of other investments 772,549 472,188
Proceeds from redemptions and maturities of fixed maturity investments 805,836 369,240
Net settlements of derivative instruments 17,286 150,471
Net (purchases) sales of short-term investments (378,086) (1,323,363)
Change in cash collateral related to securities lending (826) 54,596
Purchase of operating affiliate (546,349) 0
Purchases of fixed assets (23,585) (17,687)
Other (204,889) 8,679
Net cash provided by (used for) investing activities (1,093,678) (1,810,190)
Financing Activities    
Proceeds from issuance of preferred shares, net 485,821 0
Purchases of common shares under share repurchase program (485,315) (75,486)
Proceeds from common shares issued, net 185 (9,661)
Proceeds from borrowings 0 1,004,918
Repayments of borrowings 0 (165,000)
Change in cash collateral related to securities lending 826 (54,596)
Third party investment in non-redeemable noncontrolling interests 15,971 (2,867)
Dividends paid to redeemable noncontrolling interests (1,907) (2,540)
Other 27,639 (2,625)
Preferred dividends paid (20,805) (20,806)
Net cash provided by (used for) financing activities 22,415 671,337
Effects of exchange rate changes on foreign currency cash and restricted cash (13,390) (21,742)
Increase (decrease) in cash and restricted cash 527,919 160,985
Cash and restricted cash, beginning of year 1,290,544 903,698
Cash and restricted cash, end of period $ 1,818,463 $ 1,064,683