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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FROM OPERATING ACTIVITIES:    
Net income to common stockholders $ 442,471 $ 294,126
Adjustments to reconcile net income to net cash from operating activities:    
Net investment gains (25,780) (23,010)
Depreciation and (accretion) amortization (80,784) 9,737
Noncontrolling interests (436) 1,603
Investment funds 29,349 (2,180)
Stock incentive plans 12,979 11,793
Change in:    
Arbitrage trading account (14,793) (14,879)
Premiums and fees receivable (68,133) (33,460)
Reinsurance accounts 81,684 (84,746)
Deferred policy acquisition costs (28,283) (23,727)
Income taxes 120,052 76,933
Reserves for losses and loss expenses 393,176 424,149
Unearned premiums 84,952 87,991
Other (200,219) (279,007)
Net cash from operating activities 746,235 445,323
CASH USED IN INVESTING ACTIVITIES:    
Proceeds from sale of fixed maturity securities 426,084 429,400
Proceeds from sale of equity securities 83,987 9,933
Distributions from investment funds 31,238 7,518
Proceeds from maturities and prepayments of fixed maturity securities 968,330 956,308
Purchase of fixed maturity securities (2,266,087) (1,686,107)
Purchase of equity securities (105,599) (59,529)
Real estate (purchased) sold (30,697) 7,472
Change in loans receivable (28,150) 612
Net purchases of property, furniture and equipment (54,335) (11,532)
Change in balances due to security brokers 70,120 (13,598)
Other 0 93
Net cash used in investing activities (905,109) (359,430)
CASH USED IN FINANCING ACTIVITIES:    
Net proceeds (payments) from issuance of debt 20 (868)
Cash dividends to common stockholders (28,220) (158,592)
Purchase of common treasury shares 0 (135,152)
Other, net (1,505) (1,114)
Net cash used in financing activities (29,705) (295,726)
Net impact on cash due to change in foreign exchange rates (5,563) 2,844
Net change in cash and cash equivalents (194,142) (206,989)
Cash and cash equivalents at beginning of period 1,363,195 1,449,346
Cash and cash equivalents at end of period $ 1,169,053 $ 1,242,357