XML 18 R7.htm IDEA: XBRL DOCUMENT v3.19.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net income $ 108,781 $ 73,202
Adjustments to reconcile net income to net cash used in operating activities:    
Net investment (gains) losses (12,767) 8,909
Net realized and unrealized gains on other investments (6,528) (12,950)
Amortization of fixed maturities 5,832 9,895
Interest in income of equity method investments (2,219) 0
Amortization of value of business acquired 13,104 57,110
Other amortization and depreciation 23,742 11,287
Share-based compensation expense, net of cash payments (3,679) (1,481)
Changes in:    
Accrued interest receivable 1,544 3,350
Reinsurance recoverable balances on unpaid and paid losses (98,425) (113,656)
Deferred acquisition costs (136,906) (253,369)
Prepaid reinsurance premiums (260,567) (218,772)
Reserve for losses and loss expenses 4,829 184,511
Unearned premiums 903,253 1,056,045
Insurance and reinsurance balances, net (559,150) (854,993)
Other items (38,536) (36,973)
Net cash used in operating activities (57,692) (87,885)
Cash flows from investing activities:    
Fixed maturities (2,425,086) (2,474,418)
Equity securities (23,503) (42,522)
Mortgage loans (14,965) (59,838)
Other investments (70,039) (31,755)
Short-term investments (85,045) (57,688)
Proceeds from the sale of:    
Fixed maturities 1,978,928 2,442,673
Equity securities 14,875 194,970
Other investments 67,865 44,493
Short-term investments 185,445 46,719
Proceeds from redemption of fixed maturities 278,150 319,526
Proceeds from redemption of short-term investments 2,413 16,022
Proceeds from the repayment of mortgage loans 243 20,237
Purchase of other assets (12,051) 0
Net cash provided by (used in) investing activities (102,770) 418,419
Cash flows from financing activities:    
Taxes paid on withholding shares (9,003) (7,163)
Dividends paid - common shares (36,260) (35,273)
Dividends paid - preferred shares (10,656) (10,656)
Net cash used in financing activities (55,919) (53,092)
Effect of exchange rate changes on foreign currency cash, cash equivalents, and restricted cash (7,381) 3,354
Increase (decrease) in cash, cash equivalents, and restricted cash (223,762) 280,796
Cash, cash equivalents, and restricted cash - beginning of period 1,830,020 1,363,786
Cash, cash equivalents, and restricted cash - end of period 1,606,258 1,644,582
Supplemental disclosures of cash flow information:    
Income taxes paid 1,321 4,412
Interest paid $ 0 $ 10,306