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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Cash flows from operating activities:          
Net income $ 180,728 $ 188,098 $ 788,153 $ 518,870  
Adjustments to reconcile net income to net cash provided by operating activities:          
Net investment (gains) losses (32,182) 53,114 30,503 97,671  
Net realized and unrealized (gains) losses on other investments     (38,435) 4,923  
Amortization of fixed maturities     (26,886) (11,655)  
Interest in income of equity method investments (1,621) (2,940) (10,689) (2,835)  
Other amortization and depreciation     42,171 62,378  
Share-based compensation expense, net of cash payments     33,474 39,911  
Changes in:          
Accrued interest receivable     (20,109) (5,948)  
Reinsurance recoverable on unpaid losses and loss expenses     (499,090) (205,369)  
Reinsurance recoverable on paid losses and loss expenses     79,146 (69,333)  
Deferred acquisition costs     (125,034) (32,663)  
Prepaid reinsurance premiums     (108,082) (422,078)  
Reserve for losses and loss expenses     885,904 400,725  
Unearned premiums     714,994 639,441  
Insurance and reinsurance balances, net     (78,166) (11,784)  
Other items     (178,588) 3,859  
Net cash provided by operating activities     1,489,266 1,006,113  
Purchases of:          
Fixed maturities, available for sale     (7,264,647) (5,166,446)  
Fixed maturities, held to maturity     (100,755) (25,000)  
Equity securities     (111,865) (87,388)  
Mortgage loans     (3,078) (22,318)  
Other investments     (52,660) (67,828)  
Equity method investments     (12,389) (11,289)  
Short-term investments     (196,418) (221,618)  
Proceeds from the sale of:          
Fixed maturities, available for sale     4,942,272 4,038,436  
Equity securities     154,644 29,171  
Other investments     100,818 104,275  
Short-term investments     34,169 132,421  
Proceeds from redemption of fixed maturities, available for sale     1,184,455 680,637  
Proceeds from redemption of fixed maturities, held to maturity     283,391 11,360  
Proceeds from redemption of short-term investments     53,311 46,072  
Proceeds from the repayment of mortgage loans     68,634 35,620  
Proceeds from the (purchase) sale of other asset, net     (13,946) (16,219)  
Loan advances made     (176,466) (206,689)  
Net cash used in investing activities     (1,110,530) (746,803)  
Cash flows from financing activities:          
Repurchase of common shares - open market     (139,886) 0  
Taxes paid on withholding shares     (14,943) (17,424)  
Dividends paid - common shares     (114,630) (115,569)  
Dividends paid - preferred shares     (22,688) (22,688)  
Federal Home Loan Bank advances, net     (10,210) 5,250  
Net cash used in financing activities     (302,357) (150,431)  
Effect of exchange rate changes on foreign currency cash, cash equivalents and restricted cash     10,962 (16,217)  
Increase in cash, cash equivalents and restricted cash     87,341 92,662  
Cash, cash equivalents and restricted cash - beginning of period     1,383,985 1,174,653 $ 1,174,653
Cash, cash equivalents and restricted cash - end of period $ 1,471,326 $ 1,267,315 1,471,326 1,267,315 $ 1,383,985
Supplemental disclosures of cash flow information:          
Income taxes paid     47,402 54,756  
Interest paid     $ 49,886 $ 49,207