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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 1,081,786 $ 376,292 $ 223,083
Adjustments to reconcile net income to net cash provided by operating activities:      
Net investment losses (1) [1] 144,175 74,630 456,789
Net realized and unrealized gains on other investments (47,203) (19,682) (55,757)
Amortization of fixed maturities (38,428) (20,167) 26,138
Interest in income of equity method investments (17,953) (4,163) (1,995)
Other amortization and depreciation 55,306 75,552 68,288
Share-based compensation expense, net of cash payments 42,731 54,120 48,494
Changes in:      
Accrued interest receivable (8,441) (11,777) (30,432)
Reinsurance recoverable on unpaid losses and loss expenses (543,442) (493,831) (825,608)
Reinsurance recoverable on paid losses and loss expenses (3,764) (60,860) 92,781
Deferred acquisition costs (74,506) 21,499 (10,548)
Prepaid reinsurance premiums (31,265) (365,732) (176,498)
Reserve for losses and loss expenses 841,727 1,272,999 544,459
Unearned premiums 482,867 388,747 287,082
Insurance and reinsurance balances, net 118,271 13,813 197,610
Other items (157,048) (45,881) (45,848)
Net cash provided by operating activities 1,844,813 1,255,559 798,038
Purchases of:      
Fixed maturities, available for sale (10,530,382) (6,348,753) (7,476,440)
Fixed maturities, held to maturity (105,755) (37,499) (255,610)
Equity securities (114,519) (89,502) (94,324)
Mortgage loans (17,655) (24,867) (117,023)
Other investments (69,596) (91,010) (147,717)
Equity method investments (14,407) (22,183) 0
Short-term investments (331,267) (247,499) (176,968)
Unsettled payable for reverse repurchase agreements included in cash and cash equivalents 247,495 0 0
Proceeds from the sale of:      
Fixed maturities, available for sale 9,059,672 4,848,826 6,110,148
Equity securities 154,645 55,651 138,542
Other investments 135,975 158,348 156,719
Short-term investments 58,151 227,318 116,752
Proceeds from redemption of fixed maturities, available for sale 1,508,473 934,017 1,018,922
Proceeds from redemption of fixed maturities, held to maturity 348,812 49,609 3,541
Proceeds from redemption of short-term investments 69,010 76,545 20,124
Proceeds from the repayment of mortgage loans 98,241 36,375 84,365
Proceeds from the purchase of other assets, net (17,396) (31,144) (36,829)
Loan advances made (199,045) (349,842) (105,822)
Net cash provided by (used in) investing activities 280,452 (855,610) (761,620)
Cash flows from financing activities:      
Repurchase of common shares - open market (199,944) 0 (34,987)
Taxes paid on withholding shares (15,925) (23,596) (13,994)
Dividends paid - common shares (151,765) (153,775) (149,341)
Dividends paid - preferred shares (30,250) (30,250) (30,250)
Federal Home Loan Bank advances, net (19,410) 5,250 78,950
Net cash used in financing activities (417,294) (202,371) (149,622)
Effect of exchange rate changes on foreign currency cash, cash equivalents and restricted cash (28,335) 11,754 (29,833)
Increase (decrease) in cash, cash equivalents and restricted cash 1,679,636 209,332 (143,037)
Cash, cash equivalents and restricted cash - beginning of year 1,383,985 1,174,653 1,317,690
Cash, cash equivalents and restricted cash - end of year 3,063,621 1,383,985 1,174,653
Supplemental disclosures of cash flow information:      
Income taxes paid 80,557 77,479 33,418
Interest paid $ 64,180 $ 63,596 $ 59,886
[1]
(1) In 2024, net investment losses in the consolidated statement of cash flows included net realized gains on overseas deposits of $6 million that are included in net investment gains (losses) in the consolidated statement of operations.