XML 193 R6.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Statement of Cash Flows [Abstract]      
Net income (loss) $ 200,619 $ (317,469) $ 281,771
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Share compensation expense 7,061 4,956 3,599
Net interest expense (income) on deposit liabilities 5,879 (1,273) 2,800
Net realized and unrealized gain on investments and derivatives 2,522 34,145 480,045
Net realized and unrealized (gain) loss on investment in related party investment fund (249,626) 280,847 0
Net foreign exchange (gains) losses 3,635 (7,503) 12,300
Amortization of premium and accretion of discount, net (1,382) 4,134 473
Changes in assets and liabilities:      
Reinsurance balances receivable 30,039 (120,620) (86,606)
Deferred acquisition costs, net 49,125 54,951 (37,175)
Increase (Decrease) in Prepaid Reinsurance Premiums 607 (16,503) (354)
Increase (Decrease) in Reinsurance Recoverable (3,489) (918) (1,112)
Other assets (172) (13,486) 9,137
Interest and dividends receivable, net (862) (2,716) 3,563
Unearned premium reserves (78,168) (46,582) 92,442
Loss and loss adjustment expense reserves (157,849) (225,670) (97,922)
Accounts payable and accrued expenses 10,555 (24,684) 24,212
Reinsurance balances payable 11,964 28,728 (1,463)
Net cash provided by (used in) operating activities 141,112 13,387 (78,536)
Investing activities      
Proceeds from redemptions from related party investment fund 760,000 142,968 0
Contributions to related party investment fund (87,000) (136,626) 0
Change in participation agreement with related party investment fund (2,297) (20,852) 0
Purchases of investments (331,463) (3,483,319) (3,099,525)
Proceeds from sales and maturities of investments 446,206 3,475,515 3,228,251
Purchases of investments to cover short sales 0 (853,798) (791,753)
Proceeds from short sales of investments 0 800,508 1,048,552
Change in due to/from brokers, net 1,411 482,778 (149,898)
Increase (decrease) in securities sold under an agreement to repurchase 0 (29,618) 29,618
Net cash provided by investing activities 786,857 377,556 265,245
Financing activities      
Proceeds from issuance of Third Point Re common shares, net of costs 1,888 0 1,505
Payments Related to Tax Withholding for Share-based Compensation 68 74 0
Purchases of Third Point Re common shares under share repurchase program 0 (138,705) (40,864)
Net proceeds from deposit liability contracts 10,832 9,790 19,113
Change in total noncontrolling interests in related party, net 0 (97,950) 73,979
Net cash provided by (used in) financing activities 12,652 (226,939) 53,733
Net increase in cash, cash equivalents and restricted cash 940,621 164,004 240,442
Cash, cash equivalents and restricted cash at beginning of year 713,337 549,333 308,891
Cash, cash equivalents and restricted cash at end of year 1,653,958 713,337 549,333
Supplementary information      
Interest paid in cash 8,051 25,578 21,394
Income taxes paid in cash 10 7,274 7,810
Non-cash Transfer of Investment Asset to Related Party Investments Fund $ 0 $ 1,571,191 $ 0