v3.3.1.900
CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 12 Months Ended
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
Cash flows from operating activities      
Net income $ 124,284 $ 101,533 $ 102,856
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 9,716 40,319 19,076
Net realized gains on investment (2,498) (1,163) (3,585)
Net impairment losses recognized in earnings 1,060 2,364 0
Foreign exchange losses (gains) (7,753) (4,150) (2,809)
Changes in assets - (increase) decrease:      
Reinsurance balances receivable, net 127,506 34,343 (31,051)
Reinsurance recoverable on unpaid losses (20,721) 8,078 26,821
Accrued investment income (5,086) (2,693) (4,141)
Deferred commission and other acquisition expenses (26,546) (69,217) (34,118)
Other assets (76,599) 32,060 (131)
Changes in liabilities - increase (decrease):      
Reserve for loss and loss adjustment expenses 304,254 354,014 206,783
Unearned premiums 154,642 182,602 96,040
Accrued expenses and other liabilities 52,039 (26,445) (9,494)
Net cash provided by operating activities 634,298 651,645 366,247
Cash flows from investing activities      
Purchases of fixed-maturities – available-for-sale (1,463,556) (778,702) (1,442,116)
Purchases of other investments (217) (6,698) (2,135)
Proceeds from sales of fixed-maturities – available-for-sale 129,152 171,216 355,863
Proceeds from maturities and calls of fixed maturities 541,081 349,852 448,881
Proceeds from redemption of other investments 456 797 400
Decrease (increase) in restricted cash and cash equivalents 34,980 (207,859) 54,967
Other, net 7,426 (490) 146
Net cash used in investing activities (750,678) (471,884) (583,994)
Cash flows from financing activities      
Senior notes issuance, net of issuance costs 0 0 147,446
Repayment of junior subordinated debt 0 (152,500) 0
Preference shares issuance, net of issuance costs 159,628 0 159,675
Issuance of common shares 3,318 592 1,776
Repurchase of common shares (654) (66) 0
Dividends paid - Maiden common shareholders (38,204) (32,079) (19,607)
Dividends paid - preference shares (24,337) (24,337) (14,834)
Net cash provided by (used in) financing activities 99,751 (208,390) 274,456
Effect of exchange rate changes on foreign currency cash (1,849) (3,085) 1,581
Net (decrease) increase in cash and cash equivalents (18,478) (31,714) 58,290
Cash and cash equivalents, beginning of period 108,119 139,833 81,543
Cash and cash equivalents, end of period 89,641 108,119 139,833
Supplemental information on cash flows      
Interest paid 28,687 34,222 38,219
Taxes paid 789 708 634
Supplemental information about non cash investing and financing activities      
Acquisition of fixed maturities, available-for-sale 0 0 23,478
Other assets $ 0 $ 0 $ (23,478)