v3.19.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities    
Net (loss) income $ (52,049) $ 25,023
Less: net loss (income) from discontinued operations 22,050 (18,210)
Adjustments to reconcile net (loss) income to net cash flows from operating activities:    
Depreciation, amortization and share-based compensation 4,388 3,183
Net realized (gains) losses on investment (12,985) 57
Foreign exchange and other gains (6,186) (2,414)
Changes in assets – (increase) decrease:    
Reinsurance balances receivable, net (1,191) (103,065)
Accrued investment income 5,526 270
Deferred commission and other acquisition expenses 136,686 (34,106)
Funds withheld receivable (81,649) 3,399
Other assets (8,032) (2,770)
Changes in liabilities – increase (decrease):    
Reserve for loss and loss adjustment expenses (833) 167,602
Unearned premiums (459,179) 108,662
Accrued expenses and other liabilities (48,371) (12,929)
Net cash (used in) provided by continuing operations (501,825) 134,702
Net cash used in discontinued operations (1,832) (78,598)
Net cash (used in) provided by operating activities (503,657) 56,104
Cash flows from investing activities:    
Purchases of fixed-maturities – available-for-sale (395,640) (441,953)
Purchases of other investments (5,290) 0
Proceeds from sales of fixed-maturities – available-for-sale 709,615 116,555
Proceeds from maturities, paydowns and calls of fixed maturities 324,480 250,833
Proceeds from sale and redemption of other investments 580 1,022
Other, net 3,276 (2,041)
Net cash provided by (used in) investing activities for continuing operations 637,021 (75,584)
Net cash (used in) provided by investing activities for discontinued operations (6,113) 97,784
Net cash provided by investing activities 630,908 22,200
Cash flows from financing activities:    
Repurchase of common shares (13) (193)
Dividends paid – Maiden common shareholders 0 (24,924)
Dividends paid – preference shares 0 (17,091)
Net cash used in financing activities (13) (42,208)
Effect of exchange rate changes on foreign currency cash, restricted cash and equivalents (177) (820)
Net increase in cash, restricted cash and cash equivalents 127,061 35,276
Cash, restricted cash and cash equivalents, beginning of period 337,102 191,503
Cash, restricted cash and cash equivalents, end of period 464,163 226,779
Less: cash, restricted cash and equivalents of discontinued operations, end of period 0 (44,158)
Cash, restricted cash and cash equivalents of continuing operations, end of period 464,163 182,621
Reconciliation of cash & restricted cash reported within Condensed Consolidated Balance Sheets:    
Cash and cash equivalents, end of period 82,465 52,362
Restricted cash and cash equivalents 381,698 130,259
AmTrust Quota Shares Reinsurance Agreement, Partial Termination Amendment    
Non-cash investing activities    
Investments transferred out 280,670 0
Funds Withheld Arrangement    
Non-cash investing activities    
Investments transferred out 571,396 0
Discontinued Operations    
Non-cash investing activities    
Investments transferred out $ 65,400 $ 0