v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net (loss) income $ (1,949) $ 9,286
Adjustments to reconcile net income to net cash flows from operating activities:    
Depreciation, amortization and share-based compensation 2,075 5,003
Interest in income of equity method investments (1,271) (2,947)
Net realized and unrealized gains on investment (2,309) (8,101)
Foreign exchange and other gains (3,949) (3,542)
Changes in assets – (increase) decrease:    
Reinsurance balances receivable, net 1,456 15,716
Reinsurance recoverable on unpaid losses 3,531 2,003
Accrued investment income 359 1,898
Deferred commission and other acquisition expenses 4,071 4,979
Funds withheld receivable 449 3,110
Other assets 105 (849)
Changes in liabilities – increase (decrease):    
Reserve for loss and loss adjustment expenses (92,843) (92,300)
Unearned premiums (11,452) (15,188)
Deferred gain on retroactive reinsurance 5,184 0
Accrued expenses and other liabilities 20,465 (21,886)
Net cash used in operating activities (76,078) (102,818)
Cash flows from investing activities:    
Purchases of fixed maturities  (12,963) (41,181)
Purchases of other investments (9,127) 0
Purchases of equity method investments (27,979) (281)
Purchases of equity securities (5,363) (8,083)
Proceeds from sales of fixed maturities  101,604 153,816
Proceeds from maturities, paydowns and calls of fixed maturities 15,482 92,421
Proceeds from sale and redemption of other investments 409 126
Proceeds from sale and redemption of equity method investments 24,090 1,917
Proceeds from sale and redemption of equity securities 0 441
Others, net (28) (6)
Net cash provided by investing activities 86,125 199,170
Cash flows from financing activities:    
Repurchase of common shares (794) (2,359)
Repurchase of preference shares (3,099) (97,393)
Cash settlement of restricted shares granted 0 (166)
Net cash used in financing activities (3,893) (99,918)
Effect of exchange rate changes on foreign currency cash, restricted cash and equivalents (355) (1,106)
Net increase (decrease) in cash, restricted cash and cash equivalents 5,799 (4,672)
Cash, restricted cash and cash equivalents, beginning of period 66,087 135,826
Cash, restricted cash and cash equivalents, end of period 71,886 131,154
Reconciliation of cash and restricted cash reported within Condensed Consolidated Balance Sheets:    
Cash and cash equivalents, end of period 36,975 78,116
Restricted cash and cash equivalents, end of period 34,911 53,038
Total cash, restricted cash and cash equivalents, end of period $ 71,886 $ 131,154