XML 20 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
CASH FROM OPERATING ACTIVITIES:      
Net income to common stockholders $ 640,749 $ 549,094 $ 601,916
Adjustments to reconcile net income to net cash from operating activities:      
Net realized and unrealized gains on investments (154,488) (335,858) (267,005)
Depreciation and amortization 131,108 112,956 86,051
Noncontrolling interests 8,317 4,243 1,569
Investment funds (109,349) (69,333) (99,301)
Stock incentive plans 36,591 40,490 37,174
Change in:      
Arbitrage trading account (19,093) (4,896) (10,633)
Premiums and fees receivable (43,813) (67,752) (60,403)
Reinsurance accounts (165,287) (66,542) (235,455)
Deferred policy acquisition costs 7,788 30,343 (25,912)
Current income taxes (11,950) 25,859 42,632
Deferred income taxes (74,761) (16,893) 9,012
Reserves for losses and loss expenses 339,015 438,530 572,196
Unearned premiums 84,142 4,160 149,683
Other (48,770) 66,482 46,852
Net cash from operating activities 620,199 710,883 848,376
CASH FLOWS USED IN INVESTING ACTIVITIES:      
Proceeds from sale of fixed maturity securities 3,525,149 4,035,162 2,440,310
Proceeds from sale of equity securities 497,989 195,270 143,042
(Contributions) distributions from investment funds (79,635) 247,404 142,601
Proceeds from maturities and prepayments of fixed maturity securities 2,676,455 3,556,744 2,189,365
Purchase of fixed maturity securities (6,677,753) (7,940,957) (5,541,202)
Purchase of equity securities (85,610) (27,522) (202,736)
Real estate purchased (514,064) (236,039) (299,123)
Change in loans receivable (13,204) 27,135 166,327
Net additions to property, furniture and equipment (49,860) (115,719) (50,829)
Change in balances due from security brokers 4,262 (4,372) 20,992
Cash received in connection with business disposition 8,664 0 250,216
Payment for business purchased, net of cash acquired (6,637) (70,570) (53,451)
Net cash used in investing activities (714,244) (333,464) (794,488)
CASH FLOWS USED IN FINANCING ACTIVITIES:      
Net proceeds from issuance of debt 294,562 6,983 388,769
Repayment of senior notes and other debt (4,524) (20) (75,487)
Cash dividends to common stockholders (254,951) (188,199) (183,999)
Purchase of common treasury shares (24,750) (47,807) (132,392)
Other, net (17,740) (6,043) (3,823)
Net cash used in financing activities (7,403) (235,086) (6,932)
Net impact on cash due to change in foreign exchange rates (31,421) 12,853 (15,302)
Net (decrease) increase in cash and cash equivalents (132,869) 155,186 31,654
Cash and cash equivalents at beginning of year 950,471 795,285 763,631
Cash and cash equivalents at end of year $ 817,602 $ 950,471 $ 795,285