XML 23 R8.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
CASH FROM OPERATING ACTIVITIES:      
Net income to common stockholders $ 681,944 $ 640,749 $ 549,094
Adjustments to reconcile net income to net cash from operating activities:      
Net realized and unrealized gains on investments (120,703) (154,488) (335,858)
Depreciation and amortization 113,387 131,108 112,956
Noncontrolling interests 2,041 8,317 4,243
Investment funds (69,194) (109,349) (69,333)
Stock incentive plans 49,274 36,591 40,490
Change in:      
Arbitrage trading account (26,553) (19,093) (4,896)
Premiums and fees receivable (189,151) (43,813) (67,752)
Reinsurance accounts (165,898) (165,287) (66,542)
Deferred policy acquisition costs (20,057) 7,788 30,343
Current income taxes (12,530) (11,950) 25,859
Deferred income taxes 7,130 (74,761) (16,893)
Reserves for losses and loss expenses 612,254 339,015 438,530
Unearned premiums 301,355 84,142 4,160
Other (19,506) (48,770) 66,482
Net cash from operating activities 1,143,793 620,199 710,883
CASH FLOWS USED IN INVESTING ACTIVITIES:      
Proceeds from sale of fixed maturity securities 2,093,271 3,525,149 4,035,162
Proceeds from sale of equity securities 79,963 497,989 195,270
Distributions (contributions) from investment funds 194,663 (79,635) 247,404
Proceeds from maturities and prepayments of fixed maturity securities 2,933,980 2,676,455 3,556,744
Purchase of fixed maturity securities (5,352,886) (6,677,753) (7,940,957)
Purchase of equity securities (172,978) (85,610) (27,522)
Real estate purchased (146,752) (514,064) (236,039)
Change in loans receivable 3,481 (13,204) 27,135
Net additions to property, furniture and equipment (60,457) (49,860) (115,719)
Change in balances due from security brokers 2,844 4,262 (4,372)
Cash received in connection with business disposition 0 8,664 0
Payment for business purchased, net of cash acquired 0 (6,637) (70,570)
Net cash used in investing activities (424,871) (714,244) (333,464)
CASH FLOWS USED IN FINANCING ACTIVITIES:      
Net proceeds from issuance of debt 290,974 294,562 6,983
Repayment of senior notes and other debt (456,360) (4,524) (20)
Cash dividends to common stockholders (308,191) (254,951) (188,199)
Purchase of common treasury shares (18,225) (24,750) (47,807)
Other, net (21,391) (17,740) (6,043)
Net cash used in financing activities (513,193) (7,403) (235,086)
Net impact on cash due to change in foreign exchange rates 379 (31,421) 12,853
Net increase (decrease) in cash and cash equivalents 206,108 (132,869) 155,186
Cash and cash equivalents at beginning of year 817,602 950,471 795,285
Cash and cash equivalents at end of year $ 1,023,710 $ 817,602 $ 950,471