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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FROM OPERATING ACTIVITIES:    
Net income (loss) to common stockholders $ 229,525 $ (4,418)
Adjustments to reconcile net income (loss) to net cash from operating activities:    
Net investment (gains) losses (34,839) 177,174
Depreciation and amortization 33,543 25,063
Noncontrolling interests 2,191 892
Investment funds (38,935) (40,576)
Stock incentive plans 11,817 11,683
Change in:    
Arbitrage trading account (16,108) 2,455
Premiums and fees receivable (96,290) (97,169)
Reinsurance accounts (105,589) (43,104)
Deferred policy acquisition costs (38,577) (26,139)
Income taxes 47,372 (12,500)
Reserves for losses and loss expenses 303,305 200,294
Unearned premiums 219,920 163,793
Other (206,345) (204,878)
Net cash from operating activities 310,990 152,570
CASH (USED IN) FROM INVESTING ACTIVITIES:    
Proceeds from sale of fixed maturity securities 1,115,114 1,574,232
Proceeds from sale of equity securities 57,457 5,311
Distributions from investment funds 36,236 99,194
Proceeds from maturities and prepayments of fixed maturity securities 1,623,357 1,055,722
Purchase of fixed maturity securities (4,118,161) (2,598,076)
Purchase of equity securities (69,181) (35,260)
Real estate sold (purchased) 9,787 (24,249)
Change in loans receivable 9,256 2,877
Net purchases of property, furniture and equipment (10,872) (14,637)
Change in balances due to security brokers 151,776 (34,378)
Other 0 86
Net cash (used in) from investing activities (1,195,231) 30,822
CASH FROM (USED IN) FINANCING ACTIVITIES:    
Repayment of senior notes and other debt (110,000) 0
Net payments for stock options exercised (525) (3,321)
Net proceeds from issuance of debt 691,213 4,259
Cash dividends to common stockholders (21,285) (20,069)
Purchase of common treasury shares (29,683) (202,621)
Other, net (1,503) (204)
Net cash from (used in) financing activities 528,217 (221,956)
Net impact on cash due to change in foreign exchange rates (1,431) (20,134)
Net change in cash and cash equivalents (357,455) (58,698)
Cash and cash equivalents at beginning of year 2,372,366 1,023,710
Cash and cash equivalents at end of period $ 2,014,911 $ 965,012