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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FROM OPERATING ACTIVITIES:      
Net income to common stockholders $ 1,381,062 $ 1,022,490 $ 530,670
Adjustments to reconcile net income to net cash from operating activities:      
Net investment gains (202,397) (90,632) (103,000)
Depreciation and amortization 55,872 129,682 135,065
Noncontrolling interests 3,892 8,525 2,315
Investment funds (145,099) (220,015) (54,253)
Stock incentive plans 49,411 46,680 49,658
Change in:      
Arbitrage trading account (53,291) (268,649) (67,943)
Premiums and fees receivable (268,171) (364,395) (173,618)
Reinsurance accounts (266,307) (433,644) (313,525)
Deferred policy acquisition costs (88,844) (121,663) (38,691)
Current income taxes (3,534) (43,890) 49,021
Deferred income taxes (64,712) 7,630 (34,057)
Reserves for losses and loss expenses 1,684,254 1,635,774 1,176,049
Unearned premiums 466,590 786,627 415,956
Other 19,878 89,467 43,039
Net cash from operating activities 2,568,604 2,183,987 1,616,686
CASH FLOWS (USED IN) FROM INVESTING ACTIVITIES:      
Proceeds from sale of fixed maturity securities 797,948 1,842,139 3,832,555
Proceeds from sale of equity securities 82,319 126,980 114,763
Distributions from (contributions to) investment funds (24,623) (101,050) 3,042
Proceeds from maturities and prepayments of fixed maturity securities 4,891,179 6,067,230 3,864,327
Purchase of fixed maturity securities (8,036,680) (10,716,748) (7,551,591)
Purchase of equity securities (340,482) (464,645) (253,031)
Real estate (purchased) sold (45,920) 166,886 178,934
Change in loans receivable (83,212) (27,421) 1,467
Net additions to property, furniture and equipment (52,684) (66,634) (38,171)
Change in balances due from security brokers 14,337 (17,983) (26,515)
Cash received in connection with business disposition 906,789 0 0
Payment for business purchased, net of cash acquired (49,572) 0 0
Net cash (used in) from investing activities (1,891,355) (2,989,146) 119,696
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES:      
Net (payments) proceeds from issuance of debt (3,309)    
Net (payments) proceeds from issuance of debt   1,034,107 741,637
Repayment of senior notes and other debt (426,503) (504,952) (652,751)
Cash dividends to common stockholders (235,192) (355,736) (84,147)
Purchase of common treasury shares (94,140) (122,426) (346,357)
Other, net (12,848) (45,162) (56,225)
Net cash (used in) from financing activities (771,992) 5,831 (397,843)
Net impact on cash due to change in foreign exchange rates (24,754) (4,195) 10,117
Net (decrease) increase in cash and cash equivalents (119,497) (803,523) 1,348,656
Cash and cash equivalents at beginning of year 1,568,843 2,372,366 1,023,710
Cash and cash equivalents at end of year $ 1,449,346 $ 1,568,843 $ 2,372,366