XML 18 R7.htm IDEA: XBRL DOCUMENT v3.19.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities    
Net (loss) income $ (36,636) $ 22,343
Less: net loss (income) from discontinued operations 3,352 (9,995)
Adjustments to reconcile net loss (income) to net cash provided by operating activities:    
Depreciation, amortization and share-based compensation 2,062 2,131
Net realized losses (gains) on investment 11,101 (357)
Foreign exchange and other (gains) losses (4,979) 2,407
Changes in assets – (increase) decrease:    
Reinsurance balances receivable, net (7,198) (151,462)
Accrued investment income 2 (311)
Deferred commission and other acquisition expenses 88,388 (29,830)
Funds withheld receivable (53,741) 2,058
Other assets (6,481) 6,545
Changes in liabilities – increase (decrease):    
Reserve for loss and loss adjustment expenses (67,641) 91,380
Unearned premiums (326,214) 93,357
Reinsurance balances payable, net 65,349 (12,785)
Accrued expenses and other liabilities 1,529 (933)
Net cash (used in) provided by continuing operations (331,107) 14,548
Net cash used in discontinued operations (823) (46,689)
Net cash used in operating activities (331,930) (32,141)
Cash flows from investing activities:    
Purchases of fixed-maturities – available-for-sale (159,790) (218,805)
Purchases of other investments (1,528) 0
Proceeds from sales of fixed-maturities – available-for-sale 84,361 80,240
Proceeds from maturities, paydowns and calls of fixed maturities 206,811 95,774
Proceeds from sale and redemption of other investments 406 275
Other, net 2,870 (1,622)
Net cash provided by (used in) investing activities for continuing operations 133,130 (44,138)
Net cash (used in) provided by investing activities for discontinued operations (3,349) 66,166
Net cash provided by investing activities 129,781 22,028
Cash flows from financing activities:    
Repurchase of common shares 0 (193)
Dividends paid – Maiden common shareholders 0 (12,452)
Dividends paid – preference shares 0 (8,545)
Net cash used in financing activities 0 (21,190)
Effect of exchange rate changes on foreign currency cash, restricted cash and equivalents (334) 837
Net decrease in cash, restricted cash and cash equivalents (202,483) (30,466)
Cash, restricted cash and cash equivalents, beginning of period 337,102 191,503
Cash, restricted cash and cash equivalents, end of period 134,619 161,037
Less: cash, restricted cash and equivalents of discontinued operations, end of period (2,764) (50,951)
Cash, restricted cash and cash equivalents of continuing operations, end of period 131,855 110,086
Reconciliation of cash, restricted cash and cash equivalents reported within Condensed Consolidated Balance Sheets that sum to the total shown above:    
Cash and cash equivalents, end of period 89,521 48,352
Restricted cash and cash equivalents 42,334 61,734
AmTrust Quota Shares Reinsurance Agreement, Partial Termination Amendment    
Non-cash investing activities    
Investments transferred out 280,670 0
Funds Withheld Arrangement    
Non-cash investing activities    
Investments transferred out $ 571,396 $ 0