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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows provided by (used in) operating activities:    
Net income (loss) $ 993,589 $ 15,898
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Total net realized (gains) losses on investments and net unrealized (gains) losses on investments, Trading - Life Funds Withheld Assets (102,858) (91,926)
Net realized and unrealized (gains) losses on derivative instruments (65,030) (13,409)
Amortization of premiums (discounts) on fixed maturities 77,334 76,846
(Income) loss from investment and operating affiliates (78,257) (68,292)
Loss on sale of life reinsurance subsidiary 0 666,423
Gain on sale of ARX Holding Corp. (340,407) 0
Share-based compensation 39,641 40,563
Depreciation 29,349 29,107
Accretion of deposit liabilities 20,887 (7,762)
Changes in:    
Unpaid losses and loss expenses (166,007) (264,804)
Future policy benefit reserves (122,842) (93,202)
Funds withheld on life retrocession agreements, net (156,411) (52,104)
Unearned premiums 868,244 848,937
Premiums receivable (959,771) (792,588)
Unpaid losses and loss expenses recoverable (255,432) 136,758
Ceded unearned premiums (343,391) (338,855)
Reinsurance balances receivable 56,825 (28,270)
Deferred acquisition costs (105,402) 216,453
Reinsurance balances payable 565,221 420,902
Deferred tax asset - net 30,284 (51,571)
Derivatives 109,745 (45,306)
Other assets (63,360) (15,478)
Other liabilities (59,258) (286,737)
Other 57,618 34,500
Total adjustments (973,085) 337,731
Net cash provided by (used in) operating activities 20,504 353,629
Cash flows provided by (used in) investing activities:    
Proceeds from sale of fixed maturities and short-term investments 6,352,126 3,043,659
Proceeds from redemption of fixed maturities and short-term investments 1,938,622 1,837,319
Proceeds from sale of equity securities 271,367 295,448
Purchases of fixed maturities and short term investments (8,042,196) (3,801,109)
Purchases of equity securities (239,535) (239,680)
Proceeds from sale of affiliates 86,156 156,481
Purchases of affiliates (33,298) (196,487)
Purchase of Catlin Group Limited, net of cash acquired (1,020,015) 0
Proceeds from sale of life reinsurance subsidiary 0 570,000
Proceeds from sale of ARX Holding Corp. 560,552 0
Change in restricted cash (135,638) 0
Other, net (87,516) (96,222)
Net cash provided by (used in) investing activities (349,375) 1,569,409
Cash flows provided by (used in) financing activities:    
Proceeds from issuance of ordinary shares and exercise of stock options 4,827 3,057
Buybacks of ordinary shares (112,385) (351,654)
Dividends paid on ordinary shares (89,053) (87,056)
Distributions to non-controlling interests (53,456) (38,502)
Contributions from non-controlling interests 4,658 21,494
Proceeds from the issuance of debt 980,600 0
Deposit liabilities (49,388) (213,869)
Net cash provided by (used in) financing activities 685,803 (666,530)
Effects of exchange rate changes on foreign currency cash (37,905) 13,799
Increase (decrease) in cash and cash equivalents 319,027 1,270,307
Cash and cash equivalents beginning of year 2,521,814 1,800,832
Cash and cash equivalents end of year 2,840,841 3,071,139
Life Funds Withheld Assets    
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Net realized and unrealized (gains) losses on derivative instruments $ (9,807) $ 17,546