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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows provided by (used in) operating activities:      
Net income (loss) $ 1,313,339 $ 268,838 $ 1,136,647
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Net realized (gains) losses on investments (202,178) (107,462) (87,777)
Net realized and unrealized (gains) losses on derivative instruments (53,123) (29,886) (7,798)
Amortization of premiums (discounts) on fixed maturities 194,824 153,849 166,621
(Income) loss from investment and operating affiliates (46,072) (129,915) (229,386)
Loss on sale of life reinsurance subsidiary 0 666,423 0
Gain on sale of operating affiliate (340,407) 0 0
Share based compensation 74,431 81,287 46,489
Depreciation and amortization 92,313 56,118 56,229
Accretion of deposit liabilities 43,633 11,195 47,256
Changes in:      
Unpaid losses and loss expenses (211,831) (427,528) (88,636)
Future policy benefit reserves (278,818) (229,204) (164,923)
Funds withheld on life retrocession agreements, net (210,943) (218,144) 0
Unearned premiums (528,214) 253,396 65,279
Premiums receivable 156,168 15,248 (27,334)
Unpaid losses and loss expenses recoverable (439,548) (44,688) (36,897)
Ceded unearned premiums 237,017 (191,242) (196,674)
Reinsurance balances receivable 2,319 (17,736) (60,317)
Deferred acquisition costs and value of business acquired 126,455 303,998 8,532
Reinsurance balances payable 229,205 160,916 161,132
Deferred tax asset - net (47,924) (33,735) (29,230)
Derivatives 185,300 42,187 (22,324)
Other assets 17,054 33,344 (26,945)
Other liabilities 123,897 (147,744) 60,331
Other 26,968 5,447 9,702
Total adjustments (697,783) 694,346 (356,670)
Net cash provided by (used in) operating activities 615,556 963,184 779,977
Cash flows provided by (used in) investing activities:      
Proceeds from sale of fixed maturities and short-term investments 16,868,228 4,896,112 4,341,429
Proceeds from redemption of fixed maturities and short-term investments 3,751,174 3,601,793 4,008,333
Proceeds from sale of equity securities 664,735 571,410 245,538
Purchases of fixed maturities and short term investments (19,718,064) (7,158,258) (9,143,973)
Purchases of equity securities (567,334) (445,504) (534,356)
Proceeds from sale of affiliates 188,023 240,785 190,954
Purchases of affiliates (280,856) (371,226) (353,678)
Purchase of Catlin Group Limited, net of acquired cash (1,020,015) 0 0
Proceeds from sale of life reinsurance subsidiary 0 570,000 0
Proceeds from sale of subsidiary 560,552 0 0
Change in restricted cash (154,992) 0 0
Other, net (155,019) (193,491) 47,891
Net cash provided by (used in) investing activities 136,432 1,711,621 (1,197,862)
Cash flows provided by (used in) financing activities:      
Proceeds from issuance of ordinary shares and exercise of stock options 9,976 6,367 12,623
Buybacks of ordinary shares (468,971) (801,953) (675,617)
Dividends paid on ordinary shares (208,516) (169,620) (160,155)
Distributions to non-controlling interests (117,683) (78,465) (77,670)
Contributions from non-controlling interest 23,610 48,261 7,747
Proceeds from issuance of debt 980,600 0 592,615
Repayment of debt (87,447) (600,000) 0
Deposit liabilities (84,758) (268,298) (94,386)
Net cash provided by (used in) financing activities 46,811 (1,863,708) (394,843)
Effects of exchange rate changes on foreign currency cash (64,377) (90,115) (4,818)
Increase (decrease) in cash and cash equivalents 734,422 720,982 (817,546)
Cash and cash equivalents – beginning of period 2,521,814 1,800,832 2,618,378
Cash and cash equivalents – end of period 3,256,236 2,521,814 1,800,832
Supplemental cash flow disclosures:      
Net taxes paid 96,886 20,168 96,469
Interest paid on notes payable and debt 115,598 121,285 97,125
Life Funds Withheld Assets      
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Net realized (gains) losses on investments (182,181) 15,529  
Net realized and unrealized (gains) losses on derivative instruments $ 151,691 $ 488,222 $ 0