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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net income (loss) $ 2,318,119 $ (939,752) $ 764,188
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization of net premium on investments 2,878 78,162 57,900
Amortization of intangible assets 7,906 8,912 8,861
Market risk benefit gains (7,079) (121,211) (19,873)
Net realized and unrealized investment (gains) losses (517,426) 1,969,014 (37,797)
Changes in:      
Reinsurance balances, net (8,986) (381,838) 19,366
Reinsurance recoverable on paid and unpaid losses, net of ceded premiums payable 39,753 (297,170) (640,614)
Funds held by reinsured companies (69,753) 53,335 113,626
Deferred acquisition costs 568 (134,704) (118,069)
Net tax assets and liabilities (381,549) (61,891) 5,004
Non-life and life and health reserves 658,698 959,669 873,085
Unearned premiums, net of prepaid reinsurance premiums 10,152 287,078 177,496
Other net changes in operating assets and liabilities 182,400 48,805 29,417
Net cash provided by operating activities 2,235,681 1,468,409 1,232,590
Cash flows from investing activities      
Sales of fixed maturities 723,372 623,929 3,693,365
Redemptions of fixed maturities 1,662,939 1,216,920 2,381,821
Purchases of fixed maturities (4,038,399) (2,940,597) (8,141,246)
Sales of short-term investments 219,073 308,622 252,527
Redemptions of short-term investments 845,215 227,118 321,609
Purchases of short-term investments (1,513,449) (867,605) (372,901)
Sales of equities 236,303 915,583 161,501
Purchases of equities (54,507) (78,425) (144,537)
Sales and redemptions of other invested assets 728,857 545,411 1,106,211
Purchases of other invested assets (902,693) (627,460) (1,555,569)
Other, net (79,717) 11,679 (31,903)
Net cash used in investing activities (2,173,006) (664,825) (2,329,122)
Cash flows from financing activities      
Dividends paid to common and preferred shareholders (227,665) (187,644) (129,360)
Redemption of Class B common shares [1] 0 (6,346) (581)
Issuance of preferred shares 0 0 193,887
Redemption of preferred shares 0 0 (637,241)
Redemption of debt 0 (560) 0
Net cash used in financing activities (227,665) (194,550) (573,295)
Effect of foreign exchange rate changes on cash 10,817 (18,335) (20,109)
(Decrease) increase in cash and cash equivalents (154,173) 590,699 (1,689,936)
Cash and cash equivalents—beginning of year 1,251,596 660,897 2,350,833
Cash and cash equivalents—end of year 1,097,423 1,251,596 660,897
Supplemental cash flow information:      
Taxes paid 221,368 216,467 100,222
Interest paid $ 57,227 $ 54,867 $ 56,177
[1] Class B shares are liability-accounted on the Company's Consolidated Balance Sheet. See Note 17 for further details.