XML 18 R6.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 412,653 $ 454,126 $ 798,263
Adjustments to reconcile net income to net cash provided by operating activities:      
Decrease (increase) in premiums receivable (49,602) 83,362 (175,854)
Decrease (increase) in funds held by reinsureds, net 4,737 2,236 (12,075)
Decrease (increase) in reinsurance receivables (465,761) (460,635) 25,665
Decrease (increase) in income taxes 57,487 68,206 351,573
Decrease (increase) in prepaid reinsurance premiums 30,985 (138,010) (118,173)
Increase (decrease) in reserve for losses and loss adjustment expenses 184,845 248,053 (439,560)
Increase (decrease) in unearned premiums (82,494) 130,519 228,097
Increase (decrease) in other net payable to reinsurers 204,526 5,130 127,252
Increase (decrease) in losses in course of payment (51,416) (171,071) 171,829
Change in equity adjustments in limited partnerships (18,144) (28,249) (35,721)
Distribution of limited partnership income 45,235 41,064 24,133
Change in other assets and liabilities, net 7,499 81,388 25,049
Non-cash compensation expense 8,025 7,911 7,983
Amortization of bond premium (accrual of bond discount) 18,160 19,086 25,599
Amortization of underwriting discount on senior notes 4 46 54
Net realized capital (gains) losses (50,335) (206,679) (723,149)
Net cash provided by (used in) operating activities 256,404 136,483 280,965
CASH FLOWS FROM INVESTING ACTIVITIES:      
Proceeds from fixed maturities matured/called - available for sale, at market value 902,932 1,071,296 1,099,850
Proceeds from fixed maturities matured/called - available for sale, at fair value   875 7,213
Proceeds from fixed maturities sold - available for sale, at market value 544,955 1,080,276 598,342
Proceeds from fixed maturities sold - available for sale, at fair value 1,824 36,467 21,572
Proceeds from equity securities sold - available for sale, at market value 16    
Proceeds from equity securities sold - available for sale, at fair value 567,069 528,958 612,516
Proceeds from sale of subsidiary (net of cash disposed) 3,934    
Distributions from other invested assets 51,494 72,323 64,483
Cost of fixed maturities acquired - available for sale, at market value (1,811,463) (2,406,162) (1,611,791)
Cost of fixed maturities acquired - available for sale, at fair value (2,436) (24,097) (6,196)
Cost of equity securities acquired - available for sale, at fair value (530,538) (416,375) (439,115)
Cost of other invested assets acquired (93,728) (134,373) (17,926)
Net change in short-term investments (6,145) 189,139 (292,751)
Net cost of lending for long term note - affiliated   (250,000)  
Net change in unsettled securities transactions (23,447) (4,157) (3,057)
Net cash provided by (used in) investing activities (395,533) (255,830) 33,140
CASH FLOWS FROM FINANCING ACTIVITIES:      
Tax benefit from share-based compensation 4,472 3,331 2,845
Net cost of junior subordinated debt securities redemption     (329,897)
Net proceeds from issuance of senior notes   400,000  
Net cost of senior notes maturing   (250,000)  
Net cash provided by (used in) financing activities 4,472 153,331 (327,052)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (33,889) (26,816) (17,966)
Net increase (decrease) in cash (168,546) 7,168 (30,913)
Cash, beginning of period 323,975 316,807 347,720
Cash, end of period 155,429 323,975 316,807
SUPPLEMENTAL CASH FLOW INFORMATION:      
Income taxes paid (recovered) 131,632 133,057 51,045
Interest paid 35,217 $ 38,861 $ 37,725
Non-cash transaction:      
Exchange of common shares of parent company, held as other invested assets at fair value, for preferred shares of an affiliated company, held as other invested assets at fair value $ 1,773,214