XML 16 R6.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 585,250 $ 46,052
Adjustments to reconcile net income to net cash provided by operating activities:    
Decrease (increase) in premiums receivable (233,770) (147,210)
Decrease (increase) in funds held by reinsureds, net (21,256) (13,336)
Decrease (increase) in reinsurance recoverables 226,291 233,199
Decrease (increase) in income taxes 116,483 (41,843)
Decrease (increase) in prepaid reinsurance premiums (40,542) 15,928
Increase (decrease) in reserve for losses and loss adjustment expenses 812,725 205,192
Increase (decrease) in unearned premiums 272,722 90,640
Increase (decrease) in other net payable to reinsurers 66,461 89,520
Increase (decrease) in losses in course of payment 39,117 118,964
Change in equity adjustments in limited partnerships (201,379) 50,809
Distribution of limited partnership income 27,905 30,916
Change in other assets and liabilities, net (93,690) (75,931)
Non-cash compensation expense 18,406 15,462
Amortization of bond premium (accrual of bond discount) 15,535 4,436
Net realized capital (gains) losses (318,774) 222,493
Net cash provided by (used in) operating activities 1,271,484 845,291
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from fixed maturities matured/called - available for sale, at market value 1,153,258 494,544
Proceeds from fixed maturities sold - available for sale, at market value 242,072 337,723
Proceeds from equity securities sold - at fair value 346,088 213,003
Distributions from other invested assets 70,811 119,727
Cost of fixed maturities acquired - available for sale, at market value (2,401,534) (1,226,251)
Cost of equity securities acquired- at fair value (358,790) (222,818)
Cost of other invested assets acquired (210,373) (215,569)
Net change in short-term investments 205,323 (308,979)
Net change in unsettled securities transactions (129,026) 37,744
Net cash provided by (used in) investing activities (1,082,171) (770,876)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Tax benefit from share-based compensation, net of expense (18,182) (15,258)
Cost of debt repurchase (10,648)
Net cash provided by (used in) financing activities (18,182) (25,906)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (3,903) (14,015)
Net increase (decrease) in cash 167,228 34,495
Cash, beginning of period 378,518 411,122
Cash, end of period 545,746 445,617
SUPPLEMENTAL CASH FLOW INFORMATION:    
Income taxes paid (recovered) 28,859 4,763
Interest paid $ 31,520 $ 14,782