| Mar'20 | Dec'19 | Sep'19 | Jun'19 | Mar'19 | Dec'18 | Sep'18 | Jun'18 | Mar'18 | Dec'17 | Sep'17 | Jun'17 | Mar'17 | Dec'16 | Sep'16 | Jun'16 | Mar'16 | Dec'15 | Sep'15 | Jun'15 | Mar'15 | Dec'14 | Sep'14 | Jun'14 | Mar'14 | Dec'13 | Sep'13 | Jun'13 | Mar'13 | Dec'11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net income (loss) | |||||||||||||||||||||||||||||
-183,637 | 29,738 | -15,099 | 53,065 | 132,915 | -298,012 | -13,277 | 19,811 | -25,991 | 45,162 | 55,644 | 75,605 | 105,360 | -46,925 | 73,048 | 54,151 | -51,398 | 42,807 | -197,436 | 16,157 | 51,033 | -13,804 | -2,580 | 32,299 | 40,795 | 85,855 | 46,570 | 26,223 | 74,430 | -1,130 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||||
Share compensation expense | |||||||||||||||||||||||||||||
1,566 | 755 | 894 | 3,954 | 1,458 | 0 | 2,398 | 1,313 | 1,245 | -415 | 640 | 1,544 | 1,830 | 2,342 | 1,894 | 2,051 | 2,651 | 2,266 | 2,807 | 2,715 | 3,083 | 2,279 | 2,481 | 2,246 | 2,252 | 2,189 | 4,143 | 1,716 | 1,752 | 0 |
Net interest expense on deposit liabilities | |||||||||||||||||||||||||||||
1,002 | 899 | 2,558 | 922 | 1,500 | 336 | -4,058 | 1,188 | 1,261 | 1,328 | 1,160 | -97 | 409 | 343 | -1,838 | 860 | 471 | 3,301 | 1,187 | 1,352 | 631 | 659 | 2,643 | 596 | 448 | - | - | - | - | - |
Net realized and unrealized gain on investments and derivatives | |||||||||||||||||||||||||||||
18,673 | 345 | -563 | 1,048 | 1,692 | 1,772 | -2,614 | 32,157 | 2,830 | 96,364 | 255,513 | 32,465 | 95,703 | 14,587 | 91,345 | 54,957 | -55,627 | 132,848 | -213,413 | 11,871 | 36,340 | -16,950 | -62,932 | 11,159 | -16,334 | 47,949 | 8,476 | 19,533 | 2,532 | 0 |
Net realized and unrealized (gain) loss on investment in related party investment fund | |||||||||||||||||||||||||||||
-200,815 | 42,029 | -5,751 | 66,357 | 146,991 | -278,921 | -1,926 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Net realized gain on investments and derivatives | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | 93,476 | 61,028 | - | 20,362 | 17,444 | 24,510 | -75,057 | 3,080 | 35,349 | 53,283 | 9,824 | 52,825 | 46,556 | 84,752 | 59,660 | 63,778 | 13,712 | 99,183 | 0 |
Foreign Currency Transaction Gain (Loss), before Tax | |||||||||||||||||||||||||||||
8,217 | -10,298 | 4,921 | 4,260 | -2,518 | 3,288 | 1,979 | 8,847 | -6,611 | -2,067 | -5,437 | -4,781 | -15 | 5,162 | 3,905 | 8,068 | 2,386 | 2,396 | 746 | -139 | 193 | 0 | 0 | 0 | 0 | - | - | - | - | - |
Amortization of premium and accretion of discount, net | |||||||||||||||||||||||||||||
-81 | 1,151 | 716 | -163 | -322 | -1,460 | 239 | -291 | -2,622 | -925 | 330 | -543 | 665 | -164 | -2,941 | 529 | -2,542 | 154 | 798 | 397 | -1,673 | 2,075 | 261 | -928 | -364 | -2,606 | 361 | 1,296 | 1,211 | 0 |
Changes in assets and liabilities: | |||||||||||||||||||||||||||||
Reinsurance balances receivable | |||||||||||||||||||||||||||||
28,236 | -80,750 | -36,637 | -66,857 | 154,205 | 32,709 | -69,587 | -50,916 | 208,414 | 9,162 | -8,289 | 48,452 | 37,281 | -58,981 | 11,921 | 102,069 | 31,603 | -6,183 | 9,726 | 40,859 | -53,170 | 46,168 | 11,649 | 24,291 | 29,778 | 49,814 | -39,570 | 44,521 | 52,718 | 0 |
Deferred acquisition costs, net | |||||||||||||||||||||||||||||
13,788 | -12,251 | -41,059 | -25,081 | 29,266 | -27,444 | -33,122 | -44,495 | 50,110 | 35,702 | 19,898 | -17,561 | -864 | -33,761 | 33,728 | 4,962 | 19,596 | 4,642 | 11,999 | 16,356 | 8,195 | 31,528 | -6,487 | 37,577 | 2,090 | 32,630 | -11,699 | 16,992 | 7,887 | 0 |
Unearned premiums ceded | |||||||||||||||||||||||||||||
-3,534 | 2,575 | -1,103 | -666 | -1,413 | 780 | -834 | 2,545 | 14,012 | -580 | -1,004 | 992 | 946 | - | - | - | - | - | - | - | 0 | - | - | - | - | -2,494 | -2,494 | -2,493 | 7,481 | - |
Loss and loss adjustment expenses recoverable | |||||||||||||||||||||||||||||
1,345 | 1,250 | 615 | 904 | 720 | 455 | 162 | 82 | 219 | -474 | -126 | 1,661 | 51 | - | - | - | - | - | - | - | -406 | - | -8,862 | -3 | 1,000 | 2,993 | 2,094 | 2,095 | 2,095 | 0 |
Other assets | |||||||||||||||||||||||||||||
1,319 | 2,999 | -1,561 | -851 | -415 | 7,729 | 2,220 | 2,978 | 559 | -919 | -2,060 | -2,086 | -4,072 | -341 | 2,942 | -2,435 | 4,453 | -3,082 | 7,890 | -338 | 3,345 | -8,652 | 418 | 333 | -448 | -656 | -1,206 | 1,740 | 397 | 1,420 |
Interest and dividends receivable, net | |||||||||||||||||||||||||||||
3,305 | -2,783 | 3,136 | -2,106 | 2,615 | -2,557 | 6,105 | -2,451 | 1,619 | -2,794 | 2,184 | -5,533 | 2,580 | -6,922 | 7,009 | -8,720 | 5,408 | -2,070 | 6,527 | -2,455 | 2,380 | -2,538 | 1,512 | -1,483 | 2,547 | 259 | 630 | -643 | 788 | 0 |
Unearned premium reserves | |||||||||||||||||||||||||||||
54,547 | -67,551 | -110,079 | -64,954 | 164,416 | -90,397 | -98,763 | -92,662 | 235,240 | 34,143 | 67,560 | -17,428 | 8,167 | -111,904 | 13,583 | 63,427 | 60,260 | -35,855 | -4,015 | 63,566 | 74,205 | 70,143 | 17,395 | 66,759 | 14,325 | 101,272 | -23,398 | 33,435 | 59,985 | 0 |
Loss and loss adjustment expense reserves | |||||||||||||||||||||||||||||
6,349 | 38,720 | 33,324 | 40,967 | 44,838 | 118,345 | 32,670 | 40,263 | 34,392 | 18,991 | 15,162 | 44,971 | 18,798 | 45,630 | 31,369 | 53,509 | 26,136 | 48,180 | 108,504 | 38,656 | -2,907 | 196,013 | -2,686 | -20,003 | -30,293 | 143,496 | -30,607 | -37,779 | -8,050 | 0 |
Accounts payable and accrued expenses | |||||||||||||||||||||||||||||
-10,047 | 3,209 | -236 | 5,618 | 1,964 | -1,923 | -197 | 818 | -23,382 | 10,039 | 6,624 | 6,370 | 1,179 | -3,613 | 3,656 | 259 | -2,397 | -332 | -58 | 4,295 | -2,024 | 2,564 | 2,065 | 1,717 | -5,717 | 4,589 | -547 | 1,620 | -1,573 | 995 |
Reinsurance balances payable | |||||||||||||||||||||||||||||
-2,544 | -17,088 | 10,243 | 12,089 | 6,720 | -896 | -2,584 | 23,183 | 9,025 | -12,925 | -10,775 | 14,186 | 8,051 | -4,227 | 2,123 | 14,998 | 6,892 | -10,464 | 2,454 | -21,176 | 26,638 | 5,928 | -5,642 | 1,209 | 16,566 | 502 | 0 | 0 | 8,579 | 0 |
Net cash provided by (used in) operating activities | |||||||||||||||||||||||||||||
-3,217 | 44,415 | -1,109 | 74,816 | 22,990 | -8,898 | 8,926 | 50,079 | -36,720 | -110,356 | 49,265 | 1,207 | -18,652 | -848 | -22,544 | 15,335 | 12,828 | -3,745 | 61,031 | 12,474 | 118,016 | 66,752 | 30,408 | 17,034 | 8,236 | -38,511 | 50,040 | 2,317 | 5,863 | -1,555 |
Investing activities | |||||||||||||||||||||||||||||
Advance subscriptions received by the Catastrophe Fund | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 9,126 | - |
Performance fee payable to related party | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | 4,621 | 20 | - | 19,755 | 22,598 | 30,857 | - | 21,892 | 2,954 | 0 | - | -25,059 | 9,215 | 15,844 | - | - | - | - | - | 13,035 | 7,423 | 19,806 | - |
Proceeds from redemptions from related party investment fund | |||||||||||||||||||||||||||||
0 | 0 | 400,000 | 350,000 | 10,000 | 142,968 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Contributions to related party investment fund | |||||||||||||||||||||||||||||
0 | 0 | 0 | 17,000 | 70,000 | 47,968 | 88,658 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Change in participation agreement with related party investment fund | |||||||||||||||||||||||||||||
0 | 0 | 0 | -1,521 | -776 | -20,852 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Purchases of investments | |||||||||||||||||||||||||||||
241,619 | 500 | 500 | 327,463 | 3,000 | 247,660 | 1,055,521 | 1,147,248 | 1,032,890 | 861,358 | 525,238 | 1,099,909 | 613,020 | 926,082 | 772,120 | 842,310 | 1,189,432 | 739,259 | 952,243 | 793,253 | 875,871 | 964,085 | 688,595 | 664,918 | 797,308 | 696,686 | 508,166 | 415,085 | 552,140 | 0 |
Proceeds from sales and maturities of investments | |||||||||||||||||||||||||||||
22,264 | 96,510 | 347,498 | 2,198 | 0 | 253,276 | 1,065,485 | 935,597 | 1,221,157 | 691,563 | 570,661 | 1,025,230 | 940,797 | 970,942 | 917,702 | 844,267 | 771,687 | 555,322 | 869,104 | 657,605 | 747,492 | 858,731 | 753,325 | 670,866 | 574,482 | 403,665 | 412,819 | 501,500 | 625,671 | 0 |
Purchases of investments to cover short sales | |||||||||||||||||||||||||||||
5,656 | 0 | 0 | 0 | 0 | 0 | 263,685 | 289,646 | 300,467 | 351,511 | 134,005 | 186,223 | 120,014 | 286,365 | 241,371 | 276,767 | 459,901 | 172,301 | 186,669 | 68,099 | 116,867 | 91,100 | 44,356 | 29,333 | 67,779 | 65,683 | 69,542 | 143,032 | 129,708 | 0 |
Proceeds from short sales of investments | |||||||||||||||||||||||||||||
53,000 | 0 | 0 | 0 | 0 | 0 | 171,595 | 351,739 | 277,174 | 313,420 | 273,066 | 229,210 | 232,856 | 191,733 | 160,318 | 308,317 | 386,054 | 303,743 | 210,431 | 127,228 | 150,942 | 128,471 | 48,237 | 27,284 | 74,577 | 39,685 | 88,691 | 66,785 | 95,609 | 0 |
Change in due to/from brokers, net | |||||||||||||||||||||||||||||
-54,779 | 0 | 0 | 637 | 774 | 11,426 | 268,640 | 193,894 | 8,818 | 250,668 | -138,572 | 100,798 | -362,792 | 4,324 | 153,809 | -79,621 | 288,507 | -143,431 | -26,418 | 181,075 | -17,603 | 130,368 | -83,045 | -24,614 | 285,175 | 323,665 | -266,361 | -27,387 | -17,755 | 0 |
Decrease in securities purchased under an agreement to sell | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 17,963 | -333 | 12,222 | -9,956 | 13,953 | 2,928 | 1,369 | -226 | 2,434 | -2,246 | 22,299 | 0 |
Increase (decrease) in securities sold under an agreement to repurchase | |||||||||||||||||||||||||||||
- | - | - | - | - | 0 | 0 | -19,067 | -10,551 | 29,618 | 0 | -16,524 | 16,524 | -55,880 | -112,476 | -1,949 | 161,361 | 8,944 | -10,992 | -50,947 | 61,939 | - | - | 0 | 0 | - | - | - | - | - |
Non-controlling interest in investment affiliate | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -386 | -860 | 34,360 | 0 |
Change in restricted cash and cash equivalents | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 85,382 | -36,854 | -13,992 | -273,513 | 15,197 | 5,757 | 166,167 | 155,341 | 39,842 | 1,080 | 27,467 | 34,287 | 28,721 | 40,012 | 12,930 | 0 |
Net cash used in investing activities | |||||||||||||||||||||||||||||
-226,790 | 96,010 | 746,998 | 6,851 | -63,002 | 91,190 | 97,856 | 25,269 | 163,241 | 72,400 | 45,912 | 52,582 | 94,351 | -66,792 | 20,480 | -11,209 | -27,732 | 86,531 | -94,021 | 47,519 | -203,913 | -102,912 | -40,323 | -18,867 | 43,049 | 3,247 | -368,460 | -58,617 | -3,314 | 0 |
Financing activities | |||||||||||||||||||||||||||||
Proceeds from issuance of Third Point Re common shares, net of costs | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | 1 | 506 | 500 | 498 | 1,263 | 2,832 | 1,046 | 0 | -2 | 2,173 | 1,046 | 1,115 | 0 | 599 | 0 | 0 | - | - | - | - | 605,396 |
Taxes paid on withholding shares | |||||||||||||||||||||||||||||
302 | 0 | 0 | 0 | 68 | 0 | 0 | 0 | 74 | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Purchases of Third Point Re common shares under share repurchase program | |||||||||||||||||||||||||||||
- | - | - | - | - | -5,325 | -72,960 | -36,583 | -23,837 | 0 | 0 | -21,980 | -18,884 | 0 | 0 | -7,389 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - |
Proceeds from issuance of senior notes payable, net of costs | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | -4 | -801 | 114,025 | 0 | 0 | 0 | 0 | - | - | - | - | - |
Net payments on deposit liability contracts | |||||||||||||||||||||||||||||
-2,764 | 3,908 | 11,945 | -2,927 | -2,094 | 5,450 | 6,119 | -1,165 | -614 | 12,733 | 6,504 | -561 | 437 | 6,095 | 12,176 | 1,597 | 2,155 | -72,817 | 6,797 | -300 | 478 | 12,266 | 6,032 | -150 | -100 | 23,976 | 15,364 | 25,759 | 670 | 0 |
Change in total noncontrolling interests in related party, net | |||||||||||||||||||||||||||||
- | - | - | - | - | 0 | 3,560 | 236 | -101,746 | 90,759 | 1,286 | 1,933 | -19,999 | 17,276 | 1,000 | 0 | 0 | 0 | 862 | 0 | -24,999 | 19,935 | 0 | 0 | -51,001 | - | - | - | - | - |
Non-controlling interest in Catastrophe Fund | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -12,819 | -25,486 | -21,400 | 0 | 0 | 4,022 | 2,129 | -3,191 | 2,434 | 25,502 | 579 | 0 |
Noncontrolling interest in Catastrophe Fund Manager | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 60,084 | 0 | 0 | -292 | 0 | 0 | 0 | 0 | -164 | 2 | 98 | 64 | 0 |
Net cash used in financing activities | |||||||||||||||||||||||||||||
-3,066 | 3,909 | 13,832 | -2,927 | -2,162 | 125 | -63,281 | -37,512 | -126,271 | 103,493 | 8,296 | -20,108 | -37,948 | 24,634 | 16,008 | -4,746 | 2,155 | -73,198 | -2,991 | -25,541 | 69,511 | 32,201 | 6,631 | 3,872 | -48,972 | 48,226 | 304,481 | 51,163 | 1,185 | 605,396 |
Net decrease in cash, cash equivalents and restricted cash | |||||||||||||||||||||||||||||
-233,073 | 144,334 | 759,721 | 78,740 | -42,174 | 82,417 | 43,501 | 37,836 | 250 | 65,537 | 103,473 | 33,681 | 37,751 | -43,006 | 13,944 | -620 | -12,749 | 9,588 | -35,981 | 34,452 | -16,386 | -3,959 | -3,284 | 2,039 | 2,313 | 12,962 | -13,939 | -5,137 | 3,734 | 603,841 |
Supplementary information | |||||||||||||||||||||||||||||
Interest paid in cash | |||||||||||||||||||||||||||||
4,025 | 1 | 4,025 | 0 | 4,025 | 187 | 11,452 | 5,416 | 8,523 | 3,843 | 7,289 | 3,489 | 6,773 | 3,422 | 7,884 | 3,276 | 8,445 | 1,636 | 5,584 | 1,112 | 979 | 457 | 1,836 | 16 | 928 | 852 | 1,510 | 612 | 1,247 | 0 |
Income taxes paid in cash | |||||||||||||||||||||||||||||
0 | 0 | 10 | 0 | 0 | 248 | 1,174 | 4,626 | 1,226 | 1,814 | 1,042 | 3,599 | 1,355 | 2,175 | -136 | 2,734 | 1,177 | 1,355 | 1,056 | 1,581 | 437 | 770 | 1,375 | 911 | 0 | - | - | - | - | - |