| 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) | |||||||||||||||||||||||||||||
-115,933 | 200,619 | -127,131 | -125,309 | -158,563 | -317,469 | 25,705 | 94,626 | 150,420 | 281,771 | 189,684 | 207,088 | 185,634 | 28,876 | 118,608 | -151,876 | -189,870 | -87,439 | -144,050 | 50,806 | 66,948 | 56,710 | 156,369 | 205,519 | 199,443 | 233,078 | 0 | 0 | 0 | 0 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||||
Share compensation expense | |||||||||||||||||||||||||||||
7,169 | 7,061 | 6,306 | 7,810 | 5,169 | 4,956 | 4,541 | 2,783 | 3,014 | 3,599 | 6,356 | 7,610 | 8,117 | 8,938 | 8,862 | 9,775 | 10,439 | 10,871 | 10,884 | 10,558 | 10,089 | 9,258 | 9,168 | 10,830 | 10,300 | 9,800 | 0 | 0 | 0 | 0 |
Net interest expense on deposit liabilities | |||||||||||||||||||||||||||||
5,381 | 5,879 | 5,316 | -1,300 | -1,034 | -1,273 | -281 | 4,937 | 3,652 | 2,800 | 1,815 | -1,183 | -226 | -164 | 2,794 | 5,819 | 6,311 | 6,471 | 3,829 | 5,285 | 4,529 | 4,346 | 0 | 0 | 0 | - | - | - | - | - |
Net realized and unrealized gain on investments and derivatives | |||||||||||||||||||||||||||||
19,503 | 2,522 | 3,949 | 1,898 | 33,007 | 34,145 | 128,737 | 386,864 | 387,172 | 480,045 | 398,268 | 234,100 | 256,592 | 105,262 | 223,523 | -81,235 | -124,321 | -32,354 | -182,152 | -31,671 | -32,383 | -85,057 | -20,158 | 51,250 | 59,624 | 78,490 | 0 | 0 | 0 | 0 |
Net realized and unrealized (gain) loss on investment in related party investment fund | |||||||||||||||||||||||||||||
-98,180 | 249,626 | -71,324 | -67,499 | -133,856 | -280,847 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Net realized gain on investments and derivatives | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | 0 | 69,697 | - | -12,741 | -30,023 | -12,118 | 16,655 | 101,536 | 151,281 | 162,488 | 193,957 | 243,793 | 254,746 | 221,902 | 236,333 | 0 | 0 | 0 | 0 |
Foreign Currency Transaction Gain (Loss), before Tax | |||||||||||||||||||||||||||||
7,100 | -3,635 | 9,951 | 7,009 | 11,596 | 7,503 | 2,148 | -5,268 | -18,896 | -12,300 | -5,071 | 4,271 | 17,120 | 19,521 | 16,755 | 13,596 | 5,389 | 3,196 | 800 | 54 | 193 | 0 | 0 | 0 | 0 | - | - | - | - | - |
Amortization of premium and accretion of discount, net | |||||||||||||||||||||||||||||
1,623 | 1,382 | -1,229 | -1,706 | -1,834 | -4,134 | -3,599 | -3,508 | -3,760 | -473 | 288 | -2,983 | -1,911 | -5,118 | -4,800 | -1,061 | -1,193 | -324 | 1,597 | 1,060 | -265 | 1,044 | -3,637 | -3,537 | -1,313 | 262 | 0 | 0 | 0 | 0 |
Changes in assets and liabilities: | |||||||||||||||||||||||||||||
Reinsurance balances receivable | |||||||||||||||||||||||||||||
-156,008 | -30,039 | 83,420 | 50,470 | 66,411 | 120,620 | 97,073 | 158,371 | 257,739 | 86,606 | 18,463 | 38,673 | 92,290 | 86,612 | 139,410 | 137,215 | 76,005 | -8,768 | 43,583 | 45,506 | 28,938 | 111,886 | 115,532 | 64,313 | 84,543 | 107,483 | 0 | 0 | 0 | 0 |
Deferred acquisition costs, net | |||||||||||||||||||||||||||||
-64,603 | -49,125 | -64,318 | -56,381 | -75,795 | -54,951 | 8,195 | 61,215 | 88,149 | 37,175 | -32,288 | -18,458 | 4,065 | 24,525 | 62,928 | 41,199 | 52,593 | 41,192 | 68,078 | 49,592 | 70,813 | 64,708 | 65,810 | 60,598 | 40,013 | 45,810 | 0 | 0 | 0 | 0 |
Unearned premiums ceded | |||||||||||||||||||||||||||||
-2,728 | -607 | -2,402 | -2,133 | 1,078 | 16,503 | 15,143 | 14,973 | 13,420 | 354 | 0 | 0 | 0 | - | - | - | - | - | - | - | 0 | - | - | - | - | 0 | 0 | 0 | 0 | - |
Loss and loss adjustment expenses recoverable | |||||||||||||||||||||||||||||
4,114 | 3,489 | 2,694 | 2,241 | 1,419 | 918 | -11 | -299 | 1,280 | 1,112 | 0 | 0 | 0 | - | - | - | - | - | - | - | 0 | - | -4,872 | 6,084 | 8,182 | 9,277 | 0 | 0 | 0 | 0 |
Other assets | |||||||||||||||||||||||||||||
1,906 | 172 | 4,902 | 8,683 | 12,512 | 13,486 | 4,838 | 558 | -4,506 | -9,137 | -8,559 | -3,557 | -3,906 | 4,619 | 1,878 | 6,826 | 8,923 | 7,815 | 2,245 | -5,227 | -4,556 | -8,349 | -353 | -1,977 | -570 | 275 | 0 | 0 | 0 | 0 |
Interest and dividends receivable, net | |||||||||||||||||||||||||||||
1,552 | 862 | 1,088 | 4,057 | 3,712 | 2,716 | 2,479 | -1,442 | -4,524 | -3,563 | -7,691 | -2,866 | -6,053 | -3,225 | 1,627 | 1,145 | 7,410 | 4,382 | 3,914 | -1,101 | -129 | 38 | 2,835 | 1,953 | 2,793 | 1,034 | 0 | 0 | 0 | 0 |
Unearned premium reserves | |||||||||||||||||||||||||||||
-188,037 | -78,168 | -101,014 | -89,698 | -117,406 | -46,582 | 77,958 | 244,281 | 319,515 | 92,442 | -53,605 | -107,582 | -26,727 | 25,366 | 101,415 | 83,817 | 83,956 | 97,901 | 203,899 | 225,309 | 228,502 | 168,622 | 199,751 | 158,958 | 125,634 | 171,294 | 0 | 0 | 0 | 0 |
Loss and loss adjustment expense reserves | |||||||||||||||||||||||||||||
119,360 | 157,849 | 237,474 | 236,820 | 236,116 | 225,670 | 126,316 | 108,808 | 113,516 | 97,922 | 124,561 | 140,768 | 149,306 | 156,644 | 159,194 | 236,329 | 221,476 | 192,433 | 340,266 | 229,076 | 170,417 | 143,031 | 90,514 | 62,593 | 44,817 | 67,060 | 0 | 0 | 0 | 0 |
Accounts payable and accrued expenses | |||||||||||||||||||||||||||||
-1,456 | 10,555 | 5,423 | 5,462 | 662 | -24,684 | -12,722 | -5,901 | -349 | 24,212 | 10,560 | 7,592 | 1,481 | -2,095 | 1,186 | -2,528 | 1,508 | 1,881 | 4,777 | 6,900 | 4,322 | 629 | 2,654 | 42 | -55 | 4,089 | 0 | 0 | 0 | 0 |
Reinsurance balances payable | |||||||||||||||||||||||||||||
2,700 | 11,964 | 28,156 | 15,329 | 26,423 | 28,728 | 16,699 | 8,508 | -489 | -1,463 | 7,235 | 20,133 | 20,945 | 19,786 | 13,549 | 13,880 | -22,294 | -2,548 | 13,844 | 5,748 | 28,133 | 18,061 | 12,635 | 18,277 | 17,068 | 9,081 | 0 | 0 | 0 | 0 |
Net cash provided by (used in) operating activities | |||||||||||||||||||||||||||||
114,905 | 141,112 | 87,799 | 97,834 | 73,097 | 13,387 | -88,071 | -47,732 | -96,604 | -78,536 | 30,972 | -40,837 | -26,709 | 4,771 | 1,874 | 85,449 | 82,588 | 187,776 | 258,273 | 227,650 | 232,210 | 122,430 | 17,167 | 36,799 | 22,082 | 19,709 | 0 | 0 | 0 | 0 |
Investing activities | |||||||||||||||||||||||||||||
Advance subscriptions received by the Catastrophe Fund | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | - |
Performance fee payable to related party | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | 0 | 0 | - | 0 | 0 | 0 | - | 0 | 0 | 0 | - | 0 | 0 | 0 | - | - | - | - | - | 0 | 0 | 0 | - |
Proceeds from redemptions from related party investment fund | |||||||||||||||||||||||||||||
750,000 | 760,000 | 902,968 | 502,968 | 152,968 | 142,968 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Contributions to related party investment fund | |||||||||||||||||||||||||||||
17,000 | 87,000 | 134,968 | 223,626 | 206,626 | 136,626 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Change in participation agreement with related party investment fund | |||||||||||||||||||||||||||||
-1,521 | -2,297 | -23,149 | -23,149 | -21,628 | -20,852 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Purchases of investments | |||||||||||||||||||||||||||||
570,082 | 331,463 | 578,623 | 1,633,644 | 2,453,429 | 3,483,319 | 4,097,017 | 3,566,734 | 3,519,395 | 3,099,525 | 3,164,249 | 3,411,131 | 3,153,532 | 3,729,944 | 3,543,121 | 3,723,244 | 3,674,187 | 3,360,626 | 3,585,452 | 3,321,804 | 3,193,469 | 3,114,906 | 2,847,507 | 2,667,078 | 2,417,245 | 2,172,077 | 0 | 0 | 0 | 0 |
Proceeds from sales and maturities of investments | |||||||||||||||||||||||||||||
468,470 | 446,206 | 602,972 | 1,320,959 | 2,254,358 | 3,475,515 | 3,913,802 | 3,418,978 | 3,508,611 | 3,228,251 | 3,507,630 | 3,854,671 | 3,673,708 | 3,504,598 | 3,088,978 | 3,040,380 | 2,853,718 | 2,829,523 | 3,132,932 | 3,017,153 | 3,030,414 | 2,857,404 | 2,402,338 | 2,061,832 | 1,892,466 | 1,943,655 | 0 | 0 | 0 | 0 |
Purchases of investments to cover short sales | |||||||||||||||||||||||||||||
5,656 | 0 | 0 | 263,685 | 553,331 | 853,798 | 1,205,309 | 1,075,629 | 972,206 | 791,753 | 726,607 | 833,973 | 924,517 | 1,264,404 | 1,150,340 | 1,095,638 | 886,970 | 543,936 | 462,735 | 320,422 | 281,656 | 232,568 | 207,151 | 232,337 | 346,036 | 407,965 | 0 | 0 | 0 | 0 |
Proceeds from short sales of investments | |||||||||||||||||||||||||||||
53,000 | 0 | 0 | 171,595 | 523,334 | 800,508 | 1,113,928 | 1,215,399 | 1,092,870 | 1,048,552 | 926,865 | 814,117 | 893,224 | 1,046,422 | 1,158,432 | 1,208,545 | 1,027,456 | 792,344 | 617,072 | 454,878 | 354,934 | 278,569 | 189,783 | 230,237 | 269,738 | 290,770 | 0 | 0 | 0 | 0 |
Change in due to/from brokers, net | |||||||||||||||||||||||||||||
-54,142 | 1,411 | 12,837 | 281,477 | 474,734 | 482,778 | 722,020 | 314,808 | 221,712 | -149,898 | -396,242 | -103,861 | -284,280 | 367,019 | 219,264 | 39,037 | 299,733 | -6,377 | 267,422 | 210,795 | 5,106 | 307,884 | 501,181 | 317,865 | 315,092 | 12,162 | 0 | 0 | 0 | 0 |
Decrease in securities purchased under an agreement to sell | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 29,852 | 19,896 | 15,886 | 19,147 | 8,294 | 18,024 | 6,505 | 1,331 | 22,261 | 0 | 0 | 0 | 0 |
Increase (decrease) in securities sold under an agreement to repurchase | |||||||||||||||||||||||||||||
- | - | - | - | - | -29,618 | 0 | 0 | 2,543 | 29,618 | -55,880 | -168,356 | -153,781 | -8,944 | 55,880 | 157,364 | 108,366 | 8,944 | 0 | 0 | 0 | - | - | 0 | 0 | - | - | - | - | - |
Non-controlling interest in investment affiliate | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 |
Change in restricted cash and cash equivalents | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | - | -238,977 | -309,162 | -266,551 | -86,392 | 342,462 | 367,107 | 362,430 | 223,730 | 102,676 | 91,555 | 130,487 | 115,950 | 0 | 0 | 0 | 0 |
Net cash used in investing activities | |||||||||||||||||||||||||||||
623,069 | 786,857 | 782,037 | 132,895 | 151,313 | 377,556 | 358,766 | 306,822 | 334,135 | 265,245 | 126,053 | 100,621 | 36,830 | -85,253 | 68,070 | -46,431 | 12,297 | -163,884 | -353,327 | -299,629 | -366,015 | -119,053 | -12,894 | -341,031 | -380,781 | -427,144 | 0 | 0 | 0 | 0 |
Financing activities | |||||||||||||||||||||||||||||
Proceeds from issuance of Third Point Re common shares, net of costs | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | 1,505 | 2,767 | 5,093 | 5,639 | 5,141 | 3,876 | 3,217 | 3,217 | 4,332 | 4,334 | 2,760 | 1,714 | 599 | 0 | 0 | 0 | - | - | - | - | 0 |
Taxes paid on withholding shares | |||||||||||||||||||||||||||||
302 | 68 | 68 | 68 | 68 | 74 | 74 | 74 | 74 | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Purchases of Third Point Re common shares under share repurchase program | |||||||||||||||||||||||||||||
- | - | - | - | - | -138,705 | -133,380 | -60,420 | -45,817 | -40,864 | -40,864 | -40,864 | -26,273 | -7,389 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - |
Proceeds from issuance of senior notes payable, net of costs | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 113,220 | 113,220 | 113,224 | 114,025 | 0 | 0 | 0 | 0 | - | - | - | - | - |
Net payments on deposit liability contracts | |||||||||||||||||||||||||||||
10,162 | 10,832 | 12,374 | 6,548 | 8,310 | 9,790 | 17,073 | 17,458 | 18,062 | 19,113 | 12,475 | 18,147 | 20,305 | 22,023 | -56,889 | -62,268 | -64,165 | -65,842 | 19,241 | 18,476 | 18,626 | 18,048 | 29,758 | 39,090 | 64,999 | 65,769 | 0 | 0 | 0 | 0 |
Change in total noncontrolling interests in related party, net | |||||||||||||||||||||||||||||
- | - | - | - | - | -97,950 | -7,191 | -9,465 | -7,768 | 73,979 | 496 | 210 | -1,723 | 18,276 | 1,000 | 862 | 862 | -24,137 | -4,202 | -5,064 | -5,064 | -31,066 | 0 | 0 | 0 | - | - | - | - | - |
Non-controlling interest in Catastrophe Fund | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -59,705 | -46,886 | -17,378 | 6,151 | 2,960 | 5,394 | 26,874 | 25,324 | 0 | 0 | 0 | 0 |
Noncontrolling interest in Catastrophe Fund Manager | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 59,792 | -292 | -292 | -292 | 0 | -164 | -162 | -64 | 0 | 0 | 0 | 0 | 0 |
Net cash used in financing activities | |||||||||||||||||||||||||||||
11,748 | 12,652 | 8,868 | -68,245 | -102,830 | -226,939 | -123,571 | -51,994 | -34,590 | 53,733 | -25,126 | -17,414 | -2,052 | 38,051 | -59,781 | -78,780 | -99,575 | -32,219 | 73,180 | 82,802 | 112,215 | -6,268 | 9,757 | 307,607 | 354,898 | 405,055 | 0 | 0 | 0 | 0 |
Net decrease in cash, cash equivalents and restricted cash | |||||||||||||||||||||||||||||
749,722 | 940,621 | 878,704 | 162,484 | 121,580 | 164,004 | 147,124 | 207,096 | 202,941 | 240,442 | 131,899 | 42,370 | 8,069 | -42,431 | 10,163 | -39,762 | -4,690 | -8,327 | -21,874 | 10,823 | -21,590 | -2,891 | 14,030 | 3,375 | -3,801 | -2,380 | 0 | 0 | 0 | 0 |
Supplementary information | |||||||||||||||||||||||||||||
Interest paid in cash | |||||||||||||||||||||||||||||
8,051 | 8,051 | 8,237 | 15,664 | 21,080 | 25,578 | 29,234 | 25,071 | 23,144 | 21,394 | 20,973 | 21,568 | 21,355 | 23,027 | 21,241 | 18,941 | 16,777 | 9,311 | 8,132 | 4,384 | 3,288 | 3,237 | 3,632 | 3,306 | 3,902 | 4,221 | 0 | 0 | 0 | 0 |
Income taxes paid in cash | |||||||||||||||||||||||||||||
10 | 10 | 258 | 1,422 | 6,048 | 7,274 | 8,840 | 8,708 | 7,681 | 7,810 | 8,171 | 6,993 | 6,128 | 5,950 | 5,130 | 6,322 | 5,169 | 4,429 | 3,844 | 4,163 | 3,493 | 3,056 | 0 | 0 | 0 | - | - | - | - | - |