| Mar'20 | Dec'19 | Sep'19 | Jun'19 | Mar'19 | Dec'18 | Sep'18 | Jun'18 | Mar'18 |
|---|---|---|---|---|---|---|---|---|
Operating Activities | ||||||||
Net income (loss) before preference dividends | ||||||||
-266,608 | -15,655 | 6,924 | 18,733 | 52,539 | -90,350 | 23,746 | 14,032 | 17,689 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||
Net realized and unrealized (gains) losses on investments | ||||||||
-290,502 | 9,734 | -17,809 | -1,402 | 33,720 | -92,922 | -4,743 | -17,562 | 1,393 |
Amortization of fixed assets | ||||||||
1 | - | 12 | 34 | 38 | - | 37 | 40 | 42 |
Share-based compensation | ||||||||
610 | 183 | 184 | 2,330 | 0 | - | - | - | - |
Changes in: | ||||||||
Accrued investment income | ||||||||
2,329 | -4,262 | 1,369 | -427 | -2,121 | 1,815 | -456 | 1,288 | -1,435 |
Premiums receivable | ||||||||
16,272 | -34,846 | 74,635 | -22,626 | 22,686 | 9,512 | -11,699 | -2,041 | 62,928 |
Reinsurance recoverable on unpaid and paid losses and loss adjustment expenses | ||||||||
23,069 | 28,319 | 18,807 | 20,908 | 16,703 | 16,315 | 15,310 | 7,069 | 4,128 |
Prepaid reinsurance premiums | ||||||||
-4,007 | 2,668 | 50,396 | 6,552 | 11,374 | -2,185 | 7,919 | 11,397 | 19,694 |
Deferred acquisition costs, net | ||||||||
7,995 | -3,942 | -6,239 | -8,925 | -471 | -4,110 | -4,297 | -3,561 | 6,259 |
Reserve for losses and loss adjustment expenses | ||||||||
60,178 | 75,271 | 47,904 | 25,457 | 67,964 | 74,842 | 71,130 | 63,857 | 47,650 |
Unearned premiums | ||||||||
42,654 | -18,425 | 80,316 | -25,396 | 10,667 | -16,798 | 23,973 | -7,535 | 62,498 |
Reinsurance balances payable | ||||||||
-6,901 | -1,391 | 56,566 | -3,690 | 6,069 | -3,454 | -16,261 | 15,900 | 7,662 |
Funds held with reinsurers | ||||||||
2,868 | -11,237 | -2,568 | 11,488 | -598 | -13,924 | 4,855 | 17,477 | -3,189 |
Other liabilities | ||||||||
-27,662 | 3,787 | -7,925 | 30,390 | 18,353 | 2,227 | -6,450 | 1,084 | -20,882 |
Other items | ||||||||
19,673 | -4,764 | 4,095 | -3,291 | 4,031 | -3,023 | 7,434 | 11,111 | -5,354 |
Net Cash Provided By Operating Activities | ||||||||
24,575 | 62,102 | 61,295 | 45,581 | 70,306 | 55,027 | 81,852 | 62,200 | 30,235 |
Investing Activities | ||||||||
Purchase of term loans | ||||||||
86,702 | 100,440 | 109,380 | 161,562 | 72,168 | 145,092 | 281,610 | 229,924 | 117,944 |
Purchase of fixed maturity investments | ||||||||
328,927 | 290,323 | 210,320 | 440,274 | 306,656 | 351,482 | 192,178 | 305,117 | 437,374 |
Purchase of short-term investments with maturities over three months | ||||||||
36,119 | - | - | - | 0 | - | - | - | - |
Proceeds from sale, redemptions and maturity of term loans | ||||||||
98,992 | 41,016 | 93,550 | 140,946 | 48,630 | 109,500 | 248,642 | 137,135 | 138,646 |
Proceeds from sales, redemptions and maturities of fixed maturity investments | ||||||||
215,719 | 391,610 | 338,270 | 475,052 | 303,076 | 300,294 | 168,181 | 266,846 | 327,645 |
Proceeds from sales, redemptions and maturities of short-term investments with maturities over three months | ||||||||
5,596 | - | - | -3,091 | 25,000 | - | - | 131,787 | 0 |
Net (purchases) sales of short-term investments with maturities less than three months | ||||||||
-22,337 | -92,820 | 125,529 | -26,190 | -504 | 33,175 | -103,398 | 137,801 | -137,743 |
Purchases of equity securities | ||||||||
6,388 | 8,571 | 14,414 | 13,780 | 38,399 | 35,450 | 5,430 | 50,773 | 31,113 |
Proceeds from sales of equity securities | ||||||||
1,531 | 218 | -527 | 19,109 | 7,312 | 56,288 | 25,778 | 7,978 | 5,327 |
Net settlements of derivative instruments | ||||||||
-2,336 | -983 | -869 | 205 | -824 | -1,312 | -330 | 0 | 0 |
Purchases of furniture, equipment and other assets | ||||||||
2 | 0 | 0 | 0 | 0 | 0 | -10 | 14 | 7 |
Net Cash Provided by (Used For) Investing Activities | ||||||||
-111,627 | 69,074 | -6,659 | 67,021 | -31,877 | -121,041 | -67,306 | -179,883 | 22,923 |
Financing Activities | ||||||||
Dividends paid on redeemable preference shares | ||||||||
1,148 | 1,186 | 2,584 | 4,816 | 4,816 | 4,816 | 4,816 | 4,816 | 4,816 |
Repayments on borrowings | ||||||||
0 | 35,916 | 38,813 | 98,324 | 100,102 | 24,401 | 54,000 | 22,000 | 101,000 |
Proceeds from borrowings | ||||||||
92,199 | 0 | 0 | 3,800 | 59,000 | 95,068 | 63,660 | 138,332 | 51,373 |
Purchases of common shares under share repurchase program | ||||||||
2,867 | - | - | - | 0 | - | - | - | - |
Net Cash Provided By (Used For) Financing Activities | ||||||||
88,184 | -112,158 | -42,195 | -99,340 | -45,918 | 65,851 | 4,844 | 111,516 | -54,443 |
Effects of exchange rate changes on foreign currency cash | ||||||||
-6,989 | 3,029 | -1,028 | -586 | 261 | -992 | -350 | -2,242 | 835 |
Increase (decrease) in cash | ||||||||
-5,857 | 22,047 | 11,413 | 12,676 | -7,228 | -1,155 | 19,040 | -8,409 | -450 |
Supplementary information | ||||||||
Income taxes paid | ||||||||
0 | 0 | 0 | 20 | 0 | 0 | 0 | 24 | 3 |
Interest paid | ||||||||
5,422 | 11,386 | 6,895 | 7,239 | 7,864 | 7,671 | 8,075 | 5,075 | 5,896 |
Non-cash exchange of investments | ||||||||
13,467 | - | - | - | 0 | - | - | - | - |