| 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 | ||||||||
-256,606 | 62,541 | -12,154 | 4,668 | -33 | -34,883 | 0 | 0 | 0 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||
Net realized and unrealized (gains) losses on investments | ||||||||
-299,979 | 24,243 | -78,413 | -65,347 | -81,507 | -113,834 | 0 | 0 | 0 |
Amortization of fixed assets | ||||||||
0 | - | 0 | 0 | 0 | - | 0 | 0 | 0 |
Share-based compensation | ||||||||
3,307 | 2,697 | 0 | 0 | 0 | - | - | - | - |
Changes in: | ||||||||
Accrued investment income | ||||||||
-991 | -5,441 | 636 | -1,189 | 526 | 1,212 | 0 | 0 | 0 |
Premiums receivable | ||||||||
33,435 | 39,849 | 84,207 | -2,127 | 18,458 | 58,700 | 0 | 0 | 0 |
Reinsurance recoverable on unpaid and paid losses and loss adjustment expenses | ||||||||
91,103 | 84,737 | 72,733 | 69,236 | 55,397 | 42,822 | 0 | 0 | 0 |
Prepaid reinsurance premiums | ||||||||
55,609 | 70,990 | 66,137 | 23,660 | 28,505 | 36,825 | 0 | 0 | 0 |
Deferred acquisition costs, net | ||||||||
-11,111 | -19,577 | -19,745 | -17,803 | -12,439 | -5,709 | 0 | 0 | 0 |
Reserve for losses and loss adjustment expenses | ||||||||
208,810 | 216,596 | 216,167 | 239,393 | 277,793 | 257,479 | 0 | 0 | 0 |
Unearned premiums | ||||||||
79,149 | 47,162 | 48,789 | -7,554 | 10,307 | 62,138 | 0 | 0 | 0 |
Reinsurance balances payable | ||||||||
44,584 | 57,554 | 55,491 | -17,336 | 2,254 | 3,847 | 0 | 0 | 0 |
Funds held with reinsurers | ||||||||
551 | -2,915 | -5,602 | 1,821 | 7,810 | 5,219 | 0 | 0 | 0 |
Other liabilities | ||||||||
-1,410 | 44,605 | 43,045 | 44,520 | 15,214 | -24,021 | 0 | 0 | 0 |
Other items | ||||||||
15,713 | 71 | 1,812 | 5,151 | 19,553 | 10,168 | 0 | 0 | 0 |
Net Cash Provided By Operating Activities | ||||||||
193,553 | 239,284 | 232,209 | 252,766 | 269,385 | 229,314 | 0 | 0 | 0 |
Investing Activities | ||||||||
Purchase of term loans | ||||||||
458,084 | 443,550 | 488,202 | 660,432 | 728,794 | 774,570 | 0 | 0 | 0 |
Purchase of fixed maturity investments | ||||||||
1,269,844 | 1,247,573 | 1,308,732 | 1,290,590 | 1,155,433 | 1,286,151 | 0 | 0 | 0 |
Purchase of short-term investments with maturities over three months | ||||||||
0 | - | - | - | 0 | - | - | - | - |
Proceeds from sale, redemptions and maturity of term loans | ||||||||
374,504 | 324,142 | 392,626 | 547,718 | 543,907 | 633,923 | 0 | 0 | 0 |
Proceeds from sales, redemptions and maturities of fixed maturity investments | ||||||||
1,420,651 | 1,508,008 | 1,416,692 | 1,246,603 | 1,038,397 | 1,062,966 | 0 | 0 | 0 |
Proceeds from sales, redemptions and maturities of short-term investments with maturities over three months | ||||||||
0 | - | - | 0 | 0 | - | - | 0 | 0 |
Net (purchases) sales of short-term investments with maturities less than three months | ||||||||
-15,818 | 6,015 | 132,010 | -96,917 | 67,074 | -70,165 | 0 | 0 | 0 |
Purchases of equity securities | ||||||||
43,153 | 75,164 | 102,043 | 93,059 | 130,052 | 122,766 | 0 | 0 | 0 |
Proceeds from sales of equity securities | ||||||||
20,331 | 26,112 | 82,182 | 108,487 | 97,356 | 95,371 | 0 | 0 | 0 |
Net settlements of derivative instruments | ||||||||
-3,983 | -2,471 | -2,800 | -2,261 | -2,466 | -1,642 | 0 | 0 | 0 |
Purchases of furniture, equipment and other assets | ||||||||
2 | 0 | 0 | -10 | 4 | 11 | 0 | 0 | 0 |
Net Cash Provided by (Used For) Investing Activities | ||||||||
17,809 | 97,559 | -92,556 | -153,203 | -400,107 | -345,307 | 0 | 0 | 0 |
Financing Activities | ||||||||
Dividends paid on redeemable preference shares | ||||||||
9,734 | 13,402 | 17,032 | 19,264 | 19,264 | 19,264 | 0 | 0 | 0 |
Repayments on borrowings | ||||||||
173,053 | 273,155 | 261,640 | 276,827 | 200,503 | 201,401 | 0 | 0 | 0 |
Proceeds from borrowings | ||||||||
95,999 | 62,800 | 157,868 | 221,528 | 356,060 | 348,433 | 0 | 0 | 0 |
Purchases of common shares under share repurchase program | ||||||||
0 | - | - | - | 0 | - | - | - | - |
Net Cash Provided By (Used For) Financing Activities | ||||||||
-165,509 | -299,611 | -121,602 | -74,563 | 136,293 | 127,768 | 0 | 0 | 0 |
Effects of exchange rate changes on foreign currency cash | ||||||||
-5,574 | 1,676 | -2,345 | -1,667 | -3,323 | -2,749 | 0 | 0 | 0 |
Increase (decrease) in cash | ||||||||
40,279 | 38,908 | 15,706 | 23,333 | 2,248 | 9,026 | 0 | 0 | 0 |
Supplementary information | ||||||||
Income taxes paid | ||||||||
20 | 20 | 20 | 20 | 24 | 27 | 0 | 0 | 0 |
Interest paid | ||||||||
30,942 | 33,384 | 29,669 | 30,849 | 28,685 | 26,717 | 0 | 0 | 0 |
Non-cash exchange of investments | ||||||||
0 | - | - | - | 0 | - | - | - | - |