| Dec'19 | Dec'18 | Dec'17 | ||||
|---|---|---|---|---|---|---|
Operating Activities | ||||||
Net income (loss) before preference dividends | ||||||
62,541 | -34,883 | 10,741 | ||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||
Net realized and unrealized (gains) losses on investments | ||||||
24,243 | -113,834 | 1,120 | ||||
Amortization of fixed assets | ||||||
86 | 157 | 187 | ||||
Share-based compensation | ||||||
2,697 | 0 | 0 | ||||
Changes in: | ||||||
Accrued investment income | ||||||
-5,441 | 1,212 | 1,237 | ||||
Premiums receivable | ||||||
39,849 | 58,700 | -18,923 | ||||
Reinsurance recoverable on unpaid and paid losses and loss adjustment expenses | ||||||
84,737 | 42,822 | 18,023 | ||||
Prepaid reinsurance premiums | ||||||
70,990 | 36,825 | 11,716 | ||||
Deferred acquisition costs, net | ||||||
-19,577 | -5,709 | -950 | ||||
Reserve for losses and loss adjustment expenses | ||||||
216,596 | 257,479 | 272,295 | ||||
Unearned premiums | ||||||
47,162 | 62,138 | 33,106 | ||||
Reinsurance balances payable | ||||||
57,554 | 3,847 | 5,367 | ||||
Funds held with reinsurers | ||||||
-2,915 | 5,219 | 17,855 | ||||
Other liabilities | ||||||
44,605 | -24,021 | 18,051 | ||||
Other items | ||||||
71 | 10,168 | 17,444 | ||||
Net Cash Provided By Operating Activities | ||||||
239,284 | 229,314 | 292,225 | ||||
Investing Activities | ||||||
Purchase of term loans | ||||||
443,550 | 774,570 | 827,757 | ||||
Purchase of fixed maturity investments | ||||||
1,247,573 | 1,286,151 | 1,579,591 | ||||
Purchase of other investments | ||||||
0 | 0 | 50,000 | ||||
Purchase of short-term investments with maturities over three months | ||||||
45,106 | 25,876 | 0 | ||||
Proceeds from sale, redemptions and maturity of term loans | ||||||
324,142 | 633,923 | 731,679 | ||||
Proceeds from sales, redemptions and maturities of fixed maturity investments | ||||||
1,508,008 | 1,062,966 | 1,162,210 | ||||
Proceeds from sales, redemptions and maturities of other investments | ||||||
47,281 | 0 | 0 | ||||
Proceeds from sales, redemptions and maturities of short-term investments with maturities over three months | ||||||
6,953 | 0 | 0 | ||||
Net (purchases) sales of short-term investments with maturities less than three months | ||||||
6,015 | -70,165 | -50,829 | ||||
Purchases of equity securities | ||||||
75,164 | 122,766 | 71,562 | ||||
Proceeds from sales of equity securities | ||||||
26,112 | 95,371 | 8,486 | ||||
Net settlements of derivative instruments | ||||||
-2,471 | -1,642 | 1,734 | ||||
Purchases of furniture, equipment and other assets | ||||||
0 | 11 | 21 | ||||
Net Cash Provided by (Used For) Investing Activities | ||||||
97,559 | -345,307 | -577,461 | ||||
Financing Activities | ||||||
Dividends paid on redeemable preference shares | ||||||
13,402 | 19,264 | 19,264 | ||||
Repayments on borrowings | ||||||
273,155 | 201,401 | 72,000 | ||||
Proceeds from borrowings | ||||||
62,800 | 348,433 | 359,238 | ||||
Purchases of common shares under share repurchase program | ||||||
173,081 | 0 | 0 | ||||
Net proceeds from issuance of senior notes | ||||||
172,283 | 0 | 0 | ||||
Purchases of common shares under share repurchase program | ||||||
75,056 | 0 | 0 | ||||
Borrowings issuance costs | ||||||
0 | 0 | 5,667 | ||||
Net Cash Provided By (Used For) Financing Activities | ||||||
-299,611 | 127,768 | 262,307 | ||||
Effects of exchange rate changes on foreign currency cash | ||||||
1,676 | -2,749 | 2,539 | ||||
Increase (decrease) in cash | ||||||
38,908 | 9,026 | -20,390 | ||||
Supplementary information | ||||||
Income taxes paid | ||||||
20 | 27 | 21 | ||||
Interest paid | ||||||
33,384 | 26,717 | 15,719 | ||||
Non-cash exchange of investments | ||||||
45,541 | 0 | 0 | ||||