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Consolidated Statements of Cash Flows (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
CASH FROM OPERATING ACTIVITIES:  
Net income to common stockholders$ 276,877$ 322,436
Adjustments to reconcile net income to net cash from operating activities:  
Net investment gains (losses)(73,412)(22,650)
Depreciation and amortization57,33264,063
Noncontrolling interests(98)238
Investment funds(15,290)30,879
Stock incentive plans19,72720,357
Change in:  
Securities trading account31,309(6,426)
Investment in arbitrage funds4,05423,293
Trading account receivables from brokers and clearing organizations(41,626)71,036
Trading account securities sold but not yet purchased7,477(78,009)
Premiums and fees receivable(111,411)(21,559)
Due from reinsurers(117,685)(44,694)
Accrued investment income4,265(12,303)
Prepaid reinsurance premiums(59,663)16,780
Deferred policy acquisition costs(45,531)(20,819)
Deferred income taxes27,13719,655
Other assets13,516(19,716)
Reserves for losses and loss expenses250,3937,371
Unearned premiums264,68172,580
Due to reinsurers40,1562,630
Other liabilities(46,965)(34,425)
Net cash from operating activities485,243390,717
CASH FROM INVESTING ACTIVITIES:  
Fixed maturity securities1,129,3771,264,497
Equity securities112,76079,344
Return of capital from investment funds31,58526,643
Proceeds from maturities and prepayments of fixed maturity securities1,190,751922,453
Cost of purchases, excluding trading account:  
Fixed maturity securities(2,118,556)(1,944,374)
Equity securities(49,932)(123,623)
Real estate(347,602)0
Contributions to investment funds(180,122)(45,151)
Change in loans receivable71,80322,251
Net additions to real estate, furniture and equipment(37,405)(36,688)
Change in balances due to security brokers122,44756,129
Payment for business purchased, net of cash acquired(8,579)0
Net cash from investing activities(83,473)221,481
CASH FROM FINANCING ACTIVITIES:  
Purchase of common treasury shares(177,648)(319,293)
Net proceeds from issuance of debt309305,637
Cash dividends to common stockholders(32,272)(30,947)
Bank deposits received16,8588,649
Repayments to federal home loan bank(600)(8,300)
Net proceeds from stock options exercised13,7574,720
Repayment of debt0(165,160)
Other, net558(236)
Net cash from financing activities(179,038)(204,930)
Net impact on cash due to change in foreign exchange rates446(500)
Net change in cash and cash equivalents223,178406,768
Cash and cash equivalents at beginning of year642,952515,430
Cash and cash equivalents at end of period$ 866,130$ 922,198