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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
CASH FROM OPERATING ACTIVITIES:      
Net income to common stockholders $ 394,803 $ 449,287 $ 309,057
Adjustments to reconcile net income to net cash from operating activities:      
Net investment (gains) losses (125,481) (56,581) 38,408
Depreciation and amortization 88,012 82,867 78,875
Noncontrolling interests (70) 279 23
Investment funds 1,751 49,400 166,685
Stock incentive plans 27,175 27,407 24,465
Change in:      
Arbitrage trading account (8,106) (12,993) (406,622)
Premiums and fees receivable (122,468) (41,167) 17,159
Reinsurance accounts (161,070) (14,960) 26,010
Deferred policy acquisition costs (43,738) (15,272) 6,181
Deferred income taxes 44,945 63,866 (52,536)
Reserves for losses and loss expenses 325,758 (103,745) 41,923
Unearned premiums 238,499 3,414 (57,261)
Other 10,269 19,514 123,687
Net cash from operating activities 670,279 451,316 316,054
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:      
Proceeds from sale of fixed maturity securities 1,293,876 1,554,906 2,436,258
Proceeds from sale of equity securities 159,827 137,990 188,646
Distributions from (contributions to) investment funds (113,913) (53,979) (87,011)
Proceeds from maturities and prepayments of fixed maturity securities 1,697,144 1,374,378 1,214,157
Purchase of fixed maturity securities (2,815,340) (2,755,449) (4,869,368)
Purchase of equity securities (97,986) (193,914) (67,309)
Real Estate purchased (96,552) 0 0
Change in loans receivable 92,176 23,317 (11,363)
Net additions to property, furniture and equipment (45,320) (49,605) (30,455)
Change in balances due to (from) security brokers (16,194) (297) 144,023
Payment for business purchased, net of cash acquired (261,992) 0 (33,812)
Net cash from (used in) investing activities (204,274) 37,347 (1,116,234)
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:      
Net proceeds from issuance of debt 0 309,030 333,589
Net proceeds from stock options exercised 21,963 17,730 5,426
Repayment of senior notes and other debt (1,310) (162,685) (11,165)
Cash dividends to common stockholders (43,253) (49,348) (28,843)
Purchase of common treasury shares (187,163) (471,007) (147,144)
Other 14,550 (2,795) 21,522
Net cash from (used in) financing activities (195,213) (359,075) 173,385
Net impact on cash due to change in foreign exchange rates (2,002) (2,066) 7,390
Net increase (decrease) in cash and cash equivalents 268,790 127,522 (619,405)
Cash and cash equivalents at beginning of year 642,952 515,430 1,134,835
Cash and cash equivalents at end of year $ 911,742 $ 642,952 $ 515,430