XML 83 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
CASH FROM OPERATING ACTIVITIES:      
Net income to common stockholders $ 510,592 $ 391,211 $ 446,405
Adjustments to reconcile net income to net cash from operating activities:      
Net investment (gains) losses (210,465) (125,481) (56,581)
Depreciation and amortization 103,419 88,012 82,867
Noncontrolling interests 51 (70) 279
Investment funds (77,015) 1,751 49,400
Stock incentive plans 26,763 27,175 27,407
Change in:      
Arbitrage trading account (1,424) (8,106) (12,993)
Premiums and fees receivable (228,756) (122,468) (41,167)
Reinsurance accounts (216,968) (161,070) (14,960)
Deferred policy acquisition costs (38,656) (38,541) (10,877)
Deferred income taxes 13,240 43,340 62,353
Reserves for losses and loss expenses 406,763 325,758 (103,745)
Unearned premiums 279,986 238,499 3,414
Other 107,928 10,269 19,514
Net cash from operating activities 675,458 670,279 451,316
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:      
Proceeds from sale of fixed maturity securities 838,576 1,293,876 1,554,906
Proceeds from sale of equity securities 409,610 159,827 137,990
Distributions from (contributions to) investment funds 77,930 (113,913) (53,979)
Proceeds from maturities and prepayments of fixed maturity securities 2,291,105 1,697,144 1,374,378
Purchase of fixed maturity securities (3,617,002) (2,815,340) (2,755,449)
Purchase of equity securities (284,991) (97,986) (193,914)
Real Estate purchased (256,386) (96,552) 0
Change in loans receivable (124,776) 92,176 23,317
Net additions to property, furniture and equipment (40,556) (45,320) (49,605)
Change in balances due to (from) security brokers (25,799) (16,194) (297)
Payment for business purchased, net of cash acquired (42,779) (261,992) 0
Net cash from (used in) investing activities (775,068) (204,274) 37,347
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:      
Net proceeds from issuance of debt 369,291 0 309,030
Net proceeds from stock options exercised 7,660 21,963 17,730
Repayment of senior notes and other debt 0 (1,310) (162,685)
Cash dividends to common stockholders (183,947) (43,253) (49,348)
Purchase of common treasury shares (127,663) (187,163) (471,007)
Other 31,851 14,550 (2,795)
Net cash from (used in) financing activities 97,192 (195,213) (359,075)
Net impact on cash due to change in foreign exchange rates (3,654) (2,002) (2,066)
Net increase (decrease) in cash and cash equivalents (6,072) 268,790 127,522
Cash and cash equivalents at beginning of year 911,742 642,952 515,430
Cash and cash equivalents at end of year $ 905,670 $ 911,742 $ 642,952