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Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Operating activities  
Net earnings$ 176,905$ 247,797
Adjustments to reconcile net earnings to net cash provided by operating activities  
Change in premium, claims and other receivables(76,927)(36,040)
Change in reinsurance recoverables(56,510)(32,474)
Change in ceded unearned premium47,477(15,368)
Change in loss and loss adjustments expense payable196,04676,829
Change in unearned premium24,65530,471
Change in reinsurance, premium and claims payable, excluding restricted cash(34,052)11,501
Change in accounts payable and accrued liabilities5,08212,593
Stock-based compensation expense10,0179,441
Depreciation and amortization expense13,21412,894
Gain on investments310(8,086)
Other, net(18,258)5,073
Cash provided by operating activities287,959314,631
Investing activities  
Proceeds from sales of available for sale fixed income securities494,532132,897
Maturity or call of available for sale fixed income securities318,558458,495
Maturity or call of held to maturity fixed income securities24,95025,187
Cost of available for sale fixed income securities acquired(1,243,124)(1,048,010)
Cost of held to maturity fixed income securities acquired0(115,215)
Cost of other investments acquired(33,060)0
Change in short-term investments288,909328,951
Payments for purchase of businesses, net of cash received(1,892)(36,348)
Proceeds from sale of subsidiaries and other investments2,79319,855
Other, net(16,977)(6,755)
Cash used by investing activities(165,311)(240,943)
Financing activities  
Advances on line of credit210,0000
Payments on line of credit(15,000)0
Payments on convertible notes0(64,472)
Sale of common stock36,24518,639
Purchase of common stock(303,311)(11,444)
Dividends paid(49,301)(46,532)
Other, net(6,001)(1,126)
Cash used by financing activities(127,368)(104,935)
Net decrease in cash(4,720)(31,247)
Cash at beginning of year97,857129,460
Cash at end of period$ 93,137$ 98,213