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Consolidated Statements Of Cash Flows (USD $)
In Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net income (loss) $ 8,807 $ 16,887 $ (88,726) $ (28,042)
Adjustments to reconcile net income to net cash provided by operating activities:        
Decrease (increase) in premiums receivable (17,216) 21,553 (128,544) 24,883
Decrease (increase) in funds held by reinsureds, net (8,008) (18,472) (7,812) (16,262)
Decrease (increase) in reinsurance receivables (49,828) (18,620) (355,899) (227,797)
Decrease (increase) in deferred tax asset (19,965) (46,121) 14,349 (54,415)
Decrease (increase) in prepaid reinsurance premiums 38,227 2,059 62,163 (16,192)
Increase (decrease) in reserve for losses and loss adjustment expenses 121,207 (12,762) 586,366 290,352
Increase (decrease) in unearned premiums (80,213) (10,237) (103,362) 7,142
Change in equity adjustments in limited partnerships (13,939) (8,882) (32,354) (18,296)
Change in other assets and liabilities, net 32,717 16,395 103,464 142,621
Non-cash compensation expense 1,674 1,685 3,054 2,880
Amortization of bond premium (accrual of bond discount) 3,422 1,071 6,914 4,617
Amortization of underwriting discount on senior notes 12 11 24 53
Net realized capital (gains) losses 68,184 95,473 27,708 100,780
Net cash provided by (used in) operating activities 85,081 40,040 87,345 212,324
CASH FLOWS FROM INVESTING ACTIVITIES:        
Proceeds from fixed maturities matured/called - available for sale, at market value 156,078 136,606 263,533 308,869
Proceeds from fixed maturities matured/called - available for sale, at fair value 5,875   12,775  
Proceeds from fixed maturities sold - available for sale, at market value 270,169 206,078 786,890 371,563
Proceeds from fixed maturities sold - available for sale, at fair value 17,168 6,115 50,120 8,612
Proceeds from equity securities sold - available for sale, at market value     27,096  
Proceeds from equity securities sold - available for sale, at fair value 37,000 51,400 89,696 72,742
Distributions from other invested assets 28,416 15,715 89,775 23,880
Cost of fixed maturities acquired - available for sale, at market value (236,991) (280,050) (709,796) (555,576)
Cost of fixed maturities acquired - available for sale, at fair value (7,148) (9,487) (15,224) (23,681)
Cost of equity securities acquired - available for sale, at market value     (27,059)  
Cost of equity securities acquired - available for sale, at fair value (212,606) (30,140) (339,271) (50,879)
Cost of other invested assets acquired (22,064) (8,634) (45,078) (18,374)
Cost of other invested assets acquired, at fair value   (200,079) (37,611) (247,111)
Cost of businesses acquired     (63,100)  
Net change in short-term investments (196,488) (2,164) (47,185) 9,921
Net change in unsettled securities transactions 188,839 (51,843) 44,841 (35,520)
Net cash provided by (used in) investing activities 28,248 (166,483) 80,402 (135,554)
CASH FLOWS FROM FINANCING ACTIVITIES:        
Tax benefit from share-based compensation (40) 12 169 91
Net cost of senior notes maturing       (200,000)
Revolving credit borrowings   133,000 (10,000) 133,000
Net cash provided by (used in) financing activities (40) 133,012 (9,831) (66,909)
EFFECT OF EXCHANGE RATE CHANGES ON CASH 5,711 (7,459) 12,357 (10,494)
Net increase (decrease) in cash 119,000 (890) 170,273 (633)
Cash, beginning of period 169,365 107,737 118,092 107,480
Cash, end of period 288,365 106,847 288,365 106,847
SUPPLEMENTAL CASH FLOW INFORMATION:        
Income taxes paid (recovered) (31,557) (53,156) (20,765) (49,390)
Interest paid 19,838 19,866 25,041 33,765
Non-cash transaction:        
Net assets acquired and liabilities assumed from business acquisitions     $ 19,130