XML 23 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ (202,821) $ 265,397 $ 395,851
Adjustments to reconcile net income to net cash provided by operating activities:      
Decrease (increase) in premiums receivable (214,581) 131,870 (51,103)
Decrease (increase) in funds held by reinsureds, net (62,082) (8,910) 31,915
Decrease (increase) in reinsurance receivables (96,003) (271,644) 15,207
Decrease (increase) in federal income taxes receivable 79,504 (13,560) (70,447)
Decrease (increase) in deferred tax asset (187,967) 28,192 170,490
Decrease (increase) in prepaid reinsurance premiums 3,655 (66,408) (103,677)
Increase (decrease) in reserve for losses and loss adjustment expenses 674,001 318,301 (175,589)
Increase (decrease) in unearned premiums (46,182) 40,729 54,760
Increase (decrease) in other net payable to reinsurers 153,508 22,072 62,535
Change in equity adjustments in limited partnerships (42,047) (45,463) 28,467
Change in other assets and liabilities, net 69,549 (63,273) 32,904
Non-cash compensation expense 6,166 6,382 5,384
Amortization of bond premium (accrual of bond discount) 10,125 8,614 11,665
Amortization of underwriting discount on senior notes 49 76 192
Realized gain on debt repurchase     (78,271)
Net realized capital (gains) losses 41,116 (65,291) (56,928)
Net cash provided by (used in) operating activities 185,990 287,084 273,355
CASH FLOWS FROM INVESTING ACTIVITIES:      
Proceeds from fixed maturities matured/called - available for sale, at market value 695,921 676,822 445,817
Proceeds from fixed maturities matured/called - available for sale, at fair value 12,775   15,358
Proceeds from fixed maturities sold - available for sale, at market value 1,209,150 953,714 102,396
Proceeds from fixed maturities sold - available for sale, at fair value 65,158 20,237 14,778
Proceeds from equity securities sold - available for sale, at market value 27,096   23,028
Proceeds from equity securities sold - available for sale, at fair value 237,849 230,562 43,483
Proceeds from sale of subsidiary to related party 61,005    
Distributions from other invested assets 121,176 60,283 28,460
Cost of fixed maturities acquired - available for sale, at market value (1,455,940) (785,831) (1,152,966)
Cost of fixed maturities acquired - available for sale, at fair value (27,481) (134,324) (27,555)
Cost of equity securities acquired - available for sale, at market value (27,059)    
Cost of equity securities acquired - available for sale, at fair value (746,604) (475,047) (265,272)
Cost of other invested assets acquired (53,070) (33,021) (43,628)
Cost of other invested assets acquired, at fair value (37,611) (379,591) (25,840)
Cost of businesses acquired (63,100)    
Net change in short-term investments 89,735 (254,160) 666,882
Net change in unsettled securities transactions 13,467 (11,773) 6,042
Net cash provided by (used in) investing activities 122,467 (132,129) (169,017)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Tax benefit from share-based compensation 275 200 30
Net cost of senior notes maturing   (200,000)  
Revolving credit borrowings (50,000) 50,000  
Net cost of debt repurchase     (83,026)
Net cash provided by (used in) financing activities (49,725) (149,800) (82,996)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (28,557) 5,457 (6,126)
Net increase (decrease) in cash 230,175 10,612 15,216
Cash, beginning of period 118,092 107,480 92,264
Cash, end of period 348,267 118,092 107,480
SUPPLEMENTAL CASH FLOW INFORMATION:      
Income taxes paid (recovered) (62,137) (51,360) 30,859
Interest paid 50,091 58,921 71,256
Non-cash transaction:      
Net assets acquired and liabilities assumed from business acquisitions $ 19,130