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Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net income (loss) $ 85,262 $ 125,653 $ 370,913 $ 340,377
Adjustments to reconcile net income to net cash provided by operating activities:        
Decrease (increase) in premiums receivable (145,988) 66,341 (197,543) 103,547
Decrease (increase) in funds held by reinsureds, net (6,364) 22,830 (12,486) (17,524)
Decrease (increase) in reinsurance receivables (64,010) 22,823 (86,152) 30,491
Decrease (increase) in current income taxes (17,133) 5,526 12,779 4,628
Decrease (increase) in deferred tax asset 8,436 38,950 110,623 113,624
Decrease (increase) in prepaid reinsurance premiums (37,771) 90,785 (54,149) 95,321
Increase (decrease) in reserve for losses and loss adjustment expenses (77,864) (131,146) (254,292) (297,135)
Increase (decrease) in unearned premiums 78,867 (190,678) 122,814 (201,002)
Increase (decrease) in other net payable to reinsurers 121,516 38,445 116,897 42,550
Increase (decrease) in losses in course of payment 73,102 (27,312) 235,534 10,589
Change in equity adjustments in limited partnerships (13,602) (8,765) (24,822) (20,050)
Change in other assets and liabilities, net (24,739) 82,274 (11,751) 88,755
Non-cash compensation expense 1,800 1,628 3,973 3,244
Amortization of bond premium (accrual of bond discount) 7,134 5,335 13,697 9,609
Amortization of underwriting discount on senior notes 14 12 27 25
Net realized capital (gains) losses (15,526) (82,589) (325,332) (258,730)
Net cash provided by (used in) operating activities (26,866) 60,112 20,730 48,319
CASH FLOWS FROM INVESTING ACTIVITIES:        
Proceeds from fixed maturities matured/called - available for sale, at market value 329,143 172,534 627,384 374,721
Proceeds from fixed maturities matured/called - available for sale, at fair value 4,213   7,213  
Proceeds from fixed maturities sold - available for sale, at market value 173,690 92,165 340,624 176,301
Proceeds from fixed maturities sold - available for sale, at fair value 13,678 1,862 17,342 61,143
Proceeds from equity securities sold - available for sale, at fair value 251,018 52,340 354,846 291,880
Distributions from other invested assets 27,311 9,522 59,788 15,383
Cost of fixed maturities acquired - available for sale, at market value (414,379) (369,223) (1,000,902) (662,071)
Cost of fixed maturities acquired - available for sale, at fair value (1,411) (2,382) (2,706) (5,506)
Cost of equity securities acquired - available for sale, at fair value (113,147) (75,674) (233,674) (180,888)
Cost of other invested assets acquired (3,847) (12,130) (8,508) (23,766)
Net change in short-term investments 13,055 64,548 96,677 (157,589)
Net change in unsettled securities transactions (14,825) (24,657) (32,383) 5,112
Net cash provided by (used in) investing activities 264,499 (91,095) 225,701 (105,280)
CASH FLOWS FROM FINANCING ACTIVITIES:        
Tax benefit from share-based compensation 1,098 143 2,083 153
Revolving credit borrowings 40,000    40,000   
Net cost of junior subordinated debt securities maturing (329,897)   (329,897)  
Net cash provided by (used in) financing activities (288,799) 143 (287,814) 153
EFFECT OF EXCHANGE RATE CHANGES ON CASH (1,157) (8,174) (14,705) 14,274
Net increase (decrease) in cash (52,323) (39,014) (56,088) (42,534)
Cash, beginning of period 343,955 344,747 347,720 348,267
Cash, end of period 291,632 305,733 291,632 305,733
SUPPLEMENTAL CASH FLOW INFORMATION:        
Income taxes paid (recovered) 42,557 4,754 53,395 9,379
Interest paid $ 17,846 $ 19,825 $ 22,982 $ 25,042