XML 49 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 86,466 $ 285,651
Adjustments to reconcile net income to net cash provided by operating activities:    
Decrease (increase) in premiums receivable 12,611 (51,555)
Decrease (increase) in funds held by reinsureds, net 2,877 (6,122)
Decrease (increase) in reinsurance receivables (279,364) (22,142)
Decrease (increase) in income taxes 24,447 132,099
Decrease (increase) in prepaid reinsurance premiums (47,040) (16,378)
Increase (decrease) in reserve for losses and loss adjustment expenses (58,410) (176,428)
Increase (decrease) in unearned premiums 76,126 43,947
Increase (decrease) in other net payable to reinsurers 130,527 (4,619)
Increase (decrease) in losses in course of payment 101,869 162,432
Change in equity adjustments in limited partnerships 3,143 (11,220)
Distribution of limited partnership income 5,824 10,252
Change in other assets and liabilities, net (16,618) 12,988
Non-cash compensation expense 1,729 2,173
Amortization of bond premium (accrual of bond discount) 6,004 6,563
Amortization of underwriting discount on senior notes 14 13
Net realized capital (gains) losses 4,050 (309,806)
Net cash provided by (used in) operating activities 54,255 57,848
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from fixed maturities matured/called - available for sale, at market value 207,534 298,241
Proceeds from fixed maturities matured/called - available for sale, at fair value 875 3,000
Proceeds from fixed maturities sold - available for sale, at market value 149,578 166,934
Proceeds from fixed maturities sold - available for sale, at fair value 20,763 3,664
Proceeds from equity securities sold - available for sale, at fair value 176,116 103,828
Distributions from other invested assets 9,828 22,225
Cost of fixed maturities acquired - available for sale, at market value (689,205) (586,523)
Cost of fixed maturities acquired - available for sale, at fair value (1,309) (1,295)
Cost of equity securities acquired - available for sale, at fair value (77,427) (120,527)
Cost of other invested assets acquired (4,961) (4,661)
Net change in short-term investments 113,571 83,622
Net change in unsettled securities transactions (8,812) (17,558)
Net cash provided by (used in) investing activities (103,449) (49,050)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Tax benefit from share-based compensation 1,665 985
Net cash provided by (used in) financing activities 1,665 985
EFFECT OF EXCHANGE RATE CHANGES ON CASH 3,987 (13,548)
Net increase (decrease) in cash (43,542) (3,765)
Cash, beginning of period 316,807 347,720
Cash, end of period 273,265 343,955
SUPPLEMENTAL CASH FLOW INFORMATION:    
Income taxes paid (recovered) 12,474 862
Interest paid $ 42 $ 5,136