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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 $ 46,305 $ 856,723 $ 497,886
Adjustments to reconcile net income to net cash provided by operating activities:      
Net realized investment (gains) losses (121,439) (195,098) 311,584
Loss on insurance derivative contract 0 0 132,595
Settlement of insurance derivative contract 0 0 (200,000)
Net realized and unrealized gains of other investments (31,013) (63,627) (82,042)
Amortization of fixed maturities 93,356 61,122 19,334
Other amortization and depreciation 16,905 14,104 14,734
Share-based compensation expense 39,134 36,695 48,217
Changes in:      
Accrued interest receivable (1,982) (6,805) (10,327)
Reinsurance recoverable balances (192,782) (153,375) (45,542)
Deferred acquisition costs (48,227) (56,980) (29,224)
Prepaid reinsurance premiums (17,227) 80,489 (22,332)
Reserve for loss and loss expenses 1,392,670 468,242 319,350
Unearned premiums 120,786 124,279 46,996
Insurance and reinsurance balances, net (28,562) (59,017) (136,081)
Other items (77,782) 81,025 (15,292)
Net cash provided by operating activities 1,190,142 1,187,777 849,856
Cash flows from investing activities:      
Fixed maturities (15,472,001) (12,429,332) (10,855,161)
Equity securities (603,746) (257,674) (146,240)
Other investments (220,000) (65,000) (111,800)
Short-term investments (841,124) (578,762) (788,878)
Proceeds from the sale of:      
Fixed maturities 13,754,436 10,622,948 8,332,724
Equity securities 222,506 126,076 85,319
Other investments 70,988 179,607 115,649
Short-term investments 710,178 423,451 572,596
Proceeds from redemption of fixed maturities 1,422,171 1,236,076 955,565
Proceeds from redemption of short-term investments 151,216 113,074 355,479
Purchase of other assets (42,193) (17,854) (41,776)
Change in restricted cash and cash equivalents 14,851 (40,400) 47,652
Net cash used in investing activities (832,718) (687,790) (1,478,871)
Cash flows from financing activities:      
Net proceeds from issuance of senior notes 0 494,870 0
Repurchase of shares (65,885) (709,583) (175,909)
Dividends paid - common shares (206,455) (108,302) (112,984)
Dividends paid - preferred shares (36,875) (36,875) (36,875)
Proceeds from issuance of common shares 6,735 8,229 3,844
Net cash used in financing activities (302,480) (351,661) (321,924)
Effect of exchange rate changes on foreign currency cash (2,610) (7,425) 41,972
Increase (decrease) in cash and cash equivalents 52,334 140,901 (908,967)
Cash and cash equivalents - beginning of period 929,515 788,614 1,697,581
Cash and cash equivalents - end of period 981,849 929,515 788,614
Supplemental disclosures of cash flow information:      
Income taxes paid 23,853 37,688 16,085
Interest paid $ 58,125 $ 48,986 $ 28,750