v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Cash flows from operating activities:    
Net income $ 395,280 $ 324,905
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized investment gains (60,713) (44,896)
Net realized and unrealized gains of other investments (55,279) (38,079)
Amortization of fixed maturities 72,853 61,900
Other amortization and depreciation 11,413 6,892
Share-based compensation expense 30,936 45,446
Changes in:    
Accrued interest receivable 2,122 929
Reinsurance recoverable balances (117,622) (22,029)
Deferred acquisition costs (153,821) (94,886)
Prepaid reinsurance premiums (15,852) (32,639)
Reserve for loss and loss expenses 284,086 175,606
Unearned premiums 754,363 503,761
Insurance and reinsurance balances, net (670,328) (469,234)
Other items (20,518) 45,884
Net cash provided by operating activities 456,920 463,560
Cash flows from investing activities:    
Fixed maturities (6,079,805) (7,093,200)
Equity securities (130,544) (211,878)
Other investments (109,232) (90,084)
Short-term investments (72,093) (152,380)
Proceeds from the sale of:    
Fixed maturities 5,334,043 5,883,340
Equity securities 218,523 289,920
Other investments 45,634 29,250
Short-term investments 115,072 168,433
Proceeds from redemption of fixed maturities 778,819 677,394
Proceeds from redemption of short-term investments 19,119 62,658
Purchase of other assets (10,641) (13,296)
Change in restricted cash and cash equivalents (14,710) (20,751)
Net cash provided by (used in) investing activities 94,185 (470,594)
Cash flows from financing activities:    
Net proceeds from issuance of preferred shares 218,449 393,544
Repurchase of preferred shares (100,000) (404,073)
Repurchase of common shares (340,621) (137,969)
Dividends paid - common shares (62,312) (62,557)
Dividends paid - preferred shares (18,750) (13,803)
Proceeds from issuance of common shares 14,819 2,014
Net cash used in financing activities (288,415) (222,844)
Effect of exchange rate changes on foreign currency cash and cash equivalents (11,702) (960)
Increase (decrease) in cash and cash equivalents 250,988 (230,838)
Cash and cash equivalents - beginning of period 759,817 981,849
Cash and cash equivalents - end of period $ 1,010,805 $ 751,011