v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net income $ 727,465 $ 547,241 $ 46,305
Adjustments to reconcile net income to net cash provided by operating activities:      
Net realized investment gains (75,564) (127,469) (121,439)
Net realized and unrealized gains of other investments (128,814) (87,623) (31,013)
Amortization of fixed maturities 139,667 135,297 93,356
Other amortization and depreciation 23,272 13,821 16,905
Share-based compensation expense 57,168 67,912 39,134
Changes in:      
Accrued interest receivable 88 1,126 (1,982)
Reinsurance recoverable balances (66,169) (93,490) (192,782)
Deferred acquisition costs (66,874) 18,279 (48,227)
Prepaid reinsurance premiums (14,585) (77,053) (17,227)
Reserve for loss and loss expenses 523,409 633,686 1,392,670
Unearned premiums 229,157 230 120,786
Insurance and reinsurance balances, net (250,463) 3,218 (28,562)
Other items (789) 85,442 (77,782)
Net cash provided by operating activities 1,096,968 1,120,617 1,190,142
Cash flows from investing activities:      
Fixed maturities (12,230,274) (13,513,143) (15,472,001)
Equity securities (240,926) (377,749) (603,746)
Other investments (166,835) (110,084) (220,000)
Short-term investments (198,168) (383,981) (841,124)
Proceeds from the sale of:      
Fixed maturities 10,261,256 11,144,351 13,754,436
Equity securities 323,423 468,473 222,506
Other investments 93,277 53,590 70,988
Short-term investments 197,690 354,924 710,178
Proceeds from redemption of fixed maturities 1,407,676 1,456,553 1,422,171
Proceeds from redemption of short-term investments 61,715 69,751 151,216
Purchase of other assets (24,304) (35,322) (42,193)
Change in restricted cash and cash equivalents 26,183 10,256 14,851
Net cash used in investing activities (489,287) (862,381) (832,718)
Cash flows from financing activities:      
Net proceeds from issuance of preferred shares 218,449 393,544 0
Repurchase of preferred shares (100,000) (404,073) 0
Repurchase of common shares (472,263) (317,687) (65,885)
Dividends paid - common shares (118,426) (120,487) (206,455)
Dividends paid - preferred shares (39,193) (38,228) (36,875)
Proceeds from issuance of common shares 20,339 5,120 6,735
Sale of shares to noncontrolling interests 50,000 0 0
Net cash used in financing activities (441,094) (481,811) (302,480)
Effect of exchange rate changes on foreign currency cash and cash equivalents (3,078) 1,543 (2,610)
Increase (decrease) in cash and cash equivalents 163,509 (222,032) 52,334
Cash and cash equivalents - beginning of period 759,817 981,849 929,515
Cash and cash equivalents - end of period 923,326 759,817 981,849
Supplemental disclosures of cash flow information      
Income taxes paid 22,472 10,897 23,853
Interest paid $ 58,125 $ 58,125 $ 58,125