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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 $ 148,471 $ 311,557
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized investment gains (10,620) (44,478)
Net realized and unrealized gains on other investments (16,759) (43,431)
Amortization of fixed maturities 30,919 38,677
Other amortization and depreciation 15,889 6,208
Share-based compensation expense, net of cash payments 8,700 14,012
Changes in:    
Accrued interest receivable 7,626 1,343
Reinsurance recoverable balances 18,305 (31,728)
Deferred acquisition costs (178,170) (172,169)
Prepaid reinsurance premiums 31,308 15,059
Reserve for loss and loss expenses 85,312 38,972
Unearned premiums 685,778 680,918
Insurance and reinsurance balances, net (630,861) (603,478)
Other items (44,630) 9,129
Net cash provided by operating activities 151,268 220,591
Cash flows from investing activities:    
Fixed maturities (3,298,375) (2,595,964)
Equity securities (73,197) (70,838)
Other investments (19,850) (107,436)
Short-term investments (420,115) (57,405)
Proceeds from the sale of:    
Fixed maturities 3,092,006 2,194,339
Equity securities 73,694 155,357
Other investments 76,657 21,941
Short-term investments 154,603 55,914
Proceeds from redemption of fixed maturities 279,815 357,915
Proceeds from redemption of short-term investments 14,548 10,955
Purchase of other assets (19,152) (7,605)
Change in restricted cash and cash equivalents (24,405) 34,174
Net cash used in investing activities (163,771) (8,653)
Cash flows from financing activities:    
Net proceeds from issuance of senior notes 494,344 0
Repurchase of common shares (162,536) (130,768)
Dividends paid - common shares (29,562) (33,189)
Dividends paid - preferred shares (10,022) (8,741)
Proceeds from issuance of common shares 2,266 8,253
Net cash provided by (used in) financing activities 294,490 (164,445)
Effect of exchange rate changes on foreign currency cash and cash equivalents 441 (7,654)
Increase in cash and cash equivalents 282,428 39,839
Cash and cash equivalents - beginning of period 923,326 759,817
Cash and cash equivalents - end of period $ 1,205,754 $ 799,656