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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash flows from operating activities:    
Net income $ 633,693 $ 545,916
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized investment gains (121,329) (56,004)
Net realized and unrealized gains on other investments (45,868) (87,406)
Amortization of fixed maturities 84,412 105,346
Other amortization and depreciation 17,669 16,725
Share-based compensation expense, net of cash payments 45,074 43,454
Changes in:    
Accrued interest receivable 5,231 (1,065)
Reinsurance recoverable balances (26,419) (35,691)
Deferred acquisition costs (100,461) (115,754)
Prepaid reinsurance premiums (22,271) (24,604)
Reserve for loss and loss expenses 184,881 425,785
Unearned premiums 458,058 535,609
Insurance and reinsurance balances, net (412,603) (455,166)
Other items 35,674 (8,519)
Net cash provided by operating activities 735,741 888,626
Cash flows from investing activities:    
Fixed maturities (8,782,175) (9,236,509)
Equity securities (510,332) (191,209)
Other investments (60,272) (141,253)
Short-term investments (562,427) (158,049)
Proceeds from the sale of:    
Fixed maturities 7,625,717 7,779,177
Equity securities 597,820 279,468
Other investments 205,112 77,526
Short-term investments 429,679 131,907
Proceeds from redemption of fixed maturities 785,183 1,144,412
Proceeds from redemption of short-term investments 64,071 50,050
Purchase of other assets (20,306) (17,402)
Change in restricted cash and cash equivalents (52,884) 30,288
Net cash used in investing activities (280,814) (251,594)
Cash flows from financing activities:    
Net proceeds from issuance of senior notes 494,344 0
Net proceeds from issuance of preferred shares 0 218,449
Repurchase of preferred shares 0 (100,000)
Repurchase of common shares (468,531) (359,513)
Dividends paid - common shares (90,092) (90,421)
Dividends paid - preferred shares (30,066) (29,171)
Proceeds from issuance of common shares 5,052 16,995
Sale of shares to noncontrolling interests 25,000 0
Return of capital to noncontrolling interests (10,000) 0
Net cash used in financing activities (74,293) (343,661)
Effect of exchange rate changes on foreign currency cash and cash equivalents (13,583) (3,635)
Increase in cash and cash equivalents 367,051 289,736
Cash and cash equivalents - beginning of period 923,326 759,817
Cash and cash equivalents - end of period $ 1,290,377 $ 1,049,553