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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net income $ 239,197 $ 350,729
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Net realized investment losses (gains) 53,662 (43,882)
Net realized and unrealized gains on other investments (45,037) (49,252)
Amortization of fixed maturities 54,356 56,122
Other amortization and depreciation 10,265 10,919
Share-based compensation expense, net of cash payments 14,463 27,763
Changes in:    
Accrued interest receivable 5,071 5,929
Reinsurance recoverable balances (140,911) (20,663)
Deferred acquisition costs (128,010) (167,095)
Prepaid reinsurance premiums (34,247) (5,590)
Reserve for loss and loss expenses 147,463 217,924
Unearned premiums 589,438 721,870
Insurance and reinsurance balances, net (561,146) (696,877)
Other items (88,952) (15,654)
Net cash provided by operating activities 115,612 392,243
Cash flows from investing activities:    
Fixed maturities (5,454,612) (6,581,006)
Equity securities (96,170) (209,381)
Mortgage loans (79,606) 0
Other investments (54,482) (37,512)
Short-term investments (30,745) (463,051)
Proceeds from the sale of:    
Fixed maturities 4,660,534 5,784,439
Equity securities 2,115 197,354
Other investments 211,883 88,080
Short-term investments 100,461 391,966
Proceeds from redemption of fixed maturities 782,367 532,445
Proceeds from redemption of short-term investments 6,987 16,503
Purchase of other assets (12,093) (16,039)
Change in restricted cash and cash equivalents 97,201 (80,827)
Impact of the deconsolidation of a variable interest entity (71,649) 0
Net cash provided by (used in) investing activities 62,191 (377,029)
Cash flows from financing activities:    
Dividends paid - common shares (59,170) (60,903)
Repurchase of common shares (25,951) (318,082)
Dividends paid - preferred shares (20,044) (20,044)
Proceeds from issuance of common shares 3,175 4,698
Net proceeds from issuance of senior notes 0 494,344
Net cash provided by (used in) financing activities (101,990) 100,013
Effect of exchange rate changes on foreign currency cash and cash equivalents (8,248) 5,473
Increase in cash and cash equivalents 67,565 120,700
Cash and cash equivalents - beginning of period 921,830 923,326
Cash and cash equivalents - end of period $ 989,395 $ 1,044,026