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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net income $ 496,838 $ 633,693
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized investment losses (gains) 123,618 (121,329)
Net realized and unrealized gains on other investments (17,616) (45,868)
Amortization of fixed maturities 75,645 84,412
Other amortization and depreciation 26,219 17,669
Share-based compensation expense, net of cash payments 25,435 45,074
Changes in:    
Accrued interest receivable 7,128 5,231
Reinsurance recoverable balances (158,362) (26,419)
Deferred acquisition costs (77,348) (100,461)
Prepaid reinsurance premiums (69,016) (22,271)
Reserve for loss and loss expenses 212,066 184,881
Unearned premiums 380,610 458,058
Insurance and reinsurance balances, net (330,128) (412,603)
Other items 7,841 35,674
Net cash provided by operating activities 702,930 735,741
Cash flows from investing activities:    
Fixed maturities (8,110,841) (8,782,175)
Equity securities (240,415) (510,332)
Mortgage loans (129,431) 0
Other investments (61,591) (60,272)
Short-term investments (34,147) (562,427)
Proceeds from the sale of:    
Fixed maturities 6,797,585 7,625,717
Equity securities 112,794 597,820
Other investments 244,353 205,112
Short-term investments 112,694 429,679
Proceeds from redemption of fixed maturities 1,107,175 785,183
Proceeds from redemption of short-term investments 22,337 64,071
Purchase of other assets (18,401) (20,306)
Change in restricted cash and cash equivalents 99,645 (52,884)
Impact of the deconsolidation of a variable interest entity (71,649) 0
Net cash used in investing activities (169,892) (280,814)
Cash flows from financing activities:    
Dividends paid - common shares (89,611) (90,092)
Repurchase of common shares (332,097) (468,531)
Dividends paid - preferred shares (30,066) (30,066)
Proceeds from issuance of common shares 3,042 5,052
Net proceeds from issuance of senior notes 0 494,344
Sales of shares to noncontrolling interests 0 25,000
Return of capital to noncontrolling interests 0 (10,000)
Net cash used in financing activities (448,732) (74,293)
Effect of exchange rate changes on foreign currency cash and cash equivalents (13,883) (13,583)
Increase in cash and cash equivalents 70,423 367,051
Cash and cash equivalents - beginning of period 921,830 923,326
Cash and cash equivalents - end of period $ 992,253 $ 1,290,377