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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net income $ 48,386 $ 165,825
Adjustments to reconcile net income to net cash used in operating activities:    
Net realized investment losses 66,508 42,553
Net realized and unrealized gains (losses) on other investments 27,177 (30,935)
Amortization of fixed maturities 19,100 31,372
Other amortization and depreciation 5,294 6,581
Share-based compensation expense, net of cash payments (1,357) 4,834
Changes in:    
Accrued interest receivable 2,616 3,101
Reinsurance recoverable balances (6,668) (10,133)
Deferred acquisition costs (175,038) (149,786)
Prepaid reinsurance premiums (37,732) (6,926)
Reserve for loss and loss expenses 50,132 (122,508)
Unearned premiums 820,947 553,642
Insurance and reinsurance balances, net (737,185) (419,218)
Other items (96,430) (96,490)
Net cash used in operating activities (14,250) (28,088)
Cash flows from investing activities:    
Fixed maturities (2,556,709) (3,036,497)
Equity securities (102,963) (41,239)
Mortgage loans (61,263) 0
Other investments (117,622) (21,418)
Short-term investments (13,931) (14,513)
Proceeds from the sale of:    
Fixed maturities 2,473,167 2,823,044
Equity securities 85,254 522
Other investments 47,562 78,812
Short-term investments 16,331 79,657
Proceeds from redemption of fixed maturities 246,147 280,864
Proceeds from redemption of short-term investments 2,282 4,632
Purchase of other assets (44,721) (4,647)
Change in restricted cash and cash equivalents 11,627 19,240
Net cash provided by (used in) investing activities (14,839) 168,457
Cash flows from financing activities:    
Repurchase of common shares (136,011) (22,581)
Dividends paid - common shares (36,636) (30,103)
Dividends paid - preferred shares (10,003) (10,022)
Proceeds from issuance of common shares 1,783 2,863
Repurchase of preferred shares (2,843) 0
Net cash used in financing activities (183,710) (59,843)
Effect of exchange rate changes on foreign currency cash and cash equivalents 1,986 (16,122)
Increase (decrease) in cash and cash equivalents (210,813) 64,404
Cash and cash equivalents - beginning of period 988,133 921,830
Cash and cash equivalents - end of period $ 777,320 $ 986,234