XML 75 R8.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Consolidated Statements of Cashflow (USD $)
In Thousands
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Operating Activities    
Net income $ 23,874 $ 24,569
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 16,261 14,805
Loss on disposal of discontinued operations 0 2,115
Stock-based compensation expense 5,286 5,762
Undistributed income of equity method investments (726) (4,841)
Net realized (gains) losses (7,906) 3,328
Changes in assets and liabilities:    
Increase in reserves for losses and loss expenses, net of reinsurance recoverables 49,164 48,870
Increase in unearned premiums, net of prepaid reinsurance and advance premiums 30,183 13,252
Decrease (increase) in net federal income tax recoverable 1,628 (9,380)
Increase in premiums receivable (53,017) (22,519)
(Increase) decrease in deferred policy acquisition costs (6,558) 401
Decrease (increase) in interest and dividends due or accrued 514 (206)
Decrease in accrued salaries and benefits (555) (80)
Decrease in accrued insurance expenses (7,045) (10,003)
Other-net 8,694 (7,862)
Net adjustments 35,923 33,642
Net cash provided by operating activities 59,797 58,211
Investing Activities    
Purchase of fixed maturity securities, available-for-sale (252,529) (396,076)
Purchase of equity securities, available-for-sale (123,141) (30,974)
Purchase of other investments (7,715) (11,150)
Purchase of short-term investments (694,764) (956,904)
Sale of subsidiary 670 788
Sale of fixed maturity securities, available-for-sale 64,104 128,110
Sale of short-term investments 713,111 826,853
Redemption and maturities of fixed maturity securities, held-to-maturity 99,560 171,900
Redemption and maturities of fixed maturity securities, available-for-sale 66,805 165,513
Sale of equity securities, available-for-sale 59,663 56,247
Distributions from other investments 14,046 15,152
Sale of other investments 16,357 0
Purchase of property and equipment (2,843) (2,570)
Net cash used in investing activities (46,676) (33,111)
Financing Activities    
Dividends to stockholders (13,225) (12,999)
Acquisition of treasury stock (2,526) (1,518)
Principal payment of notes payable 0 (12,300)
Net proceeds from stock purchase and compensation plans 2,355 2,310
Excess tax benefits from share-based payment arrangements (185) (813)
Net cash used in financing activities (13,581) (25,320)
Net decrease in cash (460) (220)
Cash, beginning of year 645 811
Cash, end of period $ 185 $ 591