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Consolidated Statements of Cashflow (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Operating Activities  
Net income$ 3,732$ 41,766
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization25,26023,175
Loss on disposal of discontinued operations6503,749
Stock-based compensation expense6,3836,875
Undistributed income of equity method investments(1,793)(6,338)
Net realized (gains) losses(5,861)3,271
Changes in assets and liabilities:  
Increase in reserves for losses and loss expenses, net of reinsurance recoverables100,58432,912
Increase in unearned premiums, net of prepaid reinsurance and advance premiums67,81625,123
Increase in net federal income tax recoverable(9,570)(6,514)
Increase in premiums receivable(63,764)(13,817)
(Increase) decrease in deferred policy acquisition costs(10,417)11
Decrease (increase) in interest and dividends due or accrued1,943(1,491)
(Decrease) increase in accrued salaries and benefits(2,448)150
Decrease in accrued insurance expenses(6,772)(6,872)
Other-net20,8171,284
Net adjustments122,82861,518
Net cash provided by operating activities126,560103,284
Investing Activities  
Purchase of fixed maturity securities, available-for-sale(350,140)(699,133)
Purchase of equity securities, available-for-sale(148,104)(47,930)
Purchase of other investments(11,778)(14,348)
Purchase of short-term investments(1,030,834)(1,409,971)
Sale of subsidiary919681
Sale of fixed maturity securities, available-for-sale85,773157,823
Sale of short-term investments1,029,1781,358,779
Redemption and maturities of fixed maturity securities, held-to-maturity138,907238,923
Redemption and maturities of fixed maturity securities, available-for-sale95,951251,875
Sale of equity securities, available-for-sale59,99176,277
Distributions from other investments15,66618,468
Sale of other investments16,3570
Purchase of property, equipment, and other assets(8,932)(4,062)
Net cash used in investing activities(107,046)(72,618)
Financing Activities  
Dividends to stockholders(19,863)(19,516)
Acquisition of treasury stock(2,537)(1,528)
Principal payment of notes payable0(12,300)
Net proceeds from stock purchase and compensation plans2,7183,084
Excess tax benefits from share-based payment arrangements(190)(795)
Net cash used in financing activities(19,872)(31,055)
Net decrease in cash(358)(389)
Cash, beginning of year645811
Cash, end of period$ 287$ 422