XML 29 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flow (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Operating Activities    
Net income $ 36,655 $ 3,999
Adjustments to Reconcile Net Income to Cash Provided by Operating Activities [Abstract]    
Depreciation and amortization 29,386 25,260
Loss on disposal of discontinued operations 0 650
Stock-based compensation expense 6,263 6,383
Undistributed losses (income) of equity method investments 1,090 (1,793)
Net realized gains (3,448) (5,861)
Changes in assets and liabilities:    
Increase in reserves for losses and loss expenses, net of reinsurance recoverables 37,463 100,584
Increase in unearned premiums, net of prepaid reinsurance and advance premiums 119,269 67,816
Increase in net federal income taxes (1,050) (9,426)
Increase in premiums receivable (53,659) (63,764)
Increase in deferred policy acquisition costs (25,744) (10,828)
Decrease in interest and dividends due or accrued 721 1,943
Increase (decrease) in accrued salaries and benefits 5,365 (2,448)
Increase (decrease) in accrued insurance expenses 299 (6,772)
Other-net 15,144 20,817
Net adjustments 131,099 122,561
Net cash provided by operating activities 167,754 126,560
Investing Activities    
Purchase of fixed maturity securities, available-for-sale (676,408) (350,140)
Purchase of equity securities, available-for-sale (41,004) (148,104)
Purchase of other investments (9,050) (11,778)
Purchase of short-term investments (1,231,519) (1,030,834)
Purchase of subsidiary 255 0
Sale of subsidiary 600 919
Sale of fixed maturity securities, available-for-sale 92,170 85,773
Sale of short-term investments 1,263,684 1,029,178
Redemption and maturities of fixed maturity securities, held-to-maturity 91,665 138,907
Redemption and maturities of fixed maturity securities, available-for-sale 297,980 95,951
Sale of equity securities, available-for-sale 58,749 59,991
Distributions from other investments 13,910 15,666
Sale of other investments 1 16,357
Purchase of property and equipment (9,382) (8,932)
Net cash used in investing activities (148,349) (107,046)
Financing Activities    
Dividends to stockholders (20,188) (19,863)
Acquisition of treasury stock (3,154) (2,537)
Net proceeds from stock purchase and compensation plans 2,586 2,718
Excess tax benefit (expense) from share-based payment arrangements 904 (190)
Net cash used in financing activities (19,852) (19,872)
Net decrease in cash (447) (358)
Cash, beginning of year 762 645
Cash, end of period $ 315 $ 287