XML 28 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flow (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Operating Activities    
Net income $ 21,308 $ 18,093
Adjustments to Reconcile Net Income to net Cash Provided by Operating Activities [Abstract]    
Depreciation and amortization 13,148 9,748
Loss on disposal of discontinued operations 997 0
Stock-based compensation expense 3,692 3,329
Undistributed losses of equity method investments 426 764
Net realized gains (3,355) (4,358)
Retirement income plan curtailment expense 16 0
Changes in assets and liabilities:    
Increase in reserves for loss and loss expense, net of reinsurance recoverables 38,556 6,311
Increase in unearned premiums, net of prepaid reinsurance and advance premiums 30,106 41,769
Decrease in net federal income taxes 5,290 4,227
Increase in premiums receivable (36,202) (25,107)
Increase in deferred policy acquisition costs (2,963) (8,570)
Decrease in interest and dividends due or accrued 384 1,108
Decrease in accrued salaries and benefits (4,528) (5,356)
Decrease in accrued insurance expenses (12,378) (13,476)
Other-net (26,357) 7,373
Net adjustments 6,832 17,762
Net cash provided by operating activities 28,140 35,855
Investing Activities    
Purchase of fixed maturity securities, available-for-sale (308,289) (226,525)
Purchase of equity securities, available-for-sale (2) (39,724)
Purchase of other investments (2,329) (2,990)
Purchase of short-term investments (644,274) (368,210)
Purchase of subsidiary 0 255
Sale of subsidiary 225 287
Sale of fixed maturity securities, available-for-sale 6,851 14,308
Sale of short-term investments 695,313 410,780
Redemption and maturities of fixed maturity securities, held-to-maturity 28,644 38,879
Redemption and maturities of fixed maturity securities, available-for-sale 124,975 84,124
Sale of equity securities, available-for-sale 0 57,513
Distributions from other investments 3,447 5,299
Purchase of property and equipment (3,673) (2,263)
Net cash used in investing activities (99,112) (28,267)
Financing Activities    
Dividends to stockholders (6,824) (6,713)
Acquisition of treasury stock (3,176) (3,015)
Net proceeds from stock purchase and compensation plans 1,164 769
Proceeds from issuance of notes payable, net of debt issuance costs 178,623 0
Repayment of notes payable (100,000) 0
Excess tax benefits from share-based payment arrangements 1,271 870
Net cash provided by (used in) financing activities 71,058 (8,089)
Net increase (decrease) in cash 86 (501)
Cash, beginning of year 210 762
Cash, end of period $ 296 $ 261