XML 64 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flow (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Operating Activities    
Net income $ 48,430 $ 18,381
Adjustments to Reconcile Net Income to net Cash Provided by Operating Activities [Abstract]    
Depreciation and amortization 23,103 19,550
Loss on disposal of discontinued operations 997 0
Stock-based compensation expense 6,189 5,160
Undistributed losses of equity method investments 419 496
Net realized gains (8,509) (4,536)
Retirement income plan curtailment expense 16 0
Changes in assets and liabilities:    
Increase in reserves for losses and loss expenses, net of reinsurance recoverables 69,790 19,802
Increase in unearned premiums, net of prepaid reinsurance and advance premiums 65,225 75,172
Increase (decrease) in net federal income taxes 3,171 (3,058)
Increase in premiums receivable (84,135) (57,294)
Increase in deferred policy acquisition costs (9,555) (16,638)
Increase in interest and dividends due or accrued (1,066) (500)
Decrease in accrued salaries and benefits (6,173) (5,699)
Decrease in accrued insurance expenses (5,478) (4,500)
Other-net (4,526) 5,823
Net adjustments 49,468 33,778
Net cash provided by operating activities 97,898 52,159
Investing Activities    
Purchase of fixed maturity securities, available-for-sale (530,402) (426,346)
Purchase of equity securities, available-for-sale (42,546) (40,430)
Purchase of other investments (4,393) (6,355)
Purchase of short-term investments (1,116,873) (795,707)
Purchase of subsidiary 0 255
Sale of subsidiary 1,225 445
Sale of fixed maturity securities, available-for-sale 6,851 37,699
Sale of short-term investments 1,144,853 876,928
Redemption and maturities of fixed maturity securities, held-to-maturity 48,186 57,152
Redemption and maturities of fixed maturity securities, available-for-sale 286,905 197,199
Sale of equity securities, available-for-sale 42,206 58,176
Distributions from other investments 6,077 8,443
Purchase of property and equipment (6,761) (6,793)
Net cash used in investing activities (164,672) (39,334)
Financing Activities    
Dividends to stockholders (13,668) (13,442)
Acquisition of treasury stock (3,285) (3,102)
Net proceeds from stock purchase and compensation plans 3,769 2,225
Proceeds from issuance of notes payable, net of debt issuance costs 178,435 0
Repayment of notes payable (100,000) 0
Excess tax benefits from share-based payment arrangements 1,467 873
Net cash provided by (used in) financing activities 66,718 (13,446)
Net decrease in cash (56) (621)
Cash, beginning of year 210 762
Cash, end of period $ 154 $ 141