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Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Statement of Cash Flows [Abstract]    
Net income $ 71,071 $ 100,653
Adjustments to reconcile net income to net cash provided by operating activities:    
Share compensation expense 4,498 3,468
Interest expense on deposit liabilities 1,044 0
Net unrealized loss (gain) on investments and derivatives 5,175 (22,065)
Net realized gain on investments and derivatives (131,308) (112,895)
Amortization of premium and accretion of discount, net 1,292 (2,507)
Changes in assets and liabilities:    
Reinsurance balances receivable (54,069) (97,239)
Deferred acquisition costs, net (39,667) (24,879)
Unearned premiums ceded 0 (4,988)
Loss and loss adjustment expenses recoverable (997) (4,190)
Other assets 115 (2,137)
Interest and dividends receivable, net (1,064) (145)
Unearned premium reserves 81,084 93,420
Loss and loss adjustment expense reserves 50,296 45,829
Accounts payable and accrued expenses (4,000) 47
Reinsurance balances payable 17,775 8,579
Performance fee payable to related party 22,002 27,229
Net cash provided by operating activities 23,247 8,180
Investing activities    
Purchases of investments (1,462,226) (967,225)
Proceeds from sales of investments 1,245,348 1,127,171
Purchases of investments to cover short sales (97,112) (272,740)
Proceeds from short sales of investments 101,861 162,394
Change in due to/from brokers, net 260,561 (45,142)
Increase in securities purchased under an agreement to sell 4,297 20,053
Non-controlling interest in investment affiliate (49,507) (33,500)
Change in restricted cash and cash equivalents (28,547) (52,942)
Net cash used in investing activities (25,325) (61,931)
Financing activities    
Increase (decrease) in deposit liabilities (250) 26,429
Non-controlling interest in Catastrophe Fund 6,770 26,081
Non-controlling interest in Catastrophe Fund Manager (90) (162)
Net cash provided by financing activities 6,430 52,348
Net increase (decrease) in cash and cash equivalents 4,352 (1,403)
Cash and cash equivalents at beginning of period 31,625 34,005
Cash and cash equivalents at end of period 35,977 32,602
Supplementary information    
Interest paid in cash 944 1,859
Income tax paid in cash $ 911 $ 0