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Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Statement of Cash Flows [Abstract]    
Net income $ 65,074 $ 147,223
Adjustments to reconcile net income to net cash provided by operating activities:    
Share compensation expense 6,979 7,611
Interest expense on deposit liabilities 3,687 0
Net unrealized loss (gain) on investments and derivatives 68,107 (30,541)
Net realized gain on investments and derivatives (184,133) (176,673)
Amortization of premium and accretion of discount, net 1,031 (2,868)
Changes in assets and liabilities:    
Reinsurance balances receivable (65,718) (57,669)
Deferred acquisition costs, net (33,180) (13,180)
Unearned premiums ceded (91) (2,494)
Loss and loss adjustment expenses recoverable 7,865 (6,284)
Other assets (303) (931)
Interest and dividends receivable, net (2,576) (775)
Unearned premium reserves 98,479 70,022
Loss and loss adjustment expense reserves 52,982 76,436
Accounts payable and accrued expenses (1,935) (500)
Reinsurance balances payable 12,133 8,579
Performance fee payable to related party 21,837 40,264
Net cash provided by operating activities 50,238 58,220
Investing activities    
Purchases of investments (2,150,821) (1,475,391)
Proceeds from sales of investments 1,998,673 1,539,990
Purchases of investments to cover short sales (141,468) (342,282)
Proceeds from short sales of investments 150,098 251,085
Change in due to/from brokers, net 177,516 (311,503)
Increase in securities purchased under an agreement to sell 18,250 22,487
Non-controlling interest in investment affiliate (49,415) (33,114)
Change in restricted cash and cash equivalents (68,389) (81,663)
Net cash used in investing activities (65,556) (430,391)
Financing activities    
Proceeds from issuance of common shares, net of costs 599 286,685
Increase in deposit liabilities 5,782 41,793
Non-controlling interest in Catastrophe Fund 10,023 28,515
Non-controlling interest in Catastrophe Fund Manager (18) (164)
Net cash provided by financing activities 16,386 356,829
Net increase (decrease) in cash and cash equivalents 1,068 (15,342)
Cash and cash equivalents at beginning of period 31,625 34,005
Cash and cash equivalents at end of period 32,693 18,663
Supplementary information    
Interest paid in cash 2,780 3,369
Income tax paid in cash $ 2,286 $ 0