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Consolidated Statements of Cash Flows
$ in Thousands
 12 Months Ended
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
Operating Activities      
Net income $ 116,197 $ 196,565 $ 297,523
Adjustments to reconcile income to net cash provided by operating activities:      
Amortization, net of accretion 28,963 32,638 31,295
Depreciation 7,437 6,956 4,538
Gain on acquisition 0 0 (32,314)
(Increase) decrease in cash surrender value of BOLI (2,032) (2,007) (1,960)
Net realized investment (gains) losses 41,639 (14,654) (67,904)
Share-based compensation 9,166 10,056 9,242
Deferred income taxes (15,994) 6,795 24,659
Policy acquisition costs, net amortization (net deferral) (5,598) 10 (5,820)
Equity in earnings of unconsolidated subsidiaries, excluding income distributions received (3,650) 29 (7,242)
Other 252 (8,784) (3,014)
Other changes in assets and liabilities, excluding effect of business combinations:      
Premiums receivable (14,506) (15,136) (6,105)
Receivable from reinsurers on paid losses and loss adjustment expenses (2,755) 3,263 2,601
Receivable from reinsurers on unpaid losses and loss adjustment expenses (11,384) 27,114 15,625
Prepaid reinsurance premiums (1,935) (5,672) (849)
Other assets (10,458) 36,924 9,582
Reserve for losses and loss adjustment expenses (52,940) (167,747) (179,677)
Unearned premiums 16,238 10,097 (1,740)
Reinsurance premiums payable 12,663 (26,377) (13,269)
Other liabilities 657 5,932 (36,569)
Net cash provided (used) by operating activities 111,960 96,002 38,602
Purchases of:      
Fixed maturities, available for sale (580,577) (645,114) (519,161)
Equity securities, trading (271,608) (119,865) (87,604)
Other investments (33,366) (25,109) (34,699)
Funding of qualified affordable housing tax credit limited partnerships (12,477) (8,611) (63,489)
Investment in unconsolidated subsidiaries (61,444) (52,295) (19,228)
Proceeds from sales or maturities of:      
Fixed maturities, available for sale 886,886 703,828 970,708
Equity securities, trading 236,476 134,005 123,645
Other investments 33,638 19,942 2,352
Distributions from unconsolidated subsidiaries 28,017 5,428 14,632
Net sales or maturities (purchases) of short-term investments 11,932 140,411 (176,092)
Cash received in (paid in) acquisition 0 35,013 22,780
Deposit made for future acquisition 0 0 (205,244)
Unsettled security transactions, net change 2,339 (2,953) 205
Funds at Lloyd's in support of Syndicate 1729, returned (deposited) 0 8,690 (8,699)
(Increase) decrease in restricted cash 0 78,000 (78,000)
Purchases of capital assets (9,524) (2,883) (5,847)
Other (2,505) (1,507) (4,062)
Net cash provided (used) by investing activities 227,787 266,980 (67,803)
Financing Activities      
Proceeds from debt 0 0 250,000
Borrowing under revolving credit agreement 100,000 0 0
Repayment of debt 0 0 (127,183)
Repurchase of common stock (172,772) (222,360) (29,089)
Excess tax benefit from share-based payment arrangements 494 2,702 2,128
Dividends to shareholders (217,626) (71,252) (46,375)
Other (5,783) (4,415) (9,448)
Net cash provided (used) by financing activities (295,687) (295,325) 40,033
Increase (decrease) in cash and cash equivalents 44,060 67,657 10,832
Cash and cash equivalents at beginning of period 197,040 129,383 118,551
Cash and cash equivalents at end of period 241,100 197,040 129,383
Supplemental Disclosure of Cash Flow Information      
Cash paid during the year for income taxes, net of refunds 42,784 22,968 117,107
Cash paid during the year for interest 13,996 13,408 913
Significant non-cash transactions      
Deposit transferred as consideration for acquisition 0 205,244 153,700
Dividends declared and not yet paid $ 69,447 $ 167,744 $ 18,532