Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands	9 Months Ended
Sep. 30, 2011	Sep. 30, 2010
Cash flows from operating activities:
Net Income	$ 22,422	$ 30,788
Adjustments to reconcile net income to net cash provided by operating activities:
Bad debt expense	622	1,666
Depreciation	379	732
Amortization of cost of stock options	957	1,766
Amortization of non-vested shares	931	690
Net realized gains on investments	(12,496)	(11,893)
Net unrealized losses (gains) on investments	23,037	(6,281)
Net foreign currency losses (gains) on investments	384	(835)
Amortization of premium / accretion of discount, net	185	405
Deferred income taxes	(10,672)	885
Other	(21)	(21)
Net change in assets and liabilities relating to operating activities:
Prepaid reinsurance premiums	(30,256)	(28,069)
Reinsurance recoverables	2,007	24,480
Reinsurance receivable, net	(12,209)	(9,608)
Premiums receivable, net	(7,578)	(12,819)
Accrued investment income	580
Other receivables	(629)	2,035
Income taxes recoverable		3,212
Deferred policy acquisition costs, net	(3,567)	(3,388)
Proceeds from sale of trading securities	661,809	395,288
Purchases of trading securities	(572,790)	(348,111)
Other assets	(1,428)	(150)
Unpaid losses and loss adjustment expenses	4,025	9,660
Unearned premiums	47,445	67,934
Accounts payable	519	323
Reinsurance payable, net	53,251	4,436
Income taxes payable	8,096	3,130
Other accrued expenses	(828)	1,732
Advance premium	1,799	3,879
Net cash provided by operating activities	175,974	131,866
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment	63	33
Purchases of property, plant and equipment	(1,611)	(1,589)
Purchases of fixed maturities, available for sale		(129,141)
Proceeds from sales of fixed maturities, available for sale		116,238
Purchases of equity securities, available for sale		(80,730)
Proceeds from sales of equity securities, available for sale		70,681
Net cash used in investing activities	(1,548)	(24,508)
Cash flows from financing activities:
Bank overdraft	11,884	4,482
Preferred stock dividend	(15)	(15)
Common stock dividend	(3,939)	(8,617)
Issuance of common stock		7
Purchase of treasury shares		(3,724)
Excess tax benefits from stock-based compensation		3,660
Repayment of debt	(1,103)	(1,103)
Net cash provided by (used in) financing activities	6,827	(5,310)
Net increase in cash and cash equivalents	181,253	102,048
Cash and cash equivalents at beginning of period	147,585	192,924
Cash and cash equivalents at end of period	328,838	294,972
Supplemental cash flow disclosure
Dividends accrued	3,199
Interest	744	711
Income taxes	$ 13,513	$ 7,923

The sum of the periodic adjustments of the differences between securities' face values and purchase prices that are charged against earnings. This is called accretion if the security was purchased at a discount and amortization if it was purchased at premium. As a noncash item, this element is an adjustment to net income when calculating cash provided by or used in operations using the indirect method.

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