Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
Mar. 31, 2012	Mar. 31, 2011
Cash flows from operating activities:
Net Income	$ 9,873	$ 13,898
Adjustments to reconcile net income to net cash provided by operating activities:
Bad debt (recovery) expense	(80)	164
Depreciation	199	182
Amortization of stock-based compensation	1,012	398
Net realized losses (gains) on investments	7,449	(3,652)
Net unrealized (gains) losses on investments	(9,187)	(2,588)
Net foreign currency (gains) on investments	(23)	(71)
Amortization of premium / accretion of discount, net	3	157
Deferred income taxes	5,582	442
Excess tax (benefits) shortfall from stock-based compensation	142
Other		838
Net change in assets and liabilities relating to operating activities:
Restricted cash and cash equivalents	30,134	(10,291)
Prepaid reinsurance premiums	(33,270)	(7,309)
Reinsurance recoverables	8,657	426
Reinsurance receivable, net	39,411	5,375
Premiums receivable, net	303	43
Accrued investment income	40
Other receivables	463	(228)
Income taxes recoverable	(1,070)
Deferred policy acquisition costs, net	1,198	(694)
Proceeds from sale of trading securities	119,686	119,582
Purchases of trading securities	(107,313)	(48,350)
Other assets	(55)	(1,234)
Unpaid losses and loss adjustment expenses	(14,915)	(679)
Unearned premiums	11,199	8,588
Accounts payable	750	1,504
Reinsurance payable, net	26,980	30,158
Income taxes payable	(12,331)	2,612
Other accrued expenses	(1,274)	319
Advance premium	11,711	10,218
Net cash provided by operating activities	95,274	119,808
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment	18
Purchases of property, plant and equipment	(1,542)	(399)
Net cash used in investing activities	(1,524)	(399)
Cash flows from financing activities:
Bank overdraft	3,205	3,833
Preferred stock dividend	(254)	(5)
Issuance of common stock	91
Excess tax benefits (shortfall) from stock-based compensation	(142)
Repayment of debt	(367)
Net cash provided by financing activities	2,533	3,828
Net increase in cash and cash equivalents	96,283	123,237
Cash and cash equivalents at beginning of period	229,685	133,645
Cash and cash equivalents at end of period	325,968	256,882
Supplemental cash flow disclosure
Dividends accrued	4,012
Interest	105
Income taxes	$ 14,170	$ 6,050

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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