Condensed Consolidated Statements of Cash Flows (unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
Mar. 31, 2013	Mar. 31, 2012
Cash flows from operating activities:
Net Income	$ 11,959	$ 9,873
Adjustments to reconcile net income to net cash provided by operating activities:
Bad debt expense	124	(80)
Depreciation	249	199
Amortization of stock-based compensation	1,168	1,012
Net realized (gains) losses on investments (trading)	16,037	7,449
Net change in unrealized (gains) losses on investments (trading)	(7,874)	(9,187)
Net foreign currency (gains) losses on investments		(23)
Amortization of premium/accretion of discount, net	42	3
Deferred income taxes	3,856	5,582
Excess tax (benefits) shortfall from stock-based compensation	151	142
Net change in assets and liabilities relating to operating activities:
Restricted cash and cash equivalents	30,356	30,134
Prepaid reinsurance premiums	(12,558)	(33,270)
Reinsurance recoverables	1,960	8,657
Reinsurance receivables, net	19,854	39,411
Premiums receivable, net	(830)	303
Accrued investment income	20	40
Other receivables	(273)	463
Income taxes recoverable	616	(1,070)
Deferred policy acquisition costs, net	(95)	1,198
Purchase of trading securities	(26,009)	(107,313)
Proceeds from sales of trading securities	80,670	119,686
Other assets	73	(55)
Unpaid losses and loss adjustment expenses	(10,712)	(14,915)
Unearned premiums	9,971	11,199
Accounts payable	(52)	750
Reinsurance payable, net	19,621	26,980
Income taxes payable	(850)	(12,331)
Other liabilities and accrued expenses	(3,259)	(1,274)
Advance premium	12,187	11,711
Transfer of investments to available for sale portfolio	4,009
Net cash provided by (used in) operating activities	150,411	95,274
Cash flows from investing activities:
Proceeds from sale of property and equipment		18
Purchase of property and equipment	(409)	(1,542)
Purchases of fixed maturities, available for sale	(9,988)
Transfer of investments from trading securities portfolio	(4,009)
Net cash provided by (used in) investing activities	(14,406)	(1,524)
Cash flows from financing activities:
Bank overdraft increase	1,075	3,205
Preferred stock dividend	(5)	(254)
Common stock dividend
Issuance of common stock		91
Payments related to tax withholding for share-based compensation	(1,072)
Excess tax benefits (shortfall) from stock-based compensation	(151)	(142)
Repayments of debt	(368)	(367)
Net cash provided by (used in) financing activities	(521)	2,533
Net increase (decrease) in cash and cash equivalents	135,484	96,283
Cash and cash equivalents at beginning of period	347,392	229,685
Cash and cash equivalents at end of period	482,876	325,968
Supplemental cash flow disclosures:
Interest	87	105
Income taxes	$ 4,313	$ 14,170

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.

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.