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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Cash flows from operating activities:    
Net income $ 51,438 $ 34,984
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of intangibles 2,591 3,244
Net realized (gains) losses on investment (3,230) 1,574
Foreign currency translation adjustment (2,596) (105)
Amortization of share-based compensation expense, bond premium and discount and subordinated debt discount, net 8,230 3,798
Changes in assets – (increase) decrease:    
Reinsurance balances receivable, net (167,309) (73,478)
Funds withheld (2,873) (932)
Prepaid reinsurance premiums (10,219) (9,056)
Reinsurance recoverable on unpaid losses 9,712 (26,367)
Accrued investment income (540) (5,307)
Deferred commission and other acquisition expenses (44,644) (21,786)
Other assets 10,645 (10,154)
Changes in liabilities – increase (decrease):    
Reserve for loss and loss adjustment expenses 111,408 126,981
Unearned premiums 195,538 144,080
Accrued expenses and other liabilities (8,091) (1,108)
Net cash provided by operating activities 150,060 166,368
Cash flows from investing activities:    
Purchases of fixed maturities – available-for-sale (630,576) (674,238)
Purchases of fixed-maturity securities – trading and short sales 0 (102,073)
Purchases of other investments (1,538) (594)
Proceeds from sales of fixed maturities – available-for-sale 202,486 104,125
Proceeds from sales of fixed-maturity securities – trading and short sales 0 49,883
Proceeds from maturities and calls of fixed maturities 264,264 211,807
Proceeds from redemption of other investments 168 160
Decrease in restricted cash and cash equivalents 36,112 30,478
Other, net 1,055 (176)
Net cash used in investing activities (128,029) (380,628)
Cash flows from financing activities:    
Senior notes issuance, net of issuance costs 0 96,594
Common share issuance 933 162
Dividends paid to common shareholders (6,543) (11,558)
Dividends paid to preference shareholders (6,188) 0
Net cash (used in) provided by financing activities (11,798) 85,198
Effect of exchange rate changes on foreign currency cash (2,401) (90)
Net increase (decrease) in cash and cash equivalents 7,832 (129,152)
Cash and cash equivalents, beginning of period 81,543 188,082
Cash and cash equivalents, end of period $ 89,375 $ 58,930