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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Cash flows from operating activities:    
Net income $ 76,471 $ 56,918
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of intangibles 3,870 4,755
Net realized gains on investment (3,707) (836)
Foreign exchange and other gains (2,573) (1,318)
Amortization of share-based compensation expense, bond premium and discount and subordinated debt discount, net 11,641 6,493
Changes in assets – (increase) decrease:    
Reinsurance balances receivable, net (28,459) (26,003)
Funds withheld (3,319) 883
Prepaid reinsurance premiums (10,790) (8,240)
Reinsurance recoverable on unpaid losses 13,522 (8,818)
Accrued investment income (2,055) (8,094)
Deferred commission and other acquisition expenses (40,023) (26,164)
Other assets 4,441 (9,551)
Changes in liabilities – increase (decrease):    
Reserve for loss and loss adjustment expenses 181,171 148,304
Unearned premiums 151,492 145,203
Accrued expenses and other liabilities 7,644 (5,385)
Net cash provided by operating activities 359,326 268,147
Cash flows from investing activities:    
Purchases of fixed maturities – available-for-sale (725,921) (1,013,988)
Purchases of fixed-maturity securities – trading and short sales 0 (102,073)
Purchases of other investments (2,013) (794)
Proceeds from sales of fixed maturities – available-for-sale 186,957 120,865
Proceeds from sales of fixed-maturity securities – trading and short sales 0 49,883
Proceeds from maturities and calls of fixed maturities 387,692 331,162
Proceeds from redemption of other investments 259 274
Increase in restricted cash and cash equivalents (137,617) (429)
Proceeds from sale of a business unit 1,281 0
Other, net (290) (307)
Net cash used in investing activities (289,652) (615,407)
Cash flows from financing activities:    
Senior notes issuance, net of issuance costs 0 96,594
Preference shares issuance, net of issuance costs 0 145,041
Common share issuance 1,636 254
Dividends paid to common shareholders (13,063) (17,339)
Dividends paid to preference shareholders (9,281) 0
Net cash (used in) provided by financing activities (20,708) 224,550
Effect of exchange rate changes on foreign currency cash 787 1,505
Net increase (decrease) in cash and cash equivalents 49,753 (121,205)
Cash and cash equivalents, beginning of period 81,543 188,082
Cash and cash equivalents, end of period $ 131,296 $ 66,877