v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Cash flows from operating activities:    
Net income $ 39,220 $ 51,321
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 8,746 6,071
Equity earnings and gain on investment in unconsolidated subsidiaries (2,364) (3,123)
Gain on investment in life settlement contracts (90) (18,886)
Realized (gain) loss on marketable securities 1,148 (415)
Discount on notes payable 968 163
Stock based compensation 1,180 1,459
Bad debt expense 1,994 1,147
Foreign currency (gain) loss (421) 284
Changes in assets - (increase) decrease:    
Premiums and note receivables (73,953) (61,425)
Reinsurance recoverable (43,578) (47,114)
Deferred policy acquisition costs, net (14,406) (12,343)
Prepaid reinsurance premiums (36,118) (22,677)
Prepaid expenses and other assets (34,589) (9,018)
Changes in liabilities - increase (decrease):    
Reinsurance premium payable 37,681 51,523
Loss and loss expense reserve 89,144 48,085
Unearned premiums 86,838 60,458
Funds held under reinsurance treaties (6,625) (179)
Accrued expenses and other current liabilities 29,084 (86)
Deferred tax liability 4,575 10,086
Net cash provided by operating activities 88,434 55,331
Cash flows from investing activities:    
Net (purchases) sales of securities with fixed maturities (212,243) 7,157
Net (purchases) sales of equity securities 7,509 1,447
Net (purchases) sales of other investments (309) 161
Acquisition of and capitalized premiums for life settlement contracts (7,961) (17,453)
Acquisition of intangible assets and subsidiaries, net of cash obtained (2,222)  
Increase in restricted cash and cash equivalents (36,132) (23,402)
Purchase of property and equipment (5,014) (15,402)
Net cash used in investing activities (256,372) (47,492)
Cash flows from financing activities:    
Repurchase agreements, net 9,197 (95,251)
Revolving credit facility borrowing   98,200
Convertible senior notes proceeds 25,000  
Secured loan agreement borrowings   10,800
Secured loan agreements payments (240)  
Promissory note 2,500  
Term loan payment   (6,667)
Debt financing fees (750) (1,394)
Capital contribution to subsidiaries 4,928 8,965
Stock option exercise and other 922 857
Dividends distributed on common stock (5,533) (4,761)
Net cash provided by financing activities 36,024 10,749
Effect of exchange rate changes on cash 2,250 2,119
Net decrease in cash and cash equivalents (129,664) (20,707)
Cash and cash equivalents, beginning of the period 406,847 184,819
Cash and cash equivalents, end of the period 277,183 205,526
Supplemental Cash Flow Information    
Income tax payments 46 57
Interest payments on debt $ 2,880 $ 3,151