v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Cash flows from operating activities:    
Net income $ 79,860 $ 113,240
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 17,419 31,764
Equity earnings and gain on investment in unconsolidated subsidiaries (5,452) (4,333)
Gain on investment in life settlement contracts (2,051) (41,524)
Realized (gain) loss on marketable securities (2,763) (1,376)
Non-cash write-down of marketable securities 1,208 345
Discount on notes payable 1,515 298
Stock based compensation 1,732 2,827
Bad debt expense 2,479 4,167
Foreign currency (gain) loss 2,034 (2,236)
Changes in assets - (increase) decrease:    
Premiums and note receivables (41,556) (130,990)
Reinsurance recoverable (36,866) (82,829)
Deferred policy acquisition costs, net (54,707) (33,886)
Prepaid reinsurance premiums (70,009) (23,039)
Prepaid expenses and other assets (8,147) (44,014)
Changes in liabilities - increase (decrease):    
Reinsurance premium payable (13,043) 44,580
Loss and loss expense reserve 187,280 57,179
Unearned premiums 171,004 165,925
Funds held under reinsurance treaties (10,062) 52,107
Accrued expenses and other current liabilities 5,136 87,070
Deferred tax liability (510) (28,486)
Net cash provided by operating activities 224,501 166,789
Cash flows from investing activities:    
Net purchases of securities with fixed maturities (296,352) (72,409)
Net sales (purchases) of equity securities 12,199 (176)
Net purchases of other investments (332) (451)
Acquisition of and capitalized premiums for life settlement contracts (23,719) (26,504)
Receipt of life settlement contract proceeds 10,074  
Acquisition of intangible assets and subsidiaries, net of cash obtained (3,822) 30,874
Increase in restricted cash and cash equivalents (22,229) (19,345)
Purchase of property and equipment (14,701) (18,315)
Net cash used in investing activities (338,882) (106,326)
Cash flows from financing activities:    
Repurchase agreements, net 40,201 (135,750)
Revolving credit facility borrowing   98,200
Convertible senior notes proceeds 25,000  
Secured loan agreement borrowings   10,800
Secured loan agreements payments (482) (387)
Promissory notes, net (2,500) (7,500)
Term loan payment   (6,667)
Debt financing fees (750) (1,394)
Capital contribution to subsidiaries 9,831 12,515
Stock option exercise and other 4,102 3,563
Dividends distributed on common stock (10,824) (9,551)
Net cash used in financing activities 64,578 (36,171)
Effect of exchange rate changes on cash 716 2,754
Net increase in cash and cash equivalents (49,087) 27,046
Cash and cash equivalents, beginning of the period 406,847 192,925
Cash and cash equivalents, end of the period 357,760 219,971
Supplemental Cash Flow Information    
Income tax payments 7,769 6,280
Interest payments on debt $ 10,706 $ 6,566