v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Cash flows from operating activities:    
Net income $ 125,753 $ 153,422
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 27,848 40,151
Equity earnings and gain on investment in unconsolidated subsidiaries (8,659) (3,415)
Gain on investment in life settlement contracts (5,302) (48,346)
Realized gain on marketable securities (4,976) (1,926)
Acquisition gain on purchase 0 (5,850)
Non-cash write-down of marketable securities 1,208 345
Discount on notes payable 2,225 379
Stock based compensation 4,954 4,182
Bad debt expense 5,697 4,717
Foreign currency loss 2,985 1,827
Changes in assets - (increase) decrease:    
Premiums and note receivables (111,200) (98,569)
Reinsurance recoverable (119,611) (120,897)
Deferred policy acquisition costs, net (68,656) (52,849)
Prepaid reinsurance premiums (100,074) (56,165)
Prepaid expenses and other assets (44,998) (72,828)
Changes in liabilities - increase (decrease):    
Reinsurance premium payable (13,236) 30,279
Loss and loss expense reserve 367,943 204,265
Unearned premiums 316,330 223,600
Funds held under reinsurance treaties (10,931) (4,783)
Accrued expenses and other current liabilities 23,704 67,770
Deferred tax liability 8,559 (41,092)
Net cash provided by operating activities 399,563 224,217
Cash flows from investing activities:    
Net purchases of securities with fixed maturities (237,174) (88,449)
Net sales (purchases) of equity securities 19,068 (18,852)
Net purchases of other investments 1,938 (544)
Acquisition of Majestic, net of cash obtained 0 27,314
Acquisition of and capitalized premiums for life settlement contracts (42,225) (43,847)
Receipt of life settlement contract proceeds 10,074 10,530
Acquisition of intangible assets and subsidiaries, net of cash obtained (19,764) (4,535)
Increase in restricted cash and cash equivalents (23,691) (19,369)
Purchase of property and equipment (19,955) (33,055)
Net cash used in investing activities (311,729) (170,807)
Cash flows from financing activities:    
Repurchase agreements, net 34,380 (3,712)
Revolving credit facility borrowing 0 123,200
Revolving credit facility payment 0 (90,000)
Convertible senior notes proceeds 25,000 0
Secured loan agreement borrowings 0 10,800
Secured loan agreements payments (729) (544)
Promissory notes, net 500 (7,500)
Term loan payment 0 (6,667)
Debt financing fees (1,670) (1,368)
Capital contribution to subsidiaries 16,624 23,764
Stock option exercise and other 4,176 3,680
Dividends distributed on common stock (16,866) (14,327)
Net cash used in financing activities 61,415 37,326
Effect of exchange rate changes on cash 1,893 703
Net increase in cash and cash equivalents 151,142 91,439
Cash and cash equivalents, beginning of the period 406,847 192,925
Cash and cash equivalents, end of the period 557,989 284,364
Supplemental Cash Flow Information    
Income tax payments 7,893 13,792
Interest payments on debt $ 12,555 $ 10,098