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Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:    
Net income $ 102,420 $ 317,699
Adjustments to reconcile net income to cash provided by operating activities:    
Net realized gains on sales of investments (52,906) (113,151)
Mark to market adjustments (77,318) (59,269)
Net impairment charges recognized in earnings   168
Stock based compensation 12,112 17,454
Insurance balances receivable (123,075) (156,709)
Prepaid reinsurance (35,982) (15,497)
Reinsurance recoverable (86,363) (12,444)
Accrued investment income 938 6,941
Net deferred acquisition costs (15,280) (15,465)
Net deferred tax assets 2,339 8,415
Other assets 15,686 22,318
Reserve for losses and loss expenses 372,116 158,663
Unearned premiums 222,473 141,337
Reinsurance balances payable 32,929 34,953
Accounts payable and accrued liabilities (18,629) (23,806)
Other items, net 10,386 (6,005)
Net cash provided by operating activities 361,846 305,602
CASH FLOWS USED IN INVESTING ACTIVITIES:    
Purchases of fixed maturity investments - available for sale (352) (113,118)
Purchases of fixed maturity investments 352 113,118
Purchases of fixed maturity investments - trading (3,949,447) (6,927,637)
Purchases of equity securities (245,340) (75,473)
Purchases of other invested assets (240,410) (127,538)
Sales of fixed maturity investments - available for sale 560,794 1,827,800
Sales of fixed maturity investments - trading 3,503,758 5,344,007
Sales of equity securities 36,295 2,019
Sales of other invested assets 36,067 1,136
Purchases of fixed assets (2,316) (5,213)
Change in restricted cash 29,520 (13,643)
Net cash used in investing activities (271,431) (87,660)
CASH FLOWS USED IN FINANCING ACTIVITIES:    
Dividends paid   (20,109)
Proceeds from the exercise of stock options 4,824 3,576
Share repurchases (60,000) (49,089)
Repurchase of founder warrants (53,620)  
Net cash used in financing activities (108,796) (65,622)
Effect of exchange rate changes on foreign currency cash 2,190 (1,819)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (16,191) 150,501
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 756,995 292,188
CASH AND CASH EQUIVALENTS, END OF PERIOD 740,804 442,689
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 433 4,386
Cash paid for interest expense $ 27,000 $ 18,750