XML 74 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities:      
Net earnings $ 103,346 $ 126,598 $ 128,197
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Net realized investment gains (25,372) (17,036) (23,243)
Depreciation 3,145 3,177 3,037
Other items, net 7,732 (9,144) (521)
Change in:      
Accrued investment income (538) 2,577 2,230
Premiums and reinsurance balances receivable (net of direct write-offs and commutations) (14,859) 14,303 (23,430)
Reinsurance balances payable (6,902) 27,010 1,420
Funds held (53,922) 78,483 (5,618)
Ceded unearned premium (11,563) 2,025 2,748
Reinsurance balances recoverable on unpaid losses (6,079) 358 (17,771)
Deferred policy acquisition costs (239) (1,041) 268
Accounts payable and accrued expenses (8,950) (17,619) 601
Unpaid losses and settlement expenses 7,769 (95,616) 27,483
Unearned premiums 28,079 8,593 (10,990)
Income taxes:      
Current 14,536 (1,440) 16,691
Deferred 3,781 7,464 37
Stock option excess tax benefit (1,471) (4,210) (2,732)
Changes in investment in unconsolidated investees:      
Undistributed earnings (8,853) (6,497) (7,101)
Dividends received 6,600   7,920
Net proceeds from trading portfolio activity   6 1,009
Net cash provided by (used in) operating activities 36,240 117,991 100,235
Purchase of:      
Fixed income, held-to-maturity (25,078) (209,300) (348,252)
Fixed income, available-for-sale (632,955) (450,813) (549,843)
Equity securities, available-for-sale (34,113) (87,346) (63,504)
Short-term investments, net (6,597)    
Property and equipment (18,521) (5,382) (2,841)
Acquisition of CBIC, net of cash acquired   (120,767)  
Acquisition of Rockbridge Underwriting Agency (15,500)    
Other (400)    
Proceeds from sale of:      
Fixed income, available-for-sale 181,338 383,664 323,887
Equity securities, available-for-sale 78,315 40,092 35,559
Short-term investments, net   15,922 64,673
Property and equipment 3,913 1,424 544
Proceeds from call or maturity of:      
Fixed income, held-to-maturity 273,816 258,493 249,927
Fixed income, available-for-sale 248,134 261,654 382,456
Net cash provided by investing activities 52,352 87,641 92,606
Cash flows from financing activities:      
Stock option excess tax benefit 1,471 4,210 2,732
Proceeds from stock option exercises 6,104 8,821 5,087
Treasury shares purchased   (6,624) (23,858)
Cash dividends paid (133,037) (130,855) (176,802)
Net cash used in financing activities (125,462) (124,448) (192,841)
Net increase (decrease) in cash (36,870) 81,184  
Cash at beginning of year 81,184    
Cash at end of year $ 44,314 $ 81,184