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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash flows from operating activities:      
Net loss $ (485,892) $ (363,735) $ (1,322,277)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:      
Depreciation and other amortization 84,828 60,882 60,349
Deferred tax (benefit) provision (738) (75) 176,279
Realized investment gains, net (143,430) (102,581) (92,874)
Net investment impairment losses 715 9,644 40,940
Gain on repurchase on senior notes (27,688) 0 (27,238)
Other (14,218) (13,646) 55,764
Change in certain assets and liabilities:      
Accrued investment income 14,639 9,523 11,028
Reinsurance recoverable on loss reserves 120,683 56,937 (99,239)
Reinsurance recoverable on paid losses 14,269 (24,863) (3,572)
Premiums receivable 8,494 10,572 7,462
Deferred insurance policy acquisition costs 777 740 2,482
Real estate 4,599 (2,390) 29,028
Loss reserves (1,326,659) (820,819) 1,929,438
Premium deficiency reserve (44,150) (14,219) (261,150)
Unearned premiums (60,291) (65,581) (55,360)
Return premium (28,300) 90,500 57,900
Income taxes payable (current) (1,489) 293,681 (179,006)
Net cash (used in) provided by operating activities (1,883,851) (875,430) 329,954
Investment purchases:      
Equity securities (126) (156) (1,387)
Fixed maturities (4,393,471) (5,225,794) (4,147,412)
Proceeds from sale of:      
Equity securities 504 0 1,273
Fixed maturities 4,742,213 4,287,312 3,663,239
Proceeds from maturity of fixed maturities 1,407,325 740,959 554,980
Repayment of note receivable from joint ventures 0 83,500 0
Net (decrease) increase in payable for securities (2,228) 2,275 (17,890)
Net cash provided by (used in) investing activities 1,754,217 (111,904) 52,803
Cash flows from financing activities:      
Repayment of note payable 0 0 (200,000)
Repayment of long-term debt (178,721) (1,000) (94,352)
Net proceeds from convertible senior notes 0 334,373 0
Common stock shares issued 0 772,376 0
Net cash (used in) provided by financing activities (178,721) 1,105,749 (294,352)
Net (decrease) increase in cash and cash equivalents (308,355) 118,415 88,405
Cash and cash equivalents at beginning of year 1,304,154 1,185,739 1,097,334
Cash and cash equivalents at end of year $ 995,799 $ 1,304,154 $ 1,185,739