XML 62 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 loss $ (927,079) $ (485,892) $ (363,735)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and other amortization 100,135 84,828 60,882
Deferred tax benefit (34) (738) (75)
Realized investment gains, net (197,719) (143,430) (102,581)
Net investment impairment losses 2,310 715 9,644
Gain on repurchase on senior notes (17,775) (27,688) 0
Other (21,026) (14,218) (13,646)
Change in certain assets and liabilities:      
Accrued investment income 28,423 14,639 9,523
Reinsurance recoverable on loss reserves 49,759 120,683 56,937
Reinsurance recoverable on paid losses 4,286 14,269 (24,863)
Premiums receivable 3,245 8,494 10,572
Deferred insurance policy acquisition costs (3,740) 777 740
Real estate (1,842) 4,599 (2,390)
Loss reserves (500,669) (1,326,659) (820,819)
Premium deficiency reserve (61,036) (44,150) (14,219)
Unearned premiums (16,026) (60,291) (65,581)
Return premium (11,700) (28,300) 90,500
Income taxes payable (current) 1,888 (1,489) 293,681
Net cash used in operating activities (1,568,600) (1,883,851) (875,430)
Investment purchases:      
Equity securities (132) (126) (156)
Fixed maturities (5,025,204) (4,393,471) (5,225,794)
Proceeds from sale of:      
Equity securities 0 504 0
Fixed maturities 5,216,934 4,742,213 4,287,312
Proceeds from maturity of fixed maturities 1,461,955 1,407,325 740,959
Repayment of note receivable from joint ventures 0 0 83,500
Net (decrease) increase in payable for securities (20) (2,228) 2,275
Net cash provided by (used in) investing activities 1,653,533 1,754,217 (111,904)
Cash flows from financing activities:      
Repayment of long-term debt (53,107) (178,721) (1,000)
Net proceeds from convertible senior notes 0 0 334,373
Common stock shares issued 0 0 772,376
Net cash (used in) provided by financing activities (53,107) (178,721) 1,105,749
Net increase (decrease) in cash and cash equivalents 31,826 (308,355) 118,415
Cash and cash equivalents at beginning of year 995,799 1,304,154 1,185,739
Cash and cash equivalents at end of year $ 1,027,625 $ 995,799 $ 1,304,154