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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net income $ 246,730 $ 105,504
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 23,938 26,869
Deferred tax (benefit) expense (13) 243
Realized investment gains, net (26,493) (291)
Loss on repurchases of senior notes 0 837
Excess tax benefits related to share-based compensation (2,568) 0
Other 23,690 (8,292)
Change in certain assets and liabilities:    
Accrued investment income (4,043) 2,630
Prepaid reinsurance premium (10,462) (4,018)
Reinsurance recoverable on loss reserves 4,385 6,322
Reinsurance recoverable on paid losses 506 2,908
Premium receivable 4,974 9,367
Deferred insurance policy acquisition costs (1,920) (955)
Profit commission receivable (50,957) (44,697)
Real estate 4,663 2,476
Loss reserves (286,046) (385,807)
Premium deficiency reserve (23,751) (13,006)
Unearned premiums 40,874 13,721
Return premium accrual (3,500) 7,800
Income taxes payable - current 102 (752)
Net cash used in operating activities (59,891) (279,141)
Purchases of investments:    
Fixed maturities (1,499,319) (1,054,567)
Equity securities (39) (40)
Proceeds from sale of fixed maturities 1,218,688 718,938
Proceeds from maturity of fixed maturities 298,618 649,468
Net increase (decrease) in payable for securities 41,762 (4)
Net decrease in restricted cash 17,212 237
Additions to property and equipment (1,711) (3,216)
Net cash provided by investing activities 75,211 310,816
Cash flows from financing activities:    
Repayment of long-term debt 0 (21,767)
Excess tax benefits related to share-based compensation 2,568 0
Net cash provided by (used in) financing activities 2,568 (21,767)
Net increase in cash and cash equivalents 17,888 9,908
Cash and cash equivalents at beginning of period 197,882 332,692
Cash and cash equivalents at end of period $ 215,770 $ 342,600