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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Operating activities    
Net earnings $ 283,139 $ 176,905
Adjustments to reconcile net earnings to net cash provided by operating activities    
Change in premium, claims and other receivables 6,623 (76,927)
Change in reinsurance recoverables 47,149 (56,510)
Change in ceded unearned premium (39,918) 47,477
Change in loss and loss adjustments expense payable 16,052 196,046
Change in unearned premium 87,177 24,655
Change in reinsurance, premium and claims payable, excluding restricted cash (32,743) (34,052)
Change in accounts payable and accrued liabilities 79,500 5,082
Stock-based compensation expense 10,361 10,017
Depreciation and amortization expense 13,919 13,214
Other, net 24,776 (17,948)
Cash provided by operating activities 496,035 287,959
Investing activities    
Proceeds from sales of available for sale fixed maturity securities 293,969 494,532
Proceeds from sale of equity securities 7,145  
Maturity or call of available for sale fixed maturity securities 504,583 318,558
Maturity or call of held to maturity fixed maturity securities 28,511 24,950
Cost of available for sale fixed maturity securities acquired (1,056,909) (1,243,124)
Cost of equity securities acquired 205,092  
Cost of other investments acquired 0 (33,060)
Change in short-term investments (5,401) 288,909
Payments for purchase of businesses, net of cash received (32,590) (1,892)
Other, net (2,911) (14,184)
Cash used by investing activities (468,695) (165,311)
Financing activities    
Advances on line of credit 140,000 210,000
Payments on line of credit (70,000) (15,000)
Sale of common stock 40,105 36,245
Purchase of common stock (135,151) (303,311)
Dividends paid (47,617) (49,301)
Other, net 5,066 (6,001)
Cash used by financing activities (67,597) (127,368)
Net decrease in cash (40,257) (4,720)
Cash at beginning of year 104,550 97,857
Cash at end of period $ 64,293 $ 93,137