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Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net income (loss) $ 100,141 $ 243,753 $ 344,781 $ 614,666
Adjustments to reconcile net income to net cash provided by operating activities:        
Decrease (increase) in premiums receivable (154,853) (185,115) (237,390) (382,658)
Decrease (increase) in funds held by reinsureds, net 361 285 762 (12,201)
Decrease (increase) in reinsurance receivables (409,980) (91,047) (778,374) (177,199)
Decrease (increase) in income taxes (24,615) 129,344 12,264 252,746
Decrease (increase) in prepaid reinsurance premiums (98,231) (78,068) (198,306) (132,217)
Increase (decrease) in reserve for losses and loss adjustment expenses 142,529 (136,110) 150,411 (390,402)
Increase (decrease) in unearned premiums 140,386 140,204 241,650 263,018
Increase (decrease) in other net payable to reinsurers 270,262 147,164 353,468 264,061
Increase (decrease) in losses in course of payment 12,569 182,448 164,072 417,982
Change in equity adjustments in limited partnerships (18,804) (6,337) (17,643) (31,159)
Distribution of limited partnership income 23,391 2,683 32,548 18,868
Change in other assets and liabilities, net 49,157 19,626 (2,744) 7,875
Non-cash compensation expense 2,002 2,257 5,700 6,230
Amortization of bond premium (accrual of bond discount) 2,921 5,999 14,502 19,696
Amortization of underwriting discount on senior notes 15 14 43 41
Net realized capital (gains) losses 160 (208,426) (120,904) (533,758)
Net cash provided by (used in) operating activities 37,411 168,674 (35,160) 205,589
CASH FLOWS FROM INVESTING ACTIVITIES:        
Proceeds from fixed maturities matured/called - available for sale, at market value 309,630 258,451 829,363 885,835
Proceeds from fixed maturities matured/called - available for sale, at fair value     875 7,213
Proceeds from fixed maturities sold - available for sale, at market value 219,823 124,460 547,682 465,084
Proceeds from fixed maturities sold - available for sale, at fair value 3,092 1,056 23,855 18,398
Proceeds from equity securities sold - available for sale, at fair value 111,684 95,174 404,627 450,020
Distributions from other invested assets 26,583 3,973 41,854 47,576
Cost of fixed maturities acquired - available for sale, at market value (509,564) (313,538) (2,008,937) (1,314,440)
Cost of fixed maturities acquired - available for sale, at fair value (22,375) (2,092) (23,684) (4,798)
Cost of equity securities acquired - available for sale, at fair value (74,297) (98,760) (237,749) (332,434)
Cost of other invested assets acquired (43,953) (3,320) (76,717) (11,828)
Net change in short-term investments 13,327 (86,361) 97,262 10,316
Net change in unsettled securities transactions (16,427) 16,401 (9,474) (15,982)
Net cash provided by (used in) investing activities 17,523 (4,556) (411,043) 204,960
CASH FLOWS FROM FINANCING ACTIVITIES:        
Tax benefit from share-based compensation 451 363 3,239 2,446
Revolving credit borrowings   (40,000)    
Net cost of junior subordinated debt securities redemption       (329,897)
Net proceeds from issuance of senior notes     400,000  
Net cash provided by (used in) financing activities 451 (39,637) 403,239 (327,451)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (7,000) (9,240) 1,575 (23,945)
Net increase (decrease) in cash 48,385 115,241 (41,389) 59,153
Cash, beginning of period 227,033 291,632 316,807 347,720
Cash, end of period 275,418 406,873 275,418 406,873
SUPPLEMENTAL CASH FLOW INFORMATION:        
Income taxes paid (recovered) 45,202 (4,345) 129,608 49,050
Interest paid   $ 72 $ 14,719 $ 23,054