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CONSOLIDATED STATEMENTS OF CASH FLOW (USD $)
In Thousands
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Operating Activities    
Net income $ 124,098 $ 460,445
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized (gains) losses (71,367) (111,889)
Net impairment losses recognized in earnings 4,364 6,016
Equity in net (income) loss of investment funds accounted for using the equity method and other income 18,590 (18,380)
Share-based compensation 19,505 19,376
Changes in:    
Reserve for losses and loss adjustment expenses, net of unpaid losses and loss adjustment expense recoverable 286,223 162,604
Unearned premiums, net of prepaid reinsurance premiums 194,123 96,881
Premiums receivable (196,244) (136,851)
Deferred acquisition costs, net (30,261) (17,617)
Reinsurance balances payable 15,987 (17,402)
Other liabilities 6,753 (15,771)
Other items, net 74,776 (37,275)
Net Cash Provided By Operating Activities 446,547 390,137
Investing Activities    
Purchases of fixed maturity investments (7,669,992) (9,483,319)
Purchase of equity securities (248,947) (74,010)
Purchases of other investments (207,365) (283,450)
Proceeds from the sales of fixed maturity investments 7,622,120 9,111,774
Proceeds from the sales of equity securities 199,650 36,768
Proceeds from the sales of other investments 201,680 177,046
Proceeds from redemptions and maturities of fixed maturity investments 537,410 456,937
Net purchases of short-term investments (544,295) (6,682)
Change in investment of securities lending collateral (77,051) (680)
Purchases of furniture, equipment and other assets (12,348) (7,860)
Net Cash Used By Investing Activities (199,138) (73,476)
Financing Activities    
Purchases of common shares under share repurchase program (266,725) (450,326)
Proceeds from common shares issued, net 1,478 14,370
Proceeds from borrowings 0 264,526
Repayments of borrowings (7,614) (120,339)
Change in securities lending collateral 77,051 680
Other 3,181 7,357
Preferred dividends paid (12,922) (12,922)
Net Cash Used For Financing Activities (205,551) (296,654)
Effects of exchange rate changes on foreign currency cash 6,403 (13,109)
Increase (decrease) in cash 48,261 6,898
Cash beginning of year 362,740 334,571
Cash end of period $ 411,001 $ 341,469