XML 31 R8.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income (loss) $ 122.0 $ (53.2)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Amortization and depreciation 28.5 24.7
Share-based payments expense 6.4 7.7
Deferred income tax benefit, net (14.4) (16.5)
Net realized investment (gains) losses (32.5) 24.0
Undistributed earnings from alternative investment portfolio (74.8) 1.6
Loss on disposals of long-lived assets, net 1.7 0.4
Change in:    
Accrued investment income 0.9 3.5
Receivables 30.2 (67.4)
Deferred acquisition costs (12.0) (11.7)
Ceded unearned premiums 2.3 (120.5)
Reserves for losses and loss adjustment expenses 36.5 267.6
Unearned premiums 77.3 176.8
Ceded reinsurance payable and funds held (176.3) (104.2)
Income taxes (1.0) (22.2)
Accrued underwriting expenses and other liabilities 42.5 (0.8)
Other, net 3.5 (8.4)
Cash provided by (used in) operating activities 40.8 101.4
Cash flows from investing activities:    
Sales of fixed maturity investments 786.4 977.5
Maturities and mandatory calls of fixed maturity investments 591.1 410.3
Sales of equity securities 36.9 18.2
Sales of other investments 81.1 95.5
Purchases of fixed maturity investments (1,511.9) (1,659.3)
Purchases of equity securities (5.3) (68.3)
Purchases of other investments (40.1) (24.5)
Change in foreign regulatory deposits and voluntary pools 36.2 (0.5)
Change in short-term investments 32.3 297.8
Settlements of foreign currency exchange forward contracts (9.7) 9.1
Proceeds from sale of Trident assets 0.0 38.0
Sale (Purchases) of fixed assets, net 16.0 (15.8)
Other, net 37.6 2.7
Cash (used in) provided by investing activities 50.6 80.7
Cash flows from financing activities:    
Payment of long-term debt 0.0 (125.0)
Issuance of preferred shares, net of issuance costs 0.0 144.0
Activity under stock incentive plans 1.2 1.4
Payment of cash dividends to preferred shareholders (7.9) (2.0)
Payment of cash dividends to common shareholders (32.7) (32.2)
Cash used in financing activities (39.4) (13.8)
Effect of exchange rate changes on cash 1.2 (5.7)
Change in cash 53.2 162.6
Cash, beginning of year 148.8 137.8
Cash, end of period $ 202.0 $ 300.4