XML 18 R7.htm IDEA: XBRL DOCUMENT v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operations:      
Net income (loss) $ 227.9 $ 408.5 $ 218.2
Adjustments to reconcile net income to net cash provided from (used for) operations:      
Net realized and unrealized investment (gains) losses (223.8) (390.4) (151.2)
Change in fair value of contingent consideration - Ark 34.2 47.5 16.8
Interest income from BAM Surplus Notes 7.9    
Change in fair value of BAM Surplus Notes (15.8) (15.8) 0.0
Unrealized loss on deconsolidation of BAM 114.5 114.5 0.0
Deferred income tax expense (benefit)   3.7 1.9
Amortization of restricted share awards   11.8 11.2
Amortization (accretion) and depreciation   (7.5) (10.3)
Other operating items:      
Net change in reinsurance recoverables   (306.0) 56.9
Net change in insurance premiums, commissions and fees receivable   (454.3) (236.4)
Net change in deferred acquisition costs   (58.2) (54.0)
Net change in loss and loss adjustment expense reserves   544.4 275.3
Net change in unearned insurance premiums   458.5 375.4
Net change in reinsurance payable   149.1 (104.8)
Net change in premiums and commissions payable   44.5 0.0
Contributions to Kudu’s Participation Contracts   (0.2) (108.3)
Proceeds from Kudu’s Participation Contracts sold   9.4 74.6
Net other operating activities   (28.9) 14.3
Net cash provided from (used for) operations   522.7 379.6
Cash flows from investing activities:      
Net change in short-term investments   610.8 (194.9)
Sales of fixed maturity investments   320.9 107.9
Maturities, calls and paydowns of fixed maturity investments   323.3 212.6
Sales of common equity securities and investment in MediaAlpha   162.4 129.9
Distributions and redemptions of other long-term investments   169.9 26.8
Proceeds from the sale of Other Operating Businesses, net of cash sold of $0.0 and $0.8   0.0 17.3
Purchases of consolidated subsidiaries, net of cash acquired of $44.9 and $0.0   (231.8) 0.0
Purchases of fixed maturity investments   (1,342.0) (392.9)
Purchases of common equity securities and investment in MediaAlpha   (121.1) (114.2)
Purchases of other long-term investments   (158.2) (237.7)
Cash sold in subsidiary transaction   (4.2) 0.0
Net other investing activities   (13.8) (9.8)
Net cash provided from (used for) investing activities   (283.8) (455.0)
Cash flows from financing activities:      
Draw down of debt and revolving lines of credit   15.5 12.2
Repayment of debt and revolving lines of credit   (36.7) (24.3)
Cash dividends paid to common shareholders   (2.5) (2.6)
Repurchases and retirements of common shares   (8.1) (32.7)
BAM member surplus contributions prior to the deconsolidation of BAM   26.0 46.4
Net contributions from (distributions to) other noncontrolling interests   (11.5) (5.3)
Net other financing activities   2.0 (10.5)
Net cash provided from (used for) financing activities   (15.3) (16.8)
Net change in cash during the period   223.6 (92.2)
Cash balances at beginning of period (includes restricted cash balances of $0.7 and $12.2)   122.4 255.0
Cash balances at end of period (includes restricted cash balances of $71.0 and $0.0) 346.0 346.0 162.8
Supplemental cash flows information:      
Interest paid   (46.4) (18.0)
Net income tax payments   (19.2) (29.9)
Investments, Excluding MediaAlpha and Bamboo      
Adjustments to reconcile net income to net cash provided from (used for) operations:      
Net realized and unrealized investment (gains) losses   (230.7) (190.1)
MediaAlpha      
Adjustments to reconcile net income to net cash provided from (used for) operations:      
Net realized and unrealized investment (gains) losses (88.2) (159.7) 38.9
Financial Guarantee (HG Global) | Operating Segments      
Adjustments to reconcile net income to net cash provided from (used for) operations:      
Net realized and unrealized investment (gains) losses (22.5) (8.1) 17.0
Interest income from BAM Surplus Notes 7.9 7.9 0.0
Change in fair value of BAM Surplus Notes (15.8) (15.8) 0.0
Unrealized loss on deconsolidation of BAM $ 114.5 $ 114.5 $ 0.0