XML 20 R8.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income $ (25.2) $ 120.0
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Amortization and depreciation 14.1 13.8
Share-based payments expense 5.4 8.8
Deferred income tax (benefit) provision, net (18.4) 3.2
Net realized investment losses (gains) 16.0 (64.5)
Undistributed earnings (loss) from alternative investment portfolio 20.9 (11.4)
Loss on disposals of long-lived assets, net 0.2 0.1
Change in:    
Accrued investment income 2.3 0.5
Receivables 31.2 (161.9)
Deferred acquisition costs 5.1 3.5
Ceded unearned premiums (115.6) (136.2)
Reserves for losses and loss adjustment expenses 98.5 83.2
Unearned premiums 82.2 103.0
Ceded reinsurance payable and funds held (140.7) 80.3
Income taxes 25.5 4.4
Accrued underwriting expenses and other liabilities (70.1) 12.8
Other, net (34.5) (64.5)
Cash used in operating activities (103.1) (4.9)
Cash flows from investing activities:    
Sales of fixed maturity investments 746.0 751.6
Maturities and mandatory calls of fixed maturity investments 255.0 168.8
Sales of equity securities 8.1 32.2
Sales of other investments 94.2 31.1
Purchases of fixed maturity investments (1,103.6) (888.5)
Purchases of equity securities (59.5) (32.4)
Purchases of other investments (14.3) (38.2)
Change in foreign regulatory deposits and voluntary pools 5.0 6.3
Change in short-term investments 212.5 67.7
Settlements of foreign currency exchange forward contracts 7.0 9.9
Proceeds from sale of Trident assets 38.0 0.0
Purchases of fixed assets (7.6) (15.7)
Other, net (5.0) (22.5)
Cash provided by investing activities 175.8 70.3
Cash flows from financing activities:    
Activity under stock incentive plans 1.0 0.9
Payment of cash dividends to common shareholders (21.3) (22.7)
Cash used in financing activities (20.3) (21.8)
Effect of exchange rate changes on cash (2.5) (0.5)
Change in cash 49.9 43.1
Cash, beginning of year 137.8 139.2
Cash, end of period $ 187.7 $ 182.3