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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows provided by (used in) operating activities:      
Net income (loss) $ (175.2) $ 6.7 $ (54.1)
Adjustments to reconcile net income (loss) to cash provided by operating activities:      
Amortization and depreciation 18.5 43.4 33.2
Share-based payments expense 9.6 8.0 8.7
Deferred income tax benefit, net 15.4 (38.6) (21.6)
Net investment and other (gains) losses 115.3 (32.6) 3.6
Undistributed earnings from alternative investment portfolio (17.7) (95.5) (8.6)
Loss on disposals of long-lived assets, net 0.6 23.3 5.5
Impairment of goodwill and intangibles 28.5 43.2 0.0
Change in:      
Accrued investment income 0.2 0.8 3.9
Receivables (193.6) 47.4 84.8
Deferred acquisition costs (12.6) 0.8 (4.6)
Ceded unearned premiums 88.4 65.7 (33.2)
Reserves for losses and loss adjustment expenses 446.2 210.8 280.2
Unearned premiums (74.7) 7.2 63.7
Ceded reinsurance payable and funds held (162.9) (207.3) (238.2)
Income taxes (47.5) (4.5) (17.5)
Accrued underwriting expenses and other liabilities 14.7 3.0 (43.7)
Other, net 0.0 17.9 9.8
Net cash flows from operating activities 53.2 99.7 71.9
Cash flows provided by (used in) investing activities:      
Sales of fixed maturity investments 818.5 992.9 1,080.0
Maturities and mandatory calls of fixed maturity investments 380.1 717.7 569.8
Sales of equity securities 17.8 125.8 25.4
Sales of other investments 58.1 212.3 103.9
Purchases of fixed maturity investments (1,093.6) (1,932.9) (2,038.1)
Purchases of equity securities (1.0) (5.3) (78.9)
Purchases of other investments (52.8) (47.4) (35.5)
Change in foreign regulatory deposits and voluntary pools (6.7) (27.1) (5.4)
Purchase of mortgage loans (159.9) 0.0 0.0
Change in short-term investments 26.1 (116.4) 285.4
Settlements of foreign currency exchange forward contracts (22.0) (1.2) 9.4
Proceeds from business divestitures, net of cash transferred 14.9 0.0 28.3
Proceeds from sale of Trident assets 0.0 0.0 38.0
Purchases of fixed assets, net (6.1) 18.0 (20.2)
Other, net 0.0 7.7 13.6
Cash used in investing activities (26.6) (55.9) (24.3)
Cash flows provided by (used in) financing activities:      
Payment of long-term debt 0.0 0.0 (125.0)
Issuance of preferred shares, net of issuance costs 0.0 0.0 144.0
Activity under stock incentive plans 1.8 1.3 1.8
Payment of cash dividends to preferred shareholders (10.5) (10.5) (4.6)
Payment of cash dividends to common shareholders (43.4) (43.7) (43.0)
Cash used in financing activities (52.1) (52.9) (26.8)
Effect of exchange rate changes on cash 0.4 6.4 (9.8)
Net change in cash and restricted cash including balances classified as held-for-sale (25.1) (2.7) 11.0
Cash [1] (70.8) 0.0 0.0
Cash and restricted cash, beginning of year 146.1 148.8 137.8
Cash and restricted cash, end of period $ 50.2 $ 146.1 $ 148.8
[1] See Note 2 for details of the assets and liabilities classified as “held-for-sale” as of December 31, 2022.