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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
2 Months Ended 11 Months Ended 12 Months Ended
Dec. 31, 2023
Nov. 15, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows provided by (used in) operating activities:        
Net income (loss) $ 0.9 $ (210.4) $ (175.2) $ 6.7
Adjustments to reconcile net income (loss) to cash provided by operating activities:        
Amortization and depreciation 39.6 12.2 18.5 43.4
Share-based payments expense 0.0 1.5 9.6 8.0
Deferred income tax benefit, net 1.3 (14.9) 15.4 (38.6)
Net investment and other (gains) losses 0.3 22.7 115.3 (32.6)
Undistributed earnings from alternative investment portfolio (2.2) (11.5) (17.7) (95.5)
Loss on disposals of long-lived assets, net 0.0 1.2 0.6 23.3
Foreign currency exchange loss 0.6 1.8 0.0 0.0
Impairment of goodwill and intangibles 0.0 0.0 28.5 43.2
Change in:        
Accrued investment income (3.3) 1.4 0.2 0.8
Receivables 98.5 614.3 (193.6) 47.4
Deferred acquisition costs (7.2) 8.8 (12.6) 0.8
Ceded unearned premiums 31.6 (69.7) 88.4 65.7
Reserves for losses and loss adjustment expenses 17.2 (27.9) 446.2 210.8
Unearned premiums (69.6) (12.0) (74.7) 7.2
Ceded reinsurance payable and funds held (57.3) 20.1 (162.9) (207.3)
Income taxes 0.1 14.6 (47.5) (4.5)
Accrued underwriting expenses and other liabilities (19.3) 18.7 14.7 3.0
Other, net (14.3) (77.2) 0.0 17.9
Net cash flows from operating activities 16.9 293.7 53.2 99.7
Cash flows provided by (used in) investing activities:        
Sales of fixed maturity investments 0.7 24.2 818.5 992.9
Maturities and mandatory calls of fixed maturity investments 22.3 139.3 380.1 717.7
Sales of equity securities 0.0 45.7 17.8 125.8
Sales of other investments 22.2 24.0 58.1 212.3
Purchases of fixed maturity investments (10.1) (11.9) (1,093.6) (1,932.9)
Purchases of equity securities 0.0 (0.3) (1.0) (5.3)
Purchases of other investments (2.9) (19.3) (52.8) (47.4)
Change in foreign regulatory deposits and voluntary pools 0.0 0.0 (6.7) (27.1)
Purchase of mortgage loans 0.0 0.0 (159.9) 0.0
Change in short-term investments 24.1 (627.0) 26.1 (116.4)
Settlements of foreign currency exchange forward contracts 1.3 4.5 (22.0) (1.2)
Proceeds from business divestitures, net of cash transferred 4.2 63.8 14.9 0.0
Purchases of fixed assets, net 0.0 (2.7) (6.1) 18.0
Other, net 0.0 0.0 0.0 7.7
Cash provided by (used in) investing activities 61.8 (359.7) (26.6) (55.9)
Cash flows provided by (used in) financing activities:        
Activity under stock incentive plans 0.0 0.7 1.8 1.3
Payment of cash dividends to preferred stockholders 0.0 (10.5) (10.5) (10.5)
Payment of cash dividends to common stockholders 0.0 0.3 (43.4) (43.7)
Cash used in financing activities 0.0 (9.5) (52.1) (52.9)
Effect of exchange rate changes on cash 0.0 0.3 0.4 6.4
Net change in cash and restricted cash including balances classified as held-for-sale 78.7 (75.2) (25.1) (2.7)
Cash, restricted cash and cash equivalents [1] 0.0 70.8 (70.8) 0.0
Cash, restricted cash, and cash equivalents, beginning of period 45.8 50.2 146.1 148.8
Cash, restricted cash, and cash equivalents, end of period $ 791.6 $ 45.8 $ 50.2 $ 146.1
[1] See Note 2 for details of the assets and liabilities classified as “held-for-sale” as of December 31, 2022.