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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, 2024
Dec. 31, 2022
Cash flows provided by (used in) operating activities:        
Net income (loss) $ 0.9 $ (210.4) $ (148.1) $ (175.2)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:        
Amortization and depreciation 39.6 12.2 183.4 18.5
Share-based payments expense 0.0 1.5 0.0 9.6
Deferred income tax expense (benefit), net 1.3 (14.9) (41.8) 15.4
Net investment and other (gains) losses 0.3 22.7 (20.0) 115.3
Undistributed earnings from alternative investment portfolio (2.2) (11.5) (24.5) (17.7)
Loss on disposals of long-lived assets, net 0.0 1.2 0.0 0.6
Foreign currency exchange (gains) losses 0.6 1.8 (1.0) 0.0
Impairment of goodwill and intangibles 0.0 0.0 0.0 28.5
Change in:        
Accrued investment income (3.3) 1.4 1.8 0.2
Receivables 98.5 614.3 (42.7) (193.6)
Deferred acquisition costs (7.2) 8.8 (44.9) (12.6)
Ceded unearned premiums 31.6 (69.7) (1.8) 88.4
Reserves for losses and loss adjustment expenses 17.2 (27.9) 235.7 446.2
Unearned premiums (69.6) (12.0) (117.8) (74.7)
Ceded reinsurance payable and funds held (57.3) 20.1 (46.7) (162.9)
Income taxes 0.1 14.6 31.5 (47.5)
Accrued underwriting expenses and other liabilities (19.3) 18.7 (19.6) 14.7
Other, net (14.3) (77.2) (88.2) 0.0
Cash provided by (used in) operating activities 16.9 293.7 (144.7) 53.2
Cash flows provided by (used in) investing activities:        
Sales of fixed maturity investments 0.7 24.2 286.6 818.5
Maturities and mandatory calls of fixed maturity investments 22.3 139.3 492.8 380.1
Sales of equity securities 0.0 45.7 2.8 17.8
Sales of short-term investments     2,760.1  
Sales of other investments 22.2 24.0 78.7 58.1
Purchases of fixed maturity investments (10.1) (11.9) (227.3) (1,093.6)
Purchases of equity securities 0.0 (0.3) (388.3) (1.0)
Purchases of short-term investments     (2,552.4)  
Purchases of other investments (2.9) (19.3) (320.6) (52.8)
Change in foreign regulatory deposits and voluntary pools 0.0 0.0 0.0 (6.7)
Change in short-term investments 24.1 (627.0)   26.1
Settlements of foreign currency exchange forward contracts 1.3 4.5 0.8 (22.0)
Proceeds from business divestitures, net of cash transferred 4.2 63.8 5.9 14.9
Purchases of fixed assets, net 0.0 (2.7) (0.8) (6.1)
Cash provided by (used in) investing activities 61.8 (359.7) (192.0) (26.6)
Cash flows provided by (used in) financing activities:        
Debt borrowings 0.0 0.0 100.0 0.0
Repayment of debt 0.0 0.0 (100.0) 0.0
Issuance of common stock 0.0 0.0 200.0 0.0
Activity under stock incentive plans 0.0 0.7 0.0 1.8
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 0.0 (43.4)
Cash provided by (used in) financing activities 0.0 (9.5) 189.5 (52.1)
Effect of exchange rate changes on cash 0.0 0.3 0.0 0.4
Net change in cash and restricted cash including balances classified as held-for-sale 78.7 (75.2) (147.2) (25.1)
Net change in cash balances classified as held-for-sale [1] 0.0 70.8 0.0 (70.8)
Cash, restricted cash, and cash equivalents, beginning of period 45.8 50.2 791.6 146.1
Cash, restricted cash, and cash equivalents, end of period 791.6 45.8 644.4 50.2
Mortgage Loans        
Cash flows provided by (used in) investing activities:        
Proceeds from loans 0.0 0.0 51.8 0.0
Purchase of loans 0.0 0.0 (114.9) (159.9)
Private Loans        
Cash flows provided by (used in) investing activities:        
Proceeds from loans 0.0 0.0 57.1 0.0
Purchase of loans $ 0.0 $ 0.0 $ (324.3) $ 0.0
[1] See Note 2, “Recent Acquisitions, Disposals & Other Transactions” in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (the “2023 Form 10-K”) for details of the assets and liabilities classified as “held-for-sale” as of December 31, 2022.