XML 53 R8.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net income $ 2,132.5 $ 62.3 $ 78.3
Adjustments to reconcile net income after tax to net cash provided by operating activities:      
Revaluation of Fidelis MGU (1,707.1) 0.0 0.0
Share compensation expense 27.6 10.8 9.8
Depreciation 0.3 3.9 4.5
Net unrealized (gain)/loss on investments (3.6) 17.8 (12.1)
Net realized (gain)/loss on investments (5.0) 8.5 24.1
Deferred tax benefit (86.5) (10.4) (26.4)
Net changes in assets and liabilities:      
Accrued investment income (16.3) 1.2 (3.0)
Premiums and other receivables (321.3) (342.0) (479.1)
Amounts due from Fidelis MGU (176.2) 0.0 0.0
Deferred reinsurance premiums (237.7) (147.0) (261.3)
Reinsurance balances recoverable on paid losses (22.5) 89.5 (156.4)
Reinsurance balances recoverable on reserves for losses and loss adjustment expenses (125.5) (195.5) (421.9)
Deferred policy acquisition costs (270.6) (112.5) (126.8)
Other assets 34.6 (3.0) (6.6)
Reserves for losses and loss adjustment expenses 383.9 695.3 592.3
Unearned premiums 530.9 504.9 708.2
Reinsurance balances payable 7.1 134.3 453.7
Amounts due to Fidelis MGU 334.0 0.0 0.0
Other liabilities 16.6 23.3 (31.5)
Net cash provided by operating activities 495.2 741.4 345.8
Investing activities      
Purchase of available-for-sale securities (2,241.6) (1,595.8) (2,122.2)
Proceeds from sales and maturities of available-for-sale securities 1,337.9 1,678.8 1,111.6
Purchase of other investments 0.0 (100.0) (125.2)
Proceeds from sale of other investments 75.2 223.9 1.3
Proceeds from the sale of investments, trading 0.0 27.8 56.1
Purchase of fixed assets (6.4) (18.8) (7.1)
Net cash provided by/(used in) investing activities (834.9) 215.9 (1,085.5)
Financing activities      
Proceeds from issuance of common stock, net of issuance costs 89.4 0.0 318.2
Non-controlling interest share transactions (6.1) (15.7) (6.3)
Repurchase of common shares 0.0 0.0 (320.9)
Net cash used in disposal of subsidiary (105.5) 0.0 (7.1)
Cumulative dividends on warrants (34.1) 0.0 0.0
Tax paid on withholding shares (50.6) 0.0 0.0
Dividends on common shares 0.0 (0.5) (2.1)
Net cash used in financing activities (106.9) (16.2) (18.2)
Effect of exchange rate changes on foreign currency cash 2.8 (9.2) (4.6)
Net increase/(decrease) in cash, restricted cash, and cash equivalents (443.8) 931.9 (762.5)
Cash, restricted cash, and cash equivalents, beginning of year 1,407.9 476.0 1,238.5
Cash, restricted cash, and cash equivalents, end of year 964.1 1,407.9 476.0
Supplemental disclosure of cash flow information:      
Net cash paid during the year for income taxes 14.7 11.9 24.1
Cash paid during the year for interest $ 29.7 $ 29.6 $ 29.3