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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net income $ 81.2 $ 1,732.6
Adjustments to reconcile net income after tax to net cash provided by operating activities:    
Revaluation of The Fidelis Partnership 0.0 (1,707.1)
Share compensation expense 3.1 21.0
Accretion, amortization and depreciation (1.6) (0.2)
Net realized and unrealized (gain)/loss on investments 9.0 (2.8)
Net changes in assets and liabilities:    
Accrued investment income 4.4 (2.4)
Premiums and other receivables (645.8) (507.1)
Amounts due from The Fidelis Partnership (49.8) (183.4)
Deferred reinsurance premiums (407.8) (368.0)
Reinsurance balances recoverable on paid losses (12.9) 63.6
Reinsurance balances recoverable on reserves for losses and loss adjustment expenses (36.3) (54.3)
Deferred policy acquisition costs (173.3) (217.8)
Other assets (12.0) (73.3)
Reserves for losses and loss adjustment expenses 111.7 162.5
Unearned premiums 696.7 641.7
Reinsurance balances payable 357.0 159.6
Amounts due to The Fidelis Partnership 1.3 216.9
Other liabilities 39.8 6.8
Net cash used in operating activities (35.3) (111.7)
Investing activities    
Purchase of available-for-sale securities (428.7) (798.3)
Proceeds from maturities of available-for-sale securities 211.2 334.8
Proceeds from sales of available-for-sale securities 201.2 0.0
Proceeds from sale of other investments 0.0 75.2
Purchase of fixed assets (0.3) (0.9)
Net cash used in investing activities (16.6) (389.2)
Financing activities    
Dividends on common shares (11.8) 0.0
Repurchase of common shares (5.0) 0.0
Non-controlling interest share transactions 0.0 (6.1)
Net cash used in disposal of subsidiary 0.0 (105.5)
Cumulative dividends on warrants 0.0 (34.1)
Tax paid on withholding shares 0.0 (50.6)
Net cash used in financing activities (16.8) (196.3)
Effect of exchange rate changes on foreign currency cash (3.2) 0.7
Net decrease in cash, restricted cash, and cash equivalents (71.9) (696.5)
Cash, restricted cash, and cash equivalents, beginning of period 964.1 1,407.9
Cash, restricted cash, and cash equivalents, end of period 892.2 711.4
Cash, restricted cash, and cash equivalents comprise the following:    
Cash and cash equivalents 671.7 430.7
Restricted cash and cash equivalents 220.5 280.7
Total cash, cash equivalents and restricted cash $ 892.2 $ 711.4