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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Cash flows from operations:          
Net (loss) income $ (383.9) $ 222.0 $ (361.9) $ 190.0  
Adjustments to reconcile net income to net cash used for operations:          
Net realized and unrealized investment gains (30.5) (56.6) (91.2) (7.8)  
Deferred income tax expense     29.0 87.9  
Net (gain) loss from sale of discontinued operations, net of tax 0.0 0.7 (18.7) 0.8  
Amortization of restricted share and option awards     11.1 12.2  
Amortization and depreciation     42.9 27.2  
Other operating items:          
Net change in reinsurance recoverables     (32.3) 0.0  
Net change in insurance premiums receivable     (245.7) 0.0  
Net change in commissions receivable     (1.2) 6.0  
Net change in ceded unearned premiums     78.1 0.0  
Net change in loss and loss adjustment expense reserves     194.9 0.0  
Net change in premiums payable     9.5 5.3  
Net change in unearned insurance premiums     290.0 28.6  
Net change in deferred acquisition costs     (60.0) (4.0)  
Net change in reinsurance payable     (46.8) 0.0  
Net change in restricted cash     18.3 26.6  
Investments in Kudu Participation Contracts     (141.6) (57.5)  
Net change in other assets and liabilities, net     46.1 (8.1)  
Net cash provided from operations     46.0 12.2  
Cash flows from investing activities:          
Net change in short-term investments     (87.3) (370.3)  
Sales of fixed maturity and convertible investments     215.9 293.2  
Maturities, calls and paydowns of fixed maturity and convertible investments     144.6 135.2  
Sales of common equity securities     176.8 582.9  
Distributions and redemptions of other long-term investments and settlements of forward contracts     98.2 64.5  
Release of cash pre-funded/placed in escrow for Ark Transaction     646.3 0.0  
Purchases of consolidated subsidiaries, net of cash acquired of $52.2 and $13.4     (39.0) (129.4)  
Purchases of other long-term investments     (206.5) (61.0)  
Purchases of common equity securities     (119.7) (33.8)  
Purchases of fixed maturity and convertible investments     (996.0) (411.3)  
Other investing activities, net     (2.7) (42.0)  
Net cash (used to) provided from investing activities     (169.4) 28.0  
Cash flows from financing activities:          
Draw down of debt and revolving line of credit     403.9 69.4  
Repayment of debt and revolving line of credit     (105.9) (2.7)  
Cash dividends paid to the Company’s common shareholders     (3.2) (3.2)  
Common shares repurchased     (87.1) (78.5)  
Net contributions from non-controlling interest shareholders     2.0 1.0  
Contingent consideration payments related to acquisitions of subsidiaries     (8.8) (7.0)  
Acquisition of subsidiary shares from non-controlling interest shareholders     (0.4) 0.0  
Capital contributions from BAM members     44.8 46.9  
Acquisition of subsidiary shares by non-controlling interest shareholders     6.1 0.0  
Fidus Re premium payment     (6.9) (2.3)  
Other financing activities, net     (22.2) (9.8)  
Net cash provided from financing activities     222.3 13.8  
Effect of exchange rate changes on cash     0.6 (0.2)  
Net change in cash during the period - continuing operations, including the effect of exchange rate changes     99.5 53.8  
Cash balances at beginning of period (includes restricted cash balances of $78.4 and $56.3)     211.2 161.0 $ 161.0
Cash balances at end of period (includes restricted cash balances of $96.7 and $82.9) 310.7 214.8 310.7 214.8 $ 211.2
Supplemental cash flows information:          
Interest paid     (21.9) (11.4)  
Net income tax payments     (2.1) (0.1)  
Marketing Technology (MediaAlpha)          
Adjustments to reconcile net income to net cash used for operations:          
Net realized and unrealized investment loss (gains) from investment in MediaAlpha $ 396.8 $ (250.0) $ 325.5 $ (295.0)