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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operations:      
Net income (loss) $ (321.9) $ 663.4 $ 376.6
Adjustments to reconcile net income to net cash used for operations:      
Net realized and unrealized investment (gains) losses (134.2) (30.8) (253.2)
Realized (gain) loss from the 2019 MediaAlpha Transaction 0.0 0.0 (67.5)
Amortization of restricted share awards 14.7 16.6 10.5
Amortization and depreciation 63.6 43.4 29.8
Deferred income tax expense (benefit) 28.8 (36.2) 24.8
Net (gain) loss from sale of discontinued operations, net of tax (18.7) 2.3 (0.8)
Other operating items:      
Net change in reinsurance recoverables (15.1) 0.0 0.0
Net change in insurance premiums receivable (179.3) 0.0 0.0
Net change in commissions receivable (7.4) (3.1) (26.8)
Net change in ceded unearned premiums 103.1 0.0 0.0
Net change in loss and loss adjustment expense reserves 198.7 0.0 0.0
Net change in premiums payable 12.8 1.8 25.1
Net change in unearned insurance premiums 198.6 39.1 35.8
Net change in deferred acquisition costs (41.8) (5.8) (3.1)
Net change in reinsurance payable (104.2) 0.0 0.0
Net change in restricted cash 15.3 22.1 6.3
Net change in investments in Kudu Participation Contracts (178.9) (118.3) (118.4)
Net change in other assets and liabilities, net 24.2 30.9 20.4
Net cash provided from (used for) operations 38.6 (60.6) (120.5)
Cash flows from investing activities:      
Net change in short-term investments 54.3 58.7 21.9
Sales of fixed maturity investments 283.6 390.0 334.3
Maturities, calls and paydowns of fixed maturity investments 199.0 180.4 119.3
Sales of common equity securities 176.8 787.9 467.2
Distributions and redemptions of other long-term investments and settlements of forward contracts 106.4 69.9 29.4
Purchases of other long-term investments (218.0) (76.8) (177.7)
Purchases of common equity securities (203.4) (33.8) (29.8)
Purchases of fixed maturity and convertible investments (1,216.7) (537.7) (539.2)
Purchases of consolidated subsidiaries, net of cash acquired of $52.2, $13.4, and $12.8 and including restricted cash of $0.0, $8.4, $0.0 (39.1) (127.3) (258.0)
Release of cash pre-funded/placed in escrow for Ark Transaction 646.3 (646.3) 0.0
Other investing activities, net 2.5 (0.4) (27.3)
Net cash provided from (used for) investing activities (208.3) 64.6 (59.9)
Cash flows from financing activities:      
Draw down of debt and revolving lines of credit 436.7 84.6 206.4
Repayment of debt and revolving lines of credit (154.7) (4.5) (22.9)
Cash dividends paid to the Company’s common shareholders (3.1) (3.2) (3.2)
Acquisition of subsidiary shares by non-controlling interest shareholders 6.5 0.0 0.0
Common shares repurchased (100.1) (78.5) 0.0
Acquisition of subsidiary shares from non-controlling interest shareholders (0.4) (0.5) (21.1)
Proceeds from issuance of shares to non-controlling interest shareholders 0.0 0.0 62.7
Net contributions from non-controlling interest shareholders 1.5 1.7 (26.2)
Contingent considerations related to acquisition of subsidiaries 0.0 (7.0) (7.6)
Capital contributions from BAM members 62.2 68.9 54.6
Fidus Re premium payments (8.8) (3.0) (3.0)
Other financing activities, net (22.2) (9.5) (9.2)
Net cash provided from (used for) financing activities 217.6 49.0 230.5
Effect of exchange rate changes on cash 0.2 (2.8) 0.6
Net change in cash during the period - continuing operations, including the effect of exchange rate changes 48.1 50.2 50.7
Cash balance at beginning of year 211.2 161.0 110.3
Cash balance at end of year 259.3 211.2 161.0
MediaAlpha      
Adjustments to reconcile net income to net cash used for operations:      
Net realized and unrealized investment (gains) losses from MediaAlpha $ 380.3 $ (686.0) $ (180.0)