XML 24 R8.htm IDEA: XBRL DOCUMENT v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operations:      
Net income (loss) $ 712.4 $ (321.9) $ 663.4
Adjustments to reconcile net income to net cash provided from (used for) operations:      
Net realized and unrealized investment (gains) losses 98.5 (134.2) (30.8)
Net realized and unrealized investment (gains) losses from investment in MediaAlpha 93.0 380.3 (686.0)
Amortization of restricted share awards 14.0 14.7 16.6
Amortization and depreciation 4.3 21.6 9.6
Deferred income tax expense (benefit) 12.9 34.7 (30.5)
Net (income) loss from discontinued operation, net of tax - NSM Group (16.4) 22.6 9.5
Other operating items:      
Net change in reinsurance recoverables (87.7) (15.1) 0.0
Net change in insurance premiums receivable (127.8) (179.3) 0.0
Net change in ceded unearned premiums 7.9 103.1 0.0
Net change in loss and loss adjustment expense reserves 401.8 198.7 0.0
Net change in unearned insurance premiums 159.3 198.6 39.1
Net change in deferred acquisition costs and value of in-force business acquired (21.9) (41.8) (5.8)
Net change in reinsurance payable (173.0) (104.2) 0.0
Net change in restricted cash 7.7 4.5 0.0
Proceeds from Kudu Participation Contracts sold 137.5 44.4 0.0
Decrease in Debt Securities, Trading, and Equity Securities, FV-NI (99.8) (223.4) (118.3)
Net change in other assets and liabilities 90.4 11.7 34.8
Net cash provided from (used for) operations - continuing operations 326.3 (3.7) (96.1)
Net cash provided from (used for) operations - NSM Group discontinued operations (Note 21) 38.7 42.3 35.5
Net cash provided from (used for) operations 365.0 38.6 (60.6)
Cash flows from investing activities:      
Net change in short-term investments (455.1) 59.8 60.9
Sales of fixed maturity investments 188.7 286.3 390.0
Maturities, calls and paydowns of fixed maturity investments 198.5 199.0 180.4
Sales of common equity securities and investment in MediaAlpha 0.0 176.8 787.9
Distributions and redemptions of other long-term investments 115.4 106.4 69.9
Release of cash pre-funded/placed in escrow for Ark Transaction 0.0 646.3 (646.3)
Cash pre-funded for ILS funds managed by Elementum (70.0) 0.0 0.0
Purchases of fixed maturity investments (585.5) (1,219.4) (537.7)
Purchases of common equity securities (424.5) (203.4) (33.8)
Purchases of other long-term investments (178.8) (218.0) (76.8)
Purchases of consolidated subsidiaries, net of cash acquired (67.9) 10.6 (9.1)
Net other investing activities (4.4) 3.8 4.1
Net cash provided from (used for) investing activities - continuing operations 108.4 (151.8) 189.5
Net cash provided from (used for) investing activities - NSM Group discontinued operations (Note 21) 7.1 (56.5) (124.9)
Net cash provided from (used for) investing activities 115.5 (208.3) 64.6
Cash flows from financing activities:      
Draw down of debt and revolving lines of credit 213.8 401.7 32.2
Repayment of debt and revolving lines of credit (56.7) (120.1) (1.9)
Cash dividends paid to common shareholders (3.0) (3.1) (3.2)
Issuances of shares to non-controlling interests 74.6 6.5 0.0
Net (contributions to) distributions from discontinued operations 11.6 0.0 (85.0)
Repurchases and retirements of common shares (615.8) (107.5) (85.2)
BAM member surplus contribution 81.4 62.2 68.9
Net contributions from (distributions to) other non-controlling interests (21.6) 0.7 (2.5)
Fidus Re premium payments (10.1) (8.8) (3.0)
Other financing activities, net (1.6) (13.0) (0.1)
Net cash provided from (used for) financing activities - continuing operations (327.4) 218.6 (79.8)
Net cash provided from (used for) financing activities - NSM Group discontinued operations (Note 21) (17.5) (1.0) 128.8
Net cash provided from (used for) financing activities – continuing operations (344.9) 217.6 49.0
Net change in cash during the period - continuing operations 107.3 63.1 13.6
Cash balance at beginning of year 147.7 84.6 71.0
Cash balance at end of year 255.0 147.7 84.6
NSM      
Adjustments to reconcile net income to net cash provided from (used for) operations:      
Net (income) loss from discontinued operation, net of tax - NSM Group (16.4) 22.6 9.5
Net (gain) loss from sale of discontined operations, net of tax (886.8) 0.0 0.0
Cash flows from investing activities:      
Proceeds from the sale of consolidated subsidiaries, net of cash sold 1,372.5 0.0 0.0
NSM | Held for Sale      
Adjustments to reconcile net income to net cash provided from (used for) operations:      
Net (income) loss from discontinued operation, net of tax - NSM Group (16.4) 22.6 9.5
Net (gain) loss from sale of discontined operations, net of tax (886.8) 0.0 0.0
Other operating items:      
Net cash provided from (used for) operations - NSM Group discontinued operations (Note 21) 38.7 42.3 35.5
Cash flows from investing activities:      
Net cash provided from (used for) investing activities - NSM Group discontinued operations (Note 21) 7.1 (56.5) (124.9)
Cash flows from financing activities:      
Net cash provided from (used for) financing activities - NSM Group discontinued operations (Note 21) (17.5) (1.0) 128.8
Net change in cash during the period - continuing operations 32.3 (15.0) 36.6
Cash balance at beginning of year 111.6 126.6 90.0
Cash balance at end of year 0.0 111.6 126.6
Sirius Group      
Adjustments to reconcile net income to net cash provided from (used for) operations:      
Net (gain) loss from sale of discontined operations, net of tax 0.0 (18.7) 2.3
Sirius Group | Held for Sale      
Adjustments to reconcile net income to net cash provided from (used for) operations:      
Net (gain) loss from sale of discontined operations, net of tax 0.0 (18.7) 2.3
Other Operations      
Cash flows from investing activities:      
Proceeds from the sale of consolidated subsidiaries, net of cash sold 19.5 0.0 0.0
MediaAlpha      
Adjustments to reconcile net income to net cash provided from (used for) operations:      
Net realized and unrealized investment (gains) losses from investment in MediaAlpha $ 93.0 $ 380.3 $ (686.0)