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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operations:    
Net income (loss) $ 218.2 $ 650.9
Adjustments to reconcile net income to net cash provided from (used for) operations:    
Net realized and unrealized investment (gains) losses from investment in MediaAlpha (151.2) 255.2
Deferred income tax expense (benefit) 1.9 22.1
Amortization of restricted share awards 11.2 10.3
Amortization (accretion) and depreciation (10.3) 7.0
Net (income) loss from discontinued operation, net of tax - NSM Group 0.0 (16.4)
Net gain (loss) from sale of discontinued operations, net of tax 0.0 (886.8)
Other operating items:    
Net change in reinsurance recoverables 56.9 (95.1)
Net change in insurance premiums receivable (236.4) (282.3)
Net change in deferred acquisition costs (54.0) (45.0)
Net change in loss and loss adjustment expense reserves 275.3 434.7
Net change in unearned insurance premiums 375.4 305.8
Net change in reinsurance payable (104.8) (111.4)
Net change in restricted cash (12.2) 4.4
Contributions to Kudu’s Participation Contracts (108.3) (97.9)
Proceeds from Kudu’s Participation Contracts sold 74.6 0.0
Net other operating activities 43.3 (37.3)
Net cash provided from (used for) operations - continuing operations 379.6 118.2
Net cash provided from (used for) operations - NSM Group discontinued operations (Note 19) 0.0 38.7
Net cash provided from (used for) operations 379.6 156.9
Cash flows from investing activities:    
Net change in short-term investments (194.9) (735.4)
Sales of fixed maturity investments 107.9 212.4
Maturities, calls and paydowns of fixed maturity investments 212.6 107.3
Sales of common equity securities 129.9 0.0
Distributions and redemptions of other long-term investments 26.8 55.0
Proceeds from the sale of NSM Group and Other Operating Businesses, net of cash sold of $0.8 and $144.4 17.3 1,384.3
Purchases of consolidated subsidiaries, net of cash acquired of $0.0 and $0.3 0.0 (67.9)
Purchases of fixed maturity investments (392.9) (474.1)
Purchases of common equity securities and investment in MediaAlpha (114.2) (88.0)
Purchases of other long-term investments (237.7) (136.9)
Net other investing activities (9.8) 3.7
Net cash provided from (used for) investing activities - continuing operations (455.0) 260.4
Net cash provided from (used for) investing activities - NSM Group discontinued operations (Note 19) 0.0 7.1
Net cash provided from (used for) investing activities (455.0) 267.5
Cash flows from financing activities:    
Draw down of debt and revolving lines of credit 12.2 211.8
Repayment of debt and revolving lines of credit (24.3) (10.5)
Cash dividends paid to common shareholders (2.6) (3.0)
Repurchases and retirements of common shares (32.7) (610.5)
Net contributions from (distributions to) other noncontrolling interests (5.3) (9.2)
Net (contributions to) distributions from discontinued operations 0.0 11.6
Issuances of shares to noncontrolling interests 0.0 74.6
BAM member surplus contributions 46.4 62.3
Fidus Re premium payments (10.3) (5.6)
Net other financing activities (0.2) (2.1)
Net cash provided from (used for) financing activities - continuing operations (16.8) (280.6)
Net cash provided from (used for) financing activities - NSM Group discontinued operations (Note 19) 0.0 (17.5)
Net cash provided from (used for) financing activities (16.8) (298.1)
Net change in cash during the period (92.2) 98.0
Cash balances at beginning of period (includes restricted cash balances of $12.2 and $4.5 and excludes discontinued operations cash balances of $0.0 and $111.6) 255.0 147.7
Cash balances at end of period (includes restricted cash balances of $0.0 and $8.9 and excludes discontinued operations cash balances of $0.0 and $0.0) 162.8 245.7
Supplemental cash flows information:    
Interest paid (18.0) (10.9)
Net income tax payments (29.9) (3.2)
Investments, Excluding 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 (190.1) 141.9
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 $ 38.9 $ 113.3