XML 18 R7.htm IDEA: XBRL DOCUMENT v3.24.1.u1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operations:    
Net income (loss) $ 221.8 $ 187.2
Adjustments to reconcile net income to net cash provided from (used for) operations:    
Net realized and unrealized investment (gains) losses from investment in MediaAlpha (226.8) (198.1)
Deferred income tax expense (benefit) (9.8) (3.6)
Amortization of restricted share awards 3.2 3.1
Amortization (accretion) and depreciation (2.1) (2.4)
Change in fair value of contingent consideration 0.0 (2.4)
Other operating items:    
Net change in reinsurance recoverables (253.0) 24.7
Net change in insurance premiums, commissions and fees receivable (394.9) (365.3)
Net change in deferred acquisition costs (68.8) (82.2)
Net change in loss and loss adjustment expense reserves 142.4 49.1
Net change in unearned insurance premiums 499.4 501.8
Net change in reinsurance payable 181.4 (58.1)
Net change in premiums and commissions payable 12.5 0.0
Contributions to Kudu’s Participation Contracts 0.0 (30.9)
Proceeds from Kudu’s Participation Contracts sold 0.0 62.9
Net other operating activities (68.7) (0.2)
Net cash provided from (used for) operations 36.5 85.6
Cash flows from investing activities:    
Net change in short-term investments 441.3 47.6
Sales of fixed maturity investments 185.8 54.6
Maturities, calls and paydowns of fixed maturity investments 81.8 66.8
Distributions and redemptions of other long-term investments 91.5 2.0
Proceeds from the sale of Other Operating Businesses, net of cash sold of $0.0 and $0.8 0.0 17.3
Purchases of consolidated subsidiaries, net of cash acquired of $44.9 and $0.0 (231.8) 0.0
Purchases of fixed maturity investments (417.3) (127.6)
Purchases of other long-term investments (79.9) (146.1)
Net other investing activities 29.2 (11.2)
Net cash provided from (used for) investing activities 100.6 (96.6)
Cash flows from financing activities:    
Repayment of debt and revolving lines of credit (32.6) (20.0)
Cash dividends paid to common shareholders (2.5) (2.6)
Repurchases and retirements of common shares (8.1) (25.3)
BAM member surplus contributions 11.4 11.8
Net contributions from (distributions to) other noncontrolling interests 1.1 (1.7)
Fidus Re premium payments (3.5) (3.5)
Net cash provided from (used for) financing activities (34.2) (41.3)
Net change in cash during the period 102.9 (52.3)
Cash balances at beginning of period (includes restricted cash balances of $0.7 and $12.2) 122.4 255.0
Cash balances at end of period (includes restricted cash balances of $83.0 and $13.0) 225.3 202.7
Supplemental cash flows information:    
Interest paid (16.7) (5.8)
Net income tax payments (5.3) (17.8)
Investments, Excluding MediaAlpha and Bamboo    
Adjustments to reconcile net income to net cash provided from (used for) operations:    
Net realized and unrealized investment (gains) losses from investment in MediaAlpha (16.2) (112.9)
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 $ (210.7) $ (85.2)