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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash Flows From Operating Activities    
Net income (loss) $ (229.0) $ 2,270.1
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation 149.6 129.4
Amortization of intangible assets 20.1 28.5
Net amortization of fixed-income securities 29.2 62.1
Amortization of equity-based compensation 43.7 42.7
Net realized (gains) losses on securities 1,623.0 (1,047.1)
Net (gains) losses on disposition of property and equipment 2.0 0.5
Goodwill impairment [1] 224.8 0.0
Changes in:    
Premiums receivable (1,162.3) (1,183.5)
Reinsurance recoverables 19.3 (237.3)
Prepaid reinsurance premiums (6.7) (244.6)
Deferred acquisition costs (142.8) (123.4)
Income taxes (377.2) (81.0)
Unearned premiums 1,659.0 2,051.5
Loss and loss adjustment expense reserves 1,647.9 2,481.0
Accounts payable, accrued expenses, and other liabilities 436.5 717.8
Other, net (45.2) 71.7
Net cash provided by operating activities 3,891.9 4,938.4
Purchases:    
Fixed maturities (14,332.3) (18,364.5)
Equity securities (91.1) (416.1)
Sales:    
Fixed maturities 9,378.7 8,703.2
Equity securities 1,350.3 590.2
Maturities, paydowns, calls, and other:    
Fixed maturities 2,409.1 3,898.2
Equity securities 39.3 67.1
Net (purchases) sales of short-term investments (3,665.1) 3,587.0
Net unsettled security transactions (143.4) 316.6
Acquisition of Protective Insurance Corporation, net of cash, cash equivalents, and restricted cash acquired 0.0 (313.2)
Purchases of property and equipment (136.7) (98.5)
Sales of property and equipment 11.6 11.5
Net cash used in investing activities (5,179.6) (2,018.5)
Cash Flows From Financing Activities    
Dividends paid to common shareholders (117.0) (2,753.0)
Dividends paid to preferred shareholders (13.4) (13.4)
Acquisition of treasury shares for restricted stock tax liabilities (29.5) (30.4)
Acquisition of treasury shares acquired in open market 0.0 (65.0)
Net proceeds from debt issuances 1,486.0 0.0
Payment of acquired company debt 0.0 (20.0)
Net cash provided by (used in) financing activities 1,326.1 (2,881.8)
Increase in cash, cash equivalents, restricted cash, and restricted cash equivalents 38.4 38.1
Cash, cash equivalents, restricted cash, and restricted cash equivalents – January 1 202.1 76.5
Cash, cash equivalents, restricted cash, and restricted cash equivalents – June 30 $ 240.5 $ 114.6
[1] See Note 12 – Goodwill and Intangible Assets for further discussion.