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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows From Operating Activities    
Net income (loss) $ 1,914.6 $ (104.9)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation 212.0 227.5
Amortization of intangible assets 11.4 25.5
Net amortization (accretion) of fixed-income securities (7.6) 1.6
Amortization of equity-based compensation 86.7 69.7
Net realized (gains) losses on securities (49.7) 1,839.4
Net (gains) losses on disposition of property and equipment 23.0 5.3
Goodwill impairment 0.0 224.8
Changes in:    
Premiums receivable (1,991.1) (1,468.2)
Reinsurance recoverables 500.9 (1,326.3)
Prepaid reinsurance premiums 60.5 90.1
Deferred acquisition costs (187.7) (229.6)
Income taxes 73.6 (591.6)
Unearned premiums 3,468.1 2,181.1
Loss and loss adjustment expense reserves 3,218.0 4,467.7
Accounts payable, accrued expenses, and other liabilities 1,089.1 546.5
Other, net (215.8) (39.4)
Net cash provided by operating activities 8,206.0 5,919.2 Close
Purchases:    
Fixed maturities (18,956.2) (18,672.7)
Equity securities (23.2) (126.5)
Sales:    
Fixed maturities 4,780.3 9,737.6
Equity securities 745.5 1,467.0
Maturities, paydowns, calls, and other:    
Fixed maturities 3,693.2 4,158.5
Equity securities 65.3 39.3
Net (purchases) sales of short-term investments 1,132.0 (3,266.6)
Net change in unsettled security transactions 201.7 (68.7)
Purchases of property and equipment (169.9) (245.0)
Sales of property and equipment 35.0 16.0
Net cash used in investing activities (8,496.3) (6,961.1) Close
Cash Flows From Financing Activities    
Dividends paid to common shareholders (175.5) (175.5)
Dividends paid to preferred shareholders (33.2) (26.8)
Acquisition of treasury shares for restricted stock tax liabilities (52.3) (76.2)
Acquisition of treasury shares acquired in open market (27.5) (2.4)
Net proceeds from debt issuances 496.3 1,486.0
Net cash provided by financing activities 207.8 1,205.1 Close
Increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents (82.5) 163.2 Close
Cash, cash equivalents, restricted cash, and restricted cash equivalents – January 1 220.9 202.1
Cash, cash equivalents, restricted cash, and restricted cash equivalents – September 30 $ 138.4 $ 365.3