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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows From Operating Activities      
Net income $ 3,902.4 $ 721.5 $ 3,350.9
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 285.5 305.6 279.7
Amortization of intangible assets 14.2 31.0 57.7
Net amortization (accretion) of fixed-income securities 41.4 (25.2) 130.3
Amortization of equity-based compensation 121.3 122.7 100.7
Net realized (gains) losses on securities (353.1) 1,912.2 (1,509.2)
Net (gains) losses on disposition of property and equipment 36.2 (0.6) (3.6)
Goodwill impairment 0.0 224.8 0.0
Changes in:      
Premiums receivable (1,541.3) (1,017.4) (1,146.8)
Reinsurance recoverables 738.2 (851.6) (508.7)
Prepaid reinsurance premiums 45.7 162.1 (74.9)
Deferred acquisition costs (143.0) (188.8) (118.4)
Income taxes 181.2 (515.3) (86.0)
Unearned premiums 2,840.1 1,677.8 2,111.4
Loss and loss adjustment expense reserves 4,029.9 4,195.2 4,752.8
Accounts payable, accrued expenses, and other liabilities 699.6 199.5 399.7
Other, net (255.0) (104.7) 26.1
Net cash provided by operating activities 10,643.3 6,848.8 7,761.7 Close
Purchases:      
Fixed maturities (25,776.9) (26,510.4) (33,177.5)
Equity securities (86.6) (158.1) (838.1)
Sales:      
Fixed maturities 8,234.4 14,055.2 18,965.2
Equity securities 791.3 1,496.1 780.6
Maturities, paydowns, calls, and other:      
Fixed maturities 4,990.3 5,380.3 7,013.8
Equity securities 65.2 83.6 223.1
Net (purchases) sales of short-term investments 1,155.7 (1,868.2) 4,355.7
Net change in unsettled security transactions (11.2) (177.8) 47.9
Acquisition of Protective Insurance Corporation, net of cash, cash equivalents, and restricted cash equivalents acquired 0.0 0.0 (313.2)
Purchases of property and equipment (252.0) (292.0) (243.5)
Sales of property and equipment 47.2 35.1 66.2
Net cash used in investing activities (10,842.6) (7,956.2) (3,119.8) Close
Cash Flows From Financing Activities      
Dividends paid to common shareholders [1] (234.0) (234.0) (3,746.5)
Dividends paid to preferred shareholders [1] (43.6) (26.8) (26.8)
Acquisition of treasury shares for restricted stock tax liabilities (95.0) (76.7) (67.2)
Acquisition of treasury shares acquired in open market (45.7) (22.3) (155.8)
Net proceeds from debt issuance 496.3 1,486.0 0.0
Payment of acquired company debt 0.0 0.0 (20.0)
Payments of debt 0.0 0.0 (500.0)
Net cash provided by (used in) financing activities 78.0 1,126.2 (4,516.3) Close
Increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents (121.3) 18.8 125.6 Close
Cash, cash equivalents, restricted cash, and restricted cash equivalents - beginning of year 220.9 202.1 76.5
Cash, cash equivalents, restricted cash, and restricted cash equivalents - end of year $ 99.6 $ 220.9 $ 202.1
[1] See Note 14 – Dividends for further discussion.