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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows From Operating Activities    
Net income $ 2,331.4 $ 447.9
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 69.7 68.0
Net amortization (accretion) of fixed-income securities (7.5) (5.0)
Amortization of equity-based compensation 16.8 15.9
Net realized (gains) losses on securities (155.6) (71.8)
Net (gains) losses on disposition of property and equipment (1.7) 16.5
Changes in:    
Premiums receivable (2,234.3) (1,994.5)
Reinsurance recoverables 90.5 215.9
Prepaid reinsurance premiums 40.0 25.9
Deferred acquisition costs (130.8) (82.4)
Income taxes 609.5 106.6
Unearned premiums 2,773.6 2,550.7
Loss and loss adjustment expense reserves 441.8 667.1
Accounts payable, accrued expenses, and other liabilities 457.8 565.5
Other, net (65.8) (76.8)
Net cash provided by operating activities 4,235.4 2,449.5 Close
Purchases:    
Fixed maturities (13,288.2) (6,119.5)
Equity securities (32.4) (17.8)
Sales:    
Fixed maturities 7,765.3 2,202.6
Equity securities 58.2 277.3
Maturities, paydowns, calls, and other:    
Fixed maturities 1,855.2 976.0
Equity securities 23.3 25.1
Net (purchases) sales of short-term investments 479.2 360.8
Net change in unsettled security transactions 61.8 57.2
Purchases of property and equipment (50.2) (43.2)
Sales of property and equipment 3.5 4.3
Net cash used in investing activities (3,124.3) (2,277.2) Close
Cash Flows From Financing Activities    
Redemption of Serial Preferred Shares, Series B (500.0) 0.0
Dividends paid to common shareholders (497.9) (58.5)
Dividends paid to preferred shareholders (7.8) (13.4)
Acquisition of treasury shares for restricted stock tax liabilities (37.1) (32.7)
Net cash used in financing activities (1,042.8) (104.6) Close
Increase in cash, cash equivalents, restricted cash, and restricted cash equivalents 68.3 67.7 Close
Cash, cash equivalents, restricted cash, and restricted cash equivalents – January 1 99.6 220.9
Cash, cash equivalents, restricted cash, and restricted cash equivalents – March 31 $ 167.9 $ 288.6