v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Cash flows from operations:      
Net income (loss) $ (26.3) $ 62.8  
Adjustments to reconcile net income to net cash provided from (used for) operations:      
Net realized and unrealized investment (gains) losses 54.4 (50.0)  
Net gain on sale of the Bamboo Group (2.4) 0.0  
Change in fair value of Ark’s contingent consideration 10.0 9.7  
Deferred income tax expense (benefit) 4.2 1.7  
Amortization of restricted share awards 4.1 3.8  
Amortization (accretion) and depreciation 4.8 1.1  
Other operating items:      
Net change in reinsurance recoverables (343.2) (331.4)  
Net change in insurance premiums, commissions and fees receivable (455.6) (504.2)  
Net change in deferred acquisition costs (89.5) (114.5)  
Net change in loss and loss adjustment expense reserves 103.2 133.1  
Net change in unearned insurance premiums 589.2 650.3  
Net change in reinsurance payable 324.1 236.3  
Net change in premiums and commissions payable (5.0) (1.9)  
Net change in accrued incentive compensation from Other Operations (52.1) (51.1)  
Contributions to Kudu’s Participation Contracts (25.4) (68.0)  
Net other operating activities (57.1) (10.4)  
Net cash provided from (used for) operations 30.5 (40.2)  
Cash flows from investing activities:      
Net change in short-term investments 384.1 (52.2)  
Sales of fixed maturity investments 145.1 96.7  
Maturities, calls and paydowns of fixed maturity investments 143.8 109.7  
Sales of common equity securities and investment in MediaAlpha 35.6 120.7  
Distributions and redemptions of other long-term investments 6.3 21.9  
Release of cash (pre-funding) of investment purchases 30.0 0.0  
Proceeds from the sale of Bamboo Group 6.0 0.0  
Purchases of fixed maturity investments (425.4) (222.5)  
Purchases of common equity securities and investment in MediaAlpha (123.9) 0.0  
Purchases of other long-term investments (217.7) (39.7)  
Net other investing activities (13.7) (27.3)  
Net cash provided from (used for) investing activities (29.8) 7.3  
Cash flows from financing activities:      
Draw down of debt and revolving lines of credit 6.4 116.3  
Repayment of debt and revolving lines of credit (8.7) (1.0)  
Cash dividends paid to common shareholders (2.4) (2.6)  
Repurchases and retirements of common shares (25.9) (9.9)  
Contributions from other noncontrolling interests 0.7 0.6  
Distributions to other noncontrolling interests (19.4) (41.1)  
Net other financing activities 0.0 16.2  
Net cash provided from (used for) financing activities (49.3) 78.5  
Net change in cash during the period (48.6) 45.6  
Cash balance at beginning of period (includes restricted cash balances of $1.2 and $14.1, unrestricted cash held for sale of $0.7 and $16.0 and restricted cash held for sale of $0.0 and $59.5) 185.6 266.4 $ 266.4
Cash balance at end of period (includes restricted cash balances of $3.1 and $0.0, unrestricted cash held for sale of $1.1 and $23.0 and restricted cash held for sale of $— and $77.0) 137.0 312.0 $ 185.6
Supplemental cash flows information:      
Interest paid (18.1) (15.9)  
Net income tax payments (3.7) (3.5)  
HG Global | Operating Segments      
Adjustments to reconcile net income to net cash provided from (used for) operations:      
Interest income from BAM Surplus Notes (6.9) (7.5)  
Investments, Excluding MediaAlpha      
Adjustments to reconcile net income to net cash provided from (used for) operations:      
Net realized and unrealized investment (gains) losses (10.8) (86.6)  
MediaAlpha      
Adjustments to reconcile net income to net cash provided from (used for) operations:      
Net realized and unrealized investment (gains) losses $ 65.2 $ 36.6