v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Cash flows from operations:          
Net income (loss) $ 231.2 $ 163.6 $ 204.9 $ 226.4  
Adjustments to reconcile net income to net cash provided from (used for) operations:          
Net realized and unrealized investment (gains) losses (209.0) (117.3) (154.6) (167.3)  
Net gain on sale of the Bamboo Group     (2.4) 0.0  
Change in fair value of contingent consideration — Ark 31.7 28.4 41.7 38.1  
Deferred income tax expense (benefit)     10.4 (2.8)  
Amortization of restricted share awards     9.5 8.7  
Amortization (accretion) and depreciation     14.0 0.3  
Other operating items:          
Net change in reinsurance recoverables     (557.9) (455.1)  
Net change in insurance premiums, commissions and fees receivable     (647.3) (670.8)  
Net change in deferred acquisition costs     (118.4) (183.4)  
Net change in loss and loss adjustment expense reserves     142.8 172.0  
Net change in unearned insurance premiums     838.2 986.1  
Net change in reinsurance payable     356.6 314.3  
Net change in premiums and commissions payable     32.7 5.8  
Net change in accrued incentive compensation — Other Operations     (43.9) (39.0)  
Net change in short-term investments — Kudu     (92.5) (14.4)  
Contributions to Kudu’s Participation Contracts     (39.8) (68.2)  
Proceeds from Kudu’s Participation Contracts sold     71.6 0.0  
Net other operating activities     (76.8) 1.6  
Net cash provided from (used for) operations     (25.0) 137.3  
Cash flows from investing activities:          
Net change in short-term investments     1,003.5 (235.2)  
Sales of fixed maturity investments     510.9 263.5  
Maturities, calls and paydowns of fixed maturity investments     295.3 163.7  
Sales of common equity securities and investment in MediaAlpha     48.9 251.0  
Distributions and redemptions of other long-term investments     8.3 34.7  
Net release of cash (pre-funding) of investment purchases     (70.0) 0.0  
Proceeds from the sale of Bamboo Group     6.0 0.0  
Purchases of consolidated subsidiaries, net of cash acquired of $7.3 and $0.8     (181.3) (70.7)  
Purchases of fixed maturity investments     (1,101.0) (509.4)  
Purchases of common equity securities and investment in MediaAlpha     (123.9) 0.0  
Purchases of other long-term investments     (254.3) (54.2)  
Net other investing activities     (28.8) 0.1  
Net cash provided from (used for) investing activities     113.6 (156.5)  
Cash flows from financing activities:          
Draw down of debt and revolving lines of credit     258.2 131.5  
Repayment of debt and revolving lines of credit     (162.6) (2.3)  
Cash dividends paid to common shareholders     (2.4) (2.6)  
Repurchases and retirements of common shares     (216.8) (9.9)  
Contributions from other noncontrolling interests     6.8 0.7  
Distributions to other noncontrolling interests     (38.1) (57.9)  
Net other financing activities     8.5 31.1  
Net cash provided from (used for) financing activities     (146.4) 90.6  
Net change in cash during the period     (57.8) 71.4  
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 $28.8 and $4.6, unrestricted cash held for sale of $0.3 and $23.8 and restricted cash held for sale of $— and $94.9) 127.8 337.8 127.8 337.8 $ 185.6
Supplemental cash flows information:          
Interest paid     (37.2) (32.4)  
Net income tax payments     (15.1) (17.6)  
HG Global | Operating Segments          
Adjustments to reconcile net income to net cash provided from (used for) operations:          
Net realized and unrealized investment (gains) losses 2.0 (3.1) 7.2 (13.1)  
Net gain on sale of the Bamboo Group     0.0    
Change in fair value of contingent consideration — Ark 0.0 0.0 0.0 0.0  
Interest income from BAM Surplus Notes     (13.8) (15.0)  
Investments, Excluding MediaAlpha          
Adjustments to reconcile net income to net cash provided from (used for) operations:          
Net realized and unrealized investment (gains) losses (150.6) (86.8) (161.4) (173.4)  
Investments, Excluding MediaAlpha | HG Global | Operating Segments          
Adjustments to reconcile net income to net cash provided from (used for) operations:          
Net realized and unrealized investment (gains) losses 2.0 (3.1) 7.2 (13.1)  
MediaAlpha          
Adjustments to reconcile net income to net cash provided from (used for) operations:          
Net realized and unrealized investment (gains) losses (58.4) (30.5) 6.8 6.1  
MediaAlpha | HG Global | Operating Segments          
Adjustments to reconcile net income to net cash provided from (used for) operations:          
Net realized and unrealized investment (gains) losses $ 0.0 $ 0.0 $ 0.0 $ 0.0