v3.26.1
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income $ 75.9 $ 20.9
Non-cash revenues, expenses, gains and losses included in net (loss) income:    
Net realized gains on investments (26.1) (2.7)
Net unrealized gains on investments (27.0) (1.2)
Earnings from equity method investments (1.9) (1.2)
Share-based compensation expenses [1] 51.7 5.4
Depreciation and amortization 20.4 15.7
Deferred income tax (benefit) expense 1.7 (10.7)
Net foreign exchange (gains) losses (4.2) 17.3
Net accretion of discount on fixed maturity securities and short-term investments (3.8) (3.9)
Other, net 0.4 0.4
Changes in operating assets and liabilities:    
Premiums receivable (85.0) (112.7)
Ceded unearned premiums 31.3 (325.1)
Reinsurance recoverables on unpaid losses and loss adjustment expenses (54.7) (327.1)
Other reinsurance recoverables (352.1) (112.7)
Deferred acquisition costs (28.0) 9.8
Unpaid losses and loss adjustment expenses 289.4 321.2
Unearned premiums 34.5 282.9
Payables to reinsurers 355.1 253.1
Deferred ceding commissions (13.8) 59.5
Funds held under reinsurance (396.5) 230.9
Other assets, accounts payable and other liabilities 42.7 (10.5)
Net cash (used in) provided by operating activities (90.0) 309.3
Proceeds from sales of:    
Fixed maturity securities 227.7 80.8
Other investments 50.9 0.0
Maturities of fixed maturity securities 28.7 28.9
Payments for purchases of:    
Fixed maturity securities (174.3) (262.9)
Equity method investments (1.4) (0.4)
Net change in short-term investments (43.6) (10.2)
Purchases of subsidiaries, net of cash acquired (9.4) (1.4)
Capitalized technology development expenditures (19.9) (17.3)
Other, net (0.6) (0.3)
Net cash (used in) provided by investing activities 58.1 (182.8)
Cash flows from financing activities    
Acquisition of common shares (82.6) 0.0
Credit facility borrowings 0.0 5.0
Payment of debt (1.6) 0.0
Acquisition of non-controlling interests in subsidiaries (11.6) 0.0
Dividends paid to non-controlling interests (1.7) (4.1)
Net cash (used in) provided by financing activities (97.5) 0.9
Net (decrease) increase in cash, cash equivalents and restricted cash (129.4) 127.4
Effect of foreign currency rate changes on cash, cash equivalents and restricted cash (13.6) 58.1
Cash, cash equivalents and restricted cash at beginning of period 1,799.3 1,273.0
Cash, cash equivalents and restricted cash at end of period 1,656.3 1,458.5
Supplemental cash flows information    
Interest on debt paid 4.5 5.1
Income taxes paid 32.5 26.2
Reconciliation to Consolidated Balance Sheets:    
Cash and cash equivalents 1,572.8 1,387.7
Restricted cash and cash equivalents 83.5 70.8
Total cash, cash equivalents and restricted cash $ 1,656.3 $ 1,458.5
[1] Refer to Note 11 for additional information on share-based compensation expenses related to our Class A common shares.