v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Cash flows from operations:          
Net income (loss) $ (29,600,000) $ 161,700,000 $ 175,300,000 $ 388,100,000  
Adjustments to reconcile net income to net cash provided from (used for) operations:          
Net realized and unrealized investment (gains) losses 123,000,000.0 (83,900,000) (31,600,000) (251,200,000)  
Net gain on sale of the Bamboo Group     (2,400,000) 0  
Change in fair value of contingent consideration — Ark 30,000,000.0 36,100,000 71,700,000 74,200,000  
Change in fair value of BAM Surplus Notes 16,100,000   16,100,000 0  
Deferred income tax expense (benefit)     18,300,000 5,200,000  
Amortization of restricted share awards     14,900,000 13,600,000  
Amortization (accretion) and depreciation     25,700,000 2,600,000  
Other operating items:          
Net change in reinsurance recoverables     (240,000,000.0) (335,800,000)  
Net change in insurance premiums, commissions and fees receivable     (382,400,000) (396,500,000)  
Net change in deferred acquisition costs     (58,800,000) (122,600,000)  
Net change in loss and loss adjustment expense reserves     266,400,000 363,700,000  
Net change in unearned insurance premiums     415,900,000 560,300,000  
Net change in reinsurance payable     206,100,000 255,200,000  
Net change in premiums and commissions payable     6,600,000 18,800,000  
Net change in accrued incentive compensation — Other Operations     (44,700,000) (4,000,000.0)  
Net change in short-term investments — Kudu     (99,000,000.0) 3,400,000  
Contributions to Kudu’s Participation Contracts     (40,000,000.0) (119,300,000)  
Proceeds from Kudu’s Participation Contracts sold     71,600,000 0  
Net other operating activities     (40,200,000) 61,000,000.0  
Net cash provided from (used for) operations     331,600,000 496,600,000  
Cash flows from investing activities:          
Net change in short-term investments     885,800,000 (64,400,000)  
Sales of fixed maturity investments     661,000,000.0 301,700,000  
Maturities, calls and paydowns of fixed maturity investments     400,500,000 309,400,000  
Sales of common equity securities     109,600,000 251,000,000.0  
Distributions and redemptions of other long-term investments     45,400,000 109,800,000  
Net release of cash (pre-funding) of investment purchases     (170,000,000.0) 0  
Proceeds from the sale of Bamboo Group     6,000,000.0 0  
Purchases of consolidated subsidiaries, net of cash acquired of $7.4 and $1.9     (179,300,000) (342,200,000)  
Purchases of fixed maturity investments     (1,429,100,000) (759,600,000)  
Purchases of common equity securities     (155,000,000.0) 0  
Purchases of other long-term investments     (377,600,000) (278,100,000)  
Payments of principal received on the BAM Surplus Notes     5,300,000 5,600,000  
Net other investing activities     4,700,000 14,900,000  
Net cash provided from (used for) investing activities     (192,700,000) (451,900,000)  
Cash flows from financing activities:          
Draw down of debt and revolving lines of credit     260,900,000 212,400,000  
Repayment of debt and revolving lines of credit     (169,800,000) (5,600,000)  
Cash dividends paid to common shareholders     (2,400,000) (2,600,000)  
Repurchases and retirements of common shares     (216,800,000) (9,900,000)  
Contributions from other noncontrolling interests     8,000,000.0 1,200,000  
Distributions to other noncontrolling interests     (39,100,000) (60,100,000)  
Net other financing activities     2,100,000 27,700,000  
Net cash provided from (used for) financing activities     (157,100,000) 163,100,000  
Net change in cash during the period     (18,200,000) 207,800,000  
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)     185,600,000 266,400,000 $ 266,400,000
Cash balance at end of period (includes restricted cash balances of $32.4 and $8.4, unrestricted cash held for sale of $0.4 and $36.6 and restricted cash held for sale of $0.0 and $100.2) 167,400,000 474,200,000 167,400,000 474,200,000 $ 185,600,000
Supplemental cash flows information:          
Interest paid     (51,400,000) (49,200,000)  
Net income tax payments     (28,200,000) (21,300,000)  
HG Global | Operating Segments          
Adjustments to reconcile net income to net cash provided from (used for) operations:          
Net realized and unrealized investment (gains) losses 28,800,000 (7,200,000) 36,000,000.0 (20,300,000)  
Net gain on sale of the Bamboo Group     0    
Change in fair value of contingent consideration — Ark 0 0 0 0  
Interest income from BAM Surplus Notes, net of interest payments received of $2.7 and $2.4     (17,900,000) (20,100,000)  
Change in fair value of BAM Surplus Notes 16,100,000 0 16,100,000 0  
Investments, Excluding MediaAlpha          
Adjustments to reconcile net income to net cash provided from (used for) operations:          
Net realized and unrealized investment (gains) losses 69,400,000 (76,200,000) (92,000,000.0) (249,600,000)  
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 28,800,000 (7,200,000) 36,000,000.0 (20,300,000)  
MediaAlpha          
Adjustments to reconcile net income to net cash provided from (used for) operations:          
Net realized and unrealized investment (gains) losses 53,600,000 (7,700,000) 60,400,000 (1,600,000)  
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