XML 17 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows (used in) operating activities:    
Net income $ 30.8 $ 96.5
Proportion due to non-controlling interest (0.2) (0.1)
Adjustments to reconcile net income to net cash flows from operating activities:    
Depreciation and amortization 10.6 11.0
Share-based compensation 4.6 7.9
Realized and unrealized investment gains (100.6) (51.2)
Realized and unrealized investment losses 138.3 5.0
Deferred taxes 0.6 1.0
Change in fair value of loan notes issued by variable interest entities (1.0) 2.9
Net realized and unrealized investment foreign exchange (gains)/losses (1.7) 5.5
Net change from current period hedged transactions 0.7 1.2
Insurance reserves:    
Losses and loss adjustment expenses (91.8) 18.3
Unearned premiums 274.9 263.7
Reinsurance recoverables:    
Unpaid losses (90.4) (73.9)
Ceded unearned premiums (167.7) (149.5)
Other receivables 42.8 (24.9)
Deferred policy acquisition costs (25.5) (7.5)
Reinsurance premiums payable 130.5 20.8
Funds withheld (3.1) (17.3)
Premiums receivable (240.7) (159.5)
Income tax payable (3.6) 1.8
Accrued expenses and other payables (10.4) (19.2)
Fair value of derivatives and settlement of liabilities under derivatives (7.9) (12.1)
Long-term debt and loan notes issued by variable interest entities (12.0) (4.7)
Net cash (used in) operating activities (122.8) (84.3)
Cash flows from/(used in) investing activities:    
(Purchases) of fixed income securities — Available for sale (647.9) (441.2)
(Purchases) of fixed income securities — Trading (532.9) (265.6)
Proceeds from sales and maturities of fixed income securities — Available for sale 388.5 440.6
Proceeds from sales and maturities of fixed income securities — Trading 507.4 237.6
(Purchases) of equity securities — Trading (16.5) (26.5)
Net (purchases)/sales of catastrophe bonds — Trading (1.5) 0.4
Proceeds from sales of equity securities — Trading 505.6 20.9
(Purchases) of short-term investments — Available for sale (8.6) (33.2)
Proceeds from sales of short-term investments — Available for sale 44.0 15.9
(Purchases) of short-term investments — Trading (6.0) (4.8)
Proceeds from sales of short-term investments — Trading 51.4 6.1
Net change in (payable)/receivable for securities (purchased)/sold 109.8 8.6
Net (purchases) of equipment (8.0) (9.9)
Sale of investment 0.0 9.3
Payments for acquisitions and investments, net of cash acquired 0.0 (2.3)
Net cash from/(used in) investing activities 385.3 (44.1)
Cash flows (used in)/from financing activities:    
Proceeds from the issuance of ordinary shares, net of issuance costs 0.2 0.1
Preference share redemption 0.0 (133.2)
Repayment of long-term debt issued by Silverton (45.8) (111.2)
Dividends paid on ordinary shares (14.3) (13.2)
Dividends paid on preference shares (7.6) (10.5)
Cash paid for tax withholding purposes (1) [1] (4.2) (7.8)
Net cash (used in) financing activities (71.7) (275.8)
Effect of exchange rate movements on cash and cash equivalents 1.3 3.5
Increase/(Decrease) in cash and cash equivalents 192.1 (400.7)
Cash and cash equivalents at beginning of period 1,054.8 1,273.8
Cash and cash equivalents at end of period 1,246.9 873.1
Supplemental disclosure of cash flow information:    
Net cash paid (received) during the period for income tax (0.8) 0.9
Cash paid during the period for interest $ 7.4 $ 7.4
[1] The cash paid to the tax authority when withholding shares from employees’ awards for tax-withholding purposes has been reclassified from operating activity to financing activity following the adoption of ASU 2016-09.