Acquistions Acquisitions

9 Months Ended

Sep. 30, 2016

Business Combinations [Abstract]

Business Combination Disclosure

Acquisitions/Disposition

In February 2016, the Company acquired an 85% ownership interest for $42.3 million in a company engaged in the distribution of promotional merchandise. The fair value of the assets acquired and liabilities assumed have been estimated based on a preliminary valuation. The fair values of the assets and liabilities will be adjusted, as needed, following completion of the final valuation.

In July 2016, the Company acquired a specialty property and casualty insurance company for $15.5 million.

The following table summarizes the initial estimated fair value of net assets acquired and liabilities assumed for the business combinations completed in 2016:

(In thousands)	2016
Investments	$	6,764
Cash and cash equivalents	4,266
Real estate, furniture and equipment	701
Goodwill and other intangibles assets	45,782
Premiums and service fees receivable	3,845
Other assets	5,213
Total assets acquired	66,571
Other liabilities assumed	(4,931		)
Noncontrolling interest	(3,850		)
Net assets acquired	$	57,790

In July 2016, the Company sold Aero Precision Industries, an aviation-related business, for $253.1 million. The business had a net carrying value of $118.2 million.