Acquisitions (Tables)

9 Months Ended

Sep. 30, 2015

Summary of consideration paid and amounts of assets acquired and liabilities assumed

The following table summarizes the consideration paid for the Hong Kong and Singapore branches of RSA and the preliminary amounts of the assets acquired and liabilities assumed at the acquisition date.



Consideration:	Fair Value
Cash for initial consideration	$	193,889
Receivable for post-closing adjustments	(31,160		)
Fair value of consideration transferred	162,729

Recognized amounts of identifiable assets acquired and liabilities assumed:
Fixed maturity investments	245,997
Cash and cash equivalents	46,853
Insurance balances receivable	113,922
Prepaid reinsurance	17,491
Reinsurance recoverable	57,350
Value of business acquired	37,104
Intangible assets	90,600
Other assets	10,041
Reserve for losses and loss expenses	(310,198		)
Unearned premiums	(150,530		)
Reinsurance balances payable	(35,734		)
Net deferred tax liabilities	(16,488		)
Accounts payable and accrued liabilities	(19,918		)
Total identifiable net assets acquired	86,490

Goodwill	76,239
Total net assets acquired	$	162,729

Summary of intangible assets acquired

The following is a breakdown of the intangible assets acquired.



	Singapore Branch		Estimated Useful Life	Hong Kong Branch		Estimated Useful Life	Total
VOBA	$	19,845	2 years	$	17,259	1.5 years	$	37,104
Customer renewals	8,600		4 years	6,800		7 years	15,400
Distribution channels	48,500		18 years	26,700		18 years	75,200
	$	76,945		$	50,759		$	127,704

Summary of results since acquisition

The following summarizes the results of the Hong Kong and Singapore branches that have been included in the Company’s consolidated income statement since the acquisitions closed on April 1, 2015.



	From April 1, 2015 to September 30, 2015
Total revenue	$	103,265
Net loss	$	(14,788	)

Pro forma information

The following unaudited pro forma information presents the combined results of the Company and the acquired Hong Kong and Singapore RSA branches for the nine months ended September 30, 2015 and 2014, with pro forma adjustments related to the acquisition method of accounting as if the acquisitions had been consummated as of January 1, 2014, which is the beginning of the earliest period presented. This unaudited pro forma information is not necessarily indicative of what would have occurred had the acquisitions and related transactions been made on the dates indicated, or of future results of the Company.



	Nine Months Ended September 30, 2015		Nine Months Ended September 30, 2014
Total revenue	$	1,960,185	$	2,010,308
Net income	$	70,633	$	362,143