BUSINESS COMBINATIONS (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of recognized identified assets acquired and liabilities assumed

The fair value of the assets acquired and liabilities assumed and the allocation of the purchase price on the acquisition date are summarized in the following table:





Total purchase price paid	$	616,926

Assets
Investments	1,733,611
Cash and cash equivalents	191,337
Insurance and reinsurance premium balances receivable	472,180
Reinsurance recoverable on unpaid and paid losses	787,907
Prepaid reinsurance premiums	197,907
Other assets	42,696
Total assets acquired	$	3,425,638

Liabilities
Reserve for losses and loss expenses	2,125,634
Unearned premiums	717,442
Insurance and reinsurance balances payable	273,405
Notes payable	101,846
Other liabilities	124,585
Total liabilities assumed	$	3,342,912

Fair value of identifiable intangible assets:
Value of business acquired - definite lived intangible asset	256,942
Identifiable definite lived intangible assets	128,463
Identifiable indefinite lived intangible assets	94,748

Excess purchase price over fair value of net assets acquired assigned to goodwill	$	54,047

Intangible assets acquired as part of business combination

Identifiable intangible assets at the acquisition date are included in intangible assets in the consolidated balance sheets and are shown in the following table:



			Economic useful life
Indefinite lived intangible assets
Lloyd's syndicate capacity	$	94,748	Indefinite

Finite lived other intangible assets
Distribution networks:
Coverholders	63,565		12 years
Large brokers	46,641		15 years
Small & Mid-sized Enterprise ("SME") brokers	14,126		12 years

Managing General Agent ("MGA") Contract	4,131		7 years
Total	128,463

Identifiable intangible assets at October 2, 2017	$	223,211

Business acquisition, pro forma information

The following selected audited information is a summary of the results of Novae that has been included in the consolidated financial statements for the year ended December 31, 2017.



	From acquisition date to
(in thousands)	December 31, 2017
Net premiums written	$	140,635
Total revenue	191,929
Total expenses	(197,895		)
Net income	$	(5,966	)



	Years ended December 31,
	2017			2016
(in thousands)	(unaudited)			(unaudited)
Net premiums earned	$	4,728,700		$	4,560,800
Net income	$	(468,400	)	$	532,500