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Subsequent events
12 Months Ended
Dec. 31, 2016
Subsequent Events [Abstract]  
Subsequent events
Subsequent events
Dividends
On February 9, 2017, the Company announced a quarterly cash dividend of $0.38 per common share, payable on March 31, 2017 to shareholders of record on March 15, 2017 and a cash dividend of $0.3671875 per depositary share on the outstanding Series A Preferred Shares, payable on March 15, 2017 to shareholders of record on March 1, 2017.
Acquisition of ADM Crop Risk Services
On January 30, 2017, the Company, through its wholly-owned subsidiary Stratford Insurance Company, entered into a definitive agreement with Archer Daniels Midland Company (“ADM”) under which the Company will acquire all of the outstanding stock of ADM Crop Risk Services (“CRS”). CRS is a primary crop insurance general agent with 1,170 agents across 36 states within the U.S. The purchase price for CRS will be approximately $127,500 in cash, subject to certain working capital and balance sheet adjustments. Completion of the transaction is conditioned on, among other things, regulatory approvals and satisfaction of various customary closing conditions. The transaction is currently expected to close during the second quarter of 2017.