ACQUISITION	9 Months Ended
Sep. 30, 2013
ACQUISITION
ACQUISITION	6. ACQUISITION On November 2, 2012, we acquired Rockbridge, a Houston-based managing general agency. Rockbridge specializes in medical professional liability insurance in the excess and surplus market. Coverage is offered to individual physicians and physician groups in all 50 states through a network of retail and wholesale brokers. Total consideration for the acquisition was $16.7 million, which included $15.5 million of cash paid at acquisition, and $1.2 million associated with the present value of a contingent earn-out agreement. The earn-out is subject to the achievement of certain loss ratio targets and may be adjusted, either upward or downward, in future periods based on actual performance achieved. As of September 30, 2013, the recorded value of the contingent earn-out agreement is $1.2 million. During the third quarter of 2013, Rockbridge contributed gross premiums written of $3.5 million and net premiums earned of $2.7 million to our casualty segment. For the nine months ended September 30, 2013, Rockbridge contributed gross premiums written of $11.5 million and net premiums earned of $5.1 million.

ACQUISITION

9 Months Ended

Sep. 30, 2013

6. ACQUISITION

On November 2, 2012, we acquired Rockbridge, a Houston-based managing general agency. Rockbridge specializes in medical professional liability insurance in the excess and surplus market. Coverage is offered to individual physicians and physician groups in all 50 states through a network of retail and wholesale brokers.

Total consideration for the acquisition was $16.7 million, which included $15.5 million of cash paid at acquisition, and $1.2 million associated with the present value of a contingent earn-out agreement. The earn-out is subject to the achievement of certain loss ratio targets and may be adjusted, either upward or downward, in future periods based on actual performance achieved. As of September 30, 2013, the recorded value of the contingent earn-out agreement is $1.2 million.

During the third quarter of 2013, Rockbridge contributed gross premiums written of $3.5 million and net premiums earned of $2.7 million to our casualty segment. For the nine months ended September 30, 2013, Rockbridge contributed gross premiums written of $11.5 million and net premiums earned of $5.1 million.