Acquisition of Business (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Based on the Company’s final allocation of the purchase price, the fair value of the assets acquired and liabilities assumed were:


(Dollars in Millions)
Fixed Maturities at Fair Value	$	151.2
Equity Securities at Fair Value	82.4
Short-term Investments at Cost which Approximates Fair Value	100.1
Cash	54.3
Receivables from Policyholders	148.9
Other Receivables	2.0
Goodwill	198.0
Current Income Tax Assets	0.3
Other Assets	81.4
Property and Casualty Insurance Reserves	(211.1)
Unearned Premiums	(177.8)
Deferred Income Tax Liabilities	(7.8)
Accrued Expenses and Other Liabilities	(51.0)
Total Purchase Price	$	370.9

Schedule of Intangible Assets and Goodwill

Identifiable definite and indefinite lived intangible assets acquired consisted of the following:


(Dollars in Millions)
Definite Life Intangibles
Value of Business Acquired	$	42.9
Customer Relationships	4.8
Agent Relationships	7.2
Internal-Use Software	6.5
Trade Names	1.8
Indefinite Life Intangible Assets
Insurance Licenses	$	2.5

Business Acquisition, Pro Forma Information

The following unaudited pro forma information presents the Company’s results of operations as if the acquisition of AAC occurred on January 1, 2021. The adjustments to arrive at the pro forma information below included adjustments for the lost investment income on the cash used to fund the acquisition, amortization of the acquired intangible assets and the exclusion of certain acquisition related costs considered to be non-recurring in nature.


	Year Ended
(Dollars in millions)	Dec 31, 2022		Dec 31, 2021
Total Revenues	$	5,576.8	$	5,884.2
Total Expenses	5,968.8		6,109.5
Loss from Continuing Operations before Income Taxes	(392.0)		(225.3)
Net Loss	$	(303.1)	$	(105.1)