v3.19.3
Subsequent Events (Notes)
9 Months Ended
Sep. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events
Note 18 - Subsequent Events
Pending Acquisition of Majority Ownership in Cornershop
In October 2019, the Company agreed to purchase a controlling interest in Cornershop, an online grocery delivery platform operating primarily in Chile and Mexico. The Company agreed to pay up to approximately $459 million for its controlling interest in Cornershop, which amount is payable in cash and shares of the Company’s common stock. The Company has made an initial investment of $50 million in Cornershop; the Company expects to pay the remaining portion of the purchase price and acquire the controlling interest in the first half of 2020, subject to the receipt of regulatory approvals and other closing conditions.
Notice of Cancellation of Insurance Policy
In October 2019, James River Group delivered a notice of early cancellation of all insurance policies issued to the Company's wholly-owned subsidiaries, effective December 31, 2019, two-months earlier than the contractual expiration on February 29, 2020.  Subsequently, James River Group withdrew all funds held in trust as collateral for current and future claim settlement obligations under the indemnification agreements in the amount of $1.2 billion. These funds are recorded as restricted cash and cash equivalents on the condensed consolidated balance sheet as of September 30, 2019 and are collateral for obligations recorded in the Company’s insurance reserves. The Company is currently in the process of working with other carriers to replace the policies issued by James River Group.