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Business Combinations (Tables)

6 Months Ended

Jun. 30, 2014

2014 Acquisitions [Member]

Acquisitions Accounted for Business Combinations

The following table summarizes the aggregate purchase price allocations made as of the date of the acquisitions for the current-year acquisitions and adjustments made during the measurement period for prior-year acquisitions:

(in thousands)
Name		Business Segment		Effective Date of Acquisition		Cash Paid				Other Payable				Recorded Earn-Out Payable				Net Assets Acquired				Maximum Potential Earn- Out Payable
The Wright Insurance Group, LLC.		National Programs		May 1, 2014			610,158				—				—				610,158				—
Pacific Resources Benefits Advisors, LLC		Retail		May 1, 2014		$	90,000			$	—			$	8,819			$	98,819			$	35,000
Axia Strategies, Inc.		Wholesale Brokerage		May 1, 2014			9,870				—				1,824				11,694				5,200
Other		Various		Various			10,074				125				2,515				12,714				6,028
Total						$	720,102			$	125			$	13,158			$	733,385			$	46,228

Estimated Fair Values of Aggregate Assets and Liabilities Acquired

The following table summarizes the adjustments made to the estimated fair values along with the aggregate assets and liabilities acquired as of the date of each acquisition:

(in thousands)		PacRes				Axia				Wright				Other				Total
Cash		$	—			$	—			$	25,365			$	—			$	25,365
Other current assets			2,383				—				16,768				436				19,587
Fixed assets			53				24				7,445				1,719				9,241
Reinsurance recoverable			—				—				25,238				—				25,238
Prepaid reinsurance premiums			—				—				289,013				—				289,013
Goodwill			70,255				7,377				417,539				7,936				503,107
Purchased customer accounts			26,460				4,252				213,958				2,842				247,512
Non-compete agreements			21				41				1,119				119				1,300
Other assets			—				—				20,045				—				20,045
Total assets acquired			99,172				11,694				1,016,490				13,052				1,140,408
Other current liabilities			(353	)			—				(14,911	)			(338	)			(15,602	)
Losses and loss adjustment expense			—				—				(25,238	)			—				(25,238	)
Unearned premiums			—				—				(289,013	)			—				(289,013	)
Deferred income tax, net			—				—				(44,476	)			—				(44,476	)
Other liabilities			—				—				(32,694	)			—				(32,694	)
Total liabilities assumed			(353	)			—				(406,332	)			(338	)			(407,023	)
Net assets acquired		$	98,819				11,694				610,158			$	12,714			$	733,385

Results of Operations

These unaudited pro forma results are not necessarily indicative of the actual results of operations that would have occurred had the acquisitions actually been made at the beginning of the respective periods.

(UNAUDITED)		For the three months ended June 30,								For the six months ended June 30,
(in thousands, except per share data)		2014				2013				2014				2013
Total revenues		$	410,801			$	365,964			$	812,972			$	737,673
Income before income taxes		$	106,186				99,431			$	206,102				211,003
Net income		$	64,427				59,975			$	124,753				127,408
Net income per share:
Basic		$	0.44			$	0.42			$	0.86			$	0.88
Diluted		$	0.44			$	0.41			$	0.85			$	0.87
Weighted average number of shares outstanding:
Basic			141,250				140,836				141,428				140,816
Diluted			143,032				143,021				143,169				142,938

2013 Acquisitions [Member]

Acquisitions Accounted for Business Combinations

The following table summarizes the aggregate purchase price allocations made as of the date of each acquisition for current year acquisitions and adjustments made during the measurement period for prior year acquisitions:

(in thousands)
Name		Business Segment		Effective Date of Acquisition		Cash Paid				Other Payable				Recorded Earn-Out Payable				Net Assets Acquired				Maximum Potential Earn- Out Payable
Arrowhead General Insurance Agency Superholding Corporation		National Programs; Services		January 9, 2012		$	—			$	(454	)		$	—			$	(454	)		$	—
Insurcorp & GGM Investments LLC		Retail		May 1, 2012			—				—				(834	)			(834	)			—
Richard W. Endlar Insurance Agency, Inc.		Retail		May 1, 2012			—				—				220				220				—
Texas Security General Insurance Agency, Inc.		Wholesale Brokerage		September 1, 2012			—				—				(107	)			(107	)			—
The Rollins Agency, Inc.		Retail		June 1, 2013			13,792				50				2,256				16,098				4,300
Other		Various		Various			592				35				298				925				448
Total						$	14,384			$	(369	)		$	1,833			$	15,848			$	4,748

Estimated Fair Values of Aggregate Assets and Liabilities Acquired

The following table summarizes the estimated fair values of the aggregate assets and liabilities acquired as of the date of each acquisition and adjustments made during the measurement period for prior year acquisitions:

(in thousands)		Rollins				Arrowhead				Insurcorp				Endlar				Texas Security				Other				Total
Other current assets		$	—			$	—			$	—			$	—			$	25			$	1,455			$	1,480
Fixed assets			30				—				—				—				—				1				31
Goodwill			13,019				(454	)			(566	)			216				(843	)			(685	)			10,687
Purchased customer accounts			3,876				—				(268	)			4				708				170				4,490
Non-compete agreements			31				—				—				—				—				31				62
Total assets acquired			16,956				(454	)			(834	)			220				(110	)			972				16,750
Other current liabilities			(858	)			—				—				—				3				(47	)			(902	)
Net assets acquired		$	16,098			$	(454	)		$	(834	)		$	220			$	(107	)		$	925			$	15,848

Results of Operations

These unaudited pro forma results are not necessarily indicative of the actual results of operations that would have occurred had the acquisitions actually been made at the beginning of the respective periods.

(UNAUDITED)		For the three months ended June 30,								For the six months ended June 30,
(in thousands, except per share data)		2013				2012				2013				2012
Total revenues		$	326,753			$	292,242			$	663,460			$	596,931
Income before income taxes			86,506				71,528				186,503				154,953
Net income			52,179				42,700				112,616				92,511
Net income per share:
Basic		$	0.36			$	0.30			$	0.78			$	0.65
Diluted		$	0.36			$	0.29			$	0.77			$	0.63
Weighted average number of shares outstanding:
Basic			140,836				139,086				140,816				139,044
Diluted			143,021				141,828				142,938				141,664

Additions, Payments, and Net Changes, as well as Interest Expense Accretion on Estimated Acquisition Earn-Out Payables

The resulting additions, payments, and net changes, as well as the interest expense accretion on the estimated acquisition earn-out payables, for the three and six months ended June 30, 2014 and 2013, were as follows:

		For the three months ended June 30,								For the six months ended June 30,
(in thousands)		2014				2013				2014				2013
Balance as of the beginning of the period		$	48,806			$	49,469			$	43,058			$	52,987
Additions to estimated acquisition earn-out payables			14,527				2,554				14,807				1,833
Payments for estimated acquisition earn-out payables			(10,814	)			(3,761	)			(11,429	)			(8,080	)
Subtotal			52,519				48,262				46,436				46,740
Net change in earnings from estimated acquisition earn-out payables:
Change in fair value on estimated acquisition earn-out payables			(375	)			159				5,228				1,156
Interest expense accretion			552				497				1,032				1,022
Net change in earnings from estimated acquisition earn-out payables			177				656				6,260				2,178
Balance as of June 30		$	52,696			$	48,918			$	52,696			$	48,918

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Schedule Of Business Acquisition Estimated Earn-Out Payables.

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Tabular disclosure of all of the fair values of the purchase price and assets and liabilities acquired in a business combination.

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Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

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Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463



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-Name Accounting Standards Codification

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