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Discontinued Operations (Tables) | 6 Months Ended
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Jun. 30, 2011
Discontinued Operations |
Schedule of discontinued operations balance sheet |
Millions |  | June 30, 2011 |  | December 31, 2010 |
Assets held for sale |  |  |  |  |
Fixed maturity investments, at fair value |  | $ | 761.2 |  | $ | 593.8 |
Short-term investments, at amortized cost (which approximates fair value) |  | 24.6 |  | 131.0 |
Common equity securities, at fair value |  | 43.9 |  | 43.0 |
Convertible fixed maturity investments, at fair value |  | 15.0 |  | 17.2 |
Other long-term investments |  | — |  | 4.0 |
Total investments |  | 844.7 |  | 789.0 |
Cash |  | 57.3 |  | 39.8 |
Reinsurance recoverable on paid and unpaid losses |  | 34.8 |  | 34.4 |
Insurance premiums receivable |  | 107.8 |  | 102.9 |
Deferred acquisition costs |  | 43.0 |  | 34.7 |
Deferred tax asset |  | 74.4 |  | 67.8 |
Other assets |  | 51.9 |  | 54.2 |
Total assets held for sale |  | $ | 1,213.9 |  | $ | 1,122.8 |
Liabilities held for sale |  |  |  |  |
Loss and loss adjustment expense reserves |  | $ | 456.1 |  | $ | 450.4 |
Unearned insurance premiums |  | 215.3 |  | 201.6 |
Accrued incentive compensation |  | 22.5 |  | 19.1 |
Other liabilities |  | 86.0 |  | 80.4 |
Total liabilities held for sale |  | 779.9 |  | 751.5 |
Net assets held for sale |  | $ | 434.0 |  | $ | 371.3 |
Schedule of discontinued operations income statement |
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
Millions, except per share amounts |  | 2011 |  | 2010 |  | 2011 |  | 2010 |
Revenues |  |  |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 219.7 |  | $ | 209.7 |  | $ | 429.0 |  | $ | 408.6 |
Net investment income |  | 4.0 |  | 4.8 |  | 8.0 |  | 9.6 |
Net realized and unrealized investment gains |  | 4.4 |  | 1.6 |  | 7.8 |  | 6.6 |
Other revenue |  | 17.2 |  | 15.0 |  | 34.9 |  | 29.4 |
Total revenues |  | 245.3 |  | 231.1 |  | 479.7 |  | 454.2 |
Expenses |  |  |  |  |  |  |  |  |
Loss and loss adjustment expenses |  | 156.2 |  | 152.5 |  | 310.1 |  | 303.8 |
Insurance and reinsurance acquisition expenses |  | 51.7 |  | 44.5 |  | 99.2 |  | 86.6 |
Other underwriting expenses |  | 19.1 |  | 18.6 |  | 37.5 |  | 38.9 |
General and administrative expenses |  | 23.3 |  | 12.4 |  | 35.8 |  | 24.4 |
Total expenses |  | 250.3 |  | 228.0 |  | 482.6 |  | 453.7 |
Pre-tax income (loss) |  | (5.0 | ) | 3.1 |  | (2.9 | ) | .5 |
Income tax (expense) benefit |  | 4.7 |  | (1.3 | ) | 5.8 |  | (1.3 | )
Net income (loss) from discontinued operations |  | $ | (.3 | ) | $ | 1.8 |  | $ | 2.9 |  | $ | (.8 | )
Discontinued operations, computation of earnings per share |
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
|  | 2011 |  | 2010 |  | 2011 |  | 2010 |
Basic and diluted earnings (loss) per share numerators (in millions): |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | (.3 | ) | $ | 1.8 |  | $ | 2.9 |  | $ | (.8 | )
Basic earnings (loss) per share denominators (in thousands): |  |  |  |  |  |  |  |  |
Average common shares outstanding during the period |  | 7,886 |  | 8,571 |  | 7,930 |  | 8,656 |
Average unvested restricted shares |  | 73 |  | 100 |  | 65 |  | 96 |
Basic earnings (loss) per share denominator |  | 7,959 |  | 8,671 |  | 7,995 |  | 8,752 |
Diluted earnings (loss) per share denominator (in thousands): |  |  |  |  |  |  |  |  |
Average common shares outstanding during the period |  | 7,886 |  | 8,571 |  | 7,930 |  | 8,656 |
Average unvested restricted shares |  | 73 |  | 100 |  | 65 |  | 96 |
Average outstanding dilutive options to acquire common shares |  | — |  | — |  | — |  | — |
Diluted earnings (loss) per share denominator |  | 7,959 |  | 8,671 |  | 7,995 |  | 8,752 |
Basic and diluted earnings (loss) per share (in dollars): |  | $ | (.03 | ) | $ | .20 |  | $ | .36 |  | $ | (.09 | )

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