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Discontinued Operations (Tables) | 9 Months Ended
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Sep. 30, 2011
Discontinued Operations |
Schedule of discontinued operations balance sheet |
Millions |  | September 30, 2011 |  | December 31, 2010 |
Assets held for sale |  |  |  |  |
Fixed maturity investments, at fair value |  | $ | 585.0 |  | $ | 593.8 |
Short-term investments, at amortized cost (which approximates fair value) |  | 224.9 |  | 131.0 |
Common equity securities, at fair value |  | — |  | 43.0 |
Convertible fixed maturity investments, at fair value |  | — |  | 17.2 |
Other long-term investments |  | — |  | 4.0 |
Total investments |  | 809.9 |  | 789.0 |
Cash |  | 235.7 |  | 39.8 |
Reinsurance recoverable on paid and unpaid losses |  | 34.6 |  | 34.4 |
Insurance premiums receivable |  | 128.2 |  | 102.9 |
Deferred acquisition costs |  | 42.8 |  | 34.7 |
Deferred tax asset |  | 88.2 |  | 67.8 |
Other assets |  | 60.1 |  | 54.2 |
Total assets held for sale |  | $ | 1,399.5 |  | $ | 1,122.8 |
Liabilities held for sale |  |  |  |  |
Loss and loss adjustment expense reserves |  | $ | 514.9 |  | $ | 450.4 |
Unearned insurance premiums |  | 258.3 |  | 201.6 |
Accrued incentive compensation |  | 31.5 |  | 19.1 |
Other liabilities |  | 104.7 |  | 80.4 |
Total liabilities held for sale |  | 909.4 |  | 751.5 |
Net assets held for sale |  | $ | 490.1 |  | $ | 371.3
Schedule of discontinued operations income statement |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
Millions, except per share amounts |  | 2011 |  | 2010 |  | 2011 |  | 2010 |
Revenues |  |  |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 233.8 |  | $ | 234.6 |  | $ | 698.7 |  | $ | 683.6 |
Net investment income |  | 3.8 |  | 5.8 |  | 11.8 |  | 15.4 |
Net realized and unrealized investment gains (losses) |  | (6.4 | ) | 10.4 |  | 1.4 |  | 17.0 |
Other revenue |  | 17.5 |  | 15.3 |  | 52.4 |  | 44.7 |
Total revenues |  | 248.7 |  | 266.1 |  | 764.3 |  | 760.7 |
Expenses |  |  |  |  |  |  |  |  |
Loss and loss adjustment expenses |  | 180.5 |  | 172.7 |  | 518.7 |  | 508.0 |
Insurance and reinsurance acquisition expenses |  | 51.4 |  | 50.8 |  | 154.5 |  | 142.2 |
Other underwriting expenses |  | 32.3 |  | 21.4 |  | 76.3 |  | 66.9 |
General and administrative expenses |  | 1.7 |  | 12.1 |  | 37.5 |  | 36.5 |
Total expenses |  | 265.9 |  | 257.0 |  | 787.0 |  | 753.6 |
Pre-tax income (loss) |  | (17.2 | ) | 9.1 |  | (22.7 | ) | 7.1 |
Income tax (expense) benefit |  | 5.3 |  | (5.5 | ) | 12.0 |  | (5.9 | )
Income (loss) from discontinued operations |  | (11.9 | ) | 3.6 |  | (10.7 | ) | 1.2 |
Loss from sale of AutoOne, net of tax |  | (18.2 | ) | — |  | (18.2 | ) | — |
Net income (loss) from discontinued operations |  | $ | (30.1 | ) | $ | 3.6 |  | $ | (28.9 | ) | $ | 1.2 |
Discontinued operations, computation of earnings per share |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2011 |  | 2010 |  | 2011 |  | 2010 |
Basic and diluted earnings (loss) per share numerators (in millions): |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | (30.1 | ) | $ | 3.6 |  | $ | (28.9 | ) | $ | 1.2 |
Basic earnings (loss) per share denominators (in thousands): |  |  |  |  |  |  |  |  |
Average common shares outstanding during the period |  | 7,845 |  | 8,332 |  | 7,902 |  | 8,547 |
Average unvested restricted shares |  | 74 |  | 99 |  | 68 |  | 97 |
Basic earnings (loss) per share denominator |  | 7,919 |  | 8,431 |  | 7,970 |  | 8,644 |
Diluted earnings (loss) per share denominator (in thousands): |  |  |  |  |  |  |  |  |
Average common shares outstanding during the period |  | 7,845 |  | 8,332 |  | 7,902 |  | 8,547 |
Average unvested restricted shares |  | 74 |  | 99 |  | 68 |  | 97 |
Average outstanding dilutive options to acquire common shares |  | — |  | — |  | — |  | 1 |
Diluted earnings (loss) per share denominator |  | 7,919 |  | 8,431 |  | 7,970 |  | 8,645 |
Basic and diluted earnings (loss) per share (in dollars): |  | $ | (3.81 | ) | $ | 0.43 |  | $ | (3.63 | ) | $ | 0.13 |

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