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Acquisition of Business (Tables) | 9 Months Ended
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Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract] |
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 | Note 3 - Acquisition of Business (Continued) 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, 2020. 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.
|  | Nine Months Ended |  | Three Months Ended
(Dollars in millions) |  | Sep 30, 2022 |  | Sep 30, 2021 |  | Sep 30, 2022 |  | Sep 30, 2021
Total Revenues |  | $ | 4,200.1 |  |  | $ | 4,406.3 |  |  | $ | 1,377.6 |  |  | $ | 1,455.4 |
Total Expenses |  | 4,515.4 |  |  | 4,484.9 |  |  | 1,468.3 |  |  | 1,583.7 |
Income (Loss) from Continuing Operations before Income Taxes |  | (315.3) |  |  | (78.6) |  |  | (90.7) |  |  | (128.3) |
Net Income (Loss) |  | $ | (246.9) |  |  | $ | 0.1 |  |  | $ | (77.0) |  |  | $ | (74.1) |

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- Definition 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/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of goodwill and intangible assets, which may be broken down by segment or major class. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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