Acquistions Acquisitions

9 Months Ended

Sep. 30, 2014

Business Combinations [Abstract]

Business Combination Disclosure

Acquisitions/Dispositions

In 2014, the Company acquired a specialty property and casualty insurance distribution company for $83 million. The fair values of the assets acquired and liabilities assumed have been estimated based on a preliminary valuation. The fair values of the assets and liabilities will be adjusted, as needed, following completion of a final valuation.

In 2012, the Company acquired a 49% interest in a worldwide supplier of after-market original equipment manufacturer (OEM) parts, systems and custom logistic support services for military aircraft operations for $43 million. In 2013, the Company acquired the remaining 51% of this business for $43 million. The estimated useful lives of the intangible assets acquired range from 2 years to 15 years, with approximately $3 million having an indefinite life.

In 2014, the Company sold an aviation-related business for $16 million. The business had a net carrying value of $15 million.

The following table summarizes the estimated fair value of net assets acquired and liabilities assumed for business combinations completed in 2014 and 2013:

	September 30,			December 31,
(In thousands)	2014			2013
Cash and cash equivalents	$	17,456		$	3,911
Real estate, furniture and equipment	669			898
Goodwill and other intangibles assets	77,967			64,464
Premium and service fee receivable	20,178			—
Other assets	—			60,661
Total assets acquired	116,270			129,934
Debt	—			(27,612		)
Other liabilities assumed	(33,391		)	(17,076		)
Net assets acquired	$	82,879		$	85,246