Acquisitions

12 Months Ended

Dec. 31, 2014

Business Combinations [Abstract]

Acquisitions

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 valuation prepared by a third party. The estimated useful lives of the intangible assets acquired range from 7 years to 15 years, with approximately $10 million having an indefinite life.

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, comprised of $7 million of goodwill, $6 million of other assets, $4 million of furniture and equipment and $2 million of liabilities.

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

(In thousands)	2014			2013
Cash and cash equivalents	$	17,457		$	3,911
Real estate, furniture and equipment	669			898
Goodwill and other intangibles assets	79,646			64,464
Premium and service fee receivable	24,432			—
Other assets	2,590			60,661
Total assets acquired	124,794			129,934
Deferred federal income tax	(7,107		)	—
Debt	—			(27,612		)
Other liabilities assumed	(34,809		)	(17,076		)
Net assets acquired	$	82,878		$	85,246