Acquisitions (Tables)

9 Months Ended

Sep. 30, 2011

Acquisitions [Abstract]

Schedule Of Transactions In Both Currencies

(in millions)
Aggregate purchase price announced on April 20, 2011
Based on 53.3p contract price	£	297.7	$	485.3
Actual consideration on July 14, 2011:
Cash	£	287.4	$	455.0
Loan notes and other payables		9.0		14.4
Foreign exchange forward settlement		—		11.3
Total	£	296.4	$	480.7

Allocation Of Purchase Price

(in millions)
Cash	$	756.1
Premiums and accounts receivable, net		467.9
Investments		1,628.1
Reinsurance recoverables, net		558.3
Deferred acquisition costs		186.3
Deferred income taxes		39.6
Other assets		16.5
Loss and loss adjustment expense reserves		(2,300.6	)
Unearned premiums		(857.3	)
Debt		(64.8	)
Other liabilities		(64.5	)
Net tangible assets		365.6
Goodwill		22.5
Intangible assets		87.7
Purchase price allocated to Chaucer		475.8
Additional hedge-related adjustment based upon July 14, 2011 settlement		4.9
Total purchase price, excluding transaction costs		480.7
Transaction costs		11.6
Total purchase price	$	492.3

Identification And Valuation Of Intangible Assets

	Amount		Estimated Useful Life		Amortization Method
(in millions)
Intangibles:
Lloyd's syndicate capacity	$	78.7		Indefinite		N/A
Other intangibles		9.0		2-5years		Straight line
Total intangible assets		87.7
Goodwill		22.5		Indefinite		N/A
Total goodwill and intangibles	$	110.2

Pro Forma Results

(in millions, except per share data)	Nine Months Ended September 30,					Three Months Ended September 30,
	2011			2010		2010
Revenue	$	3,223.3		$	3,042.2	$	1,026.1
Net income (loss)	$	(61.5	)	$	119.5	$	60.3
Net income (loss) per share – basic	$	(1.36	)	$	2.61	$	1.34
Net income (loss) per share – diluted	$	(1.36	)	$	2.57	$	1.32
Weighted average shares outstanding – basic		45.4			45.7		44.9
Weighted average shares outstanding – diluted		45.4			46.4		45.7