25. SUBSEQUENT EVENTS
On January 1, 2017, the Company acquired all of the issued and outstanding shares of Western Financial Insurance Company (“WFIC”) (renamed Petline Insurance Company), a leading Canadian pet insurance provider. WFIC’s core brand, Petsecure has unique pet insurance products that offer comprehensive coverage to pet owners in Canada. The acquisition will further diversify the Company’s business. The initial purchase price for the acquisition was $43.5 million, which was funded by cash on hand and was paid into escrow on December 29, 2016. This payment has been separately disclosed as “Restricted cash” on the consolidated balance sheet and consolidated statement of cash flows. The final purchase price will be adjusted based on excess capital closing conditions.