<TABLE> <S> <C>

<PAGE>

<ARTICLE> 7
<MULTIPLIER> 1,000

<S>                             <C>                     <C>
<PERIOD-TYPE>                   3-MOS                   12-MOS
<FISCAL-YEAR-END>                          SEP-30-1999             SEP-30-1999
<PERIOD-START>                             JUL-01-1999             OCT-01-1998
<PERIOD-END>                               SEP-30-1999             SEP-30-1999
<DEBT-HELD-FOR-SALE>                           363,825                 363,825
<DEBT-CARRYING-VALUE>                                0                       0
<DEBT-MARKET-VALUE>                                  0                       0
<EQUITIES>                                           0                       0
<MORTGAGE>                                           0                       0
<REAL-ESTATE>                                        0                       0
<TOTAL-INVEST>                                 363,825                 363,825
<CASH>                                         193,151                 193,151
<RECOVER-REINSURE>                               9,100                   9,100
<DEFERRED-ACQUISITION>                          11,911                  11,911
<TOTAL-ASSETS>                                 736,107                 736,107
<POLICY-LOSSES>                                146,552                 146,552
<UNEARNED-PREMIUMS>                             77,049                  77,049
<POLICY-OTHER>                                       0                       0
<POLICY-HOLDER-FUNDS>                                0                       0
<NOTES-PAYABLE>                                      0                       0
<PREFERRED-MANDATORY>                                0                       0
<PREFERRED>                                      3,000<F3>               3,000<F3>
<COMMON>                                        15,600                  15,600
<OTHER-SE>                                     363,597                 363,597
<TOTAL-LIABILITY-AND-EQUITY>                   736,107<F1>             736,107<F1>
<PREMIUMS>                                      21,362                 126,615
<INVESTMENT-INCOME>                              8,530                  33,847
<INVESTMENT-GAINS>                             (1,127)                     615
<OTHER-INCOME>                                       0                       0
<BENEFITS>                                      25,568                 131,147
<UNDERWRITING-AMORTIZATION>                      4,101                  22,219
<UNDERWRITING-OTHER>                             3,365                  13,390
<INCOME-PRETAX>                                (4,269)                 (5,679)
<INCOME-TAX>                                         0                       0
<INCOME-CONTINUING>                            (4,269)                 (5,679)
<DISCONTINUED>                                       0                       0
<EXTRAORDINARY>                                      0                       0
<CHANGES>                                            0                       0
<NET-INCOME>                                   (4,269)                 (5,679)
<EPS-BASIC>                                     (0.29)                  (0.61)
<EPS-DILUTED>                                   (0.29)                  (0.61)
<RESERVE-OPEN>                                       0<F2>                       0<F2>
<PROVISION-CURRENT>                                  0<F2>                       0<F2>
<PROVISION-PRIOR>                                    0<F2>                       0<F2>
<PAYMENTS-CURRENT>                                   0<F2>                       0<F2>
<PAYMENTS-PRIOR>                                     0<F2>                       0<F2>
<RESERVE-CLOSE>                                      0<F2>                       0<F2>
<CUMULATIVE-DEFICIENCY>                              0<F2>                       0<F2>
<FN>
<F3>Represents 3,000,000 Series A preferred shares par value $1 liquidation
preference $25 per share.
<F1>Includes minority interest.
<F2>Amounts for Securities Act Industry Guide 6 and Exchange Act Industry Guide 4
disclosures are not provided because the Company's loss reserves do not exceed
one half of the consolidated common shareholders' equity.
</FN>


</TABLE>