<TABLE> <S> <C>

<PAGE>

<ARTICLE> 7
<MULTIPLIER> 1,000

<S>                             <C>                     <C>
<PERIOD-TYPE>                   3-MOS                   9-MOS
<FISCAL-YEAR-END>                        SEP-30-1999             SEP-30-1999
<PERIOD-START>                           APR-01-1999             OCT-01-1998
<PERIOD-END>                             JUN-30-1999             JUN-30-1999
<DEBT-HELD-FOR-SALE>                         402,349                 402,349
<DEBT-CARRYING-VALUE>                              0                       0
<DEBT-MARKET-VALUE>                                0                       0
<EQUITIES>                                         0                       0
<MORTGAGE>                                         0                       0
<REAL-ESTATE>                                      0                       0
<TOTAL-INVEST>                               402,349                 402,349
<CASH>                                       153,986                 153,986
<RECOVER-REINSURE>                                 0                       0
<DEFERRED-ACQUISITION>                        13,843                  13,843
<TOTAL-ASSETS>                               758,263                 758,263
<POLICY-LOSSES>                              132,552                 132,552
<UNEARNED-PREMIUMS>                           87,366                  87,366
<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>                                      15,594                  15,594
<OTHER-SE>                                   368,210                 368,210
<TOTAL-LIABILITY-AND-EQUITY>                 758,263<F1>             758,263<F1>
<PREMIUMS>                                    32,068                 105,253
<INVESTMENT-INCOME>                            8,539                  25,317
<INVESTMENT-GAINS>                               152                   1,742
<OTHER-INCOME>                                     0                       0
<BENEFITS>                                    24,789                 105,579
<UNDERWRITING-AMORTIZATION>                    6,149                  18,118
<UNDERWRITING-OTHER>                           4,363                  10,025
<INCOME-PRETAX>                                5,458                 (1,410)
<INCOME-TAX>                                       0                       0
<INCOME-CONTINUING>                            5,458                 (1,410)
<DISCONTINUED>                                     0                       0
<EXTRAORDINARY>                                    0                       0
<CHANGES>                                          0                       0
<NET-INCOME>                                   5,458                 (1,410)
<EPS-BASIC>                                     0.19                  (0.32)
<EPS-DILUTED>                                   0.19                  (0.32)
<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>
<F1> Includes minority interest
<F2> Amounts for Securities Act Industry Guide 6 and Exchange Act Industry Guide
     4 disclosures are not provided because of the Company's loss reserves do
     not exceed one-half of the consolidated common shareholders' equity
<F3> Represents 3,000,000 Series A preferred shares, par value $1 liquidation
     preference $25 per share.
</FN>


</TABLE>