<TABLE> <S> <C>

<PAGE>
 
<ARTICLE> 7
<MULTIPLIER> 1,000
       
<S>                            <C>                      <C> 
<PERIOD-TYPE>                  3-MOS                   6-MOS 
<FISCAL-YEAR-END>                       SEP-30-1999             SEP-30-1999
<PERIOD-START>                          JAN-01-1999             OCT-01-1998
<PERIOD-END>                            MAR-31-1999             MAR-31-1999
<DEBT-HELD-FOR-SALE>                        416,583                 416,583
<DEBT-CARRYING-VALUE>                             0                       0
<DEBT-MARKET-VALUE>                               0                       0
<EQUITIES>                                        0                       0
<MORTGAGE>                                        0                       0
<REAL-ESTATE>                                     0                       0
<TOTAL-INVEST>                              416,583                 416,583
<CASH>                                      159,148                 159,148
<RECOVER-REINSURE>                                0                       0
<DEFERRED-ACQUISITION>                       16,373                  16,373     
<TOTAL-ASSETS>                              774,819                 774,819
<POLICY-LOSSES>                             119,724                 119,724
<UNEARNED-PREMIUMS>                         105,163                 105,163
<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>                                     15,783                  15,783
<OTHER-SE>                                  383,227                 383,227
<TOTAL-LIABILITY-AND-EQUITY>                774,819<F1>             774,819<F1>
<PREMIUMS>                                   38,055                  73,185
<INVESTMENT-INCOME>                           8,824                  16,778
<INVESTMENT-GAINS>                            (602)                   1,590
<OTHER-INCOME>                                    0                       0
<BENEFITS>                                   50,204                  80,790
<UNDERWRITING-AMORTIZATION>                   6,305                  11,969
<UNDERWRITING-OTHER>                          3,495                   5,662
<INCOME-PRETAX>                            (13,727)                 (6,868)
<INCOME-TAX>                                      0                       0
<INCOME-CONTINUING>                        (13,727)                 (6,868)
<DISCONTINUED>                                    0                       0
<EXTRAORDINARY>                                   0                       0
<CHANGES>                                         0                       0
<NET-INCOME>                               (13,727)                 (6,868)
<EPS-PRIMARY>                                (0.76)                  (0.51)
<EPS-DILUTED>                                (0.76)                  (0.51)
<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>