In October 2015, we closed on the acquisition of certain business lines and assets from Assurant Health, which is a business segment of Assurant, Inc. As part of the transaction, we acquired the small group self-funded and supplemental product lines, as well as North Star Marketing Corporation, a proprietary small group sales channel (the “Assurant Transaction”). The purchase price was an aggregate cash payment of $14.0 million.
million and A&H - $90.8 million. The increase in the P&C segment was primarily attributable to an increase in Tower premium retention ($39.0 million), the Quota Share Runoff ($42.8 million), Imperial premium ($50.8 million), the consolidation of the Reciprocal Exchanges ($87.1 million), acquisition of our LPI Business ($123.3 million) and organic growth ($62.8 million). The increase in the A&H segment was primarily due to earned premium from the Assurant Transaction ($55.8 million) and organic growth ($34.9 million).
General and administrative expenses. General and administrative expenses increased by $49.3 million, or 60.0%, from $82.1 million for the year ended December 31, 2015 to $131.4 million for the year ended December 31, 2016, primarily as a result of the Assurant Transaction ($39.8 million) and organic growth ($9.1 million).
Other Investments. The table below summarizes the composition of our other investments as of December 31, 2016 and 2015:
Reinsurance recoverables from the MCCA as of December 31, 2016 and 2015 are as follows:
On October 7, 2016, we issued 272,609 shares of common stock in connection with the acquisition of Standard Property and Casualty Insurance Company.
On July 7, 2016, we completed a public offering of 8,000,000 of our depositary shares, each representing a1/40th interest in a share of our 7.50% Non-Cumulative Preferred Stock, Series C, $0.01 par value per share (the “Series C Preferred Stock”), with a liquidation preference of $1,000 per share (equivalent to $25 per depositary share). Each depositary share entitles the holder to a proportional fractional interest in all rights and preferences of the Series C Preferred Stock represented thereby (including any dividend, liquidation, redemption and voting rights). Dividends on the Series C Preferred Stock represented by the depositary shares will be payable on the liquidation preference amount, on a non-cumulative basis, when, as and if declared by our Board of Directors, at a rate of 7.50% per annum, quarterly in arrears, on January 15, April 15, July 15, and October 15 of each year, beginning on October 15, 2016, from and including the date of original issuance. The Series C Preferred Stock represented by the depositary shares is not redeemable prior to July 15, 2021. After that date, we may redeem at our option, in whole or in part, the Series C Preferred Stock represented by the depositary shares at a redemption price of $1,000 per share (equivalent to $25 per depositary share) plus any declared and unpaid dividends for prior dividend periods and accrued but unpaid dividends (whether or not declared) for the then current dividend period. A total of 8,000,000 depositary shares (equivalent to 200,000 shares of Series C Preferred Stock) were issued, including the underwriters’ over-allotment option. Net proceeds from this offering were $193.5 million. We incurred approximately $6.5 million in underwriting discounts, commissions and expenses, which were recognized as a reduction to additional paid-in capital.