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Exit of Property and Casualty Insurance Business | 9 Months Ended
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Sep. 30, 2021
Disposal Group Not Discontinued Operation Disposal Disclosures [Abstract] |
Exit of Property and Casualty Insurance Business | Note 2 – Exit of Property and Casualty Insurance Business In the third quarter of 2020, the Company initiated a plan to exit its property and casualty insurance business resulting in the remeasurement of the assets and liabilities of the business at fair value. Upon remeasurement, the Company recorded impairment losses to certain assets totaling $73.3 million for the three and nine months ended September 30, 2020. In January 2021, the Company entered into book transfer agreements with two third-party insurers and will seek to non-renew policies that are not transferred. The Company’s policies in force had declined by approximately 49% as of September 30, 2021 and the Company expects an approximate 70% reduction to policies in force by the end of 2021 and decreasing revenues over time. The Company expects the transfers to be completed by the end of the third quarter of 2022. The property and casualty insurance business recorded revenues of $24.3 million and $103.0 million for the three and nine months ended September 30, 2021, respectively, and $35.3 million and $101.3 million for the three and nine months ended September 30, 2020, respectively. Losses before income taxes, which were partially offset by a gain of $12.2 million from the sale of the agency operations in the second quarter of 2021, w ere $10.5 million and $11.1 million for the three and nine months ended September 30, 2021, respectively. Loss es before income taxes for the three and nine months ended September 30, 2020 w ere $75.7 million and $91.5 million, respectively.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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