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Sale of Insurance Assets | 6 Months Ended
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Jun. 30, 2024
Insurance [Abstract] |
Sale of Insurance Assets | Sale of Insurance Assets Effective June 1, 2024, the Company completed a sale of substantially all of the assets of its wholly-owned subsidiary, German American Insurance, Inc. (“GAI”), to Hilb Group and ceased insurance-related activities for the Company. The all-cash sales price totaled $40,000 and resulted in an after-tax gain, net of transaction costs, of approximately $27,476, or $0.93 on a per share basis.
Gross Purchase Price pursuant to Asset Purchase Agreement | $ | 40,000 |
Write-off of Goodwill and Intangibles | (1,332) |
Working Capital Adjustment Settled at Closing | (345) |
Net Purchase Price | 38,323 |
Transaction Costs | (1,816) |
Pre-tax Gain on Sale of Insurance Assets | $ | 36,507 |
After-tax Gain on Sale of Insurance Assets | $ | 27,476 |
Based on management’s review of ASC 205-20-45, the sale of GAI was determined not to have met all necessary criteria to be considered discontinued operations at, or prior to, the time of the sale.

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- Definition The entire disclosure for the types of coverages and products sold, and the assets, obligations, recorded liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479838/944-20-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 310 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c)(4)(ii) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477363/944-310-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 310 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c)(4)(iv) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477363/944-310-50-3 + Details
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