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Sale of Insurance Assets | 6 Months Ended
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Jun. 30, 2025
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 Accounting Standards Codification 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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