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v3.23.1

Discontinued Operations and Disposal Groups (Tables) | 3 Months Ended
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Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Assets & Liabilities | The results from discontinued operations for the three months ended March 31, 2023 and 2022 are presented below.
Results From Discontinued Operations |  |  |  |
|  | Three Months Ended March 31,
|  | 2023 |  | 2022
REVENUE: |  |  |  |
Gross premiums written |  | $ | (120,608) |  |  | $ | 146,828 |
Change in gross unearned premiums |  | 198,154 |  |  | 59,726 |
Gross premiums earned |  | 77,546 |  |  | 206,554 |
Ceded premiums earned |  | (48,203) |  |  | (163,443) |
Net premiums earned |  | 29,343 |  |  | 43,111 |
Net investment income |  | 2,182 |  |  | 1,075 |
Net realized investment gains (losses) |  | 1,343 |  |  | (1,806) |
Net unrealized gains (losses) on equity securities |  | 2,080 |  |  | (1,498) |
Other revenue |  | 71 |  |  | 170 |
Total revenue |  | 35,019 |  |  | 41,052 |
EXPENSES: |  |  |  |
Losses and loss adjustment expenses |  | 33,978 |  |  | 64,691 |
Policy acquisition costs |  | 8,361 |  |  | 24,070 |
Operating expenses |  | 513 |  |  | 1,645 |
General and administrative expenses |  | 240 |  |  | 570 |
Interest expense |  | 22 |  |  | 20 |
Total expenses |  | 43,114 |  |  | 90,996 |
Loss before other income |  | (8,095) |  |  | (49,944) |
Other income (loss) |  | — |  |  | 9 |
Loss before income taxes |  | (8,095) |  |  | (49,935) |
Provision (benefit) for income taxes |  | (9,217) |  |  | (12,031) |
Income (loss) from discontinued operations, net of tax |  | $ | 1,122 |  |  | $ | (37,904) |
As of February 28, 2023, the Company completed the disposal of its former subsidiary, UPC. This divestiture resulted in a gain of $229,183,000 for the period. This gain was driven by the negative equity position of UPC. The major classes of assets and liabilities transferred as a result of the transaction as of the date of transfer and December 31, 2022 are presented below.
Major Classes of Assets and Liabilities Disposed |  |  |  |
|  | Closing (1) |  | December 31, 2022
ASSETS |  |  |  |
Fixed maturities, available-for-sale |  | 1,380 |  |  | 171,781 |
Equity securities |  | 272 |  |  | 23,363 |
Other investments |  | 12,882 |  |  | 12,952 |
Cash and cash equivalents |  | 224,824 |  |  | 158,990 |
Restricted cash |  | 7,758 |  |  | 7,730 |
Accrued investment income |  | 875 |  |  | 1,457 |
Premiums receivable, net |  | 22,733 |  |  | 46,736 |
Reinsurance recoverable on paid and unpaid losses, net |  | 548,929 |  |  | 834,863 |
Ceded unearned premiums |  | 75,262 |  |  | 122,533 |
Deferred policy acquisition costs, net |  | (89) |  |  | (2,046) |
Other assets |  | 53,675 |  |  | 33,548 |
Total assets |  | $ | 948,501 |  |  | $ | 1,411,907 |
LIABILITIES |  |  |  |
Unpaid losses and loss adjustment expenses |  | 920,431 |  |  | 1,103,980 |
Unearned premiums |  | 98,655 |  |  | 286,842 |
Reinsurance payable on premiums |  | 12,612 |  |  | 29,394 |
Payments outstanding |  | 144,238 |  |  | 213,058 |
Accounts payable and accrued expenses |  | 1,361 |  |  | (872) |
Other liabilities |  | (3,731) |  |  | 5,692 |
Notes payable, net |  | 4,118 |  |  | 4,118 |
Total Liabilities |  | $ | 1,177,684 |  |  | $ | 1,642,212 |

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