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Discontinued Operations and Disposal Groups (Tables)
 9 Months Ended
Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Assets & Liabilities
The results from discontinued operations for the three and nine months ended September 30, 2023 and 2022 are presented below.

Results From Discontinued Operations
Three Months Ended
 September 30,		Nine Months Ended
September 30,
2023202220232022
REVENUE:
Gross premiums written$— $168,587 $(120,608)$489,509 
Change in gross unearned premiums— 7,810 198,154 80,779 
Gross premiums earned— 176,397 77,546 570,288 
Ceded premiums earned— (130,437)(48,203)(434,343)
Net premiums earned— 45,960 29,343 135,945 
Net investment income— 2,033 2,182 4,408 
Net realized investment gains (losses)— (4)1,343 (1,811)
Net unrealized gains (losses) on equity securities— (1,622)2,080 (5,813)
Other revenue— 4,650 2,717 14,124 
Total revenue— 51,017 37,665 146,853 
EXPENSES:
Losses and loss adjustment expenses851 64,443 37,268 205,558 
Policy acquisition costs— 12,914 (1,522)24,040 
Operating expenses153 6,492 4,656 24,232 
General and administrative expenses2,872 10,433 5,431 24,660 
Interest expense— 34 22 84 
Total expenses3,876 94,316 45,855 278,574 
Loss before other income(3,876)(43,299)(8,190)(131,721)
Other income (loss)— 14 — 37 
Loss before income taxes(3,876)(43,285)(8,190)(131,684)
Provision (benefit) for income taxes(71)153 (285)482 
Income (loss) from discontinued operations, net of tax$(3,805)$(43,438)$(7,905)$(132,166)


As of February 28, 2023, the Company completed the disposal of its former subsidiary, UPC. This divestiture resulted in a gain of $238,440,000 for the three months ended March 31, 2023. 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 securities272 23,363 
Other investments12,882 12,952 
Cash and cash equivalents224,824 158,990 
Restricted cash7,758 7,730 
Accrued investment income875 1,457 
Premiums receivable, net22,733 46,736 
Reinsurance recoverable on paid and unpaid losses, net548,929 834,863 
Ceded unearned premiums75,262 122,533 
Deferred policy acquisition costs, net(89)(2,046)
Other assets51,625 33,548 
Total assets$946,451 $1,411,907 
LIABILITIES
Unpaid losses and loss adjustment expenses$920,431 $1,103,980 
Unearned premiums98,655 286,842 
Reinsurance payable on premiums12,612 29,394 
Payments outstanding144,238 213,058 
Accounts payable and accrued expenses1,361 (872)
Other liabilities3,476 14,658 
Notes payable, net4,118 4,118 
Total Liabilities$1,184,891 $1,651,178 
(1) The Company divested its ownership on February 27, 2023, the date the DFS was appointed as receiver of the entity.

In addition, the major classes of assets and liabilities remaining related to activities directly supporting the business conducted by UPC are outlined in the table below as of September 30, 2023 and December 31, 2022.
Major Classes of Assets and Liabilities Held for Disposal
September 30, 2023December 31, 2022
ASSETS
Property and equipment, net$11,183 $14,299 
Deferred policy acquisition costs— 8,609 
Total assets$11,183 $22,908 
LIABILITIES
Commissions Payable$1,792 $987 
Unearned Policy Fees— 2,652 
Total Liabilities$1,792 $3,639 
The discontinued operations of the Company incurred $2,604,000 and $6,482,000 of amortization expense during the nine months ended September 30, 2023 and 2022, respectively. There were no other noncash transactions for either period.