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Discontinued Operations and Disposal Groups (Tables) | 6 Months Ended
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Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations - Results of Ops IIC | The results from IIC's discontinued operations for the three and six months ended June 30, 2024 and 2023 are presented below.
IIC Results From Discontinued Operations |  |  |  |  |  |  |  |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
REVENUE: |  |  |  |  |  |  |  |
Gross premiums written |  | $ | 6,002 |  |  | $ | 7,063 |  |  | $ | 18,859 |  |  | $ | 17,545 |
Change in gross unearned premiums |  | 2,756 |  |  | 1,299 |  |  | (1,549) |  |  | (2,682) |
Gross premiums earned |  | 8,758 |  |  | 8,362 |  |  | 17,310 |  |  | 14,863 |
Ceded premiums earned |  | (2,316) |  |  | (3,207) |  |  | (4,769) |  |  | (7,025) |
Net premiums earned |  | 6,442 |  |  | 5,155 |  |  | 12,541 |  |  | 7,838 |
Net investment income |  | 533 |  |  | 597 |  |  | 1,024 |  |  | 1,143 |
Net realized investment losses |  | (53) |  |  | (17) |  |  | (53) |  |  | (17) |
Other revenue |  | 15 |  |  | 18 |  |  | 31 |  |  | 34 |
Total revenue |  | 6,937 |  |  | 5,753 |  |  | 13,543 |  |  | 8,998 |
EXPENSES: |  |  |  |  |  |  |  |
Losses and loss adjustment expenses |  | 5,887 |  |  | 4,670 |  |  | 9,319 |  |  | 7,181 |
Policy acquisition costs |  | 1,984 |  |  | 2,019 |  |  | 4,182 |  |  | 3,825 |
Operating expenses |  | 291 |  |  | 228 |  |  | 763 |  |  | 561 |
General and administrative expenses |  | 134 |  |  | 169 |  |  | 792 |  |  | 351 |
Total expenses |  | 8,296 |  |  | 7,086 |  |  | 15,056 |  |  | 11,918 |
Loss before income taxes |  | (1,359) |  |  | (1,333) |  |  | (1,513) |  |  | (2,920) |
Provision (benefit) for income taxes (1) |  | (1,340) |  |  | (441) |  |  | (1,384) |  |  | (830) |
Loss from discontinued operations, net of tax |  | $ | (19) |  |  | $ | (892) |  |  | $ | (129) |  |  | $ | (2,090) |
(1) Includes $1,007,000 in tax benefit related to discontinued operations outside of IIC stand-alone results.
Discontinued Operations - Assets & Liabilities IIC | The major classes of IIC assets and liabilities as of June 30, 2024 and December 31, 2023 are presented below.
IIC Major Classes of Assets and Liabilities Disposed |  |  |  |
|  | June 30, 2024 |  | December 31, 2023
ASSETS |  |  |  |
Fixed maturities, available-for-sale |  | $ | 38,428 |  |  | $ | 42,316 |
Cash and cash equivalents |  | 19,773 |  |  | 14,832 |
Accrued investment income |  | 337 |  |  | 337 |
Premiums receivable, net |  | 1,579 |  |  | 1,350 |
Reinsurance recoverable on paid and unpaid losses, net |  | 289 |  |  | 282 |
Ceded unearned premiums |  | 7,425 |  |  | 3,846 |
Deferred policy acquisition costs, net |  | 3,555 |  |  | 3,892 |
Intangible assets, net |  | 775 |  |  | 775 |
Other assets |  | 1,544 |  |  | 1,418 |
Total assets |  | $ | 73,705 |  |  | $ | 69,048 |
LIABILITIES |  |  |  |
Unpaid losses and loss adjustment expenses |  | $ | 20,915 |  |  | $ | 22,483 |
Unearned premiums |  | 18,450 |  |  | 16,900 |
Reinsurance payable on premiums |  | 7,069 |  |  | 2,312 |
Payments outstanding |  | 2,380 |  |  | 1,410 |
Accounts payable and accrued expenses |  | 423 |  |  | 501 |
Operating lease liability |  | 20 |  |  | 37 |
Other liabilities |  | 783 |  |  | 487 |
Total Liabilities |  | $ | 50,040 |  |  | $ | 44,130 |
Discontinued Operations - Assets & Liabilities UPC | The major classes of assets and liabilities transferred as a result of the UPC transaction as of the date of transfer are presented below.
UPC Major Classes of Assets and Liabilities Disposed |  |  |  |
|  | Closing (1) |  |
ASSETS |  |  |  |
Fixed maturities, available-for-sale |  | $ | 1,380 |  |  |
Equity securities |  | 272 |  |  |
Other investments |  | 12,882 |  |  |
Cash and cash equivalents |  | 224,824 |  |  |
Restricted cash |  | 7,758 |  |  |
Accrued investment income |  | 875 |  |  |
Premiums receivable, net |  | 22,733 |  |  |
Reinsurance recoverable on paid and unpaid losses, net |  | 548,929 |  |  |
Ceded unearned premiums |  | 75,262 |  |  |
Deferred policy acquisition costs, net |  | (89) |  |  |
Other assets |  | 51,625 |  |  |
Total assets |  | $ | 946,451 |  |  |
LIABILITIES |  |  |  |
Unpaid losses and loss adjustment expenses |  | $ | 920,431 |  |  |
Unearned premiums |  | 98,655 |  |  |
Reinsurance payable on premiums |  | 12,612 |  |  |
Payments outstanding |  | 144,238 |  |  |
Accounts payable and accrued expenses |  | 1,361 |  |  |
Other liabilities |  | 3,476 |  |  |
Notes payable, net |  | 4,118 |  |  |
Total Liabilities |  | $ | 1,184,891 |  |  |
(1) The Company divested its ownership on February 27, 2023, the date the DFS was appointed as receiver of the entity.
Discontinued Operations - Results of Ops UPC | The results from UPC's discontinued operations, including the supporting activities provided by SCS, SLS and UIM for the three and six months ended June 30, 2024 and 2023 are presented below.
UPC Results From Discontinued Operations |  |  |  |  |  |  |  |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
REVENUE: |  |  |  |  |  |  |  |
Gross premiums written |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (120,608) |
Change in gross unearned premiums |  | — |  |  | — |  |  | — |  |  | 198,154 |
Gross premiums earned |  | — |  |  | — |  |  | — |  |  | 77,546 |
Ceded premiums earned |  | — |  |  | — |  |  | — |  |  | (48,203) |
Net premiums earned |  | — |  |  | — |  |  | — |  |  | 29,343 |
Net investment income |  | — |  |  | — |  |  | — |  |  | 2,182 |
Net realized investment gains |  | — |  |  | — |  |  | — |  |  | 1,343 |
Net unrealized gains on equity securities |  | — |  |  | — |  |  | — |  |  | 2,080 |
Other revenue |  | — |  |  | — |  |  | — |  |  | 2,717 |
Total revenue |  | — |  |  | — |  |  | — |  |  | 37,665 |
EXPENSES: |  |  |  |  |  |  |  |
Losses and loss adjustment expenses |  | — |  |  | 1,191 |  |  | — |  |  | 36,417 |
Policy acquisition costs |  | — |  |  | (170) |  |  | — |  |  | (1,522) |
Operating expenses |  | — |  |  | 507 |  |  | — |  |  | 4,503 |
General and administrative expenses |  | — |  |  | 1,275 |  |  | — |  |  | 2,559 |
Interest expense |  | — |  |  | — |  |  | — |  |  | 22 |
Total expenses |  | — |  |  | 2,803 |  |  | — |  |  | 41,979 |
Loss before income taxes |  | — |  |  | (2,803) |  |  | — |  |  | (4,314) |
Provision (benefit) for income taxes |  | — |  |  | (230) |  |  | — |  |  | (214) |
Loss from discontinued operations, net of tax |  | $ | — |  |  | $ | (2,573) |  |  | $ | — |  |  | $ | (4,100) |

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