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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The following table summarizes the provision for income taxes:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Federal: |  |  |  |  |
Current | $ | 17,992 |  |  | $ | 11,798 |  |  | $ | (171) |
Deferred | 401 |  |  | (2,908) |  |  | 18,823 |
Provision for Federal income tax expense | 18,393 |  |  | 8,890 |  |  | 18,652 |
State: |  |  |  |  |
Current | 4,446 |  |  | 3,128 |  |  | 1,518 |
Deferred | 957 |  |  | (2,562) |  |  | 5,315 |
Provision for State income tax expense | 5,403 |  |  | 566 |  |  | 6,833 |
Provision for income taxes | $ | 23,796 |  |  | $ | 9,456 |  |  | $ | 25,485 |
Income tax expense is included in the financial statements as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Continuing operations | $ | 25,340 |  |  | $ | 10,876 |  |  | $ | 26,233 |
Discontinued operations | (1,544) |  |  | (1,420) |  |  | (748) |
Reported income tax provision | $ | 23,796 |  |  | $ | 9,456 |  |  | $ | 25,485 |
Tax Expense Reconciliation | The actual income tax expense attributable to continuing operations differs from the expected income tax expense attributable to continuing operations computed by applying the combined applicable effective federal and state tax rates to income before the provision for income taxes as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Expected income tax expense at federal rate | $ | 21,348 |  |  | 21.0 | % |  | $ | 20,176 |  |  | 21.0 | % |  | $ | 354 |  |  | 21.0 | %
State tax expense, net of federal deduction benefit | 5,771 |  |  | 5.7 |  |  | 2,584 |  |  | 2.7 |  |  | (217) |  |  | (12.9) |
Dividend received deduction | (30) |  |  | — |  |  | (6) |  |  | — |  |  | (24) |  |  | (1.4) |
Non-Deductible Goodwill | — |  |  | — |  |  | — |  |  | — |  |  | 715 |  |  | 42.5 |
Other permanent items | (116) |  |  | (0.1) |  |  | 50 |  |  | 0.1 |  |  | 214 |  |  | 12.7 |
Prior period accrual adjustment | (501) |  |  | (0.5) |  |  | 126 |  |  | 0.1 |  |  | 469 |  |  | 27.9 |
Outside basis in subsidiary | 8,970 |  |  | 8.8 |  |  | — |  |  | — |  |  | 189 |  |  | 11.2 |
Change in valuation allowance | (12,476) |  |  | (12.3) |  |  | (12,177) |  |  | (12.7) |  |  | 24,426 |  |  | 1,453.1 |
Change in enacted tax rate | 2,375 |  |  | 2.3 |  |  | (54) |  |  | (0.1) |  |  | 110 |  |  | 6.5 |
Other, net | (1) |  |  | — |  |  | 177 |  |  | 0.2 |  |  | (3) |  |  | (0.2) |
Reported income tax expense | $ | 25,340 |  |  | 24.9 | % |  | $ | 10,876 |  |  | 11.3 | % |  | $ | 26,233 |  |  | (1,560.6) | %
Schedule of Deferred Tax Assets and Liabilities | The table below summarizes the significant components of our net deferred tax asset (liability):
| December 31,
| 2024 |  | 2023
Deferred tax assets: |  |  |
Unearned premiums | $ | 6,985 |  |  | $ | 6,571 |
Unrealized loss | 3,575 |  |  | 4,875 |
Tax-related discount on loss reserve | 620 |  |  | 627 |
R&D tax credit carryforward | 1,610 |  |  | 1,610 |
Investments | 2,592 |  |  | 2,072 |
Bad debt expense | 848 |  |  | 2,729 |
Equity compensation | 797 |  |  | 582 |
Dual consolidated loss carryforward | 4,737 |  |  | 4,745 |
Net operating loss carryforward | 7,740 |  |  | 4,297 |
Outside basis in subsidiary | 32,138 |  |  | 44,802 |
Other | 1,205 |  |  | 1,427 |
Total pre-allowance deferred tax assets | 62,847 |  |  | 74,337 |
Valuation allowance | (43,212) |  |  | (56,491) |
Total deferred tax assets | 19,635 |  |  | 17,846 |
Deferred tax liabilities: |  |  |
Deferred acquisitions costs | (14,108) |  |  | (8,033) |
Intangible assets | (1,616) |  |  | (2,279) |
Prepaid expenses | (472) |  |  | (435) |
Investments | (131) |  |  | (105) |
Fixed assets | (377) |  |  | (1,698) |
Total deferred tax liabilities | (16,704) |  |  | (12,550) |
Net deferred tax asset | $ | 2,931 |  |  | $ | 5,296 |
Net deferred tax asset is included in the financial statements as follows:
| Year Ended December 31,
| 2024 |  | 2023
Continuing operations | $ | 2,931 |  |  | $ | 5,296 |
Discontinued operations | — |  |  | — |
Net deferred tax asset | $ | 2,931 |  |  | $ | 5,296 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following is a reconciliation of the beginning and ending amount of unrecognized tax benefits for the year ended December 31, 2024:
|  | December 31, 2024
Balance at January 1 |  | $ | 666 |
Decrease based on tax positions related to prior years |  | — |
Balance at December 31 |  | $ | 666 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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