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Discontinued Operations and Disposal Groups (Tables) | 12 Months Ended
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Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations - Results of Ops IIC | The results from IIC's discontinued operations for the years ended December 31, 2024, 2023, and 2022 are presented below.
IIC Results from Discontinued Operations |  |  |  |  |  |
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
REVENUE: |  |  |  |  |  |
Gross premiums written |  | $ | 39,704 |  |  | $ | 34,334 |  |  | $ | 44,183 |
Change in gross unearned premiums |  | (3,337) |  |  | (3,053) |  |  | 16,998 |
Gross premiums earned |  | 36,367 |  |  | 31,281 |  |  | 61,181 |
Ceded premiums earned |  | (10,044) |  |  | (11,457) |  |  | (14,764) |
Net premiums earned |  | 26,323 |  |  | 19,824 |  |  | 46,417 |
Net investment income |  | 2,093 |  |  | 2,274 |  |  | 1,630 |
Net realized investment gains (losses) |  | (66) |  |  | (19) |  |  | 29 |
Other revenue |  | 62 |  |  | 64 |  |  | 42 |
Total revenue |  | 28,412 |  |  | 22,143 |  |  | 48,118 |
EXPENSES: |  |  |  |  |  |
Losses and loss adjustment expenses |  | 18,738 |  |  | 16,183 |  |  | 38,696 |
Policy acquisition costs |  | 8,336 |  |  | 7,910 |  |  | 14,322 |
General and administrative expenses (1) |  | 3,483 |  |  | 2,170 |  |  | 12,264 |
Total expenses |  | 30,557 |  |  | 26,263 |  |  | 65,282 |
Loss before other income |  | (2,145) |  |  | (4,120) |  |  | (17,164) |
Other income |  | — |  |  | 11 |  |  | 1 |
Loss before income taxes |  | (2,145) |  |  | (4,109) |  |  | (17,163) |
Benefit for income taxes (2) |  | (1,544) |  |  | (1,103) |  |  | (1,711) |
Loss from discontinued operations, net of tax |  | $ | (601) |  |  | $ | (3,006) |  |  | $ | (15,452) |
(1) 2024 results include $385,000 related to discontinued operations outside of IIC stand-alone results. (2) 2024 results include $1,103,000 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 December 31, 2024 and 2023 are presented below.
IIC Major Classes of Assets and Liabilities to be Sold |  |  |  |
|  | December 31, 2024 |  | December 31, 2023
ASSETS |  |  |  |
Fixed maturities, available-for-sale |  | $ | 38,523 |  |  | $ | 42,316 |
Other investments |  | 978 |  |  | — |
Cash and cash equivalents |  | 22,897 |  |  | 14,832 |
Accrued investment income |  | 317 |  |  | 337 |
Premiums receivable, net |  | 1,606 |  |  | 1,350 |
Reinsurance recoverable on paid and unpaid losses, net |  | 259 |  |  | 282 |
Ceded unearned premiums |  | 4,075 |  |  | 3,846 |
Deferred policy acquisition costs, net |  | 3,647 |  |  | 3,892 |
Intangible assets, net |  | 775 |  |  | 775 |
Other assets |  | 166 |  |  | 1,418 |
Total assets |  | $ | 73,243 |  |  | $ | 69,048 |
LIABILITIES |  |  |  |
Unpaid losses and loss adjustment expenses |  | $ | 21,499 |  |  | $ | 22,483 |
Unearned premiums |  | 20,238 |  |  | 16,900 |
Reinsurance payable on premiums |  | 3,966 |  |  | 2,312 |
Payments outstanding |  | 3,091 |  |  | 1,410 |
Accounts payable and accrued expenses |  | 1,058 |  |  | 501 |
Operating lease liability |  | 69 |  |  | 37 |
Other liabilities |  | 21 |  |  | 487 |
Total Liabilities |  | $ | 49,942 |  |  | $ | 44,130 |
Disposal Groups, Including Discontinued Operations | The results from UPC’s discontinued operations, including the supporting activities provided by SCS, SLS and UIM for the years ended December 31, 2024, 2023 and 2022, are presented below.
UPC Results from Discontinued Operations |  |  |  |  |  |
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
REVENUE: |  |  |  |  |  |
Gross premiums written |  | $ | — |  |  | $ | (120,608) |  |  | $ | 551,720 |
Change in gross unearned premiums |  | — |  |  | 198,154 |  |  | 136,094 |
Gross premiums earned |  | — |  |  | 77,546 |  |  | 687,814 |
Ceded premiums earned |  | — |  |  | (48,203) |  |  | (494,534) |
Net premiums earned |  | — |  |  | 29,343 |  |  | 193,280 |
Net investment income |  | — |  |  | 2,182 |  |  | 6,338 |
Net realized investment gains (losses) |  | — |  |  | 1,343 |  |  | (25,599) |
Net unrealized gains (losses) on equity securities |  | — |  |  | 2,080 |  |  | (4,617) |
Other revenue |  | — |  |  | 2,717 |  |  | 16,229 |
Total revenue |  | — |  |  | 37,665 |  |  | 185,631 |
EXPENSES: |  |  |  |  |  |
Losses and loss adjustment expenses |  | — |  |  | 36,898 |  |  | 502,842 |
Policy acquisition costs |  | — |  |  | (1,522) |  |  | 60,771 |
General and administrative expenses |  | — |  |  | 11,307 |  |  | 50,939 |
Interest expense |  | — |  |  | 22 |  |  | 130 |
Total expenses |  | — |  |  | 46,705 |  |  | 614,682 |
Loss before other income |  | — |  |  | (9,040) |  |  | (429,051) |
Other income (loss) |  | — |  |  | (2,004) |  |  | 52 |
Loss before income taxes |  | — |  |  | (11,044) |  |  | (428,999) |
Provision (benefit) for income taxes |  | — |  |  | (317) |  |  | 963 |
Loss from discontinued operations, net of tax |  | $ | — |  |  | $ | (10,727) |  |  | $ | (429,962) |
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 year ended December 31, 2023. This gain was driven by the negative equity position of UPC. The major classes of assets and liabilities moved 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.

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