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Discontinued Operations and Disposal Groups (Tables) | 3 Months Ended
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Mar. 31, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations - Results of Ops IIC | On May 9, 2024, the Company entered into the Sale Agreement with Forza in which ACIC agreed to sell and Forza agreed to acquire 100% of the issued and outstanding stock of IIC. Forza’s application to acquire IIC was approved by the NYDFS on February 13, 2025 and the sale closed on April 1, 2025. The aggregate purchase price for the shares was equal to IIC's GAAP shareholders' equity on the closing date. The results from IIC's discontinued operations for the three months ended March 31, 2025 and 2024 are presented below.
IIC Results from Discontinued Operations |  |  |  |  |  |  |  |
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2025 |  | 2024
REVENUE: |  |  |  |  |  |  |  |
Gross premiums written |  |  |  |  |  | $ | 13,120 |  |  | $ | 12,857 |
Change in gross unearned premiums |  |  |  |  |  | (3,336) |  |  | (4,305) |
Gross premiums earned |  |  |  |  |  | 9,784 |  |  | 8,552 |
Ceded premiums earned |  |  |  |  |  | (2,528) |  |  | (2,453) |
Net premiums earned |  |  |  |  |  | 7,256 |  |  | 6,099 |
Net investment income |  |  |  |  |  | 538 |  |  | 491 |
Net realized investment losses |  |  |  |  |  | (2) |  |  | — |
Other revenue |  |  |  |  |  | 16 |  |  | 16 |
Total revenue |  |  |  |  |  | 7,808 |  |  | 6,606 |
EXPENSES: |  |  |  |  |  |  |  |
Losses and loss adjustment expenses |  |  |  |  |  | 3,179 |  |  | 3,432 |
Policy acquisition costs |  |  |  |  |  | 1,906 |  |  | 2,198 |
General and administrative expenses |  |  |  |  |  | 546 |  |  | 1,130 |
Total expenses |  |  |  |  |  | 5,631 |  |  | 6,760 |
Income (loss) before income taxes |  |  |  |  |  | 2,177 |  |  | (154) |
Provision (benefit) for income taxes |  |  |  |  |  | 540 |  |  | (44) |
Income (loss) from discontinued operations, net of tax |  |  |  |  |  | $ | 1,637 |  |  | $ | (110) |
The major classes of IIC assets and liabilities as of March 31, 2025 and December 31, 2024 are presented below.
IIC Major Classes of Assets and Liabilities Sold |  |  |  |
|  | March 31, 2025 |  | December 31, 2024
ASSETS |  |  |  |
Fixed maturities, available-for-sale |  | $ | 40,925 |  |  | $ | 38,523 |
Other investments |  | 988 |  |  | 978 |
Cash and cash equivalents |  | 21,206 |  |  | 22,897 |
Accrued investment income |  | 297 |  |  | 317 |
Premiums receivable, net |  | 3,174 |  |  | 1,606 |
Reinsurance recoverable on paid and unpaid losses, net |  | 265 |  |  | 259 |
Ceded unearned premiums |  | 2,004 |  |  | 4,075 |
Deferred policy acquisition costs, net |  | 4,462 |  |  | 3,647 |
Intangible assets, net |  | 775 |  |  | 775 |
Other assets |  | 388 |  |  | 166 |
Total assets |  | $ | 74,484 |  |  | $ | 73,243 |
LIABILITIES |  |  |  |
Unpaid losses and loss adjustment expenses |  | $ | 21,391 |  |  | $ | 21,499 |
Unearned premiums |  | 23,574 |  |  | 20,238 |
Reinsurance payable on premiums |  | — |  |  | 3,966 |
Payments outstanding |  | 2,214 |  |  | 3,091 |
Accounts payable and accrued expenses |  | 101 |  |  | 1,058 |
Operating lease liability |  | 65 |  |  | 69 |
Other liabilities |  | 991 |  |  | 21 |
Total Liabilities |  | $ | 48,336 |  |  | $ | 49,942 |
During the first quarter of 2024, due to a change in circumstances, the Company evaluated its capitalized software, previously classified as held for disposal at December 31, 2023. As a result of this evaluation, it was determined that the use case of the software by the Company shifted. The Company reclassified this asset and the associated amortization expense in 2024 in accordance with GAAP guidance, resulting in amortization expense for the capitalized software being captured in continuing operations prospectively. The value of this capitalized software at the time of reclassification was $8,095,000. There were no other non-cash transactions during the three months ended March 31, 2025 and 2024.
Discontinued Operations - Assets & Liabilities IIC | The major classes of IIC assets and liabilities as of March 31, 2025 and December 31, 2024 are presented below.
IIC Major Classes of Assets and Liabilities Sold |  |  |  |
|  | March 31, 2025 |  | December 31, 2024
ASSETS |  |  |  |
Fixed maturities, available-for-sale |  | $ | 40,925 |  |  | $ | 38,523 |
Other investments |  | 988 |  |  | 978 |
Cash and cash equivalents |  | 21,206 |  |  | 22,897 |
Accrued investment income |  | 297 |  |  | 317 |
Premiums receivable, net |  | 3,174 |  |  | 1,606 |
Reinsurance recoverable on paid and unpaid losses, net |  | 265 |  |  | 259 |
Ceded unearned premiums |  | 2,004 |  |  | 4,075 |
Deferred policy acquisition costs, net |  | 4,462 |  |  | 3,647 |
Intangible assets, net |  | 775 |  |  | 775 |
Other assets |  | 388 |  |  | 166 |
Total assets |  | $ | 74,484 |  |  | $ | 73,243 |
LIABILITIES |  |  |  |
Unpaid losses and loss adjustment expenses |  | $ | 21,391 |  |  | $ | 21,499 |
Unearned premiums |  | 23,574 |  |  | 20,238 |
Reinsurance payable on premiums |  | — |  |  | 3,966 |
Payments outstanding |  | 2,214 |  |  | 3,091 |
Accounts payable and accrued expenses |  | 101 |  |  | 1,058 |
Operating lease liability |  | 65 |  |  | 69 |
Other liabilities |  | 991 |  |  | 21 |
Total Liabilities |  | $ | 48,336 |  |  | $ | 49,942 |

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