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DISCONTINUED OPERATION (Tables) | 12 Months Ended
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Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations |
|  | Sale Closing on September 29, 2025 |  | December 31, 2024
Fair value of net consideration to be received |  | $ | 407,300 |  |  | $ | 399,727 |
Less: estimated closing costs |  | 7,098 |  |  | 7,235 |
|  | 400,202 |  |  | 392,492 |
Carrying amount of net assets held-for-sale |  | 1,002,719 |  |  | 962,637 |
Reclassification of AOCI |  | $ | (85,096) |  |  |
Loss on disposal |  | $ | (687,613) |  |  | $ | (570,145) |
The following table summarizes the major classes of assets and liabilities of discontinued operations on the Consolidated Balance Sheet at December 31, 2024 after elimination of intercompany balances:
|  | December 31, 2024
ASSETS: |  |
Total investments |  | $ | 2,226,505 |
Cash and equivalents |  | 8,322 |
Premiums receivable |  | 217,096 |
Reinsurance recoverable on paid and unpaid losses |  | 25,274 |
Deferred ceded premiums |  | 79,074 |
Subrogation recoverable |  | 113,962 |
Intangible assets |  | 213,457 |
Other assets, net |  | 49,396 |
VIE assets (including restricted cash of $57,754) |  | 3,904,259 |
Valuation allowance on assets held-for-sale |  | (570,145) |
Total assets held-for-sale |  | $ | 6,267,200 |
LIABILITIES: |  |
Unearned premiums |  | $ | 228,177 |
Loss and loss adjustment reserves |  | 577,167 |
Ceded premiums payable |  | 56,404 |
Long-term debt and accrued interest |  | 1,046,658 |
Other liabilities, net |  | 105,772 |
VIE liabilities |  | 3,873,507 |
Total liabilities held-for-sale |  | $ | 5,887,685 |
The following table summarizes the major line items constituting net income (loss) from discontinued operations reconciled to net income (loss) from discontinued operations presented in the Consolidated Statement of Comprehensive Income (Loss):
|  | Year ended December 31,
|  | 2025 |  | 2024 |  | 2023
REVENUES: |  |  |  |  |  |
Net premiums earned |  | $ | 15,145 |  |  | $ | 23,879 |  |  | $ | 26,040 |
Net investment income |  | 100,203 |  |  | 133,933 |  |  | 126,957 |
Net investment gains (losses), including impairments |  | (12,616) |  |  | 4,416 |  |  | (22,507) |
Net gains (losses) on derivative contracts |  | 302 |  |  | 3,958 |  |  | (699) |
Other revenues |  | 18,016 |  |  | 31,096 |  |  | 14,533 |
Total revenues |  | 121,050 |  |  | 197,282 |  |  | 144,324 |
EXPENSES: |  |  |  |  |  |
Loss and loss adjustment expenses (benefit) |  | 10,444 |  |  | (45,767) |  |  | (69,320) |
Intangible amortization |  | 17,097 |  |  | 30,508 |  |  | 24,736 |
General & administrative and other expenses |  | 81,034 |  |  | 57,491 |  |  | 88,306 |
Interest expense |  | 47,617 |  |  | 63,587 |  |  | 64,025 |
Total expenses |  | 156,192 |  |  | 105,819 |  |  | 107,747 |
Pretax income (loss) |  | (35,142) |  |  | 91,463 |  |  | 36,577 |
Provision for income taxes |  | 10,678 |  |  | 18,485 |  |  | 8,394 |
Loss on disposal |  | (117,468) |  |  | (570,145) |  |  | — |
Net income (loss) from discontinued operations |  | $ | (163,288) |  |  | $ | (497,167) |  |  | $ | 28,183 |

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