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Restructuring Related to Exited Lines of Business

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring Related to Exited Lines of Business

3.Restructuring Related to Exited Lines of Business

The Company restructured its insurance operations to strengthen its market presence and enhance its focus on core products. As a result, the Company exited its four brokerage divisions: Professional Liability, Excess Casualty, Environmental, and Middle Market Property. The Company ceased writing new business and non-renewed existing policies for these four divisions. The restructuring plan, which was initiated in the fourth quarter of 2022, was completed in the first quarter of 2023.

In connection with the restructuring plan, the Company incurred restructuring costs of $3.4 million in 2022 and $2.0 million in 2023 for total restructuring costs of $5.4 million. No additional restructuring costs were incurred during the year ended December 31, 2024.

The following table summarizes charges incurred by expense type and the remaining liability as of December 31, 2024, 2023 and 2022:

(Dollars in thousands)		Consolidated Statements of Operations Line		Employee Termination				Lease Right of Use Asset Impairment				Total
Charges incurred in 2022		Corporate and other operating expenses		$	2,635			$	—			$	2,635
Charges incurred in 2022		Acquisition costs and other underwriting expenses (1)			—				812				812
Non-cash asset charges					—				(812	)			(812	)
Liability at December 31, 2022					2,635				—				2,635
Charges incurred in 2023		Corporate and other operating expenses			1,997			—					1,997
Cash payments in 2023					(4,554	)			—				(4,554	)
Liability at December 31, 2023					78				—				78
Cash payments in 2024					(78	)			—				(78	)
Liability at December 31, 2024				$	—			$	—			$	—

(1) These charges were recorded within the Company's Non-Core Operations segment.

Any information technology development initiatives related to business lines within Non-Core Operations have been discontinued.

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- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4.e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482017/420-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482017/420-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/420/tableOfContent

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482017/420-10-50-1

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