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Deferred Policy Acquisition Costs | 6 Months Ended
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Jun. 30, 2024
Deferred Policy Acquisition Costs [Abstract] |
Deferred Policy Acquisition Costs |
| 6. | Deferred Policy Acquisition Costs
Expenses directly related to successfully acquired insurance policies, primarily commissions, premium taxes and underwriting costs, are deferred and amortized over the terms of the policies. We update our acquisition cost assumptions periodically to reflect actual experience, and we evaluate the costs for recoverability. The table below, presented on a consolidated basis, including both continuing and discontinued operations, shows the deferred policy acquisition costs and asset reconciliation:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Balance, beginning of period |  | $ | 36,565 |  |  | $ | 31,350 |  |  | $ | 34,120 |  |  | $ | 29,768 |
Deferral of policy acquisition costs |  |  | 25,962 |  |  |  | 23,353 |  |  |  | 49,070 |  |  |  | 43,523 |
Amortization of deferred policy acquisition costs |  |  | (23,372 | ) |  |  | (20,579 | ) |  |  | (44,035 | ) |  |  | (39,167 | )
Westminster balance disposed in sale |  |  | (7,998 | ) |  |  | — |  |  |  | (7,998 | ) |  |  | — |
Balance, end of period |  | $ | 31,157 |  |  | $ | 34,124 |  |  | $ | 31,157 |  |  | $ | 34,124 |
The tables for current and prior year continuing and discontinued operations showing the deferred policy acquisition costs and assets reconciliation are shown below:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Continuing operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 28,948 |  |  | $ | 24,210 |  |  | $ | 26,790 |  |  | $ | 22,675 |
Deferral of policy acquisition costs |  |  | 21,499 |  |  |  | 19,046 |  |  |  | 40,474 |  |  |  | 35,585 |
Amortization of deferred policy acquisition costs |  |  | (19,290 | ) |  |  | (16,784 | ) |  |  | (36,107 | ) |  |  | (31,788 | )
Balance, end of period |  | $ | 31,157 |  |  | $ | 26,472 |  |  | $ | 31,157 |  |  | $ | 26,472 |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 7,617 |  |  | $ | 7,140 |  |  | $ | 7,330 |  |  | $ | 7,093 |
Deferral of policy acquisition costs |  |  | 4,464 |  |  |  | 4,307 |  |  |  | 8,596 |  |  |  | 7,938 |
Amortization of deferred policy acquisition costs |  |  | (4,083 | ) |  |  | (3,795 | ) |  |  | (7,928 | ) |  |  | (7,379 | )
Balance, end of period |  | $ | 7,998 |  |  | $ | 7,652 |  |  | $ | 7,998 |  |  | $ | 7,652 |

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- Definition The entire disclosure for deferred policy acquisition costs. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 944 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944-30/tableOfContent + Details
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