Discontinued Operations

3 Months Ended

Mar. 31, 2025

Discontinued Operations [Abstract]

Discontinued Operations

19. Discontinued Operations

On May 7, 2024, we entered into a definitive agreement to sell our subsidiary, Westminster, to Scott Insurance Holdings, for a cash purchase price of $10,500, as well as a $1,772 post-closing adjustment pursuant to the purchase agreement, for a net amount of $12,272. The sale closed on June 30, 2024, and we reported an after-tax loss on the sale of discontinued operations of $11,148. For additional information see Part I, Item 1, Note 2 “Basis of Presentation and Accounting Policies” of this Form 10-Q.

The Company’s Consolidated Statements of Cash Flows presents operating, investing, and financing cash flows of the discontinued operations separately. Summary operating results of discontinued operations were as follows for the periods indicated:

	Three Months Ended March 31,
	2025		2024
Revenues:
Net premiums earned	$	—	$	15,673
Fee and other income		—		7
Net investment income		—		798
Net investment gains (losses)		—		372
Total revenues		—		16,850
Expenses:
Losses and loss adjustment expenses		—		12,065
Amortization of deferred policy acquisition costs		—		3,846
Other underwriting and general expenses		—		1,592
Total expenses		—		17,503
Loss before income taxes		—		(653	)
Income tax benefit		—		(137	)
Net loss	$	—	$	(516	)
Loss per common share from discontinued operations:
Basic	$	—	$	(0.02	)
Diluted	$	—	$	(0.03	)