Discontinued Operations

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

DISCONTINUED OPERATIONS

During 2012, the Company sold its wholly-owned insurance companies for approximately $15.5 million, resulting in a loss on sale of $6.9 million, before income taxes.  The income tax benefit for the loss on sale was approximately $5 million. However, consistent with the Company’s overall conclusion that it is not more likely than not that the Company will recognize the deferred tax assets, a full valuation allowance was recorded on this benefit. In conjunction with the sale, the Company received approval from the respective departments of insurance for pre-close dividends of $14.9 million from Citation Insurance and $25 million from Physicians Insurance Company which were paid prior to the close during 2012.

As a result of the transaction, the insurance segment was classified as discontinued operations in the accompanying consolidated financial statements.

The summarized results are as follows (in thousands):

	Year Ended
	December 31, 2012
Net investment income	$	572
Net realized gain on investments	4,059
Other income	123
	4,754
Operating and other costs	(977		)
Income before income taxes	3,777
Loss on write down of assets to fair value	(6,920		)
Net loss	$	(3,143	)