DISCONTINUED OPERATION (Tables)

12 Months Ended

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