| Schedule of Discontinued Operations - Results of Ops IIC |
The results from IIC's discontinued operations for the three and nine months ended September 30, 2025 and 2024 are presented below. IIC Results from Discontinued Operations
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2025 (2) |
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2024 |
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2025 |
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2024 |
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REVENUE: |
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Gross premiums written |
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$ |
— |
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$ |
12,402 |
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$ |
13,120 |
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$ |
31,261 |
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Change in gross unearned premiums |
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— |
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(3,140 |
) |
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(3,336 |
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(4,689 |
) |
Gross premiums earned |
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— |
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9,262 |
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9,784 |
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26,572 |
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Ceded premiums earned |
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— |
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(2,256 |
) |
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(2,528 |
) |
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(7,025 |
) |
Net premiums earned |
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— |
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7,006 |
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7,256 |
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19,547 |
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Net investment income |
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— |
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539 |
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538 |
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1,563 |
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Net realized investment losses |
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— |
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(13 |
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(2 |
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(66 |
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Other revenue |
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— |
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18 |
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16 |
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49 |
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Total revenue |
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— |
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7,550 |
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7,808 |
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21,093 |
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EXPENSES: |
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Losses and loss adjustment expenses |
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— |
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4,448 |
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3,179 |
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13,767 |
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Policy acquisition costs |
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— |
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2,052 |
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1,906 |
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6,234 |
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General and administrative expenses |
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— |
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454 |
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546 |
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2,009 |
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Total expenses |
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— |
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6,954 |
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5,631 |
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22,010 |
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Income (loss) before income taxes |
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— |
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596 |
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2,177 |
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(917 |
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Provision (benefit) for income taxes(1) |
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— |
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146 |
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540 |
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(1,238 |
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Income from discontinued operations, net of tax |
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$ |
— |
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$ |
450 |
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$ |
1,637 |
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$ |
321 |
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(1) Includes $1,007,000 in tax benefit related to discontinued operations outside of IIC stand-alone results for the nine months ended September 30, 2024. (2) Excludes loss on sale and realization of unrealized losses on fixed maturity portfolio, the details of which are described above and are not operational results related to IIC.
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| Schedule of Discontinued Operations - Assets & Liabilities IIC |
The major classes of IIC assets and liabilities transferred as a result of the sale as of the date of sale and December 31, 2024 are presented below. IIC Major Classes of Assets and Liabilities Sold and Disposed
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April 1, 2025 |
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December 31, 2024 |
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ASSETS |
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Fixed maturities, available-for-sale |
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$ |
40,925 |
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$ |
38,523 |
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Other investments |
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988 |
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978 |
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Cash and cash equivalents |
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21,206 |
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22,897 |
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Accrued investment income |
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297 |
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317 |
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Premiums receivable, net |
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3,174 |
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1,606 |
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Reinsurance recoverable on paid and unpaid losses, net |
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265 |
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259 |
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Ceded unearned premiums |
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2,004 |
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4,075 |
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Deferred policy acquisition costs, net |
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4,462 |
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3,647 |
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Intangible assets, net |
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775 |
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775 |
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Other assets |
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488 |
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166 |
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Total assets |
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$ |
74,584 |
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$ |
73,243 |
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LIABILITIES |
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Unpaid losses and loss adjustment expenses |
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$ |
21,391 |
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$ |
21,499 |
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Unearned premiums |
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23,574 |
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20,238 |
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Reinsurance payable on premiums |
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— |
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3,966 |
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Payments outstanding |
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2,223 |
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3,091 |
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Accounts payable and accrued expenses |
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101 |
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1,058 |
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Operating lease liability |
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65 |
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69 |
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Other liabilities |
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1,402 |
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21 |
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Total liabilities |
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$ |
48,756 |
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$ |
49,942 |
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