Discontinued Operations (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Discontinued Operations and Disposal Groups [Abstract] |
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| Schedule of Discontinued Operations - Results of Ops IIC |
The results from IIC's discontinued operations for the years ended December 31, 2025, 2024, and 2023 are presented below.
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Year Ended December 31, |
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2025 (3) |
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2024 |
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2023 |
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REVENUE: |
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Gross premiums written |
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$ |
13,120 |
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$ |
39,704 |
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$ |
34,334 |
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Change in gross unearned premiums |
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(3,336 |
) |
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(3,337 |
) |
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(3,053 |
) |
Gross premiums earned |
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9,784 |
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36,367 |
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31,281 |
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Ceded premiums earned |
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(2,528 |
) |
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(10,044 |
) |
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(11,457 |
) |
Net premiums earned |
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7,256 |
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26,323 |
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19,824 |
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Net investment income |
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538 |
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2,093 |
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2,274 |
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Net realized investment losses |
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(2 |
) |
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(66 |
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(19 |
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Other revenue |
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16 |
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62 |
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64 |
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Total revenue |
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7,808 |
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28,412 |
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22,143 |
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EXPENSES: |
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Losses and loss adjustment expenses |
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3,179 |
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18,738 |
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16,183 |
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Policy acquisition costs |
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1,906 |
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8,336 |
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7,910 |
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General and administrative expenses(1) |
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546 |
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3,483 |
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2,170 |
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Total expenses |
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5,631 |
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30,557 |
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26,263 |
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Income (loss) before other income |
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2,177 |
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(2,145 |
) |
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(4,120 |
) |
Other income |
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— |
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— |
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11 |
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Income (loss) before income taxes |
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2,177 |
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(2,145 |
) |
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(4,109 |
) |
Provision (benefit) for income taxes(2) |
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540 |
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(1,544 |
) |
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(1,103 |
) |
Income (loss) from discontinued operations, net of tax |
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$ |
1,637 |
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$ |
(601 |
) |
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$ |
(3,006 |
) |
(1) Includes $385,000 in discontinued operations outside of IIC stand-alone results for the year ended December 31, 2024. (2) Includes $1,103,000 in tax benefit related to discontinued operations outside of IIC stand-alone results for the year ended December 31, 2024. (3) Excludes loss on sale and realization of unrealized losses on fixed maturity portfolio, the details of which are described above and are not operational results related to IIC.
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| Schedule of Discontinued Operations - Assets & Liabilities IIC |
The major classes of IIC assets and liabilities transferred as a result of the sale as of the date of sale and as of December 31, 2024 are presented below.
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April 1, 2025 |
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December 31, 2024 |
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ASSETS |
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Fixed maturities, available-for-sale |
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$ |
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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| Schedule of Discontinued Operations - Results of Ops UPC |
The results from UPC’s discontinued operations, including the supporting activities provided by SCS, SLS and UIM for the year ended December 31, 2023, are presented below.
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UPC Results from Discontinued Operations |
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Year Ended December 31, |
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2023 |
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REVENUE: |
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Gross premiums written |
$ |
(120,608 |
) |
Change in gross unearned premiums |
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198,154 |
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Gross premiums earned |
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77,546 |
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Ceded premiums earned |
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(48,203 |
) |
Net premiums earned |
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29,343 |
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Net investment income |
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2,182 |
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Net realized investment gains |
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1,343 |
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Net unrealized gains on equity securities |
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2,080 |
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Other revenue |
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2,717 |
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Total revenue |
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37,665 |
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EXPENSES: |
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Losses and loss adjustment expenses |
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36,898 |
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Policy acquisition costs |
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(1,522 |
) |
General and administrative expenses |
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11,307 |
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Interest expense |
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22 |
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Total expenses |
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46,705 |
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Loss before other income |
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(9,040 |
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Other loss |
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(2,004 |
) |
Loss before income taxes |
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(11,044 |
) |
Benefit for income taxes |
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(317 |
) |
Loss from discontinued operations, net of tax |
$ |
(10,727 |
) |
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| Schedule of Discontinued Operations - Assets & Liabilities UPC |
The major classes of assets and liabilities moved as a result of the UPC transaction as of the date of transfer are presented below.
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UPC Major Classes of Assets and Liabilities Disposed |
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Closing (1) |
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ASSETS |
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Fixed maturities, available-for-sale |
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$ |
1,380 |
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Equity securities |
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272 |
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Other investments |
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12,882 |
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Cash and cash equivalents |
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224,824 |
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Restricted cash |
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7,758 |
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Accrued investment income |
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875 |
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Premiums receivable, net |
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22,733 |
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Reinsurance recoverable on paid and unpaid losses, net |
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548,929 |
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Ceded unearned premiums |
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75,262 |
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Deferred policy acquisition costs, net |
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(89 |
) |
Other assets |
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51,625 |
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Total assets |
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$ |
946,451 |
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LIABILITIES |
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Unpaid losses and loss adjustment expenses |
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$ |
920,431 |
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Unearned premiums |
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98,655 |
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Reinsurance payable on premiums |
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12,612 |
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Payments outstanding |
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144,238 |
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Accounts payable and accrued expenses |
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1,361 |
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Other liabilities |
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3,476 |
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Notes payable, net |
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4,118 |
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Total Liabilities |
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$ |
1,184,891 |
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(1) The Company divested its ownership on February 27, 2023, the date the DFS was appointed as receiver of the entity.
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