Acquisition and Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2019

Business Combinations [Abstract]

Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition:

(in thousands)
	March 1, 2019
Investments	$	4,405
Cash and cash equivalents	755
Restricted cash	2,650
Accrued investment income	32
Service fee receivable	513
Other receivables	12
Property and equipment, net	79
Goodwill	7,445
Intangible assets not subject to amortization - trade names	1,974
Intangible asset subject to amortization - customer relationships	3,732
Other assets	620
Total assets	$	22,217
Accrued expenses and other liabilities	$	2,018
Income taxes payable	1
Deferred service fees	10,564
Net deferred income tax liabilities	1,263
Total liabilities	$	13,846
Purchase price	$	8,371

Business Acquisition, Pro Forma Information

(in thousands, except per share data)	Three months ended September 30,						Nine months ended September 30,
	2019			2018			2019			2018
Revenues	$	16,355		$	16,182		$	46,846		$	47,164
Loss from continuing operations attributable to common shareholders	$	(4,466	)	$	(3,607	)	$	(3,790	)	$	(12,481	)
Basic loss per share - continuing operations	$	(0.20	)	$	(0.17	)	$	(0.17	)	$	(0.57	)
Diluted loss per share - continuing operations	$	(0.20	)	$	(0.17	)	$	(0.17	)	$	(0.57	)

Summary of Discontinued Operations

Summary financial information for Mendota and ARS included in income (loss) from discontinued operations, net of taxes in the statements of operations for the three and nine months ended September 30, 2018 is presented below:

(in thousands)	Three months ended September 30,			Nine months ended September 30,
	2018			2018
Income (loss) from discontinued operations, net of taxes:
Revenues:
Net premiums earned	$	16,727		$	68,319
Total revenues	16,727			68,319
Other revenues (expenses), net:
Loss and loss adjustment expenses	(14,104		)	(55,832		)
Commissions and premium taxes	(713		)	(7,101		)
General and administrative expenses	(3,925		)	(11,703		)
Net investment income	240			674
Net realized gains (losses)	130			(4		)
Loss on change in fair value of equity investments	(122		)	(16		)
Other income	2,184			7,060
Total other revenue (expenses), net	(16,310		)	(66,922		)
Income from discontinued operations before income tax benefit	417			1,397
Income tax benefit	—			—
Income from discontinued operations, net of taxes	417			1,397
Loss on disposal of discontinued operations before income tax expense	(1,172		)	(7,800		)
Income tax expense	—			—
Loss on disposal of discontinued operations, net of taxes	(1,172		)	(7,800		)
Total loss from discontinued operations, net of taxes	$	(755	)	$	(6,403	)