Subsequent Events

3 Months Ended

Mar. 31, 2015

Subsequent Events [Abstract]

Subsequent Events

16.       SUBSEQUENT EVENTS

On April 23, 2015, the Company entered into an agreement to sell all of the outstanding shares of capital stock of Mt. McKinley Insurance Company ("Mt. McKinley"), a Delaware domiciled insurance company and wholly-owned subsidiary of the Company to Clearwater Insurance Company, a Delaware domiciled insurance company.  The purchase price shall be paid in cash and based on the statutory book value of Mt. McKinley as of the closing date, which is expected to be approximately $20,000 thousand. The Company expects to recognize a realized gain of approximately $61,000 thousand on the sale of Mt. McKinley.

The transaction is subject to receipt of insurance regulatory approvals and satisfaction of other customary closing conditions.

The transaction meets the criteria for Held for Sale accounting.  In accordance with the guidance, the table below details the approximate assets and liabilities associated with the business classified as Held for Sale.

(Dollars in thousands)
Investments and cash	$	17,000
Reinsurance recoverables		146,000
Deferred tax asset		35,000
Other assets		1,000
Total assets held for sale	$	199,000
Reserve for losses and loss adjustment expenses	$	142,000
Deferred gain on retroactive reinsurance		97,000
Other liabilities		1,000
Total liabilities held for sale	$	240,000
Net liabilities held for sale	$	(41,000	)