(Mark One) | |
x | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
o | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Maryland | 38-3754322 | |
(State or Other Jurisdiction of | (IRS Employer | |
Incorporation of Organization) | Identification No.) | |
780 Third Avenue, 21st Floor, New York, New York | 10017 | |
(Address of Principal Executive Offices) | (Zip Code) |
ITEM | Page Number | |
Item 1. Financial Statements (Unaudited) | ||
As of | |||||||
June 30, 2018 | December 31, 2017 | ||||||
Assets: | |||||||
Investments: | |||||||
Available for sale securities, at fair value | $ | 234,361 | $ | 182,448 | |||
Loans, at fair value | 233,535 | 258,173 | |||||
Equity securities, at fair value | 140,132 | 25,536 | |||||
Other investments | 56,442 | 59,142 | |||||
Total investments | 664,470 | 525,299 | |||||
Cash and cash equivalents | 91,490 | 110,667 | |||||
Restricted cash | 18,148 | 31,570 | |||||
Notes and accounts receivable, net | 194,971 | 186,422 | |||||
Reinsurance receivables | 373,145 | 352,967 | |||||
Deferred acquisition costs | 146,882 | 147,162 | |||||
Goodwill | 91,562 | 91,562 | |||||
Intangible assets, net | 56,936 | 64,017 | |||||
Other assets | 40,329 | 31,584 | |||||
Assets held for sale | 51,598 | 448,492 | |||||
Total assets | $ | 1,729,531 | $ | 1,989,742 | |||
Liabilities and Stockholders’ Equity | |||||||
Liabilities: | |||||||
Debt, net | $ | 366,215 | $ | 346,081 | |||
Unearned premiums | 526,282 | 503,446 | |||||
Policy liabilities and unpaid claims | 122,290 | 112,003 | |||||
Deferred revenue | 63,797 | 56,745 | |||||
Reinsurance payable | 93,488 | 90,554 | |||||
Other liabilities and accrued expenses | 110,379 | 121,321 | |||||
Liabilities held for sale | 46,264 | 362,818 | |||||
Total liabilities | $ | 1,328,715 | $ | 1,592,968 | |||
Stockholders’ Equity: (1) | |||||||
Preferred stock: $0.001 par value, 100,000,000 shares authorized, none issued or outstanding | $ | — | $ | — | |||
Common Stock: $0.001 par value, 200,000,000 shares authorized, 36,643,317 and 35,003,004 shares issued and outstanding, respectively | 37 | 35 | |||||
Common stock - Class B: $0.001 par value, none and 50,000,000 shares authorized, none and 8,049,029 shares issued and outstanding, respectively | — | 8 | |||||
Additional paid-in capital | 335,749 | 295,582 | |||||
Accumulated other comprehensive income (loss), net of tax | (2,399 | ) | 966 | ||||
Retained earnings | 60,265 | 38,079 | |||||
Common Stock held by subsidiaries, 0 and 5,197,551 shares, respectively | — | (34,585 | ) | ||||
Class B common stock held by subsidiaries, none and 8,049,029 shares, respectively | — | (8 | ) | ||||
Total Tiptree Inc. stockholders’ equity | 393,652 | 300,077 | |||||
Non-controlling interests - TFP | — | 77,494 | |||||
Non-controlling interests - Other | 7,164 | 19,203 | |||||
Total stockholders’ equity | 400,816 | 396,774 | |||||
Total liabilities and stockholders’ equity | $ | 1,729,531 | $ | 1,989,742 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenues: | |||||||||||||||
Earned premiums, net | $ | 100,044 | $ | 87,477 | $ | 201,689 | $ | 176,708 | |||||||
Service and administrative fees | 24,891 | 23,067 | 49,467 | 46,843 | |||||||||||
Ceding commissions | 2,242 | 2,017 | 4,525 | 4,288 | |||||||||||
Net investment income | 4,927 | 3,687 | 9,132 | 8,192 | |||||||||||
Net realized and unrealized gains (losses) | 11,472 | 11,445 | 18,078 | 27,657 | |||||||||||
Other revenue | 9,133 | 11,552 | 17,890 | 21,746 | |||||||||||
Total revenues | 152,709 | 139,245 | 300,781 | 285,434 | |||||||||||
Expenses: | |||||||||||||||
Policy and contract benefits | 34,174 | 29,802 | 70,800 | 62,794 | |||||||||||
Commission expense | 62,562 | 56,546 | 125,195 | 113,339 | |||||||||||
Employee compensation and benefits | 27,188 | 29,035 | 54,976 | 58,065 | |||||||||||
Interest expense | 6,655 | 6,305 | 12,601 | 12,383 | |||||||||||
Depreciation and amortization | 2,953 | 3,471 | 5,910 | 7,025 | |||||||||||
Other expenses | 17,600 | 21,886 | 36,765 | 39,505 | |||||||||||
Total expenses | 151,132 | 147,045 | 306,247 | 293,111 | |||||||||||
Other income: | |||||||||||||||
Income attributable to consolidated CLOs | — | 7,941 | — | 16,808 | |||||||||||
Expenses attributable to consolidated CLOs | — | 5,046 | — | 9,998 | |||||||||||
Net income (loss) attributable to consolidated CLOs | — | 2,895 | — | 6,810 | |||||||||||
Total other income | — | 2,895 | — | 6,810 | |||||||||||
Income (loss) before taxes from continuing operations | 1,577 | (4,905 | ) | (5,466 | ) | (867 | ) | ||||||||
Less: provision (benefit) for income taxes | 701 | (1,305 | ) | (867 | ) | 263 | |||||||||
Net income (loss) from continuing operations | 876 | (3,600 | ) | (4,599 | ) | (1,130 | ) | ||||||||
Discontinued operations: | |||||||||||||||
Income (loss) before taxes from discontinued operations | — | (2,294 | ) | 624 | (3,824 | ) | |||||||||
Gain on sale of discontinued operations, net | — | — | 46,184 | — | |||||||||||
Less: Provision (benefit) for income taxes | — | (570 | ) | 12,327 | (972 | ) | |||||||||
Net income (loss) from discontinued operations | — | (1,724 | ) | 34,481 | (2,852 | ) | |||||||||
Net income (loss) before non-controlling interests | 876 | (5,324 | ) | 29,882 | (3,982 | ) | |||||||||
Less: net income (loss) attributable to non-controlling interests - TFP | 108 | (1,045 | ) | 5,500 | (837 | ) | |||||||||
Less: net income (loss) attributable to non-controlling interests - Other | (58 | ) | 164 | (4 | ) | 198 | |||||||||
Net income (loss) attributable to Common Stockholders | $ | 826 | $ | (4,443 | ) | $ | 24,386 | $ | (3,343 | ) | |||||
Net income (loss) per Common Share: | |||||||||||||||
Basic, continuing operations, net | $ | 0.02 | $ | (0.11 | ) | $ | (0.11 | ) | $ | (0.05 | ) | ||||
Basic, discontinued operations, net | — | (0.04 | ) | 0.84 | (0.07 | ) | |||||||||
Basic earnings per share | $ | 0.02 | $ | (0.15 | ) | $ | 0.73 | $ | (0.12 | ) | |||||
Diluted, continuing operations, net | 0.02 | (0.11 | ) | (0.11 | ) | (0.05 | ) | ||||||||
Diluted, discontinued operations, net | — | (0.04 | ) | 0.84 | (0.07 | ) | |||||||||
Diluted earnings per share | $ | 0.02 | $ | (0.15 | ) | $ | 0.73 | $ | (0.12 | ) | |||||
Weighted average number of Common Shares: | |||||||||||||||
Basic | 36,593,154 | 28,832,975 | 33,245,921 | 28,630,027 | |||||||||||
Diluted | 37,386,319 | 28,832,975 | 33,245,921 | 28,630,027 | |||||||||||
Dividends declared per Common Share | $ | 0.035 | $ | 0.030 | $ | 0.070 | $ | 0.060 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income (loss) before non-controlling interests | $ | 876 | $ | (5,324 | ) | $ | 29,882 | $ | (3,982 | ) | |||||
Other comprehensive income (loss), net of tax: | |||||||||||||||
Unrealized gains (losses) on available-for-sale securities: | |||||||||||||||
Unrealized holding gains (losses) arising during the period | (752 | ) | 767 | (3,045 | ) | 1,445 | |||||||||
Related tax (expense) benefit | 174 | (268 | ) | 678 | (511 | ) | |||||||||
Reclassification of (gains) losses included in net income | 4 | (20 | ) | 535 | 27 | ||||||||||
Related tax expense (benefit) | (1 | ) | 7 | (117 | ) | (9 | ) | ||||||||
Unrealized gains (losses) on available-for-sale securities, net of tax | (575 | ) | 486 | (1,949 | ) | 952 | |||||||||
Interest rate swaps (cash flow hedges): | |||||||||||||||
Unrealized gains (losses) on interest rate swaps | — | (510 | ) | 1,111 | (378 | ) | |||||||||
Related tax (expense) benefit | — | 144 | (276 | ) | 96 | ||||||||||
Reclassification of (gains) losses included in net income (1) | — | 93 | (3,845 | ) | 237 | ||||||||||
Related tax expense (benefit) | — | (32 | ) | 936 | (77 | ) | |||||||||
Unrealized (losses) gains on interest rate swaps from cash flow hedges, net of tax | — | (305 | ) | (2,074 | ) | (122 | ) | ||||||||
Other comprehensive income (loss), net of tax | (575 | ) | 181 | (4,023 | ) | 830 | |||||||||
Comprehensive income (loss) | 301 | (5,143 | ) | 25,859 | (3,152 | ) | |||||||||
Less: Comprehensive income (loss) attributable to non-controlling interests - TFP | 108 | (982 | ) | 4,937 | (658 | ) | |||||||||
Less: Comprehensive income (loss) attributable to non-controlling interests - Other | (58 | ) | 12 | (440 | ) | 72 | |||||||||
Comprehensive income (loss) attributable to Common Stockholders | $ | 251 | $ | (4,173 | ) | $ | 21,362 | $ | (2,566 | ) |
Number of Shares | Par Value | Shares held by subsidiaries | Total stockholders’ equity to Tiptree Inc. | Non-controlling interests - TFP | Non-controlling interests - Other | Total stockholders' equity | |||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Class B | Common Stock | Class B | Additional paid in capital | Accumulated other comprehensive income (loss) | Retained earnings | Common Stock | Common Stock Amount | Class B Shares | Class B Amount | |||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2016 | 34,983,616 | 8,049,029 | $ | 35 | $ | 8 | $ | 297,391 | $ | 555 | $ | 37,974 | (6,596,000 | ) | $ | (42,524 | ) | (8,049,029 | ) | $ | (8 | ) | $ | 293,431 | $ | 76,077 | $ | 20,636 | $ | 390,144 | |||||||||||||||||||||||||
Amortization of share based incentive compensation | — | — | — | — | 976 | — | — | — | — | — | — | 976 | — | — | 976 | ||||||||||||||||||||||||||||||||||||||||
Vesting of share-based incentive compensation | 19,388 | — | — | — | (537 | ) | — | — | 99,537 | 647 | — | — | 110 | — | — | 110 | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash upon exercise of stock options | — | — | — | — | (1,371 | ) | — | — | 1,510,920 | 9,471 | — | — | 8,100 | — | — | 8,100 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | 777 | — | — | — | — | — | 777 | 179 | (126 | ) | 830 | |||||||||||||||||||||||||||||||||||||||
Non-controlling interest contributions | — | — | — | — | — | — | — | — | — | — | — | — | — | 2,464 | 2,464 | ||||||||||||||||||||||||||||||||||||||||
Non-controlling interest distributions | — | — | — | — | — | — | — | — | — | — | — | — | (483 | ) | (1,120 | ) | (1,603 | ) | |||||||||||||||||||||||||||||||||||||
Shares acquired by subsidiaries | — | — | — | — | — | — | — | (1,000,000 | ) | (7,300 | ) | — | — | (7,300 | ) | — | — | (7,300 | ) | ||||||||||||||||||||||||||||||||||||
Net changes in non-controlling interest | — | — | — | — | (177 | ) | — | — | — | — | — | — | (177 | ) | — | 2,816 | 2,639 | ||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | — | (1,706 | ) | — | — | — | — | (1,706 | ) | — | — | (1,706 | ) | |||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | (3,343 | ) | — | — | — | — | (3,343 | ) | (837 | ) | 198 | (3,982 | ) | ||||||||||||||||||||||||||||||||||||
Balance at June 30, 2017 | 35,003,004 | 8,049,029 | $ | 35 | $ | 8 | $ | 296,282 | $ | 1,332 | $ | 32,925 | (5,985,543 | ) | $ | (39,706 | ) | (8,049,029 | ) | $ | (8 | ) | $ | 290,868 | $ | 74,936 | $ | 24,868 | $ | 390,672 |
Number of Shares | Par Value | Additional paid in capital | Accumulated other comprehensive income (loss) | Retained earnings | Shares held by subsidiaries | Total stockholders’ equity to Tiptree Inc. | Non-controlling interests - TFP | Non-controlling interests - Other | Total stockholders' equity | ||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Class B | Common Stock | Class B | Common Stock | Common Stock Amount | Class B Shares | Class B Amount | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2017 | 35,003,004 | 8,049,029 | $ | 35 | $ | 8 | $ | 295,582 | $ | 966 | $ | 38,079 | (5,197,551 | ) | $ | (34,585 | ) | (8,049,029 | ) | $ | (8 | ) | $ | 300,077 | $ | 77,494 | $ | 19,203 | $ | 396,774 | |||||||||||||||||||||||||
Amortization of share-based incentive compensation | — | — | — | — | 1,204 | — | — | — | — | — | — | 1,204 | — | 1,080 | 2,284 | ||||||||||||||||||||||||||||||||||||||||
Vesting of share-based incentive compensation | — | — | — | — | (1,041 | ) | — | — | 161,574 | 1,050 | — | — | 9 | — | — | 9 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | (3,024 | ) | — | — | — | — | — | (3,024 | ) | (563 | ) | (436 | ) | (4,023 | ) | |||||||||||||||||||||||||||||||||||
Non-controlling interest contributions | — | — | — | — | — | — | — | — | — | — | — | — | — | 1,418 | 1,418 | ||||||||||||||||||||||||||||||||||||||||
Non-controlling interest distributions | — | — | — | — | — | — | — | — | — | — | — | — | (241 | ) | — | (241 | ) | ||||||||||||||||||||||||||||||||||||||
Shares purchased under stock purchase plan | (1,372,739 | ) | — | (1 | ) | — | (8,857 | ) | — | — | — | — | — | — | (8,858 | ) | — | — | (8,858 | ) | |||||||||||||||||||||||||||||||||||
Net changes in non-controlling interest | — | — | (132 | ) | — | — | — | — | — | — | (132 | ) | — | (14,097 | ) | (14,229 | ) | ||||||||||||||||||||||||||||||||||||||
Reorganization merger | 8,049,029 | (8,049,029 | ) | 8 | (8 | ) | 82,523 | (341 | ) | 8,049,029 | 8 | 82,190 | (82,190 | ) | — | — | |||||||||||||||||||||||||||||||||||||||
Cancellation of treasury shares | (5,035,977 | ) | — | (5 | ) | — | (33,530 | ) | — | — | 5,035,977 | 33,535 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | (2,200 | ) | — | — | — | — | (2,200 | ) | — | — | (2,200 | ) | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 24,386 | — | — | — | — | 24,386 | 5,500 | (4 | ) | 29,882 | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2018 | 36,643,317 | — | $ | 37 | $ | — | $ | 335,749 | $ | (2,399 | ) | $ | 60,265 | — | $ | — | — | $ | — | $ | 393,652 | $ | — | $ | 7,164 | $ | 400,816 |
Six months ended June 30, | |||||||
2018 | 2017 | ||||||
Operating Activities: | |||||||
Net income (loss) attributable to Common Stockholders | $ | 24,386 | $ | (3,343 | ) | ||
Net income (loss) attributable to non-controlling interests - TFP | 5,500 | (837 | ) | ||||
Net income (loss) attributable to non-controlling interests - Other | (4 | ) | 198 | ||||
Net income (loss) | 29,882 | (3,982 | ) | ||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | |||||||
Net realized and unrealized (gains) losses | (18,078 | ) | (27,657 | ) | |||
Net (gain) on sale of subsidiary | (46,184 | ) | — | ||||
Net unrealized loss (gain) on interest rate swaps | — | (25 | ) | ||||
Change in fair value of contingent consideration | — | 3,615 | |||||
Non cash compensation expense | 2,284 | 3,140 | |||||
Amortization/accretion of premiums and discounts | 430 | 686 | |||||
Depreciation and amortization expense | 5,911 | 16,232 | |||||
Provision for doubtful accounts | 126 | 378 | |||||
Amortization of deferred financing costs | 523 | 1,426 | |||||
Loss on extinguishment of debt | 428 | — | |||||
Deferred tax expense (benefit) | 11,460 | (339 | ) | ||||
Changes in operating assets and liabilities: | |||||||
Mortgage loans originated for sale | (730,657 | ) | (720,123 | ) | |||
Proceeds from the sale of mortgage loans originated for sale | 778,671 | 779,304 | |||||
(Increase) decrease in notes and accounts receivable | (8,994 | ) | (12,032 | ) | |||
(Increase) decrease in reinsurance receivables | (20,178 | ) | (39,010 | ) | |||
(Increase) decrease in deferred acquisition costs | 280 | (326 | ) | ||||
(Increase) decrease in other assets | (19,091 | ) | (5,040 | ) | |||
Increase (decrease) in unearned premiums | 22,836 | 26,866 | |||||
Increase (decrease) in policy liabilities and unpaid claims | 10,287 | 4,633 | |||||
Increase (decrease) in deferred revenue | 7,052 | 281 | |||||
Increase (decrease) in reinsurance payable | 2,934 | 16,991 | |||||
Increase (decrease) in other liabilities and accrued expenses | (19,759 | ) | (16,347 | ) | |||
Operating activities from consolidated CLOs | — | (1,452 | ) | ||||
Net cash provided by (used in) operating activities | 10,163 | 27,219 | |||||
Investing Activities: | |||||||
Purchases of investments | (182,294 | ) | (73,541 | ) | |||
Proceeds from sales and maturities of investments | 122,511 | 122,220 | |||||
(Increase) decrease in loans owned, at amortized cost, net | — | (2,001 | ) | ||||
Purchases of real estate capital expenditures | (592 | ) | (359 | ) | |||
Proceeds from the sale of real estate | 9,384 | 6,510 | |||||
Purchases of corporate fixed assets | (2,032 | ) | (1,340 | ) | |||
Proceeds from the sale of subsidiaries | 3,561 | 4,846 | |||||
Proceeds from notes receivable | 14,923 | 27,678 | |||||
Issuance of notes receivable | (15,040 | ) | (27,635 | ) | |||
Business and asset acquisitions, net of cash and deposits | — | (75,782 | ) | ||||
Investing activities from consolidated CLOs | — | 48,470 | |||||
Net cash provided by (used in) investing activities | (49,579 | ) | 29,066 | ||||
Financing Activities: | |||||||
Dividends paid | (2,200 | ) | (1,706 | ) | |||
Non-controlling interest contributions | 1,418 | 2,464 | |||||
Non-controlling interest distributions | (241 | ) | (1,130 | ) | |||
Payment of debt issuance costs | (657 | ) | (1,267 | ) |
Six months ended June 30, | |||||||
2018 | 2017 | ||||||
Proceeds from borrowings and mortgage notes payable | 786,705 | 822,119 | |||||
Principal paydowns of borrowings and mortgage notes payable | (776,031 | ) | (800,944 | ) | |||
Proceeds from the exercise of options for Common Stock | — | 8,100 | |||||
Repurchases of common stock | (8,858 | ) | (7,300 | ) | |||
Financing activities from consolidated CLOs | — | (49,010 | ) | ||||
Net cash provided by (used in) financing activities | 136 | (28,674 | ) | ||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (39,280 | ) | 27,611 | ||||
Cash, cash equivalents and restricted cash – beginning of period | 142,237 | 74,258 | |||||
Cash, cash equivalents and restricted cash – beginning of period - held for sale | 10,533 | 13,224 | |||||
Cash, cash equivalents and restricted cash – end of period | 113,490 | 115,093 | |||||
Less: Reclassification of cash to assets held for sale | 3,852 | 8,619 | |||||
Cash, cash equivalents and restricted cash– end of period | $ | 109,638 | $ | 106,474 | |||
Supplemental Schedule of Non-Cash Investing and Financing Activities: | |||||||
Assets of consolidated CLOs deconsolidated due to sale and redemption | $ | — | $ | 405,263 | |||
Liabilities of consolidated CLOs deconsolidated due to sale and redemption | $ | — | $ | 387,273 | |||
Equity securities acquired through the sale of a subsidiary and asset sales | $ | 134,083 | $ | — | |||
Real estate acquired through asset acquisition | $ | — | $ | 8,178 | |||
Intangible assets related to in-place leases acquired through asset acquisition | $ | — | $ | 2,049 | |||
Debt assumed through acquisitions | $ | — | $ | 7,586 | |||
Cancellation of treasury shares | $ | 33,535 | $ | — | |||
Acquisition of non-controlling interest | $ | 82,190 | $ | — | |||
Acquired real estate properties through, or in lieu of, foreclosure of the related loan | $ | 5,100 | $ | 6,976 | |||
As of | |||||||
Reconciliation of cash, cash equivalents and restricted cash shown in the statement of cash flows | June 30, 2018 | December 31, 2017 | |||||
Cash and cash equivalents | $ | 91,490 | $ | 110,667 | |||
Restricted cash | 18,148 | 31,570 | |||||
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ | 109,638 | 142,237 |
• | Fair value of financial assets and liabilities, including, but not limited to, securities, loans and derivatives; |
• | Value of acquired assets and liabilities; |
• | Carrying value of goodwill and other intangibles, including estimated amortization period and useful lives; |
• | Reserves for unpaid losses and loss adjustment expenses, estimated future claims and losses, potential litigation and other claims; |
• | Valuation of contingent share issuances for compensation and purchase consideration, including estimates of number of shares and vesting schedules; |
• | Revenue recognition including, but not limited to, the timing and amount of insurance premiums, service, administration fees, and loan origination fees; and |
• | Other matters that affect the reported amounts and disclosure of contingencies in the condensed consolidated financial statements. |
As of | |||||||||||||
June 30, 2018(1) | December 31, 2017 | ||||||||||||
Assets | Luxury | Care | Luxury | Total | |||||||||
Investments: | |||||||||||||
Loans, at fair value | $ | 45,654 | $ | — | $ | 57,255 | $ | 57,255 | |||||
Loans at amortized cost, net | — | 700 | — | 700 | |||||||||
Real estate, net of accumulated depreciation of $0 and $26,823 | — | 347,303 | — | 347,303 | |||||||||
Other investments | 887 | 1,853 | 677 | 2,530 | |||||||||
Total Investments | 46,541 | 349,856 | 57,932 | 407,788 | |||||||||
Cash and cash equivalents | 3,852 | 8,316 | 2,217 | 10,533 | |||||||||
Notes and accounts receivable, net | 233 | 5,318 | 263 | 5,581 | |||||||||
Intangible assets, net of accumulated amortization of $0 and $26,944 | — | 17,417 | — | 17,417 | |||||||||
Other assets | 972 | 6,508 | 665 | 7,173 | |||||||||
Assets held for sale | $ | 51,598 | $ | 387,415 | $ | 61,077 | $ | 448,492 | |||||
Liabilities | |||||||||||||
Debt, net | $ | 44,721 | $ | 296,868 | $ | 53,835 | $ | 350,703 | |||||
Other liabilities and accrued expenses | 1,543 | 10,693 | 1,422 | 12,115 | |||||||||
Liabilities held for sale | $ | 46,264 | $ | 307,561 | $ | 55,257 | $ | 362,818 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenues: | |||||||||||||||
Rental and related revenue | $ | — | $ | 18,246 | $ | 6,476 | $ | 35,649 | |||||||
Other revenue | — | 379 | 149 | 695 | |||||||||||
Total revenues | — | 18,625 | 6,625 | 36,344 | |||||||||||
Expenses: | |||||||||||||||
Employee compensation and benefits | — | 7,697 | 2,788 | 14,776 | |||||||||||
Interest expense | — | 2,999 | 1,252 | 5,700 | |||||||||||
Depreciation and amortization | — | 4,726 | — | 8,981 | |||||||||||
Other expenses | — | 5,497 | 1,961 | 10,711 | |||||||||||
Total expenses | — | 20,919 | 6,001 | 40,168 | |||||||||||
Net income (loss) before taxes from discontinued operations | — | (2,294 | ) | 624 | (3,824 | ) | |||||||||
Gain on sale of discontinued operations, net | — | — | 46,184 | — | |||||||||||
Less: provision (benefit) for income taxes | — | (570 | ) | 12,327 | (972 | ) | |||||||||
Net income (loss) from discontinued operations | $ | — | $ | (1,724 | ) | $ | 34,481 | $ | (2,852 | ) |
Six Months Ended June 30, | |||||||
2018 | 2017 | ||||||
Net cash provided by (used in): | |||||||
Operating activities | $ | (2,095 | ) | $ | 10,003 | ||
Investing activities | (592 | ) | (74,796 | ) | |||
Financing activities | (123 | ) | 53,376 | ||||
Net cash flows provided by discontinued operations | $ | (2,810 | ) | $ | (11,417 | ) |
Three Months Ended June 30, 2018 | |||||||||||||||||||
Tiptree Capital | |||||||||||||||||||
Specialty insurance | Asset management | Mortgage | Other | Total | |||||||||||||||
Total revenue | $ | 134,111 | $ | 181 | $ | 12,688 | $ | 5,729 | $ | 152,709 | |||||||||
Total expense | (125,380 | ) | (795 | ) | (12,334 | ) | (5,974 | ) | (144,483 | ) | |||||||||
Corporate expense | — | — | — | — | (6,649 | ) | |||||||||||||
Income (loss) before taxes from continuing operations | $ | 8,731 | $ | (614 | ) | $ | 354 | $ | (245 | ) | $ | 1,577 | |||||||
Less: provision (benefit) for income taxes | 701 | ||||||||||||||||||
Net income (loss) from discontinued operations | — | ||||||||||||||||||
Net income (loss) before non-controlling interests | $ | 876 | |||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | 50 | ||||||||||||||||||
Net income (loss) attributable to Common Stockholders | $ | 826 |
Three Months Ended June 30, 2017 | |||||||||||||||||||
Tiptree Capital | |||||||||||||||||||
Specialty insurance(1) | Asset management | Mortgage | Other | Total | |||||||||||||||
Total revenue | $ | 111,171 | $ | 3,818 | $ | 14,384 | $ | 9,872 | $ | 139,245 | |||||||||
Total expense | (111,903 | ) | (2,184 | ) | (15,684 | ) | (8,646 | ) | (138,417 | ) | |||||||||
Net income attributable to consolidated CLOs | — | 2,895 | — | — | 2,895 | ||||||||||||||
Corporate expense | — | — | — | — | (8,628 | ) | |||||||||||||
Income (loss) before taxes from continuing operations | $ | (732 | ) | $ | 4,529 | $ | (1,300 | ) | $ | 1,226 | $ | (4,905 | ) | ||||||
Less: provision (benefit) for income taxes | (1,305 | ) | |||||||||||||||||
Net income (loss) from discontinued operations | (1,724 | ) | |||||||||||||||||
Net income (loss) before non-controlling interests | $ | (5,324 | ) | ||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | (881 | ) | |||||||||||||||||
Net income (loss) attributable to Common Stockholders | $ | (4,443 | ) |
Six Months Ended June 30, 2018 | |||||||||||||||||||
Tiptree Capital | |||||||||||||||||||
Specialty insurance | Asset management | Mortgage | Other | Total | |||||||||||||||
Total revenue | $ | 264,109 | $ | 2,036 | $ | 25,686 | $ | 8,950 | $ | 300,781 | |||||||||
Total expense | (254,035 | ) | (1,758 | ) | (25,179 | ) | (11,912 | ) | (292,884 | ) | |||||||||
Corporate expense | — | — | — | — | (13,363 | ) | |||||||||||||
Net income (loss) before taxes from continuing operations | $ | 10,074 | $ | 278 | $ | 507 | $ | (2,962 | ) | $ | (5,466 | ) | |||||||
Less: provision (benefit) for income taxes | (867 | ) | |||||||||||||||||
Net income (loss) from discontinued operations | 34,481 | ||||||||||||||||||
Net income (loss) before non-controlling interests | $ | 29,882 | |||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | 5,496 | ||||||||||||||||||
Net income (loss) attributable to Common Stockholders | $ | 24,386 |
Six Months Ended June 30, 2017 | |||||||||||||||||||
Tiptree Capital | |||||||||||||||||||
Specialty insurance | Asset management | Mortgage | Other | Total | |||||||||||||||
Total revenue | $ | 233,017 | $ | 6,791 | $ | 27,212 | $ | 18,414 | $ | 285,434 | |||||||||
Total expense | (228,948 | ) | (3,491 | ) | (28,211 | ) | (17,104 | ) | (277,754 | ) | |||||||||
Net income attributable to consolidated CLOs | — | 6,810 | — | — | 6,810 | ||||||||||||||
Corporate expense | — | — | — | — | (15,357 | ) | |||||||||||||
Net income (loss) before taxes from continuing operations | $ | 4,069 | $ | 10,110 | $ | (999 | ) | $ | 1,310 | $ | (867 | ) | |||||||
Less: provision (benefit) for income taxes | 263 | ||||||||||||||||||
Net income (loss) from discontinued operations | (2,852 | ) | |||||||||||||||||
Net income (loss) before non-controlling interests | $ | (3,982 | ) | ||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | (639 | ) | |||||||||||||||||
Net income (loss) attributable to Common Stockholders | $ | (3,343 | ) |
The following table presents the segment assets for the following periods: | |||||||||||||||||||
Segment Assets as of June 30, 2018 | |||||||||||||||||||
Tiptree Capital | |||||||||||||||||||
Specialty insurance | Asset management | Mortgage | Other | Total | |||||||||||||||
Segment assets | $ | 1,393,739 | $ | 2,979 | $ | 78,218 | $ | 202,997 | $ | 1,677,933 | |||||||||
Assets held for sale | — | — | — | 51,598 | 51,598 | ||||||||||||||
Total assets | $ | 1,729,531 | |||||||||||||||||
Segment Assets as of December 31, 2017 | |||||||||||||||||||
Tiptree Capital | |||||||||||||||||||
Specialty insurance | Asset management | Mortgage | Other | Total | |||||||||||||||
Segment assets | $ | 1,367,437 | $ | 5,537 | $ | 90,260 | $ | 78,016 | $ | 1,541,250 | |||||||||
Assets held for sale | — | — | — | 448,492 | 448,492 | ||||||||||||||
Total assets | $ | 1,989,742 |
As of June 30, 2018 | |||||||||||||||||||
Specialty insurance | Tiptree Capital | ||||||||||||||||||
Asset management | Mortgage (1) | Other (1) (2) | Total | ||||||||||||||||
Available for sale securities, at fair value | $ | 234,361 | $ | — | $ | — | $ | — | $ | 234,361 | |||||||||
Loans, at fair value | 179,609 | — | 53,926 | — | 233,535 | ||||||||||||||
Equity securities, at fair value | 36,881 | — | — | 103,251 | 140,132 | ||||||||||||||
Other investments | 31,641 | 1,530 | 5,039 | 18,232 | 56,442 | ||||||||||||||
Total | $ | 482,492 | $ | 1,530 | $ | 58,965 | $ | 121,483 | $ | 664,470 | |||||||||
As of December 31, 2017 | |||||||||||||||||||
Specialty insurance | Tiptree Capital | ||||||||||||||||||
Asset management | Mortgage (1) | Other (1) (2) | Total | ||||||||||||||||
Available for sale securities, at fair value | $ | 182,448 | $ | — | $ | — | $ | — | $ | 182,448 | |||||||||
Loans, at fair value | 195,327 | — | 62,846 | — | 258,173 | ||||||||||||||
Equity securities, at fair value | 25,536 | — | — | — | 25,536 | ||||||||||||||
Other investments | 50,720 | 2,846 | 5,013 | 563 | 59,142 | ||||||||||||||
Total | $ | 454,031 | $ | 2,846 | $ | 67,859 | $ | 563 | $ | 525,299 |
As of June 30, 2018 | |||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 44,592 | $ | 2 | $ | (660 | ) | $ | 43,934 | ||||||
Obligations of state and political subdivisions | 59,205 | 70 | (636 | ) | 58,639 | ||||||||||
Corporate securities | 77,505 | 3 | (1,337 | ) | 76,171 | ||||||||||
Asset backed securities | 46,903 | 194 | (827 | ) | 46,270 | ||||||||||
Certificates of deposit | 3,040 | — | — | 3,040 | |||||||||||
Obligations of foreign governments | 6,337 | 2 | (32 | ) | 6,307 | ||||||||||
Total | $ | 237,582 | $ | 271 | $ | (3,492 | ) | $ | 234,361 | ||||||
As of December 31, 2017 | |||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 48,399 | $ | 20 | $ | (474 | ) | $ | 47,945 | ||||||
Obligations of state and political subdivisions | 47,211 | 190 | (420 | ) | 46,981 | ||||||||||
Corporate securities | 62,125 | 195 | (345 | ) | 61,975 | ||||||||||
Asset backed securities | 23,369 | 182 | (58 | ) | 23,493 | ||||||||||
Certificates of deposit | 896 | — | — | 896 | |||||||||||
Equity securities | 595 | 10 | (17 | ) | 588 | ||||||||||
Obligations of foreign governments | 562 | 9 | (1 | ) | 570 | ||||||||||
Total | $ | 183,157 | $ | 606 | $ | (1,315 | ) | $ | 182,448 |
As of June 30, 2018 | |||||||||||||||||||||
Less Than or Equal to One Year | More Than One Year | ||||||||||||||||||||
Fair value | Gross unrealized losses | # of Securities | Fair value | Gross unrealized losses | # of Securities | ||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 28,581 | $ | (431 | ) | 125 | $ | 7,264 | $ | (229 | ) | 57 | |||||||||
Obligations of state and political subdivisions | 34,451 | (262 | ) | 139 | 5,835 | (374 | ) | 41 | |||||||||||||
Corporate securities | 68,894 | (1,031 | ) | 669 | 5,273 | (306 | ) | 92 | |||||||||||||
Asset-backed securities | 6,137 | (827 | ) | 30 | — | — | — | ||||||||||||||
Obligations of foreign governments | 4,701 | (32 | ) | 35 | — | — | — | ||||||||||||||
Total | $ | 142,764 | $ | (2,583 | ) | 998 | $ | 18,372 | $ | (909 | ) | 190 | |||||||||
As of December 31, 2017 | |||||||||||||||||||||
Less Than or Equal to One Year | More Than One Year | ||||||||||||||||||||
Fair value | Gross unrealized losses | # of Securities | Fair value | Gross unrealized losses | # of Securities | ||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 37,918 | $ | (291 | ) | 115 | $ | 7,584 | $ | (183 | ) | 56 | |||||||||
Obligations of state and political subdivisions | 24,165 | (135 | ) | 96 | 7,294 | (285 | ) | 48 | |||||||||||||
Corporate securities | 37,573 | (179 | ) | 295 | 6,568 | (166 | ) | 127 | |||||||||||||
Asset-backed securities | 1,297 | (58 | ) | 2 | — | — | — | ||||||||||||||
Equity securities | 295 | (15 | ) | 3 | 63 | (2 | ) | 2 | |||||||||||||
Obligations of foreign governments | 371 | (1 | ) | 1 | — | — | — | ||||||||||||||
Total | $ | 101,619 | $ | (679 | ) | 512 | $ | 21,509 | $ | (636 | ) | 233 |
As of | |||||||||||||||
June 30, 2018 | December 31, 2017 | ||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Due in one year or less | $ | 30,238 | $ | 30,186 | $ | 26,399 | $ | 26,363 | |||||||
Due after one year through five years | 115,702 | 114,324 | 86,287 | 85,852 | |||||||||||
Due after five years through ten years | 38,628 | 37,607 | 41,442 | 41,085 | |||||||||||
Due after ten years | 6,111 | 5,974 | 5,065 | 5,067 | |||||||||||
Asset-backed securities | 46,903 | 46,270 | 23,369 | 23,493 | |||||||||||
Total | $ | 237,582 | $ | 234,361 | $ | 182,562 | $ | 181,860 |
As of | |||||||
June 30, 2018 | December 31, 2017 | ||||||
Fair value of restricted investments for special deposits required by state insurance departments | $ | 7,098 | $ | 6,101 | |||
Fair value of restricted investments in trust pursuant to reinsurance agreements | 22,683 | 10,175 | |||||
Total fair value of restricted investments | $ | 29,781 | $ | 16,276 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Purchases of available for sale securities | $ | 33,655 | $ | 10,748 | $ | 109,225 | $ | 34,657 | |||||||
Proceeds from maturities, calls and prepayments of available for sale securities | $ | 7,152 | $ | 12,000 | $ | 17,170 | $ | 16,223 | |||||||
Gains (losses) realized on maturities, calls and prepayments of available for sale securities | $ | (4 | ) | $ | (2 | ) | $ | (30 | ) | $ | (5 | ) | |||
Gross proceeds from sales of available for sale securities | $ | 6,015 | $ | 4,832 | $ | 38,047 | $ | 18,326 | |||||||
Gains (losses) realized on sales of available for sale securities | $ | 4 | $ | 21 | $ | (496 | ) | $ | (23 | ) |
As of June 30, 2018 | As of December 31, 2017 | ||||||||||||||||||||||
Fair value | Unpaid principal balance (UPB) | Fair value exceeds / (below) UPB | Fair value | Unpaid principal balance (UPB) | Fair value exceeds / (below) UPB | ||||||||||||||||||
Loans, at fair value | |||||||||||||||||||||||
Corporate loans (1) | $ | 149,624 | $ | 152,897 | $ | (3,273 | ) | $ | 157,661 | $ | 157,834 | $ | (173 | ) | |||||||||
Mortgage loans held for sale | 53,926 | 52,063 | 1,863 | 62,846 | 60,764 | 2,082 | |||||||||||||||||
Non-performing loans (2) | 29,985 | 38,739 | (8,754 | ) | 37,666 | 52,872 | (15,206 | ) | |||||||||||||||
Total loans, at fair value | $ | 233,535 | $ | 243,699 | $ | (10,164 | ) | $ | 258,173 | $ | 271,470 | $ | (13,297 | ) |
As of | |||||||
June 30, 2018 | December 31, 2017 | ||||||
Corporate loans | $ | 144,808 | $ | 154,279 | |||
Mortgage loans held for sale | 53,052 | 62,212 | |||||
Non-performing loans | — | 30,703 | |||||
Total fair value of loans pledged as collateral | $ | 197,860 | $ | 247,194 |
As of | |||||||
June 30, 2018 | December 31, 2017 | ||||||
Other investments | |||||||
Real estate, net (1) (2) | $ | — | $ | 19,226 | |||
Foreclosed residential real estate property | 14,787 | 16,056 | |||||
Seller financing (3) | 11,825 | 11,275 | |||||
Derivative assets | 4,872 | 5,013 | |||||
Debentures | 5,196 | 4,163 | |||||
Other | 19,762 | 3,409 | |||||
Total other investments | $ | 56,442 | $ | 59,142 |
• | Interest income related to available for sale securities, at fair value; |
• | Interest income related to loans, at fair value; |
• | Dividend income from equity securities, at fair value; |
• | Earnings from other investments. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
Net investment income | 2018 | 2017 | 2018 | 2017 | |||||||||||
Available for sale securities, at fair value | $ | 1,829 | $ | 782 | $ | 3,048 | $ | 1,600 | |||||||
Loans, at fair value | 2,710 | 2,727 | 5,182 | 5,632 | |||||||||||
Equity securities, at fair value | 563 | 728 | 953 | 1,453 | |||||||||||
Other investments | 407 | 286 | 846 | 530 | |||||||||||
Total investment income | 5,509 | 4,523 | 10,029 | 9,215 | |||||||||||
Less: investment expenses | 582 | 836 | 897 | 1,023 | |||||||||||
Net investment income | $ | 4,927 | $ | 3,687 | $ | 9,132 | $ | 8,192 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
Net realized and unrealized gains (losses) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Net realized gains (losses) | $ | 11,536 | $ | 18,455 | $ | 31,693 | $ | 29,333 | |||||||
Net unrealized gains (losses) | (64 | ) | (7,010 | ) | (13,615 | ) | (1,676 | ) | |||||||
Net realized and unrealized gains (losses) | $ | 11,472 | $ | 11,445 | $ | 18,078 | $ | 27,657 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net realized gain on sale of mortgage loans (1) | $ | 9,036 | $ | 15,880 | $ | 20,430 | $ | 30,761 | |||||||
Net unrealized gains (losses) on equity securities, at fair value held at the reporting date | $ | (315 | ) | $ | (8,318 | ) | $ | (14,159 | ) | $ | (10,058 | ) |
As of | |||||||
June 30, 2018 | December 31, 2017 | ||||||
Notes receivable, net - premium financing program (1) | $ | 12,237 | $ | 12,225 | |||
Accounts and premiums receivable, net | 51,981 | 59,946 | |||||
Retrospective commissions receivable | 74,440 | 68,064 | |||||
Trust receivables | 39,828 | 29,060 | |||||
Other receivables | 16,485 | 17,127 | |||||
Total | $ | 194,971 | $ | 186,422 |
Direct amount | Ceded to other companies | Assumed from other companies | Net amount | Percentage of amount - assumed to net | ||||||||||||||
For the Three Months Ended June 30, 2018 | ||||||||||||||||||
Premiums written: | ||||||||||||||||||
Life insurance | $ | 17,329 | $ | 9,425 | $ | 454 | $ | 8,358 | 5.4 | % | ||||||||
Accident and health insurance | 30,191 | 20,291 | 787 | 10,687 | 7.4 | % | ||||||||||||
Property and liability insurance | 144,427 | 67,942 | 281 | 76,766 | 0.4 | % | ||||||||||||
Total premiums written | 191,947 | 97,658 | 1,522 | 95,811 | 1.6 | % | ||||||||||||
Premiums earned: | ||||||||||||||||||
Life insurance | 15,693 | 7,931 | 436 | 8,198 | 5.3 | % | ||||||||||||
Accident and health insurance | 28,336 | 19,012 | 799 | 10,123 | 7.9 | % | ||||||||||||
Property and liability insurance | 134,662 | 61,285 | 8,346 | 81,723 | 10.2 | % | ||||||||||||
Total premiums earned | $ | 178,691 | $ | 88,228 | $ | 9,581 | $ | 100,044 | 9.6 | % | ||||||||
For the Three Months Ended June 30, 2017 | ||||||||||||||||||
Premiums written: | ||||||||||||||||||
Life insurance | $ | 15,604 | $ | 7,947 | $ | 496 | $ | 8,153 | 6.1 | % | ||||||||
Accident and health insurance | 28,038 | 18,528 | 783 | 10,293 | 7.6 | % | ||||||||||||
Property and liability insurance | 135,805 | 63,129 | 5,844 | 78,520 | 7.4 | % | ||||||||||||
Total premiums written | 179,447 | 89,604 | 7,123 | 96,966 | 7.3 | % | ||||||||||||
Premiums earned: | ||||||||||||||||||
Life insurance | 15,153 | 7,509 | 499 | 8,143 | 6.1 | % | ||||||||||||
Accident and health insurance | 26,526 | 18,167 | 784 | 9,143 | 8.6 | % | ||||||||||||
Property and liability insurance | 116,537 | 49,695 | 3,349 | 70,191 | 4.8 | % | ||||||||||||
Total premiums earned | $ | 158,216 | $ | 75,371 | $ | 4,632 | $ | 87,477 | 5.3 | % | ||||||||
For the Six Months Ended June 30, 2018 | ||||||||||||||||||
Premiums written: | ||||||||||||||||||
Life insurance | $ | 31,091 | $ | 16,601 | $ | 881 | $ | 15,371 | 5.7 | % | ||||||||
Accident and health insurance | 56,817 | 37,724 | 1,556 | 20,649 | 7.5 | % | ||||||||||||
Property and liability insurance | 286,169 | 134,769 | 17,609 | 169,009 | 10.4 | % | ||||||||||||
Total premiums written | 374,077 | 189,094 | 20,046 | 205,029 | 9.8 | % | ||||||||||||
Premiums earned: | ||||||||||||||||||
Life insurance | 31,307 | 15,753 | 889 | 16,443 | 5.4 | % | ||||||||||||
Accident and health insurance | 57,238 | 38,629 | 1,617 | 20,226 | 8.0 | % | ||||||||||||
Property and liability insurance | 264,271 | 115,216 | 15,965 | 165,020 | 9.7 | % | ||||||||||||
Total premiums earned | $ | 352,816 | $ | 169,598 | $ | 18,471 | $ | 201,689 | 9.2 | % | ||||||||
For the Six Months Ended June 30, 2017 | ||||||||||||||||||
Premiums written: | ||||||||||||||||||
Life insurance | $ | 27,900 | $ | 13,677 | $ | 933 | $ | 15,156 | 6.2 | % | ||||||||
Accident and health insurance | 53,208 | 34,834 | 1,493 | 19,867 | 7.5 | % | ||||||||||||
Property and liability insurance | 257,562 | 120,097 | 10,826 | 148,291 | 7.3 | % | ||||||||||||
Total premiums written | 338,670 | 168,608 | 13,252 | 183,314 | 7.2 | % | ||||||||||||
Premiums earned: | ||||||||||||||||||
Life insurance | 30,341 | 14,921 | 992 | 16,412 | 6.0 | % | ||||||||||||
Accident and health insurance | 53,895 | 37,225 | 1,559 | 18,229 | 8.6 | % | ||||||||||||
Property and liability insurance | 230,601 | 96,201 | 7,667 | 142,067 | 5.4 | % | ||||||||||||
Total premiums earned | $ | 314,837 | $ | 148,347 | $ | 10,218 | $ | 176,708 | 5.8 | % |
Direct amount | Ceded to other companies | Assumed from other companies | Net amount | Percentage of amount - assumed to net | ||||||||||||||
For the Three Months Ended June 30, 2018 | ||||||||||||||||||
Losses Incurred | ||||||||||||||||||
Life insurance | $ | 8,795 | $ | 5,029 | $ | 181 | $ | 3,947 | 4.6 | % | ||||||||
Accident and health insurance | 4,293 | 3,655 | (20 | ) | 618 | (3.2 | )% | |||||||||||
Property and liability insurance | 52,676 | 35,117 | 7,420 | 24,979 | 29.7 | % | ||||||||||||
Total losses incurred | 65,764 | 43,801 | 7,581 | 29,544 | 25.7 | % | ||||||||||||
Member benefit claims (1) | 4,630 | |||||||||||||||||
Total policy and contract benefits | $ | 34,174 | ||||||||||||||||
For the Three Months Ended June 30, 2017 | ||||||||||||||||||
Losses Incurred | ||||||||||||||||||
Life insurance | $ | 8,322 | $ | 4,567 | $ | 275 | $ | 4,030 | 6.8 | % | ||||||||
Accident and health insurance | 4,912 | 4,186 | 216 | 942 | 22.9 | % | ||||||||||||
Property and liability insurance | 48,144 | 27,775 | 299 | 20,668 | 1.4 | % | ||||||||||||
Total losses incurred | 61,378 | 36,528 | 790 | 25,640 | 3.1 | % | ||||||||||||
Member benefit claims (1) | 4,162 | |||||||||||||||||
Total policy and contract benefits | $ | 29,802 | ||||||||||||||||
For the Six Months Ended June 30, 2018 | ||||||||||||||||||
Losses Incurred | ||||||||||||||||||
Life insurance | $ | 19,148 | $ | 10,701 | $ | 343 | $ | 8,790 | 3.9 | % | ||||||||
Accident and health insurance | 8,870 | 7,199 | 226 | 1,897 | 11.9 | % | ||||||||||||
Property and liability insurance | 106,233 | 68,047 | 13,383 | 51,569 | 26.0 | % | ||||||||||||
Total losses incurred | 134,251 | 85,947 | 13,952 | 62,256 | 22.4 | % | ||||||||||||
Member benefit claims (1) | 8,544 | |||||||||||||||||
Total policy and contract benefits | $ | 70,800 | ||||||||||||||||
For the Six Months Ended June 30, 2017 | ||||||||||||||||||
Losses Incurred | ||||||||||||||||||
Life insurance | $ | 16,524 | $ | 8,985 | $ | 570 | $ | 8,109 | 7.0 | % | ||||||||
Accident and health insurance | 8,744 | 7,563 | 472 | 1,653 | 28.6 | % | ||||||||||||
Property and liability insurance | 95,752 | 51,883 | 1,164 | 45,033 | 2.6 | % | ||||||||||||
Total losses incurred | 121,020 | 68,431 | 2,206 | 54,795 | 4.0 | % | ||||||||||||
Member benefit claims (1) | 7,999 | |||||||||||||||||
Total policy and contract benefits | $ | 62,794 |
As of | |||||||
June 30, 2018 | December 31, 2017 | ||||||
Prepaid reinsurance premiums: | |||||||
Life (1) | $ | 65,425 | $ | 65,218 | |||
Accident and health (1) | 55,823 | 56,729 | |||||
Property | 151,288 | 131,735 | |||||
Total | 272,536 | 253,682 | |||||
Ceded claim reserves: | |||||||
Life | 2,926 | 2,988 | |||||
Accident and health | 9,657 | 9,575 | |||||
Property | 68,442 | 61,406 | |||||
Total ceded claim reserves recoverable | 81,025 | 73,969 | |||||
Other reinsurance settlements recoverable | 19,584 | 25,316 | |||||
Reinsurance receivables | $ | 373,145 | $ | 352,967 |
As of | |||
June 30, 2018 | |||
Total of the three largest receivable balances from non-affiliated reinsurers | $ | 84,837 |
As of June 30, 2018 | As of December 31, 2017 | ||||||||||||||||||||||||||||||
Tiptree Capital | Tiptree Capital | ||||||||||||||||||||||||||||||
Specialty insurance | Mortgage | Other | Total | Specialty insurance | Mortgage | Other | Total | ||||||||||||||||||||||||
Customer relationships | $ | 50,500 | $ | — | $ | — | $ | 50,500 | $ | 50,500 | $ | — | $ | — | $ | 50,500 | |||||||||||||||
Accumulated amortization | (15,497 | ) | — | — | (15,497 | ) | (12,081 | ) | — | — | (12,081 | ) | |||||||||||||||||||
Trade names | 6,500 | 800 | — | 7,300 | 6,500 | 800 | — | 7,300 | |||||||||||||||||||||||
Accumulated amortization | (2,455 | ) | (240 | ) | — | (2,695 | ) | (2,182 | ) | (200 | ) | — | (2,382 | ) | |||||||||||||||||
Software licensing | 8,500 | 640 | — | 9,140 | 8,500 | 640 | — | 9,140 | |||||||||||||||||||||||
Accumulated amortization | (6,092 | ) | (274 | ) | — | (6,366 | ) | (5,242 | ) | (228 | ) | — | (5,470 | ) | |||||||||||||||||
Insurance policies and contracts acquired | 36,500 | — | — | 36,500 | 36,500 | — | — | 36,500 | |||||||||||||||||||||||
Accumulated amortization | (35,707 | ) | — | — | (35,707 | ) | (35,433 | ) | — | — | (35,433 | ) | |||||||||||||||||||
Insurance licensing agreements(1) | 13,761 | — | — | 13,761 | 13,761 | — | — | 13,761 | |||||||||||||||||||||||
Leases in place (2) | — | — | — | — | 2,324 | — | — | 2,324 | |||||||||||||||||||||||
Accumulated amortization | — | — | — | — | (142 | ) | — | — | (142 | ) | |||||||||||||||||||||
Intangible assets, net | 56,010 | 926 | — | 56,936 | 63,005 | 1,012 | — | 64,017 | |||||||||||||||||||||||
Goodwill | 89,854 | 1,708 | — | 91,562 | 89,854 | 1,708 | — | 91,562 | |||||||||||||||||||||||
Total goodwill and intangible assets, net | $ | 145,864 | $ | 2,634 | $ | — | $ | 148,498 | $ | 152,859 | $ | 2,720 | $ | — | $ | 155,579 |
Tiptree Capital | |||||||||||||||
Specialty insurance | Mortgage | Other | Total | ||||||||||||
Balance at December 31, 2017 | $ | 89,854 | $ | 1,708 | $ | — | $ | 91,562 | |||||||
Balance at June 30, 2018 | $ | 89,854 | $ | 1,708 | $ | — | $ | 91,562 | |||||||
Accumulated impairments | $ | — | $ | — | $ | 699 | $ | 699 |
Specialty insurance | Mortgage | Total | |||||||||
Balance at December 31, 2017 | $ | 63,005 | $ | 1,012 | $ | 64,017 | |||||
Intangible assets divested | (2,167 | ) | — | (2,167 | ) | ||||||
Less: amortization expense | (4,828 | ) | (86 | ) | (4,914 | ) | |||||
Balance at June 30, 2018 | $ | 56,010 | $ | 926 | $ | 56,936 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Amortization expense on intangible assets | $ | 2,439 | $ | 2,882 | $ | 4,914 | $ | 5,879 |
As of June 30, 2018 | |||||||||||||||
Specialty insurance (VOBA) | Specialty insurance (other) | Mortgage | Total | ||||||||||||
Remainder of 2018 | $ | 191 | $ | 4,538 | $ | 85 | $ | 4,814 | |||||||
2019 | 217 | 7,509 | 171 | 7,897 | |||||||||||
2020 | 123 | 5,027 | 171 | 5,321 | |||||||||||
2021 | 82 | 4,251 | 171 | 4,504 | |||||||||||
2022 | 54 | 3,595 | 126 | 3,775 | |||||||||||
2023 and thereafter | 126 | 16,536 | 202 | 16,864 | |||||||||||
Total | $ | 793 | $ | 41,456 | $ | 926 | $ | 43,175 |
As of June 30, 2018 | As of December 31, 2017 | ||||||||||||||||||||||
Notional values | Asset derivatives | Liability derivatives | Notional values | Asset derivatives | Liability derivatives | ||||||||||||||||||
Interest rate risk: | |||||||||||||||||||||||
Interest rate lock commitments | $ | 184,472 | $ | 4,812 | $ | — | $ | 190,645 | $ | 4,808 | $ | — | |||||||||||
Forward delivery contracts | 33,748 | 14 | — | 71,152 | 30 | — | |||||||||||||||||
TBA mortgage backed securities | 171,000 | 46 | 639 | 197,000 | 175 | 117 | |||||||||||||||||
Total | $ | 389,220 | $ | 4,872 | $ | 639 | $ | 458,797 | $ | 5,013 | $ | 117 |
As of | |||||||||
Balance Sheet Location | June 30, 2018 (1) | December 31, 2017 | |||||||
Unrealized gain (loss), net of tax, on the fair value of interest rate swaps | AOCI | $ | — | $ | 2,074 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Gains (losses) recognized in AOCI on the derivative-effective portion | $ | — | $ | (510 | ) | $ | 1,111 | $ | (378 | ) | |||||
(Gains) losses reclassified from AOCI into income-effective portion | $ | — | $ | 93 | $ | — | $ | 237 | |||||||
Gains (losses) recognized in income on the derivative-ineffective portion | $ | — | $ | (1 | ) | $ | — | $ | (2 | ) |
Maximum borrowing capacity as of | As of | |||||||||||||||
Debt Type | Stated maturity date | Stated interest rate or range of rates | June 30, 2018 | June 30, 2018 | December 31, 2017 | |||||||||||
Corporate debt | ||||||||||||||||
Secured corporate credit agreements | December 2018 - September 2020 | LIBOR + 1.00% to 5.50% | $ | 155,000 | $ | 74,030 | $ | 28,500 | ||||||||
Junior subordinated notes | October 2057 | 8.50% | 125,000 | 125,000 | 125,000 | |||||||||||
Preferred trust securities | June 2037 | LIBOR + 4.10% | 35,000 | 35,000 | 35,000 | |||||||||||
Total corporate debt | 234,030 | 188,500 | ||||||||||||||
Asset based debt (1) | ||||||||||||||||
Asset based revolving financing (2) | April 2019 - August 2022 | LIBOR + 2.25% - 2.60% | 175,000 | 100,557 | 118,794 | |||||||||||
Residential mortgage warehouse borrowings (3) | August 2018 - June 2019 | LIBOR + 2.50% to 3.00% | 76,000 | 41,898 | 48,810 | |||||||||||
Total asset based debt | 142,455 | 167,604 | ||||||||||||||
Total debt, face value | 376,485 | 356,104 | ||||||||||||||
Unamortized discount, net | (659 | ) | (191 | ) | ||||||||||||
Unamortized deferred financing costs | (9,611 | ) | (9,832 | ) | ||||||||||||
Total debt, net | $ | 366,215 | $ | 346,081 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Interest expense on debt | $ | 6,620 | $ | 6,319 | $ | 12,561 | $ | 12,397 |
June 30, 2018 | |||
Remainder of 2018 | $ | — | |
2019 | 47,727 | ||
2020 | 74,030 | ||
2021 | — | ||
2022 | 94,728 | ||
Thereafter | 160,000 | ||
Total | $ | 376,485 |
As of June 30, 2018 | |||||||||||||||
Quoted prices in active markets Level 1 | Other significant observable inputs Level 2 | Significant unobservable inputs Level 3 | Fair value | ||||||||||||
Assets: | |||||||||||||||
Available for sale securities, at fair value: | |||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | — | $ | 43,934 | $ | — | $ | 43,934 | |||||||
Obligations of state and political subdivisions | — | 58,639 | — | 58,639 | |||||||||||
Obligations of foreign governments | — | 6,307 | — | 6,307 | |||||||||||
Certificates of deposit | 3,040 | — | — | 3,040 | |||||||||||
Asset backed securities | — | 42,938 | 3,332 | 46,270 | |||||||||||
Corporate securities | — | 76,171 | — | 76,171 | |||||||||||
Total available for sale securities, at fair value | 3,040 | 227,989 | 3,332 | 234,361 | |||||||||||
Loans, at fair value: | |||||||||||||||
Corporate loans | — | 38,020 | 111,604 | 149,624 | |||||||||||
Mortgage loans held for sale | — | 53,926 | — | 53,926 | |||||||||||
Non-performing loans | — | — | 29,985 | 29,985 | |||||||||||
Total loans, at fair value | — | 91,946 | 141,589 | 233,535 | |||||||||||
Equity securities, at fair value | 14,749 | 125,128 | 255 | 140,132 | |||||||||||
Other investments: | |||||||||||||||
Derivative assets: | |||||||||||||||
Forward delivery contracts | — | 14 | 14 | ||||||||||||
Interest rate lock commitments | — | — | 4,812 | 4,812 | |||||||||||
TBA mortgage backed securities | — | 46 | — | 46 | |||||||||||
Total derivative assets | — | 60 | 4,812 | 4,872 | |||||||||||
CLOs | — | — | 1,999 | 1,999 | |||||||||||
Debentures | — | 5,196 | — | 5,196 | |||||||||||
Total other investments, at fair value | — | 5,256 | 6,811 | 12,067 | |||||||||||
Total | $ | 17,789 | $ | 450,319 | $ | 151,987 | $ | 620,095 | |||||||
Liabilities: | |||||||||||||||
Derivative liabilities: | |||||||||||||||
TBA mortgage backed securities | $ | — | $ | 639 | $ | — | $ | 639 | |||||||
Total derivative liabilities (included in other liabilities and accrued expenses) | — | 639 | — | 639 |
As of June 30, 2018 | |||||||||||||||
Quoted prices in active markets Level 1 | Other significant observable inputs Level 2 | Significant unobservable inputs Level 3 | Fair value | ||||||||||||
Contingent consideration payable | — | — | — | — | |||||||||||
Total | $ | — | $ | 639 | $ | — | $ | 639 |
As of December 31, 2017 | |||||||||||||||
Quoted prices in active markets Level 1 | Other significant observable inputs Level 2 | Significant unobservable inputs Level 3 | Fair value | ||||||||||||
Assets: | |||||||||||||||
Available for sale securities, at fair value: | |||||||||||||||
Equity securities | $ | 541 | $ | — | $ | 47 | $ | 588 | |||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | — | 47,945 | — | 47,945 | |||||||||||
Obligations of state and political subdivisions | — | 46,981 | — | 46,981 | |||||||||||
Obligations of foreign governments | — | 570 | — | 570 | |||||||||||
Certificates of deposit | 896 | — | — | 896 | |||||||||||
Asset backed securities | — | 23,493 | — | 23,493 | |||||||||||
Corporate bonds | — | 61,975 | — | 61,975 | |||||||||||
Total available for sale securities, at fair value | 1,437 | 180,964 | 47 | 182,448 | |||||||||||
Loans, at fair value: | |||||||||||||||
Corporate loans | — | 40,925 | 116,736 | 157,661 | |||||||||||
Mortgage loans held for sale | — | 62,846 | — | 62,846 | |||||||||||
Non-performing loans | — | — | 37,666 | 37,666 | |||||||||||
Total loans, at fair value | — | 103,771 | 154,402 | 258,173 | |||||||||||
Equity securities, at fair value | 25,536 | — | — | 25,536 | |||||||||||
Other investments: | |||||||||||||||
Derivative assets: | |||||||||||||||
Forward delivery contracts | — | 30 | — | 30 | |||||||||||
Interest rate lock commitments | — | — | 4,808 | 4,808 | |||||||||||
TBA mortgage backed securities | — | 175 | — | 175 | |||||||||||
Total derivative assets | — | 205 | 4,808 | 5,013 | |||||||||||
CLOs | — | — | 3,409 | 3,409 | |||||||||||
Debentures | — | 4,163 | — | 4,163 | |||||||||||
Total other investments, at fair value | — | 4,368 | 8,217 | 12,585 | |||||||||||
Total | $ | 26,973 | $ | 289,103 | $ | 162,666 | $ | 478,742 | |||||||
Liabilities: | |||||||||||||||
Derivative liabilities: | |||||||||||||||
TBA mortgage backed securities | $ | — | $ | 117 | $ | — | $ | 117 | |||||||
Total derivative liabilities (included in other liabilities and accrued expenses) | — | 117 | — | 117 | |||||||||||
Contingent consideration payable | — | — | — | — | |||||||||||
Total | $ | — | $ | 117 | $ | — | $ | 117 |
Six Months Ended June 30, | |||||||||||
2018 (1) | 2017 (1) | ||||||||||
Non-CLO assets | Non-CLO assets | CLO assets | |||||||||
Balance at January 1, | $ | 162,666 | $ | 211,192 | $ | 585,870 | |||||
Net realized gains (losses) | 870 | 13,170 | (187 | ) | |||||||
Net unrealized gains (losses) | (1,720 | ) | 1,183 | (1,098 | ) | ||||||
Origination of IRLC | 24,981 | 25,824 | — | ||||||||
Purchases | 42,136 | 31,220 | 68,015 | ||||||||
Sales (1) | (49,550 | ) | (57,410 | ) | (90,220 | ) | |||||
Issuances | 154 | 425 | 533 | ||||||||
Transfer into Level 3 (1) | 9,220 | 1,970 | 15,204 | ||||||||
Transfer adjustments (out of) Level 3 (1) | (6,694 | ) | (13,861 | ) | (65,072 | ) | |||||
Deconsolidation of CLOs due to sale | 1,342 | (251,300 | ) | ||||||||
Conversion to real estate owned | (5,100 | ) | (6,976 | ) | — | ||||||
Conversion to mortgage held for sale | (24,976 | ) | (32,272 | ) | — | ||||||
Other | — | (32 | ) | — | |||||||
Balance at June 30, | $ | 151,987 | $ | 175,775 | $ | 261,745 | |||||
Changes in unrealized gains (losses) included in earnings related to assets still held at period end | $ | 763 | $ | 3,707 | $ | (622 | ) |
(1) | All transfers are deemed to occur at end of period. Transfers between Level 2 and 3 were a result of subjecting third-party pricing on both CLO and Non-CLO assets to various liquidity, depth, bid-ask spread and benchmarking criteria as well as assessing the availability of observable inputs affecting their fair valuation. |
Six Months Ended June 30, | |||||||||||
2018 | 2017 | ||||||||||
Non-CLO liabilities | Non-CLO liabilities | CLO liabilities | |||||||||
Balance at January 1, | $ | — | $ | 3,084 | $ | 912,034 | |||||
Net unrealized (gains) losses | — | — | (3,002 | ) | |||||||
Dispositions | — | — | (49,010 | ) | |||||||
FV adjustment | — | 3,615 | — | ||||||||
Deconsolidation of CLOs due to sale | — | — | (378,043 | ) | |||||||
Balance at June 30, | $ | — | $ | 6,699 | $ | 481,979 | |||||
Changes in unrealized (gains) losses included in earnings related to liabilities still held at period end | $ | — | $ | (3,615 | ) | $ | (3,048 | ) |
Fair Value as of | Actual or Range (Weighted average) | ||||||||||||||
Assets | June 30, 2018 | December 31, 2017 | Valuation technique | Unobservable input(s) | June 30, 2018 | December 31, 2017 | |||||||||
Interest rate lock commitments | $ | 4,812 | $ | 4,808 | Internal model | Pull through rate | 50% - 95% | 50% - 95% | |||||||
NPLs | 29,985 | 37,666 | Discounted cash flow | See table below (1) | See table below | See table below | |||||||||
Total | $ | 34,797 | $ | 42,474 |
(1) | Significant changes in any of these inputs in isolation could result in a significant change to the fair value measurement. A decline in the discount rate in isolation would increase the fair value. A decrease in the housing pricing index in isolation would decrease the fair value. Individual loan characteristics, such as location and value of underlying collateral, affect the loan resolution timeline. An increase in the loan resolution timeline in isolation would decrease the fair value. A decrease in the value of underlying properties in isolation would decrease the fair value. |
As of June 30, 2018 | As of December 31, 2017 | |||||||||||
Unobservable inputs | High | Low | Average(1) | High | Low | Average(1) | ||||||
Discount rate | 30.0% | 16.0% | 24.0% | 30.0% | 16.0% | 23.5% | ||||||
Loan resolution time-line (Years) | 2.0 | 0.5 | 1.3 | 2.3 | 0.5 | 1.3 | ||||||
Value of underlying properties | $1,775 | $45 | $355 | $1,775 | $40 | $306 | ||||||
Holding costs | 15.0% | 4.6% | 7.1% | 22.0% | 5.3% | 7.6% | ||||||
Liquidation costs | 15.9% | 8.4% | 9.3% | 16.8% | 8.4% | 9.4% | ||||||
Note rate | 6.0% | 3.0% | 5.5% | 6.0% | 3.0% | 4.8% | ||||||
Secondary market transaction prices/UPB | 88.5% | 75.5% | 96.9% | 88.5% | 75.5% | 83.4% |
(1) | Weighted based on value of underlying properties (excluding the value of underlying properties line item). |
As of June 30, 2018 | As of December 31, 2017 | ||||||||||||||||||
Level within fair value hierarchy | Fair value | Carrying value | Level within fair value hierarchy | Fair value | Carrying value | ||||||||||||||
Assets: | |||||||||||||||||||
Notes and accounts receivable, net | 2 | $ | 12,237 | $ | 12,237 | 2 | $ | 12,225 | $ | 12,225 | |||||||||
Total assets | $ | 12,237 | $ | 12,237 | $ | 12,225 | $ | 12,225 | |||||||||||
Liabilities: | |||||||||||||||||||
Debt, net | 3 | $ | 376,842 | $ | 375,826 | 3 | $ | 356,537 | $ | 355,913 | |||||||||
Total liabilities | $ | 376,842 | $ | 375,826 | $ | 356,537 | $ | 355,913 |
Six Months Ended June 30, | |||||||
2018 | 2017 | ||||||
Policy liabilities and unpaid claims balance as of January 1, | $ | 112,003 | $ | 103,391 | |||
Less : liabilities of policy-holder accounts balances, gross | (15,474 | ) | (17,417 | ) | |||
Less : non-insurance warranty benefit claim liabilities | (58 | ) | (91 | ) | |||
Gross liabilities for unpaid losses and loss adjustment expenses | 96,471 | 85,883 | |||||
Less : reinsurance recoverable on unpaid losses - short duration | (73,778 | ) | (63,112 | ) | |||
Less : other lines, gross | (224 | ) | (208 | ) | |||
Net balance as of January 1, short duration | 22,469 | 22,563 | |||||
Incurred (short duration) related to: | |||||||
Current year | 55,926 | 50,925 | |||||
Prior years | 4,886 | 2,972 | |||||
Total incurred | 60,812 | 53,897 | |||||
Paid (short duration) related to: | |||||||
Current year | 37,231 | 34,238 | |||||
Prior years | 19,475 | 17,653 | |||||
Total paid | 56,706 | 51,891 | |||||
Net balance as of June 30, short duration | 26,575 | 24,569 | |||||
Plus : reinsurance recoverable on unpaid losses - short duration | 80,865 | 69,772 | |||||
Plus : other lines, gross | 192 | 201 | |||||
Gross liabilities for unpaid losses and loss adjustment expenses | 107,632 | 94,542 | |||||
Plus : liabilities of policy-holder accounts balances, gross | 14,527 | 16,312 | |||||
Plus : non-insurance warranty benefit claim liabilities | 131 | 41 | |||||
Policy liabilities and unpaid claims balance as of June 30, | $ | 122,290 | $ | 110,895 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Total incurred | $ | 28,844 | $ | 25,209 | $ | 60,812 | $ | 53,897 | |||||||
Other lines incurred | 77 | (1 | ) | 123 | (3 | ) | |||||||||
Unallocated loss adjustment expense | 623 | 432 | 1,321 | 901 | |||||||||||
Total losses incurred | $ | 29,544 | $ | 25,640 | $ | 62,256 | $ | 54,795 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Asset management fee income | $ | 1,317 | $ | 3,330 | $ | 2,894 | $ | 5,037 | |||||||
Warranty coverage revenue | 6,279 | 5,783 | 12,402 | 9,488 | |||||||||||
Car club revenue | 7,844 | 7,767 | 15,673 | 15,489 | |||||||||||
Other | 1,856 | 2,053 | 3,953 | 3,949 | |||||||||||
Revenue from contracts with customers | $ | 17,296 | $ | 18,933 | $ | 34,922 | $ | 33,963 |
January 1, 2018 | June 30, 2018 | ||||||||||||||
Beginning balance | Additions | Amortizations | Ending balance | ||||||||||||
Deferred costs | |||||||||||||||
Warranty coverage revenue | $ | 2,249 | $ | 190 | $ | 707 | $ | 1,732 | |||||||
Car club revenue | 11,144 | 10,773 | 11,848 | 10,069 | |||||||||||
Total | $ | 13,393 | $ | 10,963 | $ | 12,555 | $ | 11,801 |
Deferred revenue | |||||||||||||||
Warranty coverage revenue | $ | 28,324 | $ | 18,764 | $ | 12,402 | $ | 34,686 | |||||||
Car club revenue | 14,861 | 14,165 | 15,673 | 13,353 | |||||||||||
Total | $ | 43,185 | $ | 32,929 | $ | 28,075 | $ | 48,039 |
As of | |||||||
June 30, 2018 | December 31, 2017 | ||||||
Due from brokers | $ | 1,393 | $ | 261 | |||
Furniture, fixtures and equipment, net | 5,399 | 4,304 | |||||
Prepaid expenses | 6,490 | 7,297 | |||||
Accrued interest receivable | 3,715 | 2,248 | |||||
Management fee receivable | 1,316 | 2,247 | |||||
Income tax receivable | 9,441 | 9,588 | |||||
Other | 12,575 | 5,639 | |||||
Total other assets | $ | 40,329 | $ | 31,584 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Depreciation expense related to furniture, fixtures and equipment | $ | 494 | $ | 616 | $ | 991 | $ | 1,200 |
As of | |||||||
June 30, 2018 | December 31, 2017 | ||||||
Accounts payable and accrued expenses | $ | 44,750 | $ | 52,032 | |||
Deferred tax liabilities, net | 32,252 | 22,744 | |||||
Due to brokers | 7,331 | 8,669 | |||||
Commissions payable | 8,111 | 14,185 | |||||
Accrued interest payable | 3,593 | 3,393 | |||||
Escrow payable | 523 | 6,753 | |||||
Other | 13,819 | 13,545 | |||||
Total other liabilities and accrued expenses | $ | 110,379 | $ | 121,321 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Interest income | $ | 1,773 | $ | 4,424 | $ | 3,650 | $ | 9,130 | |||||||
Dividend income | 2,495 | — | 4,158 | — | |||||||||||
Loan fee income | 1,750 | 3,034 | 3,748 | 6,250 | |||||||||||
Management fee income | 1,317 | 3,330 | 2,894 | 5,037 | |||||||||||
Other | 1,798 | 764 | 3,440 | 1,329 | |||||||||||
Total other revenue | $ | 9,133 | $ | 11,552 | $ | 17,890 | $ | 21,746 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Professional fees | $ | 3,736 | $ | 5,636 | $ | 8,808 | $ | 9,327 | |||||||
General and administrative | 3,723 | 3,574 | 7,475 | 7,395 | |||||||||||
Premium taxes | 3,400 | 2,883 | 7,022 | 6,030 | |||||||||||
Mortgage origination expenses | 2,269 | 2,287 | 4,452 | 4,322 | |||||||||||
Rent and related | 2,552 | 2,608 | 4,948 | 5,163 | |||||||||||
Other | 1,920 | 4,898 | 4,060 | 7,268 | |||||||||||
Total other expense | $ | 17,600 | $ | 21,886 | $ | 36,765 | $ | 39,505 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Income: | |||||||||||||||
Net realized and unrealized gains (losses) | $ | — | $ | 315 | $ | — | $ | 1,568 | |||||||
Interest income | — | 7,626 | — | 15,240 | |||||||||||
Total income | — | 7,941 | — | 16,808 | |||||||||||
Expenses: | |||||||||||||||
Interest expense | — | 4,274 | — | 9,049 | |||||||||||
Other expense | — | 772 | — | 949 | |||||||||||
Total expense | — | 5,046 | — | 9,998 | |||||||||||
Net income (loss) attributable to consolidated CLOs | $ | — | $ | 2,895 | $ | — | $ | 6,810 |
Economic interests: | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Distributions received | $ | — | $ | 1,672 | $ | — | $ | 3,839 | |||||||
Realized and unrealized gains (losses) on subordinated notes held by the Company, net | — | 863 | — | 2,244 | |||||||||||
Total | — | 2,535 | — | 6,083 | |||||||||||
Management fee income | — | 360 | — | 727 | |||||||||||
Total economic interests | $ | — | $ | 2,895 | $ | — | $ | 6,810 |
Six Months Ended June 30, 2018 | As of June 30, 2018 | |||||||||
Number of shares purchased | Average price per share | Remaining repurchase authorization | ||||||||
Share repurchase program | 772,739 | $ | 6.61 | $ | 4,892 | |||||
Block repurchase program | 600,000 | 6.25 | 6,250 | |||||||
Total | 1,372,739 | $ | 6.45 | $ | 11,142 |
Dividends per share for | |||||||
Six Months Ended June 30, | |||||||
2018 | 2017 | ||||||
First Quarter | $ | 0.035 | $ | 0.030 | |||
Second Quarter (1) | 0.035 | 0.030 | |||||
Total cash dividends declared | $ | 0.070 | $ | 0.060 |
As of | |||||||
June 30, 2018 | December 31, 2017 | ||||||
Combined statutory capital and surplus of the Company's insurance company subsidiaries | $ | 117,810 | $ | 105,989 | |||
Required minimum statutory capital and surplus | $ | 19,200 | $ | 19,200 | |||
Amount available for ordinary dividends of the Company's insurance company subsidiaries | $ | 10,115 | $ | 10,115 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income of statutory insurance companies | $ | 3,559 | $ | 3,307 | $ | 9,731 | $ | 6,354 |
Unrealized gains (losses) on | Amount attributable to noncontrolling interests | ||||||||||||||||||||||
Available for sale securities | Interest rate swaps | Total AOCI | TFP | Other | Total AOCI to Tiptree Inc. | ||||||||||||||||||
Balance at December 31, 2016 | $ | (700 | ) | $ | 1,759 | $ | 1,059 | $ | (128 | ) | $ | (376 | ) | $ | 555 | ||||||||
Other comprehensive income (losses) before reclassifications | 934 | (282 | ) | 652 | (179 | ) | 126 | 599 | |||||||||||||||
Amounts reclassified from AOCI | 18 | 160 | 178 | — | — | 178 | |||||||||||||||||
Period change | 952 | (122 | ) | 830 | (179 | ) | 126 | 777 | |||||||||||||||
Balance at June 30, 2017 | $ | 252 | $ | 1,637 | $ | 1,889 | $ | (307 | ) | $ | (250 | ) | $ | 1,332 | |||||||||
Balance at December 31, 2017 | $ | (460 | ) | $ | 2,074 | $ | 1,614 | $ | (222 | ) | $ | (426 | ) | $ | 966 | ||||||||
Other comprehensive income (losses) before reclassifications | (2,367 | ) | 835 | (1,532 | ) | 61 | 210 | (1,261 | ) | ||||||||||||||
Amounts reclassified from AOCI | 418 | — | 418 | — | — | 418 | |||||||||||||||||
Reclassification of AOCI - interest rate swaps (1) | — | (2,909 | ) | (2,909 | ) | 502 | 226 | (2,181 | ) | ||||||||||||||
Reorganization merger | — | — | — | (341 | ) | — | (341 | ) | |||||||||||||||
Period change | (1,949 | ) | (2,074 | ) | (4,023 | ) | 222 | 436 | (3,365 | ) | |||||||||||||
Balance at June 30, 2018 | $ | (2,409 | ) | $ | — | $ | (2,409 | ) | $ | — | $ | 10 | $ | (2,399 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | Affected line item in consolidated statement of operations | ||||||||||||||
Components of AOCI | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Unrealized gains (losses) on available for sale securities | $ | (4 | ) | $ | 20 | $ | (535 | ) | $ | (27 | ) | Net realized and unrealized gains (losses) | ||||
Related tax (expense) benefit | 1 | (7 | ) | 117 | 9 | Provision for income tax | ||||||||||
Net of tax | $ | (3 | ) | $ | 13 | $ | (418 | ) | $ | (18 | ) | |||||
Unrealized gains (losses) on interest rate swaps | $ | — | $ | (93 | ) | $ | — | $ | (237 | ) | Interest expense | |||||
Reclassification of AOCI - interest rate swaps (1) | — | — | 3,845 | — | Gain on sale of discontinued operations | |||||||||||
Related tax (expense) benefit | — | 32 | (936 | ) | 77 | Provision for income tax | ||||||||||
Net of tax | $ | — | $ | (61 | ) | $ | 2,909 | $ | (160 | ) |
2017 Equity Plan | Number of shares (1) | |
Available for issuance as of December 31, 2017 | 6,017,012 | |
RSU and option awards granted | (535,478 | ) |
Forfeited | 15,236 | |
Available for issuance as of June 30, 2018 | 5,496,770 |
Number of shares issuable | Weighted average grant date fair value | |||||
Unvested units as of December 31, 2017 | 598,882 | $ | 6.48 | |||
Granted (1) | 292,815 | 5.89 | ||||
Vested | (186,244 | ) | 6.31 | |||
Forfeited | (15,236 | ) | 6.04 | |||
Unvested units as of June 30, 2018 | 690,217 | $ | 6.28 |
Grant date fair value of equity shares issuable | |||
Unvested balance as of December 31, 2017 | $ | 8,792 | |
Vested | (1,466 | ) | |
Unvested balance as of June 30, 2018 | $ | 7,326 |
Valuation Input | Six Months Ended June 30, 2018 | |||
Assumption | Average | |||
Historical volatility | 30.63% | N/A | ||
Risk-free rate | 2.85% | N/A | ||
Dividend yield | 2.03% | N/A | ||
Expected term (years) | 6.5 |
Options outstanding | Weighted average exercise price (in dollars per stock option) | Weighted average grant date value (in dollars per stock option) | Options exercisable | ||||||||||
Balance, December 31, 2017 | 821,864 | $ | 6.36 | $ | 2.82 | — | |||||||
Granted | 242,663 | 5.85 | 1.88 | — | |||||||||
Balance, June 30, 2018 (1) | 1,064,527 | $ | 6.24 | $ | 2.61 | — | |||||||
Weighted average remaining contractual term at June 30, 2018 (in years) | 8.6 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Employee compensation and benefits | $ | 1,051 | $ | 1,342 | $ | 2,284 | $ | 3,140 | |||||||
Income tax benefit | (221 | ) | (474 | ) | (480 | ) | (1,108 | ) | |||||||
Net stock-based compensation expense | $ | 830 | $ | 868 | $ | 1,804 | $ | 2,032 |
As of | |||||||
June 30, 2018 | |||||||
Stock options | Restricted stock awards and RSUs | ||||||
Unrecognized compensation cost related to non-vested awards | $ | 1,718 | $ | 7,065 | |||
Weighted - average recognition period (in years) | 2.90 | 1.65 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||||||
Total income tax expense (benefit) from continuing operations | $ | 701 | $ | (1,305 | ) | $ | (867 | ) | $ | 263 | |||||||||||||
Effective tax rate (ETR) | 44.5 | % | (1) | 26.4 | % | (2) | 15.9 | % | (3) | (30.4 | )% | (4) | |||||||||||
Income tax expense (benefit) from discontinued operations | $ | — | $ | (570 | ) | $ | 12,327 | $ | (972 | ) |
As of June 30, 2018 | |||||||||||||||||||
Less than one year | 1-3 years | 3-5 years | More than 5 years | Total | |||||||||||||||
Total - operating lease obligations (1) | $ | 5,078 | $ | 11,869 | $ | 9,268 | $ | 18,946 | $ | 45,161 |
(1) | Minimum rental obligations for Tiptree, Luxury, Reliance and Fortegra office leases. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Rent expense for office leases | $ | 1,689 | $ | 1,749 | $ | 3,184 | $ | 3,447 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income (loss) from continuing operations | $ | 876 | $ | (3,600 | ) | $ | (4,599 | ) | $ | (1,130 | ) | ||||
Less: | |||||||||||||||
Net income (loss) attributable to non-controlling interests | 50 | (401 | ) | (1,066 | ) | 176 | |||||||||
Net income allocated to participating securities | 15 | — | — | — | |||||||||||
Net income (loss) from continuing operations attributable to Common Shares | 811 | (3,199 | ) | (3,533 | ) | (1,306 | ) | ||||||||
Net income (loss) from discontinued operations | — | (1,724 | ) | 34,481 | (2,852 | ) | |||||||||
Less: | |||||||||||||||
Net income (loss) from discontinued operations attributable to non-controlling interests | — | (480 | ) | 6,562 | (815 | ) | |||||||||
Net income (loss) from discontinued operations attributable to Common Shares | — | (1,244 | ) | 27,919 | (2,037 | ) | |||||||||
Net income (loss) attributable to Common Shares - basic | $ | 811 | $ | (4,443 | ) | $ | 24,386 | $ | (3,343 | ) | |||||
Effect of Dilutive Securities: | |||||||||||||||
Securities of subsidiaries | (107 | ) | — | — | — | ||||||||||
Adjustments to income relating to exchangeable interests, net of tax | 108 | — | — | — | |||||||||||
Net income (loss) attributable to Common Shares - diluted | $ | 812 | $ | (4,443 | ) | $ | 24,386 | $ | (3,343 | ) | |||||
Weighted average number of shares of Common Stock outstanding - basic | 36,593,154 | 28,832,975 | 33,245,921 | 28,630,027 | |||||||||||
Weighted average number of incremental shares of Common Stock issuable from exchangeable interests and contingent considerations | 793,165 | — | — | — | |||||||||||
Weighted average number of shares of Common Stock outstanding - diluted | 37,386,319 | 28,832,975 | 33,245,921 | 28,630,027 | |||||||||||
Basic: | |||||||||||||||
Net income (loss) from continuing operations | $ | 0.02 | $ | (0.11 | ) | $ | (0.11 | ) | $ | (0.05 | ) | ||||
Net income (loss) from discontinued operations | — | (0.04 | ) | 0.84 | (0.07 | ) | |||||||||
Net income (loss) attributable to Common Shares | $ | 0.02 | $ | (0.15 | ) | $ | 0.73 | $ | (0.12 | ) | |||||
Diluted: | |||||||||||||||
Net income (loss) from continuing operations | $ | 0.02 | $ | (0.11 | ) | $ | (0.11 | ) | $ | (0.05 | ) | ||||
Net income (loss) from discontinued operations | — | (0.04 | ) | 0.84 | (0.07 | ) | |||||||||
Net income (loss) attributable to Common Shares | $ | 0.02 | $ | (0.15 | ) | $ | 0.73 | $ | (0.12 | ) |
• | Overview |
• | Results of Operations |
• | Non-GAAP Reconciliations |
• | Liquidity and Capital Resources |
• | Critical Accounting Policies and Estimates |
• | Off-Balance Sheet Arrangements |
• | Specialty Insurance operations continued to grow as gross written premiums year-to-date were $393.7 million, up 12.0%, driven by growth in credit and other specialty programs. Net written premiums were $205.0 million, up 11.8%, driven by growth in credit and warranty products. |
• | On March 28, 2018, we expanded our insurance operations into Europe with the creation of Fortegra Europe Insurance Company Limited (“FEIC”). |
• | On February 1, 2018, we sold our senior living operations to Invesque in exchange for a net 16.4 million shares of Invesque common stock. Tiptree’s increase to book value was $0.91 per share, or a 9.1% increase over our December 31, 2017 book value per share, as exchanged. |
• | On March 23, 2018, we initiated an up to $20 million share buy-back plan split evenly between open market and opportunistic large block purchases. As of June 30, 2018, we repurchased 1,372,739 shares at an average price of $6.45. |
• | On April 10, 2018, we completed a corporate reorganization that eliminates Tiptree’s dual class stock structure. |
• | On May 4, 2018, we extended our Fortress credit agreement to September 2020 and up-sized to $75 million while reducing the interest rate by 100 basis points. |
($ in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
GAAP: | 2018 | 2017 | 2018 | 2017 | |||||||||||
Total revenues | $ | 152,709 | $ | 139,245 | $ | 300,781 | $ | 285,434 | |||||||
Net income (loss) before non-controlling interests | 876 | (5,324 | ) | 29,882 | (3,982 | ) | |||||||||
Net income (loss) attributable to Common Stockholders | 826 | (4,443 | ) | 24,386 | (3,343 | ) | |||||||||
Diluted earnings per share | 0.02 | (0.15 | ) | 0.73 | (0.12 | ) | |||||||||
Cash dividends paid per common share | 0.065 | 0.06 | 0.065 | 0.06 | |||||||||||
Non-GAAP: (1) | |||||||||||||||
Operating EBITDA | 15,053 | 14,301 | 23,951 | 26,670 | |||||||||||
Adjusted EBITDA | 10,167 | 6,771 | 15,511 | 18,556 | |||||||||||
Book value per share (2) | 10.74 | 9.87 | 10.74 | 9.87 |
($ in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Unrealized and realized gains (losses)(1) | $ | (3,829 | ) | $ | (6,866 | ) | $ | (11,534 | ) | $ | (6,166 | ) | |||
Discontinued operations (Care)(2) | $ | — | $ | (2,294 | ) | $ | 46,808 | $ | (3,824 | ) | |||||
Asset management - credit investments | $ | (1,135 | ) | $ | 2,670 | $ | (858 | ) | $ | 7,838 |
($ in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Specialty Insurance | $ | 8,731 | $ | (732 | ) | $ | 10,074 | $ | 4,069 | ||||||
Tiptree Capital: | |||||||||||||||
Asset management | (614 | ) | 4,529 | 278 | 10,110 | ||||||||||
Mortgage | 354 | (1,300 | ) | 507 | (999 | ) | |||||||||
Other | (245 | ) | 1,226 | (2,962 | ) | 1,310 | |||||||||
Corporate | (6,649 | ) | (8,628 | ) | (13,363 | ) | (15,357 | ) | |||||||
Pre-tax income (loss) from continuing operations | $ | 1,577 | $ | (4,905 | ) | $ | (5,466 | ) | $ | (867 | ) | ||||
Pre-tax income (loss) from discontinued operations (1) | $ | — | $ | (2,294 | ) | $ | 46,808 | $ | (3,824 | ) |
(1) | Includes Care for 2017 and 2018. Includes $46.2 million pre-tax gain on sale of Care in 2018. |
As of June 30, | |||||||||||||||
($ in thousands) | Invested Capital | Total Capital | |||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Specialty Insurance | $ | 288,433 | $ | 265,156 | $ | 448,433 | $ | 410,416 | |||||||
Tiptree Capital | 163,724 | 201,121 | 163,724 | 201,121 | |||||||||||
Asset management | 2,498 | 60,503 | 2,498 | 60,503 | |||||||||||
Mortgage | 31,217 | 22,071 | 31,217 | 22,071 | |||||||||||
Other (2) | 130,009 | 118,547 | 130,009 | 118,547 | |||||||||||
Corporate | (14,852 | ) | (33,121 | ) | 59,178 | 24,379 | |||||||||
Total Tiptree | $ | 437,305 | $ | 433,156 | $ | 671,335 | $ | 635,916 |
($ in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Specialty Insurance | $ | 16,180 | $ | 12,762 | $ | 29,500 | $ | 25,020 | |||||||
Tiptree Capital | 3,659 | 8,256 | 7,007 | 15,091 | |||||||||||
Asset management | 652 | 3,330 | 1,572 | 6,678 | |||||||||||
Mortgage | 294 | 2,076 | 604 | 2,963 | |||||||||||
Other (2) | 2,713 | 2,850 | 4,831 | 5,450 | |||||||||||
Corporate | (4,786 | ) | (6,717 | ) | (12,556 | ) | (13,441 | ) | |||||||
Total Operating EBITDA | $ | 15,053 | $ | 14,301 | $ | 23,951 | $ | 26,670 | |||||||
Stock-based compensation expense | (1,051 | ) | (1,342 | ) | (2,284 | ) | (3,140 | ) | |||||||
Realized and unrealized gains (losses) (3) | (3,829 | ) | (6,866 | ) | (6,022 | ) | (6,166 | ) | |||||||
Third party non-controlling interests | (6 | ) | 678 | (134 | ) | 1,192 | |||||||||
Total Adjusted EBITDA | $ | 10,167 | $ | 6,771 | $ | 15,511 | $ | 18,556 |
(1) | For further information relating to the Company’s Total Capital and Operating EBITDA, including a reconciliation to GAAP total stockholders equity and pre-tax income, see “—Non-GAAP Reconciliations.” |
(2) | Includes discontinued operations related to Care. As of February 1, 2018, invested capital from Care discontinued operations is represented by our investment in Invesque common shares. For more information, see “Note—(3) Dispositions, Assets Held for Sale & Discontinued Operations.” |
(3) | Excludes Mortgage realized and unrealized gains and losses - Performing and NPLs. |
($ in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Gross written premiums | $ | 193,470 | $ | 186,046 | $ | 393,731 | $ | 351,399 | |||||||
Net written premiums | $ | 95,811 | $ | 96,965 | 205,029 | 183,314 | |||||||||
Revenues: | |||||||||||||||
Net earned premiums | $ | 100,044 | $ | 87,477 | $ | 201,689 | $ | 176,708 | |||||||
Service and administrative fees | 24,891 | 23,067 | 49,467 | 46,843 | |||||||||||
Ceding commissions | 2,242 | 2,017 | 4,525 | 4,288 | |||||||||||
Net investment income | 4,927 | 3,687 | 9,132 | 8,192 | |||||||||||
Net realized and unrealized gains (losses) | 1,417 | (6,062 | ) | (1,990 | ) | (5,064 | ) | ||||||||
Other income | 590 | 985 | 1,286 | 2,050 | |||||||||||
Total revenues | $ | 134,111 | $ | 111,171 | $ | 264,109 | $ | 233,017 | |||||||
Expenses: | |||||||||||||||
Policy and contract benefits | 34,174 | 29,802 | 70,800 | 62,794 | |||||||||||
Commission expense | 62,562 | 56,546 | 125,195 | 113,339 | |||||||||||
Employee compensation and benefits | 11,055 | 9,718 | 22,004 | 20,727 | |||||||||||
Interest expense | 4,600 | 3,590 | 9,133 | 7,035 | |||||||||||
Depreciation and amortization expenses | 2,697 | 3,197 | 5,419 | 6,491 | |||||||||||
Other expenses | 10,292 | 9,050 | 21,484 | 18,562 | |||||||||||
Total expenses | $ | 125,380 | $ | 111,903 | $ | 254,035 | $ | 228,948 | |||||||
Pre-tax income (loss) | $ | 8,731 | $ | (732 | ) | $ | 10,074 | $ | 4,069 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||
Gross Written Premiums | Net Written Premiums | Gross Written Premiums | Net Written Premiums | ||||||||||||||||||||||||||||
Insurance Products: | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||||||
Credit protection | $ | 133,656 | $ | 120,221 | $ | 85,245 | $ | 77,272 | $ | 250,146 | $ | 222,007 | $ | 161,927 | $ | 142,282 | |||||||||||||||
Warranty | 28,257 | 35,774 | 13,996 | 14,903 | 53,922 | 57,544 | 29,524 | 27,425 | |||||||||||||||||||||||
Programs | 31,557 | 30,047 | (3,430 | ) | 4,790 | 89,663 | 71,836 | 13,578 | 13,607 | ||||||||||||||||||||||
Services and Other | — | 4 | — | — | — | 12 | — | — | |||||||||||||||||||||||
Total | $ | 193,470 | $ | 186,046 | $ | 95,811 | $ | 96,965 | $ | 393,731 | $ | 351,399 | $ | 205,029 | $ | 183,314 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||
Underwriting Revenues | Underwriting Margin | Underwriting Revenues | Underwriting Margin | ||||||||||||||||||||||||||||
Insurance products: | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||||||
Credit protection | $ | 92,167 | $ | 82,716 | $ | 18,525 | $ | 16,615 | $ | 184,904 | $ | 167,425 | $ | 36,648 | $ | 31,577 | |||||||||||||||
Warranty | 22,069 | 19,049 | 7,161 | 5,938 | 44,236 | 38,152 | 13,521 | 12,237 | |||||||||||||||||||||||
Programs | 11,507 | 9,261 | 3,400 | 2,106 | 23,501 | 19,341 | 6,414 | 4,679 | |||||||||||||||||||||||
Services and Other | 2,024 | 2,520 | 1,945 | 2,539 | 4,326 | 4,971 | 4,389 | 5,263 | |||||||||||||||||||||||
Total | $ | 127,767 | $ | 113,546 | $ | 31,031 | $ | 27,198 | $ | 256,967 | $ | 229,889 | $ | 60,972 | $ | 53,756 |
($ in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Invested Capital(1) | $ | 288,433 | $ | 265,156 | $ | 288,433 | $ | 265,156 | |||||||
Total Capital(1) | $ | 448,433 | $ | 410,416 | $ | 448,433 | $ | 410,416 | |||||||
Operating EBITDA drivers: | |||||||||||||||
Underwriting | $ | 11,090 | $ | 8,592 | $ | 20,339 | $ | 15,519 | |||||||
Investments | 5,090 | 4,170 | 9,161 | 9,501 | |||||||||||
Specialty Insurance Operating EBITDA(1) | $ | 16,180 | $ | 12,762 | $ | 29,500 | $ | 25,020 | |||||||
Insurance operating ratios: | |||||||||||||||
Combined ratio | 92.3 | % | 92.4 | % | 93.1 | % | 93.6 | % |
($ in thousands) | As of June 30, | |||||||||||||||
2018 | 2017 | |||||||||||||||
Cash and cash equivalents (1) | $ | 21,052 | $ | 55,178 | ||||||||||||
Available for sale securities, at fair value | 234,361 | 147,778 | ||||||||||||||
Equity securities, at fair value | 36,881 | 39,230 | ||||||||||||||
Loans, at fair value (2) | 86,137 | 75,590 | ||||||||||||||
Real estate, net | 14,620 | 24,356 | ||||||||||||||
Other investments | 17,022 | 4,032 | ||||||||||||||
Net investments | $ | 410,073 | $ | 346,164 | ||||||||||||
(1) Cash and cash equivalents, plus restricted cash, net of due from/due to brokers on consolidated loan funds, see “—Non-GAAP Reconciliations”, for a reconciliation to GAAP financials. | ||||||||||||||||
(2) Loans, at fair value, net of asset based debt, see “—Non-GAAP Reconciliations”, for a reconciliation to GAAP financials. | ||||||||||||||||
Specialty Insurance Net Investment Portfolio Income - Non-GAAP | ||||||||||||||||
($ in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net investment income | $ | 4,927 | $ | 3,687 | $ | 9,132 | $ | 8,192 | ||||||||
Realized gains (losses) | 478 | 3,887 | 5,617 | 4,963 | ||||||||||||
Unrealized gains (losses) | 939 | (9,949 | ) | (7,607 | ) | (10,027 | ) | |||||||||
Interest expense | (1,150 | ) | (1,764 | ) | (2,376 | ) | (3,465 | ) | ||||||||
Net portfolio income (loss) | $ | 5,194 | $ | (4,139 | ) | $ | 4,766 | $ | (337 | ) | ||||||
Average Annualized Yield % (1) | 5.1 | % | (4.7 | )% | 2.4 | % | (0.2 | )% |
($ in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
Revenues: | 2018 | 2017 | 2018 | 2017 | |||||||||||
Asset Management | $ | 181 | $ | 3,818 | $ | 2,036 | $ | 6,791 | |||||||
Mortgage | $ | 12,688 | $ | 14,384 | 25,686 | 27,212 | |||||||||
Other | 5,729 | 9,872 | 8,950 | 18,414 | |||||||||||
Expenses: | |||||||||||||||
Asset Management | (795 | ) | (2,184 | ) | $ | (1,758 | ) | $ | (3,491 | ) | |||||
Mortgage | (12,334 | ) | (15,684 | ) | (25,179 | ) | (28,211 | ) | |||||||
Other | (5,974 | ) | (8,646 | ) | (11,912 | ) | (17,104 | ) | |||||||
Asset Management - Net income attributable to consolidated CLOs | — | 2,895 | $ | — | $ | 6,810 | |||||||||
Pre-tax income: | |||||||||||||||
Asset Management | (614 | ) | 4,529 | $ | 278 | $ | 10,110 | ||||||||
Mortgage | 354 | (1,300 | ) | 507 | (999 | ) | |||||||||
Other | (245 | ) | 1,226 | (2,962 | ) | 1,310 | |||||||||
Discontinued operations (Care) | — | (2,294 | ) | 46,808 | (3,824 | ) |
($ in thousands) | As of June 30, | ||||||
2018 | 2017 | ||||||
Asset management - fees, net(2) | $ | 1,316 | $ | 5,110 | |||
Asset management - credit investments | 1,182 | 55,393 | |||||
Mortgage | 31,217 | 22,071 | |||||
Other | 130,009 | 15,841 | |||||
Care - Discontinued Operations(3) | — | 102,706 | |||||
Tiptree Capital | $ | 163,724 | $ | 201,121 |
($ in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Asset management - fees, net(2) | $ | 521 | $ | 1,860 | $ | 1,136 | $ | 2,272 | |||||||
Asset management - credit investments | 131 | 1,470 | 436 | 4,406 | |||||||||||
Mortgage | 294 | 2,076 | 604 | 2,963 | |||||||||||
Other | 2,713 | 703 | 4,207 | 722 | |||||||||||
Care - Discontinued Operations(3) | — | 2,147 | 624 | 4,728 | |||||||||||
Tiptree Capital | $ | 3,659 | $ | 8,256 | $ | 7,007 | $ | 15,091 | |||||||
Net realized and unrealized gains (losses)(4) | $ | (3,933 | ) | $ | 1,441 | $ | (1,627 | ) | $ | 3,670 |
($ in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Employee compensation and benefits | 2,020 | 1,596 | $ | 3,460 | $ | 3,094 | |||||||||
Employee incentive compensation expense | 1,728 | 1,675 | 3,978 | 3,377 | |||||||||||
Interest expense | 1,182 | 1,273 | 1,810 | 2,553 | |||||||||||
Depreciation and amortization expenses | 62 | 61 | 124 | 124 | |||||||||||
Other expenses | 1,657 | 4,023 | 3,992 | 6,209 | |||||||||||
Total expenses | $ | 6,649 | $ | 8,628 | $ | 13,363 | $ | 15,357 |
($ in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income (loss) attributable to Common Stockholders | $ | 826 | $ | (4,443 | ) | $ | 24,386 | $ | (3,343 | ) | |||||
Add: net (loss) income attributable to noncontrolling interests | 50 | (881 | ) | 5,496 | (639 | ) | |||||||||
Less: net income from discontinued operations | — | (1,724 | ) | 34,481 | (2,852 | ) | |||||||||
Income (loss) from continuing operations | $ | 876 | $ | (3,600 | ) | $ | (4,599 | ) | $ | (1,130 | ) | ||||
Corporate Debt related interest expense (1) | 4,538 | 2,998 | 8,390 | 5,913 | |||||||||||
Consolidated income tax expense (benefit) | 701 | (1,305 | ) | (867 | ) | 263 | |||||||||
Depreciation and amortization expense (2) | 2,751 | 3,036 | 5,460 | 6,125 | |||||||||||
Non-cash fair value adjustments (3) | — | 3,174 | 66 | 3,687 | |||||||||||
Non-recurring expenses (4) | 1,301 | — | 925 | (1,736 | ) | ||||||||||
Adjusted EBITDA from continuing operations | $ | 10,167 | $ | 4,303 | $ | 9,375 | $ | 13,122 | |||||||
Add: Stock-based compensation expense | 1,051 | 1,342 | 2,284 | 3,140 | |||||||||||
Less: Realized and unrealized gain (loss) | (3,829 | ) | (6,866 | ) | (11,534 | ) | (6,166 | ) | |||||||
Less: Third party non-controlling interests | (6 | ) | 357 | (134 | ) | 486 | |||||||||
Operating EBITDA from continuing operations | $ | 15,053 | $ | 12,154 | $ | 23,327 | $ | 21,942 | |||||||
Income (loss) from discontinued operations | $ | — | $ | (1,724 | ) | $ | 34,481 | $ | (2,852 | ) | |||||
Consolidated income tax expense (benefit) | — | (570 | ) | 12,327 | (972 | ) | |||||||||
Consolidated depreciation and amortization expense | — | 4,726 | — | 8,981 | |||||||||||
Non-cash fair value adjustments (3) | — | — | (40,672 | ) | — | ||||||||||
Non-recurring expenses (4) | — | 36 | — | 277 | |||||||||||
Adjusted EBITDA from discontinued operations | $ | — | $ | 2,468 | $ | 6,136 | $ | 5,434 | |||||||
Less: Realized and unrealized gain (loss) (5) | — | $ | — | $ | 5,512 | $ | — | ||||||||
Less: Third party non-controlling interests | — | $ | 321 | $ | — | $ | 706 | ||||||||
Operating EBITDA from discontinued operations | $ | — | $ | 2,147 | $ | 624 | $ | 4,728 | |||||||
Total Adjusted EBITDA | $ | 10,167 | $ | 6,771 | $ | 15,511 | $ | 18,556 | |||||||
Total Operating EBITDA | $ | 15,053 | $ | 14,301 | $ | 23,951 | $ | 26,670 |
(1) | Corporate Debt interest expense includes Secured corporate credit agreements, junior subordinated notes and preferred trust securities. Interest expense associated with asset-specific debt in specialty insurance, asset management, mortgage and other operations is not added-back for Adjusted EBITDA and Operating EBITDA. |
(2) | Represents total depreciation and amortization expense less purchase accounting amortization related adjustments at the Insurance Company. Following the purchase accounting adjustments, current period expenses associated with deferred costs were more favorably stated and current period income associated with deferred revenues were less favorably stated. Thus, the purchase accounting effect related to our Insurance company increased EBITDA above what the historical basis of accounting would have generated. |
(3) | For Reliance, within our mortgage operations, Adjusted EBITDA excludes the impact of changes in contingent earn-outs. For our specialty insurance operations, depreciation and amortization on senior living real estate that is within net investment income is added back to Adjusted EBITDA. For Care (Discontinued Operations), the reduction in EBITDA is related to accumulated depreciation and amortization, and certain operating expenses, which were previously included in Adjusted EBITDA in prior periods. |
(4) | Acquisition, start-up and disposition costs including legal, taxes, banker fees and other costs.Includes payments pursuant to a separation agreement, dated November 10, 2015. |
(5) | Adjustment excludes Mortgage realized and unrealized gains and losses - Performing and NPLs as those are recurring in nature and align with those business models. |
Three Months Ended June 30, 2018 | |||||||||||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||||||||||
($ in thousands) | Specialty Insurance | Asset Management | Mortgage | Other | Discontinued Operations(1) | Tiptree Capital | Corporate Expenses | Total | |||||||||||||||||||||||
Pre-tax income/(loss) from continuing ops | $ | 8,731 | $ | (614 | ) | $ | 354 | $ | (245 | ) | $ | — | $ | (505 | ) | $ | (6,649 | ) | $ | 1,577 | |||||||||||
Pre-tax income/(loss) from discontinued ops | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||
Corporate Debt related interest expense(1) | 3,357 | — | — | — | — | — | 1,181 | 4,538 | |||||||||||||||||||||||
Depreciation and amortization expenses(2) | 2,495 | — | 136 | 58 | 194 | 62 | 2,751 | ||||||||||||||||||||||||
Non-cash fair value adjustments(3) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Non-recurring expenses(4) | 1,074 | — | — | 227 | — | 227 | — | 1,301 | |||||||||||||||||||||||
Adjusted EBITDA | $ | 15,657 | $ | (614 | ) | $ | 490 | $ | 40 | $ | — | $ | (84 | ) | $ | (5,406 | ) | $ | 10,167 | ||||||||||||
Add: Stock-based compensation expense | $ | 627 | $ | — | $ | (196 | ) | $ | — | $ | — | $ | (196 | ) | $ | 620 | $ | 1,051 | |||||||||||||
Less: Realized and unrealized gain (loss)(5) | 104 | (1,266 | ) | — | (2,667 | ) | — | (3,933 | ) | — | (3,829 | ) | |||||||||||||||||||
Less: Third party non-controlling interests | — | — | — | (6 | ) | — | (6 | ) | — | (6 | ) | ||||||||||||||||||||
Operating EBITDA | $ | 16,180 | $ | 652 | $ | 294 | $ | 2,713 | $ | — | $ | 3,659 | $ | (4,786 | ) | $ | 15,053 |
Six Months Ended June 30, 2018 | |||||||||||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||||||||||
($ in thousands) | Specialty Insurance | Asset Management | Mortgage | Other | Discontinued Operations(1) | Tiptree Capital | Corporate Expenses | Total | |||||||||||||||||||||||
Pre-tax income/(loss) from continuing ops | $ | 10,074 | $ | 278 | $ | 507 | $ | (2,962 | ) | $ | — | $ | (2,177 | ) | $ | (13,363 | ) | $ | (5,466 | ) | |||||||||||
Pre-tax income/(loss) from discontinued ops | — | — | — | — | 46,808 | 46,808 | — | 46,808 | |||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||
Corporate Debt related interest expense(1) | 6,580 | — | — | — | — | — | 1,810 | 8,390 | |||||||||||||||||||||||
Depreciation and amortization expenses(2) | 4,969 | — | 272 | 95 | 367 | 124 | 5,460 | ||||||||||||||||||||||||
Non-cash fair value adjustments(3) | 66 | — | — | — | (40,672 | ) | (40,672 | ) | — | (40,606 | ) | ||||||||||||||||||||
Non-recurring expenses(4) | 2,161 | — | — | 1,095 | — | 1,095 | (2,331 | ) | 925 | ||||||||||||||||||||||
Adjusted EBITDA | $ | 23,850 | $ | 278 | $ | 779 | $ | (1,772 | ) | $ | 6,136 | $ | 5,421 | $ | (13,760 | ) | $ | 15,511 | |||||||||||||
Add: Stock-based compensation expense | 1,255 | — | (175 | ) | — | — | (175 | ) | 1,204 | 2,284 | |||||||||||||||||||||
Less: Realized and unrealized gain (loss)(5) | (4,395 | ) | (1,294 | ) | — | (5,845 | ) | 5,512 | (1,627 | ) | — | (6,022 | ) | ||||||||||||||||||
Less: Third party non-controlling interests | — | — | — | (134 | ) | — | (134 | ) | — | (134 | ) | ||||||||||||||||||||
Operating EBITDA | $ | 29,500 | $ | 1,572 | $ | 604 | $ | 4,207 | $ | 624 | $ | 7,007 | $ | (12,556 | ) | $ | 23,951 |
Three Months Ended June 30, 2017 | |||||||||||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||||||||||
($ in thousands) | Specialty Insurance | Asset Management | Mortgage | Other | Discontinued Operations(1) | Tiptree Capital | Corporate Expenses | Total | |||||||||||||||||||||||
Pre-tax income/(loss) from continuing ops | $ | (732 | ) | $ | 4,529 | $ | (1,300 | ) | $ | 1,226 | $ | — | $ | 4,455 | $ | (8,628 | ) | $ | (4,905 | ) | |||||||||||
Pre-tax income/(loss) from discontinued ops | — | — | — | — | (2,294 | ) | (2,294 | ) | — | (2,294 | ) | ||||||||||||||||||||
Adjustments: | — | ||||||||||||||||||||||||||||||
Corporate Debt related interest expense(1) | 1,726 | — | — | — | — | — | 1,272 | 2,998 | |||||||||||||||||||||||
Depreciation and amortization expenses(2) | 2,762 | — | 136 | 76 | 4,726 | 4,938 | 62 | 7,762 | |||||||||||||||||||||||
Non-cash fair value adjustments(3) | 113 | — | 3,061 | — | — | 3,061 | — | 3,174 | |||||||||||||||||||||||
Non-recurring expenses(4) | — | — | — | — | 36 | 36 | — | 36 | |||||||||||||||||||||||
Adjusted EBITDA | $ | 3,869 | $ | 4,529 | $ | 1,897 | $ | 1,302 | $ | 2,468 | $ | 10,196 | $ | (7,294 | ) | $ | 6,771 | ||||||||||||||
Add: Stock-based compensation expense | 586 | — | 179 | — | — | 179 | 577 | 1,342 | |||||||||||||||||||||||
Less: Realized and unrealized gain (loss)(5) | (8,307 | ) | 1,199 | — | 242 | — | 1,441 | — | (6,866 | ) | |||||||||||||||||||||
Less: Third party non-controlling interests | — | — | — | 357 | 321 | 678 | — | 678 | |||||||||||||||||||||||
Operating EBITDA | $ | 12,762 | $ | 3,330 | $ | 2,076 | $ | 703 | $ | 2,147 | $ | 8,256 | $ | (6,717 | ) | $ | 14,301 |
Six Months Ended June 30, 2017 | |||||||||||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||||||||||
($ in thousands) | Specialty Insurance | Asset Management | Mortgage | Other | Discontinued Operations(1) | Tiptree Capital | Corporate Expenses | Total | |||||||||||||||||||||||
Pre-tax income/(loss) from continuing ops | $ | 4,069 | $ | 10,110 | $ | (999 | ) | $ | 1,310 | $ | — | $ | 10,421 | $ | (15,357 | ) | $ | (867 | ) | ||||||||||||
Pre-tax income/(loss) from discontinued ops | — | — | — | — | (3,824 | ) | (3,824 | ) | — | (3,824 | ) | ||||||||||||||||||||
Adjustments: | — | ||||||||||||||||||||||||||||||
Corporate Debt related interest expense(1) | 3,361 | — | — | — | — | — | 2,552 | 5,913 | |||||||||||||||||||||||
Depreciation and amortization expenses(2) | 5,591 | — | 274 | 136 | 8,981 | 9,391 | 124 | 15,106 | |||||||||||||||||||||||
Non-cash fair value adjustments(3) | 226 | — | 3,461 | — | — | 3,461 | — | 3,687 | |||||||||||||||||||||||
Non-recurring expenses(4) | — | — | — | — | 277 | 277 | (1,736 | ) | (1,459 | ) | |||||||||||||||||||||
Adjusted EBITDA | $ | 13,247 | $ | 10,110 | $ | 2,736 | $ | 1,446 | $ | 5,434 | $ | 19,726 | $ | (14,417 | ) | $ | 18,556 | ||||||||||||||
Add: Stock-based compensation expense | 1,937 | — | 227 | — | — | 227 | 976 | 3,140 | |||||||||||||||||||||||
Less: Realized and unrealized gain (loss)(5) | (9,836 | ) | 3,432 | — | 238 | — | 3,670 | — | (6,166 | ) | |||||||||||||||||||||
Less: Third party non-controlling interests | — | — | — | 486 | 706 | 1,192 | — | 1,192 | |||||||||||||||||||||||
Operating EBITDA | $ | 25,020 | $ | 6,678 | $ | 2,963 | $ | 722 | $ | 4,728 | $ | 15,091 | $ | (13,441 | ) | $ | 26,670 |
($ in thousands, except per share information) | As of June 30, | ||||||
2018 | 2017 | ||||||
Total stockholders’ equity | $ | 400,816 | $ | 390,672 | |||
Less non-controlling interest - other | 7,164 | 24,867 | |||||
Total stockholders’ equity, net of non-controlling interests - other | $ | 393,652 | $ | 365,805 | |||
Total Common shares outstanding | 36,643 | 29,017 | |||||
Total Class B shares outstanding | — | 8,049 | |||||
Total shares outstanding | 36,643 | 37,066 | |||||
Book value per share(1) | $ | 10.74 | $ | 9.87 |
($ in thousands) | As of June 30, | ||||||
2018 | 2017 | ||||||
Total stockholders’ equity | $ | 400,816 | $ | 390,672 | |||
Less non-controlling interest - other | 7,164 | 24,867 | |||||
Total stockholders’ equity, net of non-controlling interests - other | $ | 393,652 | $ | 365,805 | |||
Plus Specialty Insurance accumulated depreciation and amortization, net of tax | 39,491 | 32,262 | |||||
Plus Care accumulated depreciation and amortization - discontinued operations, net of tax and NCI | — | 26,538 | |||||
Plus acquisition costs | 4,161 | 8,552 | |||||
Invested Capital | $ | 437,304 | $ | 433,157 | |||
Plus corporate debt | $ | 234,030 | $ | 202,760 | |||
Total Capital | $ | 671,334 | $ | 635,917 |
($ in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
Revenues: | 2018 | 2017 | 2018 | 2017 | |||||||||||
Net earned premiums | $ | 100,044 | $ | 87,477 | $ | 201,689 | $ | 176,708 | |||||||
Service and administrative fees | 24,891 | 23,067 | 49,467 | 46,843 | |||||||||||
Ceding commissions | 2,242 | 2,017 | 4,525 | 4,288 | |||||||||||
Other income | 590 | 985 | 1,286 | 2,050 | |||||||||||
Underwriting Revenues - Non-GAAP | $ | 127,767 | $ | 113,546 | $ | 256,967 | $ | 229,889 | |||||||
Less underwriting expenses: | |||||||||||||||
Policy and contract benefits | 34,174 | 29,802 | 70,800 | 62,794 | |||||||||||
Commission expense | 62,562 | 56,546 | 125,195 | 113,339 | |||||||||||
Underwriting Margin - Non-GAAP | $ | 31,031 | $ | 27,198 | $ | 60,972 | $ | 53,756 | |||||||
Less operating expenses: | |||||||||||||||
Employee compensation and benefits | 11,055 | 9,718 | 22,004 | 20,727 | |||||||||||
Other expenses | 10,292 | 9,050 | 21,484 | 18,562 | |||||||||||
Combined Ratio | 92.3 | % | 92.4 | % | 93.1 | % | 93.6 | % | |||||||
Plus investment revenues: | |||||||||||||||
Net investment income | 4,927 | 3,687 | 9,132 | 8,192 | |||||||||||
Net realized and unrealized gains | 1,417 | (6,062 | ) | (1,990 | ) | (5,064 | ) | ||||||||
Less other expenses: | |||||||||||||||
Interest expense | 4,600 | 3,590 | 9,133 | 7,035 | |||||||||||
Depreciation and amortization expenses | 2,697 | 3,197 | 5,419 | 6,491 | |||||||||||
Pre-tax income (loss) | $ | 8,731 | $ | (732 | ) | $ | 10,074 | $ | 4,069 |
($ in thousands) | As of June 30, | ||||||
2018 | 2017 | ||||||
Total Investments | $ | 482,492 | $ | 431,416 | |||
Investment portfolio debt (1) | (93,471 | ) | (140,430 | ) | |||
Cash and cash equivalents | 19,472 | 38,279 | |||||
Restricted cash (2) | 8,420 | 24,425 | |||||
Receivable due from brokers (3) | — | 4,544 | |||||
Liability due to brokers (3) | (6,840 | ) | (12,070 | ) | |||
Net investments - Non-GAAP | $ | 410,073 | $ | 346,164 |
($ in thousands) | Corporate Debt outstanding as of June 30, | Interest expense for the three months ended June 30, | Interest expense for the six months ended June 30, | |||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||
Specialty insurance | $ | 160,000 | $ | 145,260 | $ | 3,536 | $ | 1,726 | $ | 6,758 | $ | 3,346 | ||||||||||||
Corporate | 74,030 | 57,500 | 1,181 | 1,272 | 1,810 | 2,552 | ||||||||||||||||||
Total | $ | 234,030 | $ | 202,760 | $ | 4,717 | $ | 2,998 | $ | 8,568 | $ | 5,898 |
($ in thousands) | Six months ended June 30, | ||||||
2018 | 2017 | ||||||
Operating activities | |||||||
Operating activities - (excluding VIEs) | $ | 10,163 | $ | 28,671 | |||
Operating activities - VIEs | — | (1,452 | ) | ||||
Total cash provided by (used in) operating activities | 10,163 | 27,219 | |||||
Investing activities | |||||||
Investing activities - (excluding VIEs) | (49,579 | ) | (19,404 | ) | |||
Investing activities - VIEs | — | 48,470 | |||||
Total cash provided by (used in) investing activities | (49,579 | ) | 29,066 | ||||
Financing activities | |||||||
Financing activities - (excluding VIEs) | 136 | 20,336 | |||||
Financing activities - VIEs | — | (49,010 | ) | ||||
Total cash provided by (used in) financing activities | 136 | (28,674 | ) | ||||
Net increase (decrease) in cash | $ | (39,280 | ) | $ | 27,611 |
($ in thousands) | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | Total |
($ in thousands) | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | Total | ||||||||||||||
Corporate Debt | $ | — | $ | 74,030 | $ | — | $ | 160,000 | $ | 234,030 | |||||||||
Asset Based Debt | 47,727 | — | 94,728 | — | 142,455 | ||||||||||||||
Total Debt | $ | 47,727 | $ | 74,030 | $ | 94,728 | $ | 160,000 | $ | 376,485 | |||||||||
Operating lease obligations (2) | 5,078 | 11,869 | 9,268 | 18,946 | 45,161 | ||||||||||||||
Total | $ | 52,805 | $ | 85,899 | $ | 103,996 | $ | 178,946 | $ | 421,646 |
(1) | See Note (10) Debt, net, in the accompanying consolidated financial statements for additional information. |
(2) | Minimum rental obligation for Tiptree, Reliance, Luxury and Fortegra office leases. The total rent expense for the Company for the six months ended June 30, 2018 and 2017 was $1.5 million and $1.7 million, respectively. |
• | Note (9) Derivative Financial Instruments and Hedging |
• | Note (20) Commitments and Contingencies |
Period | Purchaser | Total Number of Shares Purchased(1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs | ||||||
April 1, 2018 to April 30, 2018: Open Market Purchases | Tiptree Inc. | 124,720 | $ | 6.31 | 124,720 | ||||||
May 1, 2018 to May 31, 2018: Open Market and Privately Negotiated Purchases(2) | Tiptree Inc. | 805,397 | $ | 6.34 | 805,397 | ||||||
June 1, 2018 to June 30, 2018: Open Market Purchases | Tiptree Inc. | 413,257 | $ | 6.73 | 413,257 | ||||||
Total | 1,343,374 | $ | 6.46 | 1,343,374 | $ | 11,140,354 |
(1) | On March 19, 2018, Tiptree engaged a broker in connection with a share repurchase program for the repurchase, by a subsidiary of the company, of up to $10 million of its outstanding Class A common stock. The Company expects the share purchases to be made from time to time in the open market or through privately negotiated |
(2) | In addition to the share repurchase program, on May 10, 2018, Tiptree repurchased and canceled 600,000 shares of its common stock for aggregate consideration of $3.75 million in a privately negotiated transaction. |
The following documents are filed as a part of this Form 10-Q: | |
Financial Statements (Unaudited): | |
Condensed Consolidated Balance Sheets as of June 30, 2018 and December 31, 2017 | |
Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2018 and 2017 | |
Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2018 and 2017 | |
Condensed Consolidated Statement of Changes in Stockholders’ Equity for the period ended June 30, 2018 and 2017 | |
Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2018 and 2017 | |
Exhibits: | |
The Exhibits listed in the Index of Exhibits, which appears immediately following the signature page, is incorporated herein by reference and is filed as part of this Form 10-Q. |
Tiptree Inc. | ||||
Date: | August 6, 2018 | By:/s/ Michael Barnes | ||
Michael Barnes | ||||
Executive Chairman | ||||
Date: | August 6, 2018 | By:/s/ Jonathan Ilany | ||
Jonathan Ilany | ||||
Chief Executive Officer | ||||
Date: | August 6, 2018 | By:/s/ Sandra Bell | ||
Sandra Bell | ||||
Chief Financial Officer |
Exhibit No. | Description |
10.1 | |
10.2 | |
10.3 | |
31.1 | |
31.2 | |
31.3 | |
32.1 | |
32.2 | |
32.3 | |
101.INS | XBRL Instance Document* |
101.SCH | XBRL Taxonomy Extension Schema Document* |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document* |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document* |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document* |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document* |
* | Attached as Exhibit 101 to this Quarterly Report on Form 10-Q are the following materials, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets for June 30, 2018 and December 31, 2017, (ii) the Condensed Consolidated Statements of Operations for the six months ended June 30, 2018 and 2017, (iii) the Condensed Consolidated Statements of Comprehensive Income for the six months ended June 30, 2018 and 2017, (iv) the Condensed Consolidated Statements of Changes in Stockholders’ Equity for the period ended June 30, 2018, (v) the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2018 and 2017 and (vi) the Notes to the Condensed Consolidated Financial Statements. |
1. | I have reviewed this Quarterly Report on Form 10-Q of Tiptree Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | August 6, 2018 | /s/ Michael Barnes | |
Michael Barnes | |||
Executive Chairman |
1. | I have reviewed this Quarterly Report on Form 10-Q of Tiptree Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | August 6, 2018 | /s/ Jonathan Ilany | |
Jonathan Ilany | |||
Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of Tiptree Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | August 6, 2018 | /s/ Sandra Bell | |
Sandra Bell | |||
Chief Financial Officer |
/s/ Michael Barnes |
Michael Barnes |
Executive Chairman |
/s/ Jonathan Ilany |
Jonathan Ilany |
Chief Executive Officer |
/s/ Sandra Bell |
Sandra Bell |
Chief Financial Officer |
Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Aug. 01, 2018 |
|
Entity Registrant Name | Tiptree Inc. | |
Entity Central Index Key | 0001393726 | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Jun. 30, 2018 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 36,561,931 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Other comprehensive income (loss), net of tax: | ||||
Net income (loss) before non-controlling interests | $ 876 | $ (5,324) | $ 29,882 | $ (3,982) |
Unrealized gains (losses) on available-for-sale securities: | ||||
Unrealized holding gains (losses) arising during the period | (752) | 767 | (3,045) | 1,445 |
Related tax (expense) benefit | 174 | (268) | 678 | (511) |
Reclassification of (gains) losses included in net income | 4 | (20) | 535 | 27 |
Related tax expense (benefit) | (1) | 7 | (117) | (9) |
Unrealized gains (losses) on available-for-sale securities, net of tax | (575) | 486 | (1,949) | 952 |
Interest rate swaps (cash flow hedges): | ||||
Unrealized gains (losses) on interest rate swaps | 0 | (510) | 1,111 | (378) |
Related tax (expense) benefit | 0 | 144 | (276) | 96 |
Reclassification of (gains) losses included in net income (1) | 0 | 93 | (3,845) | 237 |
Related tax expense (benefit) | 0 | (32) | 936 | (77) |
Unrealized (losses) gains on interest rate swaps from cash flow hedges, net of tax | 0 | (305) | (2,074) | (122) |
Other comprehensive income (loss), net of tax | (575) | 181 | (4,023) | 830 |
Comprehensive income (loss) | 301 | (5,143) | 25,859 | (3,152) |
Comprehensive income (loss) attributable to Common Stockholders | 251 | (4,173) | 21,362 | (2,566) |
Tiptree Financial Partners, L.P. | Noncontrolling interest | ||||
Interest rate swaps (cash flow hedges): | ||||
Less: comprehensive (loss) income attributable to non-controlling interests | 108 | (982) | 4,937 | (658) |
Noncontrolling interests - other | Noncontrolling interest | ||||
Interest rate swaps (cash flow hedges): | ||||
Less: comprehensive (loss) income attributable to non-controlling interests | $ (58) | $ 12 | $ (440) | $ 72 |
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands |
Total |
Accumulated other comprehensive income (loss) |
Tiptree |
Noncontrolling interest |
Tiptree Financial Partners, L.P. |
Tiptree Financial Partners, L.P.
Noncontrolling interest
|
Noncontrolling interests - other |
Noncontrolling interests - other
Noncontrolling interest
|
Tiptree |
Tiptree
Common stock
Common Stock - Class B
|
Tiptree
Common stock
Common Stock
|
Tiptree
Additional paid-in capital
|
Tiptree
Accumulated other comprehensive income (loss)
|
Tiptree
Retained earnings
|
Subsidiaries
Common stock
|
Subsidiaries
Common stock
Common Stock - Class B
|
Subsidiaries
Common stock
Common Stock
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Capital, Beginning of Period, Amount at Dec. 31, 2016 | $ 390,144 | $ 76,077 | $ 20,636 | $ 8 | $ 35 | $ 297,391 | $ 555 | $ 37,974 | $ (8) | $ (42,524) | |||||||
Capital, beginning of period, shares at Dec. 31, 2016 | (8,049,029) | (34,983,616) | 8,049,029 | 6,596,000 | |||||||||||||
Total stockholders’ equity to Tiptree Financial Inc. at Dec. 31, 2016 | $ 293,431 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Amortization of share-based incentive compensation | 976 | 976 | 976 | ||||||||||||||
Vesting of share-based incentive compensation | 19,388 | 99,537 | |||||||||||||||
Vesting of share-based incentive compensation | 110 | 110 | (537) | $ 647 | |||||||||||||
Stock Issued During Period, Value, Stock Options Exercised | 8,100 | 8,100 | (1,371) | $ 9,471 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 1,510,920 | ||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 777 | 777 | |||||||||||||||
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest | 179 | (126) | |||||||||||||||
Other comprehensive income (loss), net of tax | 830 | $ 830 | |||||||||||||||
Non-controlling interest contributions | 2,464 | 2,464 | |||||||||||||||
Non-controlling interest distributions | (1,603) | (483) | (1,120) | ||||||||||||||
Treasury Stock, Shares, Acquired | 0 | (1,000,000) | |||||||||||||||
Treasury Stock, Value, Acquired, Cost Method | (7,300) | (7,300) | $ 0 | $ (7,300) | |||||||||||||
Net changes in non-controlling interest | 2,639 | (177) | 0 | 2,816 | (177) | ||||||||||||
Dividends declared | (1,706) | (1,706) | (1,706) | ||||||||||||||
Net income (loss) available to common stockholders | (3,343) | (3,343) | (3,343) | ||||||||||||||
Net income (loss) | (3,982) | ||||||||||||||||
Net income (loss) attributable to noncontrolling interests | $ (639) | (837) | 198 | ||||||||||||||
Capital, End of Period, Amount at Jun. 30, 2017 | 390,672 | 74,936 | 24,868 | $ 8 | $ 35 | 296,282 | 1,332 | 32,925 | $ (8) | $ (39,706) | |||||||
Capital, end of period, shares at Jun. 30, 2017 | (8,049,029) | (35,003,004) | (8,049,029) | (5,985,543) | |||||||||||||
Total stockholders’ equity to Tiptree Financial Inc. at Jun. 30, 2017 | 290,868 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Non-controlling interests | $ 77,494 | 77,494 | $ 19,203 | 19,203 | |||||||||||||
Capital, Beginning of Period, Amount at Dec. 31, 2017 | 396,774 | $ 8 | $ 35 | 295,582 | 966 | 38,079 | $ (8) | $ (34,585) | |||||||||
Capital, beginning of period, shares at Dec. 31, 2017 | (8,049,029) | (35,003,004) | (8,049,029) | (5,197,551) | |||||||||||||
Total stockholders’ equity to Tiptree Financial Inc. at Dec. 31, 2017 | 300,077 | 300,077 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Amortization of share-based incentive compensation | 2,284 | 1,204 | 1,080 | 1,204 | |||||||||||||
Vesting of share-based incentive compensation | 161,574 | ||||||||||||||||
Vesting of share-based incentive compensation | 9 | 9 | (1,041) | $ 1,050 | |||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (3,024) | (3,024) | |||||||||||||||
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest | (563) | (436) | |||||||||||||||
Other comprehensive income (loss), net of tax | (4,023) | $ (4,023) | |||||||||||||||
Non-controlling interest contributions | 1,418 | 1,418 | |||||||||||||||
Non-controlling interest distributions | (241) | (241) | 0 | ||||||||||||||
Stock Repurchased and Retired During Period, Shares | 8,049,029 | (1,372,739) | |||||||||||||||
Stock Repurchased and Retired During Period, Value | $ (8,858) | (8,858) | $ (1) | 8,857 | |||||||||||||
Treasury Stock, Shares, Acquired | (1,372,739) | ||||||||||||||||
Net changes in non-controlling interest | $ (14,229) | (132) | (14,097) | (132) | |||||||||||||
Stock Issued During Period, Shares, Other | 8,049,029 | ||||||||||||||||
Stock Issued During Period, Shares, Period Increase (Decrease) | 8,049,029 | ||||||||||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 82,190 | (82,190) | $ (8) | $ 8 | 82,523 | (341) | $ 8 | ||||||||||
Treasury Stock, Shares, Retired | (5,035,977) | 5,035,977 | |||||||||||||||
Treasury Stock, Retired, Cost Method, Amount | $ (5) | (33,530) | $ 33,535 | ||||||||||||||
Dividends declared | (2,200) | (2,200) | (2,200) | ||||||||||||||
Net income (loss) available to common stockholders | 24,386 | 24,386 | $ 24,386 | ||||||||||||||
Net income (loss) | 29,882 | ||||||||||||||||
Net income (loss) attributable to noncontrolling interests | $ 5,496 | 5,500 | (4) | ||||||||||||||
Capital, End of Period, Amount at Jun. 30, 2018 | 400,816 | $ 0 | $ 37 | $ 335,749 | $ (2,399) | $ 60,265 | $ 0 | $ 0 | |||||||||
Capital, end of period, shares at Jun. 30, 2018 | 0 | (36,643,317) | 0 | 0 | |||||||||||||
Total stockholders’ equity to Tiptree Financial Inc. at Jun. 30, 2018 | $ 393,652 | $ 393,652 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Non-controlling interests | $ 0 | $ 0 | $ 7,164 | $ 7,164 |
Consolidated Statements of Cash Flow - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Operating Activities: | ||
Net income (loss) available to common stockholders | $ 24,386 | $ (3,343) |
Net income (loss) | 29,882 | (3,982) |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||
Net realized and unrealized gains (losses) | 18,078 | 27,657 |
Net (gain) on sale of subsidiary | (46,184) | 0 |
Net unrealized loss (gain) on interest rate swaps | 0 | (25) |
Change in fair value of contingent consideration | 0 | 3,615 |
Non cash compensation expense | 2,284 | 3,140 |
Amortization/accretion of premiums and discounts | 430 | 686 |
Depreciation and amortization expense | 5,911 | 16,232 |
Provision for doubtful accounts | 126 | 378 |
Amortization of deferred financing costs | 523 | 1,426 |
Loss on extinguishment of debt | 428 | 0 |
Deferred tax expense (benefit) | 11,460 | (339) |
Mortgage loans originated for sale | (730,657) | (720,123) |
Proceeds from the sale of mortgage loans originated for sale | 778,671 | 779,304 |
(Increase) decrease in notes and accounts receivable | (8,994) | (12,032) |
(Increase) decrease in reinsurance receivables | (20,178) | (39,010) |
(Increase) decrease in deferred acquisition costs | 280 | (326) |
(Increase) decrease in other assets | (19,091) | (5,040) |
Increase (decrease) in unearned premiums | 22,836 | 26,866 |
Increase (decrease) in policy liabilities and unpaid claims | 10,287 | 4,633 |
Increase (decrease) in deferred revenue | 7,052 | 281 |
Increase (decrease) in reinsurance payable | 2,934 | 16,991 |
Increase (decrease) in other liabilities and accrued expenses | (19,759) | (16,347) |
Operating activities from consolidated CLOs | 0 | (1,452) |
Net cash provided by (used in) operating activities | 10,163 | 27,219 |
Investing Activities: | ||
Purchases of investments | (182,294) | (73,541) |
Proceeds from sales and maturities of investments | 122,511 | 122,220 |
(Increase) decrease in loans owned, at amortized cost, net | 0 | (2,001) |
Purchases of real estate capital expenditures | (592) | (359) |
Proceeds from the sale of real estate | 9,384 | 6,510 |
Purchases of corporate fixed assets | (2,032) | (1,340) |
Proceeds from the sale of subsidiaries | 3,561 | 4,846 |
Proceeds from notes receivable | 14,923 | 27,678 |
Issuance of notes receivable | (15,040) | (27,635) |
Business and asset acquisitions, net of cash and deposits | 0 | (75,782) |
Investing activities from consolidated CLOs | 0 | 48,470 |
Net cash provided by (used in) investing activities | (49,579) | 29,066 |
Financing Activities: | ||
Payments of Ordinary Dividends, Common Stock | 2,200 | 1,706 |
Non-controlling interest contributions | 1,418 | 2,464 |
Non-controlling interest distributions | (241) | (1,130) |
Payment of debt issuance costs | (657) | (1,267) |
Proceeds from borrowings and mortgage notes payable | 786,705 | 822,119 |
Principal paydowns of borrowings and mortgage notes payable | (776,031) | (800,944) |
Proceeds from Stock Options Exercised | 0 | 8,100 |
Repurchase of common stock | (8,858) | (7,300) |
Financing activities from CLOs | 0 | (49,010) |
Net cash provided by financing activities | 136 | (28,674) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (39,280) | 27,611 |
Cash, cash equivalents and restricted cash – beginning of period | 142,237 | 74,258 |
Cash, cash equivalents and restricted cash – end of period | 113,490 | 115,093 |
Less: Reclassification of cash to assets held for sale | 3,852 | 8,619 |
Cash, cash equivalents and restricted cash– end of period | 109,638 | 106,474 |
Supplemental Schedule of Non-Cash Investing and Financing Activities: | ||
Assets of consolidated CLOs deconsolidated due to sale and redemption | 0 | 405,263 |
Liabilities of consolidated CLOs deconsolidated due to sale and redemption | 0 | 387,273 |
Equity securities acquired through the sale of a subsidiary and asset sales | 134,083 | 0 |
Real estate acquired through asset acquisition | 0 | 8,178 |
Intangible assets related to in-place leases acquired through asset acquisition | 0 | 2,049 |
Debt assumed through acquisitions | 0 | 7,586 |
Noncash or Part Noncash Acquisition,Cancellation of treasury shares | 33,535 | 0 |
Noncash or Part Noncash Acquisition, Acquisition of non-controlling interest | 82,190 | 0 |
Acquired real estate properties through, or in lieu of, foreclosure of the related loan | 5,100 | 6,976 |
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | ||
Cash and cash equivalents | 91,490 | |
Restricted cash | 18,148 | |
Noncontrolling interest | ||
Operating Activities: | ||
Net income (loss) attributable to noncontrolling interests | 5,496 | (639) |
Tiptree Financial Partners, L.P. | Noncontrolling interest | ||
Operating Activities: | ||
Net income (loss) attributable to noncontrolling interests | 5,500 | (837) |
Noncontrolling interests - other | Noncontrolling interest | ||
Operating Activities: | ||
Net income (loss) attributable to noncontrolling interests | $ (4) | $ 198 |
Organization |
6 Months Ended |
---|---|
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Organization Tiptree Inc. (together with its consolidated subsidiaries, collectively, Tiptree, the Company, or we) is a Maryland Corporation that was incorporated on March 19, 2007. Tiptree’s Common Stock trades on the Nasdaq Capital Market under the symbol “TIPT”. Tiptree is a holding company that combines specialty insurance operations with investment management expertise. We allocate our capital across our insurance operations and investments in other companies and assets which are managed as part of Tiptree Capital. As of June 30, 2018, Tiptree Capital consists of asset management operations, mortgage operations and other investments. As such, we classify our business into three reportable segments: specialty insurance, asset management and mortgage. On April 10, 2018, Tiptree completed a reorganization merger whereby Tiptree Financial Partners, L.P. (TFP) merged with and into Tiptree, with Tiptree continuing as the surviving company. Prior to the merger Tiptree owned approximately 84% of TFP, with the remaining portion accounted for as non-controlling interest. See Note (16) Stockholders’ Equity for additional information. In this report “Common Stock” means Class A common stock $0.001 par value for periods prior to June 7, 2018 and thereafter the common stock $0.001 par value. See Note (16) Stockholders’ Equity for more information. |
Summary of Significant Accounting Policies (Notes) |
6 Months Ended | ||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||
Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements of Tiptree have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) and include the accounts of the Company and its subsidiaries. The condensed consolidated financial statements are presented in U.S. dollars, the main operating currency of the Company. The unaudited condensed consolidated financial statements presented herein should be read in conjunction with the annual audited financial statements included in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2017. In the opinion of management, the accompanying unaudited interim financial information reflects all adjustments, including normal recurring adjustments necessary to present fairly the Company’s financial position, results of operations, comprehensive income and cash flows for each of the interim periods presented. The results of operations for the three and six months ended June 30, 2018 are not necessarily indicative of the results that may be expected for the full year ending on December 31, 2018. As a result of changes in presentation made in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017, certain prior period amounts related to discontinued operations have been reclassified from continuing operations to conform to the current presentation. These reclassifications had no effect on the reported results of operations. The primary difference in the presentation of the condensed consolidated financial statements from the prior year is the reclassification of Care, our senior living business, to discontinued operations in the condensed consolidated statement of operations. See Note (3) Dispositions, Assets Held for Sale & Discontinued Operations for additional information. As a result of the adoption of ASU 2016-01, an immaterial amount of equity securities classified as available for sale as of December 31, 2017 were reclassified to equity securities, at fair value as of March 31, 2018. The net unrealized loss was immaterial. The adoption of ASU 2016-18 resulted in reclassification of restricted cash balances into cash, cash equivalents and restricted cash on the condensed consolidated statements of cash flows for the six months ended June 30, 2018 and 2017. Tiptree consolidates those entities in which it has an investment of 50% or more of voting rights or has control over significant operating, financial and investing decisions of the entity as well as variable interest entities (VIEs) in which Tiptree is determined to be the primary beneficiary. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated only by its primary beneficiary, which is defined as the party who has the power to direct the activities of a VIE that most significantly impact its economic performance and who has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Generally, Tiptree’s consolidated VIEs are entities which Tiptree is considered the primary beneficiary through its controlling financial interests. Non-controlling interests on the condensed consolidated balance sheets represent the ownership interests in certain consolidated subsidiaries held by entities or persons other than Tiptree. Accounts and transactions between consolidated entities have been eliminated. Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s condensed consolidated financial statements and accompanying notes. Management makes estimates and assumptions that include, but are not limited to, the determination of the following significant items:
Although these and other estimates and assumptions are based on the best available estimates, actual results could differ materially from management’s estimates. Business Combination Accounting The Company accounts for business combinations by applying the acquisition method of accounting. The acquisition method requires, among other things, that the assets acquired and liabilities assumed in a business combination be measured at fair value as of the closing date of the acquisition. The net assets acquired may consist of tangible and intangible assets and the excess of purchase price over the fair value of identifiable net assets acquired, or goodwill. The determination of estimated useful lives and the allocation of the purchase price to the intangible assets requires significant judgment and affects the amount of future amortization and possible impairment charges. Contingent consideration, if any, is measured at fair value on the date of acquisition. The fair value of any contingent consideration liability is remeasured at each reporting date with any change recorded in other expense in the condensed consolidated statements of operations. Acquisition and transaction costs are expensed as incurred. In certain instances, the Company may acquire less than 100% ownership of an entity, resulting in the recording of a non-controlling interest. The measurement of assets and liabilities acquired and non-controlling interest is initially established at a preliminary estimate of fair value, which may be adjusted during the measurement period, primarily due to the results of valuation studies applicable to the business combination. Acquisitions that do not meet the criteria for the acquisition method of accounting are accounted for as acquisitions of assets. Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels, from highest to lowest, are defined as follows: •Level 1 – Unadjusted, quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. •Level 2 – Significant inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly through corroboration with observable market data. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. The types of financial assets and liabilities carried at level 2 are valued based on one or more of the following: a) Quoted prices for similar assets or liabilities in active markets; b) Quoted prices for identical or similar assets or liabilities in nonactive markets; c) Pricing models whose inputs are observable for substantially the full term of the asset or liability; d) Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. •Level 3 – Significant inputs that are unobservable inputs for the asset or liability, including the Company’s own data and assumptions that are used in pricing the asset or liability. Fair Value Option In addition to the financial instruments the Company is required to measure at fair value, the Company has elected to make an irrevocable election to utilize fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. Unrealized gains and losses on items for which the fair value option has been elected are reported in Net realized and unrealized gains (losses) within the condensed consolidated statements of operations. The decision to elect the fair value option is determined on an instrument-by-instrument basis and must be applied to an entire instrument and is irrevocable once elected. Assets and liabilities measured at fair value pursuant to this guidance are reported separately in our condensed consolidated balance sheets from those instruments using another accounting method. Recent Accounting Standards Recently Adopted Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The amendments in this standard affects any entity that either enters into contracts with customers to transfer goods and services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. On July 9, 2015, the FASB decided to delay the effective date of ASU 2014-09 by one year. Reporting entities may choose to adopt the standard as of the original effective date. The deferral results in ASU 2014-09 being effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. A substantial majority of the Company’s non-investment related revenues are comprised of revenues from insurance contracts that are accounted for under Financial Services-Insurance (Topic 944) or certain financial services products (e.g. gains upon the origination of mortgages) that are not within the scope of the new standard. The Company’s remaining revenues that are within the scope of Topic 606 are primarily comprised of revenues from contracts with customers for monthly membership dues for motor clubs, monthly administration fees for services provided for premiums, claims and reinsurance processing revenues, vehicle service contracts and warranty coverage revenues for household goods and appliances (collectively, remaining contracts). The Company has chosen the modified-retrospective method of adopting Topic 606, and has assessed these contracts and concluded that changes in accounting and revenue recognition upon adoption of Topic 606 was not material to the Company’s financial position as of January 1, 2018, and did not have a material impact on the Company’s condensed consolidated financial statements. No cumulative effect adjustment was made due to the adoption of this standard. See Note (13) Revenue From Contracts with Customers for disclosures required under ASU 2014-09 and others related to Topic 606. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which makes targeted improvements to the recognition, measurement, presentation and disclosure of certain financial instruments. ASU 2016-01 focuses primarily on the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for certain financial instruments. Among its provisions for public business entities, ASU 2016-01 eliminates the requirement to disclose the method(s) and significant assumptions used to estimate the fair value of financial instruments measured at amortized cost, requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires the separate presentation in other comprehensive income of the change in fair value of a liability due to instrument-specific credit risk for a liability for which the reporting entity has elected the fair value option, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) and clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. ASU 2016-01 was effective for the Company as of January 1, 2018. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which clarify the implementation guidance on principal versus net considerations. The effective date and transition requirements for this standard are the same as the effective date and transition requirements of ASU 2014-09. See discussion of the impact of ASU 2014-09 above which addresses the total impact of Topic 606. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, which clarifies guidance related to identifying performance obligations and licensing implementation guidance contained in the new revenue recognition standard. The Update includes targeted improvements based on input the FASB received from the Transition Resource Group for Revenue Recognition and other stakeholders. The Update seeks to proactively address areas in which diversity in practice potentially could arise, as well as to reduce the cost and complexity of applying certain aspects of the guidance both at implementation and on an ongoing basis. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements in Topic 606 (and any other Topic amended by Update 2014-09). See discussion of the impact of ASU 2014-09 above which addresses the total impact of Topic 606. In May 2016, the FASB issued ASU 2016-11, Revenue Recognition (Topic 606) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting, which rescinds SEC paragraphs pursuant to the SEC Staff Announcement, “Rescission of Certain SEC Staff Observer Comments upon Adoption of Topic 606,” and the SEC Staff Announcement, “Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or Equity,” announced at the March 3, 2016 Emerging Issues Task Force (EITF) meeting. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, which provides guidance on collectability, noncash consideration, and completed contracts at transition. Additionally, the amendments in this Update provide a practical expedient for contract modifications at transition and an accounting policy election related to the presentation of sales taxes and other similar taxes collected from customers. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements for Topic 606 (and any other Topic amended by Update 2014-09). See discussion of the impact of ASU 2014-09 above which addresses the total impact of Topic 606. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2017 and interim periods within those annual periods. Early adoption is permitted, including the adoption in an interim period. The amendments in this Update should be applied using a retrospective transition method to each period presented. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Restricted Cash (a consensus of the FASB Emerging Issues Task Force), which addresses classification and presentation of changes in restricted cash on the statement of cash flows. ASU 2016-18 requires an entity’s reconciliation of the beginning-of-period and end-of-period total amounts shown on the statement of cash flows to include in cash and cash equivalents amounts generally described as restricted cash and restricted cash equivalents. The ASU does not define restricted cash or restricted cash equivalents, but an entity will need to disclose the nature of the restrictions. ASU 2016-18 is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2017. The adoption of ASU 2016-18 resulted in reclassification of restricted cash balances into cash, cash equivalents and restricted cash on the condensed consolidated statements of cash flows in the first quarter of 2018. In February 2017, the FASB issued ASU 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. The new guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those years. Early adoption is permitted for interim or annual reporting periods beginning after December 15, 2016. The guidance may be applied retrospectively for all periods presented or retrospectively with a cumulative-effect adjustment at the date of adoption. The new guidance clarifies the scope and accounting of a financial asset that meets the definition of an “in-substance nonfinancial asset” and defines the term, “in-substance nonfinancial asset.” The ASU also adds guidance for partial sales of nonfinancial assets. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting, which provided clarity as to what changes to the terms or conditions of share-based payment awards require an entity to apply modification accounting in Topic 718. ASU 2017-09 is effective for the Company for interim and annual periods beginning after December 15, 2017, with early adoption permitted, and is applied prospectively to changes in terms or conditions of awards occurring on or after the adoption date. The Company will consider the impact that this standard may have on future stock-based payment award modifications should they occur. Recently Issued Accounting Pronouncements, Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016-02 supersedes the previous leases standard, Leases (Topic 840). The standard is effective on January 1, 2019, with early adoption permitted. The Company is currently evaluating the effect on its condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13 Financial Instruments -Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available for sale debt securities, credit losses should be measured in a manner similar to current GAAP, however Topic 326 will require that credit losses be presented as an allowance rather than as a write-down. This ASU affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments in ASU 2016-13 are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The amendments will affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The Company is currently evaluating the effect on its condensed consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment. ASU 2017-04 does not change the qualitative assessment; however, it removes “the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test.” Instead, all reporting units, even those with a zero or negative carrying amount will apply the same impairment test. Therefore, as the FASB notes in the ASU’s Basis for Conclusions, the goodwill of reporting units with zero or negative carrying values will not be impaired, even when conditions underlying the reporting unit indicate that goodwill is impaired. Entities will, however, be required to disclose any reporting units with zero or negative carrying amounts and the respective amounts of goodwill allocated to those reporting units. The amendments in ASU 2017-04 are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the effect on its condensed consolidated financial statements. In March 2017, the FASB issued ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The new guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those years. Early adoption is permitted for interim or annual reporting periods beginning after December 15, 2017. The guidance is to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The guidance shortens the amortization period for certain callable debt securities held at a premium, requiring the premium to be amortized to the earliest call date. The Company believes that the adoption of ASU 2017-08 will not have a material impact on its condensed consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which amends the guidance on hedge accounting. The amendment will make more financial and nonfinancial hedging strategies eligible for hedge accounting and amend the presentation and disclosure requirements. It is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. ASU 2017-12 can be adopted immediately in any interim or annual period. The mandatory effective date for calendar year-end public companies is January 1, 2019. The Company is currently evaluating the effect on its condensed consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which permits companies to reclassify stranded tax effects caused by Public Law no. 115-97, commonly referred to as the Tax Cuts and Jobs Act (Tax Act) from accumulated other comprehensive income (AOCI) to retained earnings. Deferred tax assets (DTA) related to available for sale (AFS) securities unrealized gains and losses that were revalued as of December 31, 2017 created stranded tax effects in accumulated other comprehensive income (AOCI) due to the enactment of the tax act, due to the nature of existing GAAP requiring recognition of tax rate change effects on the DTA revaluation related to AFS securities as an adjustment to provision for income taxes. Specifically, ASU 2018-02 permits a reclassification from AOCI to retained earnings for stranded tax effects resulting from the Tax Act. Additionally, the ASU requires new disclosures by all companies, whether they opt to do the reclassification or not. The amendments in ASU 2018-02 are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The Company believes that the adoption of ASU 2018-02 will not have a material impact on its consolidated financial statements. |
Dispositions, Assets Held for Sale and Discontinued Operations |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions, Assets Held for Sale and Discontinued Operations | Dispositions, Assets Held for Sale and Discontinued Operations Dispositions On January 18, 2017 and November 7, 2017, the Company sold its ownership in the subordinated notes of Telos 5 and Telos 6 (collectively, the Disposed CLOs). As a result of the sales, the Company determined that it no longer had the controlling interest in such entities. The Company, therefore, deconsolidated its ownership in the subordinated notes of the Disposed CLOs and is no longer reporting the assets and liabilities of the Disposed CLOs in its consolidated balance sheet as of December 31, 2017. The operations of the Disposed CLOs were consolidated in the results of the Company through the respective dates. The operations of the Disposed CLOs were consolidated in the Company’s consolidated financial statements through the respective sale dates. On August 10, 2017, the Company’s ownership in the subordinated notes of Telos 7 was redeemed for cash as part of the complete liquidation of the CLO. The operations of Telos 7 were consolidated in the results of the Company through the redemption date. The Company sold Siena on October 1, 2017. Consideration consisted of $2,500 in cash and $11,000 of seller provided financing at the time of sale. The financing has an interest rate of 10% and matures on November 18, 2018. The operations of Siena were consolidated in the results of the Company through the sale date. The Company completed the sale of Care, as well as two senior living properties held in our specialty insurance business on February 1, 2018. The Company received approximately 16.6 million shares of Invesque Inc. (Invesque) with an estimated fair value of $134.1 million at the time of sale, resulting in an ownership of approximately 34% of the acquiring company at the time of sale. The Company has elected to apply the fair value option to the investment in Invesque. As such, these shares are held at fair value within equity securities, at fair value. The pre-tax comprehensive income on the sale was approximately $44.2 million, which consists of $46.2 million gain on sale of subsidiary, $1.8 million of realized gain on the sale of the specialty insurance properties, offset by the reclassification of the interest rate swap from AOCI of $3.8 million. On July 3, 2018 the Company received approximately 0.2 million shares of Invesque as a result of a final working capital calculation. This was recorded as a receivable at the time of sale, and there was no change to the gain on sale of Care as a result of this final payment. The Care sale contract also contains a provision which provides for contingent consideration should a specified portion of the portfolio be disposed of within a 3 year period at a gain, which must exceed a predefined threshold. This contingent consideration represents a gain contingency, and, as a result, the Company will not recognize any additional gain unless such consideration is realized. The Company has reclassified the income and expenses attributable to Care to net income (loss) from discontinued operations for the three and six months ended June 30, 2018 and 2017. The Company has entered into a definitive agreement to sell Luxury and classified Luxury as held for sale as of December 31, 2017. The agreement did not meet the requirements to be classified as a discontinued operation. Assets and liabilities attributable to Luxury have been reclassified to assets held for sale and liabilities held for sale, respectively, as of June 30, 2018 and December 31, 2017. As of June 30, 2018 and December 31, 2017, the Company did not record any impairments with respect to assets held for sale or discontinued operations. Assets Held for Sale The following table represents detail of assets and liabilities held for sale in the condensed consolidated balance sheets for the following periods:
(1) Reflects the closing of the sale of Care discussed above. The reduction in net assets and liabilities held for sale included approximately $13.4 million related to non-controlling interest. Discontinued Operations The following table represents detail of revenues and expenses of discontinued operations in the condensed consolidated statements of operations for the following periods:
The following table represents a summary of cash flows related to discontinued operation included in the condensed consolidated statements of cash flows for the following periods:
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Operating Segment Data |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Segment Data | Operating Segment Data Tiptree is a holding company that combines specialty insurance operations with investment management expertise. We allocate our capital across our insurance operations and investments which are managed as part of Tiptree Capital. Today, Tiptree Capital consists of asset management operations, mortgage operations and other investments. As such, we classify our business into three reportable segments– specialty insurance, asset management and mortgage. Corporate activities include holding company interest expense, employee compensation and benefits, and other expenses. Each reportable segment’s income (loss) is reported before income taxes, discontinued operations and non-controlling interests. Segment results incorporate the revenues and expenses of these subsidiaries since they commenced operations or were acquired. Descriptions of each of our reportable segments are as follows: Insurance: Specialty Insurance operations are conducted through Fortegra Financial Corporation (Fortegra), an insurance holding company. Fortegra underwrites and provides specialty insurance products, primarily in the United States, and is a leading provider of credit insurance and asset protection products. Fortegra’s range of products and services include credit protection insurance, warranty and service contract products, and insurance programs which underwrite niche personal and commercial lines of insurance. We also offer various other insurance related products and services throughout the U.S. through our non-regulated subsidiaries. Tiptree Capital: Asset Management operations are primarily conducted through Telos Asset Management LLC’s (Telos) management of CLOs. Telos is a subsidiary of Tiptree Asset Management Company, LLC (TAMCO), an SEC-registered investment advisor owned by the Company. Results include net income (loss) from consolidated CLOs. Mortgage operations are conducted through Reliance. The Company’s mortgage origination business originated loans for sale to institutional investors, including GSEs and FHA/VA. Other includes operations and investments that are not considered reportable segments. This includes the investment in Invesque not held in Specialty Insurance, Siena, which was sold on October 1, 2017, and Luxury which is classified as held for sale. The tables below present the components of revenue, expense, pre-tax income (loss), and segment assets for each of the operating segments for the following period.
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Available for Sale Securities, at fair value |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Available for Sale Securities | Investments Investments by Segment The following table presents investments by operating segment and/or reporting unit, as appropriate:
(1) Investment income sourced from these investments is presented in Note (15) Other Revenue, Other Expenses and Other Income. (2) Does not include items related to assets held for sale. See Note (3) Dispositions, Assets Held for Sale & Discontinued Operations. Available for Sale Securities, at fair value All of the Company’s investments in available for sale securities as of June 30, 2018 and December 31, 2017 are held by subsidiaries in the specialty insurance business. The following tables present the Company's investments in available for sale securities:
The following tables summarize the gross unrealized losses on available for sale securities in an unrealized loss position:
The Company does not intend to sell the investments that were in an unrealized loss position as of June 30, 2018, and management believes that it is more likely than not that the Company will be able to hold these securities until full recovery of their amortized cost basis for fixed maturity securities. The unrealized losses were attributable to changes in interest rates and not credit-related issues. As of June 30, 2018 and December 31, 2017, based on the Company's review, none of the fixed maturity securities were deemed to be other-than-temporarily impaired based on the Company's analysis of the securities and its intent to hold the securities until recovery. The amortized cost and fair values of investments in debt securities, by contractual maturity date, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Excluded from this table are equity securities since they have no contractual maturity.
Pursuant to certain reinsurance agreements and statutory licensing requirements, the Company has deposited invested assets in custody accounts or insurance department safekeeping accounts. The Company cannot remove invested assets from these accounts without prior approval of the contractual party or regulatory authority, as applicable. The following table presents the Company's restricted investments included in the Company's available for sale securities:
The following table presents additional information on the Company’s available for sale securities:
Net Investment Income Net investment income represents income primarily from the following sources:
The following table presents the components of net investment income related to our specialty insurance business recorded on the condensed consolidated statements of operations:
The following table presents the components of net realized and unrealized gains (losses) recorded on the condensed consolidated statements of operations:
The following table presents the net gain on the sale of mortgage loans and the cumulative net unrealized gains (losses) on equity securities, at fair value recorded on the condensed consolidated statements of operations:
(1) Related to the Company’s mortgage business. |
Investment in Loans |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in Loans | Investment in Loans The following table presents the Company’s investments in loans, measured at fair value:
(1) The UPB of these loans approximates cost basis. (2) The cost basis of NPLs was approximately $24,630 and $32,398 at June 30, 2018 and December 31, 2017, respectively. The following table presents the Company’s investments in loans, measured at fair value pledged as collateral:
As of June 30, 2018 and December 31, 2017, there were no mortgage loans held for sale 90 days or more past due. |
Other Investments |
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Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Investments [Text Block] | Other Investments The following table contains information regarding the Company’s other investments as of the following periods:
(1) Net of accumulated depreciation of $0 and $440, respectively. (2) Disposed of as part of the sale of Care. See Note (3) Dispositions, Assets Held for Sale & Discontinued Operations. (3) Seller provided financing related to the sale of our commercial lending business. |
Net Investment Income (Notes) |
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income [Text Block] | Investments Investments by Segment The following table presents investments by operating segment and/or reporting unit, as appropriate:
(1) Investment income sourced from these investments is presented in Note (15) Other Revenue, Other Expenses and Other Income. (2) Does not include items related to assets held for sale. See Note (3) Dispositions, Assets Held for Sale & Discontinued Operations. Available for Sale Securities, at fair value All of the Company’s investments in available for sale securities as of June 30, 2018 and December 31, 2017 are held by subsidiaries in the specialty insurance business. The following tables present the Company's investments in available for sale securities:
The following tables summarize the gross unrealized losses on available for sale securities in an unrealized loss position:
The Company does not intend to sell the investments that were in an unrealized loss position as of June 30, 2018, and management believes that it is more likely than not that the Company will be able to hold these securities until full recovery of their amortized cost basis for fixed maturity securities. The unrealized losses were attributable to changes in interest rates and not credit-related issues. As of June 30, 2018 and December 31, 2017, based on the Company's review, none of the fixed maturity securities were deemed to be other-than-temporarily impaired based on the Company's analysis of the securities and its intent to hold the securities until recovery. The amortized cost and fair values of investments in debt securities, by contractual maturity date, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Excluded from this table are equity securities since they have no contractual maturity.
Pursuant to certain reinsurance agreements and statutory licensing requirements, the Company has deposited invested assets in custody accounts or insurance department safekeeping accounts. The Company cannot remove invested assets from these accounts without prior approval of the contractual party or regulatory authority, as applicable. The following table presents the Company's restricted investments included in the Company's available for sale securities:
The following table presents additional information on the Company’s available for sale securities:
Net Investment Income Net investment income represents income primarily from the following sources:
The following table presents the components of net investment income related to our specialty insurance business recorded on the condensed consolidated statements of operations:
The following table presents the components of net realized and unrealized gains (losses) recorded on the condensed consolidated statements of operations:
The following table presents the net gain on the sale of mortgage loans and the cumulative net unrealized gains (losses) on equity securities, at fair value recorded on the condensed consolidated statements of operations:
(1) Related to the Company’s mortgage business. |
Notes Receivable |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Notes and Accounts Receivable, net The following table summarizes the total notes and accounts receivable, net:
(1) Related to the Company’s specialty insurance business. Notes Receivable, net The Company has established an allowance for uncollectible amounts against its notes receivable of $78 and $66 as of June 30, 2018 and December 31, 2017, respectively. As of June 30, 2018 and December 31, 2017, there were $292 and $416 in balances classified as 90 days plus past due, respectively. Accounts and premiums receivable, net, Retrospective commissions receivable, Trust receivables and Other receivables Accounts and premiums receivable, net, retrospective commissions receivable, trust receivables and other receivables are primarily trade receivables from the specialty insurance business that are carried at their approximate fair value. The Company has established a valuation allowance against its accounts and premiums receivable of $266 and $196 as of June 30, 2018 and December 31, 2017, respectively. |
Reinsurance |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Reinsurance Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance [Text Block] | Reinsurance Receivables The following table presents the effect of reinsurance on premiums written and earned by our specialty insurance business for the following periods:
The following table presents the components of policy and contract benefits, including the effect of reinsurance on losses and loss adjustment expenses (LAE) incurred:
(1) - Member benefit claims are not covered by reinsurance. The following table presents the components of the reinsurance receivables:
(1) - Including policyholder account balances ceded. The following table presents the aggregate amount included in reinsurance receivables that is comprised of the three largest receivable balances from non-affiliated reinsurers:
As of June 30, 2018, the non-affiliated reinsurers from whom our specialty insurance business has the largest receivable balances were: MFI Insurance Company, LTD (A. M. Best Rating: Not rated), Freedom Insurance Company, LTD (A. M. Best Rating: Not rated) and Frandisco Property and Casualty Insurance Company (A. M. Best Rating: Not rated). The related receivables of these reinsurers are collateralized by assets on hand, assets held in trust accounts and letters of credit. As of June 30, 2018, the Company does not believe there is a risk of loss due to the concentration of credit risk in the reinsurance program given the collateralization. |
Goodwill and Intangible Assets, Net |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets, net The following table presents identifiable finite and indefinite-lived intangible assets, accumulated amortization, and goodwill by operating segment and/or reporting unit, as appropriate:
(1) Represents intangible assets with an indefinite useful life. Impairment tests are performed at least annually on these assets. (2) Disposed of as part of the sale of Care. See Note (3) Dispositions, Assets Held for Sale & Discontinued Operations. Goodwill The following table presents the activity in goodwill, by operating segment and/or reporting unit, as appropriate, and includes the adjustments made to the balance of goodwill to reflect the effect of the final valuation adjustments made for acquisitions, as well as the reduction to any goodwill attributable to discontinued operations or impairment related charges:
The Company conducts annual impairment tests of its goodwill as of October 1. For the three and six months ended June 30, 2018 and 2017, respectively, no impairment was recorded on the Company’s goodwill or intangibles. Intangible Assets, net The following table presents the activity, by operating segment and/or reporting unit, as appropriate, in finite and indefinite-lived other intangible assets and includes the adjustments made to the balance to reflect the effect of any final valuation adjustments made for acquisitions, as well as any reduction attributable to discontinued operations or impairment-related charges:
The following table presents the amortization expense on finite-lived intangible assets for the following periods:
The items previously disclosed for businesses the Company has designated as a discontinued operation are disclosed in Note (3) Dispositions, Assets Held for Sale & Discontinued Operations. The following table presents the amortization expense on finite-lived intangible assets for the next five years by operating segment and/or reporting unit, as appropriate:
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Derivative Financial Instruments and Hedging |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments and Hedging | Derivative Financial Instruments and Hedging The Company utilizes derivative financial instruments as part of its overall investment and hedging activities. Derivative contracts are subject to additional risk that can result in a loss of all or part of an investment. The Company’s derivative activities are primarily classified by underlying credit risk and interest rate risk. In addition, the Company is also subject to additional counterparty risk should it’s counterparties fail to meet the contract terms. The derivative financial instruments are located within derivative assets at fair value and are reported in other investments. Derivative liabilities are reported within other liabilities and accrued expenses. Derivatives, at fair value Interest Rate Lock Commitments The Company enters into interest rate lock commitments (IRLCs) with customers in connection with its mortgage banking activities to fund residential mortgage loans with certain terms at specified times in the future. IRLCs that relate to the origination of mortgage loans that will be classified as held-for-sale are considered derivative instruments under applicable accounting guidance. As such, these IRLCs are recorded at fair value with changes in fair value typically resulting in recognition of a gain when the Company enters into IRLCs. In estimating the fair value of an IRLC, the Company assigns a probability that the loan commitment will be exercised and the loan will be funded (“pull through”). The fair value of the commitments is derived from the fair value of related mortgage loans, net of estimated costs to complete. Outstanding IRLCs expose the Company to the risk that the price of the loans underlying the commitments might decline from inception of the rate lock to funding of the loan. To manage this risk, the Company utilizes forward delivery contracts and TBA mortgage backed securities to economically hedge the risk of potential changes in the value of the loans that would result from the commitments. Forward Delivery Contracts and TBA Mortgage Backed Securities The Company enters into forward delivery contracts with loan aggregators and other investors as one of the tools to manage the interest rate risk associated with IRLCs and loans held for sale. In addition, the Company enters into to be announced (TBA) mortgage backed securities which facilitate hedging and funding by allowing the Company to prearrange prices for mortgages that are in the process of originating. The Company utilizes these hedging instruments for Agency (Fannie Mae and Freddie Mac) and FHA/VA (Ginnie Mae) eligible IRLCs. The following table summarizes the gross notional and fair value amounts of derivatives (on a gross basis) categorized by underlying risk:
Derivatives Designated as Cash Flow Hedging Instruments The following table presents the fair value and the related outstanding notional amounts of the Company's cash flow hedging derivative instruments and indicates where the Company records each amount in its condensed consolidated balance sheets:
(1) Deconsolidated of as part of the sale of Care. See Note (3) Dispositions, Assets Held for Sale & Discontinued Operations. The following table presents the pretax impact of the cash flow hedging derivative instruments on the condensed consolidated financial statements for the following periods:
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Debt, net (Notes) |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt, Net | Debt, net The following table summarizes the balance of the Company’s debt obligations, net of discounts and deferred financing costs.
(1) Asset based debt is generally recourse only to specific assets and related cash flows. (2) The weighted average coupon rate for asset based revolving financing was 4.35% and 3.73% at June 30, 2018 and December 31, 2017, respectively. (3) The weighted average coupon rate for residential mortgage warehouse borrowings was 4.55% and 3.70% at June 30, 2018 and December 31, 2017, respectively. The table below presents the amount of interest expense the Company incurred on its debt for the following periods:
The items previously disclosed for businesses the Company has designated as a discontinued operation are disclosed in Note (3) Dispositions, Assets Held for Sale & Discontinued Operations. The following table presents the future maturities of the unpaid principal balance on the Company’s debt as of:
The following narrative is a summary of certain of the terms of our debt agreements for the period ended June 30, 2018: Corporate Debt Secured Corporate Credit Agreements On May 4, 2018, Operating Company (Tiptree Operating Company, LLC.) entered into a Fifth Amendment to the Credit Agreement with Fortress providing for an additional $47,000 borrowing for a total principal amount outstanding of $75,000 as of the borrowing date. The Fifth Amendment extends the maturity date of all term loans under the Credit Agreement from September 18, 2018 to September 18, 2020. The amended facility also has a new interest rate at a variable rate of equal to one-month LIBOR with a LIBOR floor of 1.25%, plus a margin of 5.50% per annum and has a pre-payment fee of 1% for six months. Asset Based Debt Asset Backed Revolving Financing During the six months ended June 30, 2018, the $11,917 balance of the NPL financing in our specialty insurance business was paid off and the borrowing was extinguished. As of June 30, 2018 and December 31, 2017, a total of $94,728 and $101,428, respectively, was outstanding under the corporate loan financing agreement in our specialty insurance business. As of June 30, 2018 and December 31, 2017, a total of $5,829 and $5,449, respectively, was outstanding under the borrowing related to our premium finance business in our specialty insurance business. Residential Mortgage Warehouse Borrowings During the six months ended June 30, 2018, a subsidiary in our mortgage business extended the maturity date of a $50,000 warehouse line of credit from March 2018 to May 2018, which was then extended to May 2019. The maturity date of a $25,000 warehouse line of credit was extended from June 2018 to June 2019. As of June 30, 2018, the Company is in compliance with the representations and covenants for outstanding borrowings or has obtained waivers for any events of non-compliance. |
Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs to the extent possible to measure a financial instrument’s fair value. Observable inputs reflect the assumptions market participants would use in pricing an asset or liability, and are affected by the type of product, whether the product is traded on an active exchange or in the secondary market, as well as current market conditions. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Fair value is estimated by applying the hierarchy discussed in Note (2) Summary of Significant Accounting Policies which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized within Level 3 of the fair value hierarchy. The Company’s fair value measurement is based primarily on a market approach, which utilizes prices and other relevant information generated by market transactions involving identical or comparable financial instruments. Sources of inputs to the market approach include third-party pricing services, independent broker quotations and pricing matrices. Management analyzes the third party valuation methodologies and its related inputs to perform assessments to determine the appropriate level within the fair value hierarchy and to assess reliability of values. Further, management has a process in place to review all changes in fair value that occurred during each measurement period. Any discrepancies or unusual observations are followed through to resolution through the source of the pricing as well as utilizing comparisons, if applicable, to alternate pricing sources. In addition, the Company utilizes an income approach to measure the fair value of NPLs, as discussed below. The Company utilizes observable and unobservable inputs within its valuation methodologies. Observable inputs may include: benchmark yields, reported trades, broker-dealer quotes, issuer spreads, benchmark securities, bids, offers and reference data. In addition, specific issuer information and other market data is used. Broker quotes are obtained from sources recognized to be market participants. Unobservable inputs may include: expected cash flow streams, default rates, supply and demand considerations and market volatility. Available for Sale Securities Available for sale securities are generally classified within either Level 1 or Level 2 of the fair value hierarchy and are based on prices provided by an independent pricing service and a third party investment manager who provide a single price or quote per security. The following details the methods and assumptions used to estimate the fair value of each class of available for sale securities and the applicable level each security falls within the fair value hierarchy: U.S Treasury Securities, Obligations of U.S. Government Authorities and Agencies, Obligations of State and Political Subdivisions, Corporate Securities, Asset-Backed Securities, and Obligations of Foreign Governments: Fair values were obtained from an independent pricing service and a third party investment manager. The prices provided by the independent pricing service are based on quoted market prices, when available, non-binding broker quotes, or matrix pricing and fall under Level 2 of the fair value hierarchy. Certificates of Deposit: The estimated fair value of certificates of deposit approximate carrying value and fall under Level 1 of the fair value hierarchy. Equity securities, at fair value The fair values of publicly traded common and preferred stocks were obtained from market value quotations provided by an independent pricing service and fall under Level 1 of the fair value hierarchy. The fair values of non-publicly traded common and preferred stocks were based on prices obtained from an independent pricing service using unobservable inputs and fall under Level 3 of the fair value hierarchy. The Company’s investment in Invesque is subject to certain contractual restrictions on registration and sale. The fair value of the Invesque shares is based on the market price adjusted for the impact of such restrictions. As of June 30, 2018 the weighted average estimated restriction period was 11 months. As a result of the discount on the Invesque investment, the fair value measurement falls under Level 2 of the fair value hierarchy. Loans, at fair value Corporate Loans: These loans are comprised of a diversified portfolio of middle market and broadly syndicated leveraged loans and are generally classified within either Level 2 or Level 3 in the fair value hierarchy. The Company has evaluated each loan’s respective liquidity and has additionally performed valuation benchmarking. The key characteristics which were evaluated as part of this determination were liquidity ratings, price changes to index benchmarks, depth of quotes, credit ratings and industry trends. Mortgage Loans Held for Sale: Mortgage loans held for sale are generally classified as Level 2 in the fair value hierarchy and fair value is based upon forward sales contracts with third party investors, including estimated loan costs, and reserves. Nonperforming Loans and REO: The Company determines the purchase price for NPLs at the time of acquisition and for each subsequent valuation by using a discounted cash flow valuation model and considering alternate loan resolution probabilities, including modification, liquidation, or conversion to REO. The significant unobservable inputs used in the fair value measurement of our NPLs are discount rates, loan resolution timeline, and the value of underlying properties. The fair values of NPLs which are making payments (generally based on a modification or a workout plan) are primarily based upon secondary market transaction prices, which are expressed as a percentage of unpaid principal balance (UPB). Observable inputs to the model include loan amounts, payment history, and property types. Our NPLs are on nonaccrual status at the time of purchase as it is probable that principal or interest is not fully collectible. NPLs are included in loans, at fair value and fall under Level 3 of the fair value hierarchy. NPLs that have become REOs were measured at fair value on a non-recurring basis during the six months ended June 30, 2018 and the year ended December 31, 2017. The carrying value of REOs at June 30, 2018 and December 31, 2017 was $14,787 and $16,056, respectively. Upon conversion to REO, the fair value is estimated using broker price opinion (BPO). BPOs are subject to judgments of a particular broker formed by visiting a property, assessing general home values in an area, reviewing comparable listings, and reviewing comparable completed sales. These judgments may vary among brokers and may fluctuate over time based on housing market activities and the influx of additional comparable listings and sales. REO is included in other investments. Subsequent to conversion, REOs are carried at lower of cost or market. Derivative Assets and Liabilities Derivatives are comprised of interest rate lock commitments (IRLC) and to be announced mortgage backed securities (TBA) . The fair value of these instruments is based upon valuation pricing models, which represent the amount the Company would expect to receive or pay at the balance sheet date to exit the position. Our mortgage origination subsidiaries issue IRLCs to its customers, which are carried at estimated fair value on the Company’s condensed consolidated balance sheet. The estimated fair values of these commitments are generally calculated by reference to the value of the underlying loan associated with the IRLC net of costs to produce and an expected fall out assumption. The fair values of these commitments generally result in a Level 3 classification. Our mortgage origination subsidiaries manage their exposure by entering into forward delivery commitments with loan investors. For loans not locked with investors under a forward delivery commitment, the Company enters into hedge instruments, primarily TBAs, to protect against movements in interest rates. The fair values of TBA mortgage backed securities and forward delivery contracts generally result in a Level 2 classification. The following tables present the Company’s fair value hierarchies for financial assets and liabilities, measured on a recurring basis:
The following table represents additional information about assets that are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value for the following periods:
The following table represents additional information about liabilities that are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value for the following periods:
The following is quantitative information about Level 3 assets with significant unobservable inputs used in fair valuation.
The following table sets forth quantitative information about the significant unobservable inputs used to measure the fair value of our NPLs. For NPLs that are not making payments, discount rate, loan resolution time-line, value of underlying properties, holdings costs and liquidation costs are the primary inputs used to measure fair value. For NPLs that are making payments, note rate and secondary market transaction prices/UPB are the primary inputs used to measure fair value.
The previously disclosed liability for contingent consideration payable related to Reliance expired on June 30, 2018 with a fair value of $0. The fair value at December 31, 2017 was $0. The following table presents the carrying amounts and estimated fair values of financial assets and liabilities that are not recorded at fair value and their respective levels within the fair value hierarchy:
Notes and Accounts Receivable: To the extent that carrying amounts differ from fair value, fair value is determined based on contractual cash flows discounted at market rates for similar credits. Categorized as Level 2 of the fair value hierarchy. Debt: The carrying value represents the total debt balance at face value excluding the unamortized discount. The fair value of notes payable is determined based on contractual cash flows discounted at market rates for mortgage notes payable and either dealer quotes or contractual cash flows discounted at market rates for other notes payable. Categorized as Level 3 of the fair value hierarchy. Additionally, the following financial assets and liabilities on the condensed consolidated balance sheets are not carried at fair value, but whose carrying amounts approximate their fair value: Cash and Cash Equivalents: The carrying amounts of cash and cash equivalents are carried at cost which approximates fair value. Categorized as Level 1 of the fair value hierarchy. Accounts and Premiums Receivable, net, retrospective commissions receivable and other receivables: The carrying amounts approximate fair value since no interest rate is charged on these short duration assets. Categorized as Level 2 of the fair value hierarchy. See Note (6) Notes and Accounts Receivable, net. Due from Brokers, Dealers, and Trustees and Due to Brokers, Dealers and Trustees: The carrying amounts are included in other assets and other liabilities and accrued expenses and approximate their fair value due to their short‑term nature. Categorized as Level 2 of the fair value hierarchy. |
Liability for Unpaid Claims and Claim Adjustment Expenses (Notes) |
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Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block] | Liability for Unpaid Claims and Claim Adjustment Expenses Roll forward of Claim Liability The following table presents the activity in the net liability for unpaid losses and allocated loss adjustment expenses of short-duration contracts for the following periods:
The following schedule reconciles the total on short duration contracts per the table above to the amount of total losses incurred as presented in the condensed consolidated statement of operations, excluding the amount for member benefit claims:
For the six months ended June 30, 2018, the Company’s specialty insurance business experienced an increase in prior year case development of $4,886. This included $2,099 in non-standard auto and $4,564 in credit. This development was partially offset by favorable development in its warranty business. The warranty and credit lines of business are primarily in retrospective commission arrangements that cause loss development to minimally impact the operating income of the Company. For the six months ended June 30, 2017, the Company’s specialty insurance business experienced an increase in prior year case development of $2,972. This included $1,165 in non-standard auto and $2,034 in warranty. This development was partially offset by favorable development in its credit lines of business. The warranty and credit lines of business are primarily in retrospective commission arrangements that minimally impact the operating income of the Company. |
Revenue From Contracts with Customers (Notes) |
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Revenue Recognition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition [Text Block] | Revenue From Contracts with Customers As discussed in Note (2) Summary of Significant Accounting Policies, the Company adopted ASU 2014-09 and other ASUs related to Topic 606 as of January 1, 2018. A substantial majority of the Company’s non-investment related revenues are comprised of revenues from insurance contracts that are accounted for under Financial Services-Insurance (Topic 944) or certain financial services products (e.g. gains upon the origination of mortgages) that are not within the scope of the new standard. There was no impact to any prior period amounts or transition adjustment recorded as a result of the adoption of the new standard. Revenue from contracts with customers is primarily comprised of asset management fee income included as a part of other revenue, and warranty coverage, car club and other revenues included as a part of service and administrative fees in our specialty insurance business. The table below presents the disaggregated amounts of revenue from contracts with customers by product type for the following periods:
Management Fees The Company earns asset management fee income in the form of base management fees and incentives from the CLOs it manages. These base management fees are billed as the services are provided and paid periodically in accordance with the terms of the individual management agreements for as long as the Company manages the funds. Base management fees typically consist of fees based on the amount of assets held in the CLOs. Base management fees are recognized as revenue when earned. The Company does not recognize incentive fees until all contractual contingencies have been removed. Service and Administrative Fees Service fee revenue is recognized as the services are performed. These services include fulfillment, software development, and claims handling for our customers. Management reviews the financial results under each significant contract on a monthly basis. Any losses that may occur due to a specific contract would be recognized in the period in which the loss is determined probable. Administrative fee revenue includes the administration of premium associated with our producers and their PORCs. In addition, we also earn fee revenue from debt cancellation programs, motor club programs, and warranty programs. Related administrative fee revenue is recognized consistent with the earnings recognition pattern of the underlying insurance policies, debt cancellation contracts and motor club memberships being administered, using Rule of 78's, modified Rule of 78's, pro rata, or other methods as appropriate for the contract. Management selects the appropriate method based on available information, and periodically reviews the selections as additional information becomes available. Information on Remaining Performance Obligations We do not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was not material at June 30, 2018. Contract Balances The timing of our revenue recognition may differ from the timing of payment by our customers. We record a receivable when revenue is recognized prior to payment and we have an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, we record deferred revenue until the performance obligations are satisfied. The table below presents the activity in the significant deferred assets and liabilities related to revenue from contracts with customers for the six month period ended June 30, 2018.
Bad debt expense was not material for any period presented. |
Other Assets (Notes) |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other Assets and Other Liabilities and Accrued Expenses Other Assets The following table presents the components of other assets as reported in the condensed consolidated balance sheets:
The following table presents the depreciation expense related to furniture, fixtures and equipment for the following periods:
The items previously disclosed for businesses the Company has designated as a discontinued operation are disclosed in Note (3) Dispositions, Assets Held for Sale & Discontinued Operations. |
Other Liabilities and Accrued Expenses (Notes) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Text Block] | Other Liabilities and Accrued Expenses The following table presents the components of other liabilities and accrued expenses as reported in the condensed consolidated balance sheets:
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Other Revenue and Other Expenses (Notes) |
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Other Expense Disclosure [Text Block] | Other Revenue, Other Expenses and Other Income Other Revenue The following table presents the components of other revenue as reported in the condensed consolidated statement of operations:
The items previously disclosed for businesses the Company has designated as a discontinued operation are disclosed in Note (3) Dispositions, Assets Held for Sale & Discontinued Operations. Other Expenses The following table presents the components of other expenses as reported in the condensed consolidated statement of operations:
The items previously disclosed for businesses the Company has designated as a discontinued operation are disclosed in Note (3) Dispositions, Assets Held for Sale & Discontinued Operations. |
Assets and Liabilities of Consolidated CLOs |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities of Consolidated CLOs | Other Income The CLOs are considered variable interest entities (VIE) and the Company consolidates entities when it is determined to be the primary beneficiary under current VIE accounting guidance. During 2017 the Company exited all consolidated CLOs. See Note (3) Dispositions, Assets Held for Sale & Discontinued Operations.
As summarized in the table below, the application of the measurement alternative results in the consolidated net income summarized above to be equivalent to the Company’s own economic interests in the CLOs which are eliminated upon consolidation:
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Stockholders' Equity |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders’ Equity On April 3, 2018, 424,399 units of TFP were exchanged for 1,187,468 shares of Class A common stock. TFP delivered to the Company for cancellation one share of Class B common stock of Tiptree for each share of Class A common stock issued. After the exchange, Tiptree directly owned approximately 84% of TFP. On April 10, 2018, the Company completed a reorganization merger whereby TFP merged with and into the Company with the Company continuing as the surviving company (Reorganization Merger). After the Reorganization Merger, TFP ceased to exist and the Company owned 100% of Operating Company. As a result of the merger, the balance of Non-controlling interest - TFP as of the merger date was allocated to Additional paid in capital and Accumulated other comprehensive income (loss), as detailed in the condensed consolidated statement of changes in stockholders equity. In connection with the Reorganization Merger, each TFP limited partner other than TFI received 2.798 shares of Class A common stock for each partnership unit. Outstanding warrants to acquire 652,500 shares of Class A common stock at an exercise price of $11.33 per share owned by TFP were canceled. Warrants to acquire 103,994 shares of Class A common stock at an exercise price of $11.33 per share were issued to partners of TFP other than TFI. The warrants to acquire 805,986 TFP LP units at $21.232 per unit were canceled and TFI issued warrants for 2,255,149 Tiptree shares of Class A common stock at an exercise price of $7.59 per share to holders of the canceled warrants. In addition, TFI canceled all of the outstanding Class B common stock. On April 16, 2018, the Company canceled 5,035,977 shares of Class A common stock held by a subsidiary of the Company, which had no effect on total Tiptree Inc. stockholders’ equity. At the 2018 Annual Meeting of Stockholders of the Company held on June 6, 2018, the Company’s stockholders approved an amendment and restatement (the Amendment) to the Fourth Articles of Amendment and Restatement of the Company (as amended by the Amendment, the Fifth A&R Charter) to remove all references to the Company’s Class B common stock as well as other ministerial changes, including changing the name of our Class A common stock to Common Stock. The Amendment was filed with the State Department of Assessments and Taxation of Maryland on June 7, 2018. On March 19, 2018 and May 10, 2018, the Company engaged a broker in connection with a daily stock repurchase program for the repurchase of up to $10.0 million of shares of the Company’s outstanding Common Stock. The Company’s Board of Directors extended the Company’s authorization to make additional block repurchases of up to $10.0 million of shares in the aggregate, at the discretion of the Company's Executive Committee.
The Company declared cash dividends per share for the following periods presented below:
(1) See Note (22) Subsequent Events for when dividend was declared. Statutory Reporting and Insurance Company Subsidiaries Dividend Restrictions The Company's regulated insurance company subsidiaries may pay dividends to our insurance holding company, subject to statutory restrictions. Payments in excess of statutory restrictions (extraordinary dividends) to our insurance holding company are permitted only with prior approval of the insurance department of the applicable state of domicile. The Company eliminated all dividends from its subsidiaries in the condensed consolidated financial statements. For the three and six months ended June 30, 2018 and June 30, 2017, respectively, the Company's insurance company subsidiaries did not pay any ordinary or extra ordinary dividends. The following table presents the combined statutory capital and surplus of the Company's insurance company subsidiaries, the required minimum statutory capital and surplus, as required by the laws of the states in which they are domiciled, and the combined amount available for ordinary dividends of the Company's insurance company subsidiaries for the following periods:
At June 30, 2018, the maximum amount of dividends that our regulated insurance company subsidiaries could pay under applicable laws and regulations without regulatory approval was approximately $10,115. The Company may seek regulatory approval to pay dividends in excess of this permitted amount, but there can be no assurance that the Company would receive regulatory approval if sought. Under the National Association of Insurance Commissioners (NAIC) Risk-Based Capital Act of 1995, a company's Risk-Based Capital (RBC) is calculated by applying certain risk factors to various asset, claim and reserve items. If a company's adjusted surplus falls below calculated RBC thresholds, regulatory intervention or oversight is required. The Company's insurance company subsidiaries' RBC levels, as calculated in accordance with the NAIC’s RBC instructions, exceeded all RBC thresholds as of June 30, 2018. The following table presents the net income of the Company’s statutory insurance companies for the following periods:
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Accumulated Other Comprehensive Income (Loss) |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table presents the activity in accumulated other comprehensive income (loss) (AOCI), net of tax, for the following periods:
(1) Relates to the sale of Care. See Note (3) Dispositions, Assets Held for Sale & Discontinued Operations The following table presents the reclassification adjustments out of AOCI included in net income and the impacted line items on the condensed consolidated statement of operations for the following periods:
(1) Relates to the sale of Care. See Note (3) Dispositions, Assets Held for Sale & Discontinued Operations |
Stock Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Based Compensation | Stock Based Compensation Equity Plans 2017 Omnibus Incentive Plan The Company adopted the Tiptree 2017 Omnibus Incentive Plan (2017 Equity Plan) on June 6, 2017, which permits the grant of stock units, stock, and stock options up to a maximum of 6,100,000 shares of Common Stock. The general purpose of the 2017 Equity Plan is to attract, motivate and retain selected employees and directors for the Company and its subsidiaries, to provide them with incentives and rewards for performance and to better align their interests with the interests of the Company’s stockholders. Unless otherwise extended, the 2017 Equity Plan terminates automatically on June 6, 2027. The table below summarizes changes to the issuances under the Company’s 2013 and 2017 Equity Plan for the periods indicated:
(1) Excludes awards granted under the Company’s subsidiary incentive plans that are exchangeable for Tiptree Common Stock. Restricted Stock Units (RSUs) Generally, the Tiptree RSUs vest and become nonforfeitable with respect to one-third of Tiptree shares granted on each of the first, second and third anniversaries of the date of the grant, and expensed using the straight-line method over the requisite service period. The following table summarizes changes to the issuances of RSUs under the 2017 Equity Plan for the periods indicated:
(1) Includes grants of 24,016 shares of Common Stock to directors. The Company values RSUs at their grant-date fair value as measured by Tiptree’s Common Stock price. Included in vested shares for 2018 are 24,670 shares surrendered to pay taxes on behalf of the employees with shares vesting. During the six months ended June 30, 2018, the Company granted 268,799 RSUs to employees of the Company. 147,467 shares vest ratably over a period of three years that began in February 2018 and the remaining 121,332 shares will cliff vest in February 2021. Subsidiary Incentive Plans Certain of the Company’s subsidiaries have established RSU programs under which they are authorized to issue RSUs or their equivalents, representing equity of such subsidiaries to certain of their employees. Such awards are accounted for as equity. These RSUs are subject to performance-vesting criteria based on the performance of the subsidiary (performance vesting RSUs) and time-vesting subject to continued employment (time vesting RSUs). Following the service period, such vested RSUs may be exchanged at fair market value, at the option of the holder, for Tiptree Common Stock under the 2017 Equity Plan. The Company has the option, but not the obligation to settle the exchange right in cash. The following table summarizes changes to the issuances of subsidiary RSU’s under the subsidiary incentive plans for the periods indicated:
The vested and unvested balance (assuming full vesting) translates to 1,862,934 shares of Common Stock if converted as of June 30, 2018. Stock Options Option awards have been granted to the Executive Committee with an exercise price equal to the fair market value of our common stock on the date of grant. The option awards have a 10-year term and are subject the recipient’s continuous service, a market requirement, and vest one third on each of the third, fourth and fifth anniversary of the grant date. The market requirement is a book value per share target that can be met at any time before the option expires and it only needs to be met once for the option to remain exercisable for the remainder of its term. If the service condition is met, the full amount of the compensation expense will be recognized over the appropriate vesting period whether the market requirement is met or not. The options granted in 2018 include a retirement provision and are amortized over the lessor of the service condition or expected retirement date. The fair value option grants are estimated on the date of grant using a Black-Scholes-Merton option pricing formula embedded within a Monte Carlo model used to simulate the future stock prices of the Company, which assumes that the market requirement is achieved. Historical volatility was computed based on historical daily returns of the Company’s stock between the grant date and July 1, 2013, the date of the business combination through which Tiptree became a public company. The valuation is done under a risk-neutral framework using the 10-year zero-coupon risk-free interest rate derived from the Treasury Constant Maturities yield curve on the grant date. The current quarterly dividend rates in effect as of the date of the grant are used to calculate a spot dividend yield as of the date of grant for use in the model. The following table presents the assumptions used to estimate the fair values of the stock options granted for the following period:
The following table presents the Company's stock option activity for the current period:
(1) Book value targets for grants in 2018, 2017, and 2016 are $9.97, $10.14, and $8.96, respectively. Stock-based Compensation Expense The following table presents total stock-based compensation expense and the related income tax benefit recognized on the condensed consolidated statements of operations:
Additional information on total non-vested stock-based compensation is as follows:
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Income Taxes (Notes) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | Income Taxes The following table represents the income tax expense (benefit):
(1) Higher than the U.S. federal statutory income tax rate of 21% due to the effect of state income taxes, the impact of valuation allowance and other discrete items, partially offset by the dividends received deduction. (2) Lower than the previous U.S. federal statutory income tax rate of 35% primarily due to state income taxes and other discrete items. (3) Lower than the U.S. federal statutory income tax rate of 21% due to the effect of the dividends received deduction and other discrete items, partially offset by state income taxes, the impact of valuation allowance and other discrete items. (4) Lower than the previous U.S. federal statutory income tax rate of 35% primarily due to other discrete items. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Contractual Obligations The table below summarizes the Company’s contractual obligations by period that payments are due:
The following table presents rent expense for the Company’s office leases recorded on the condensed consolidated statements of operations:
The items previously disclosed for businesses the Company has designated as a discontinued operation are disclosed in Note (3) Dispositions, Assets Held for Sale & Discontinued Operations Litigation The Company is a defendant in Mullins v. Southern Financial Life Insurance Co., which was filed in February 2006, in the Pike Circuit Court, in the Commonwealth of Kentucky. A class was certified in June 2010. At issue is the duration or term of coverage under certain disability and life credit insurance policies. The action alleges violations of the Consumer Protection Act and certain insurance statutes, as well as common law fraud and seeks compensatory and punitive damages, attorney fees and interest. To date, the court has not awarded sanctions in connection with Plaintiffs’ April 2012 Motion for Sanctions. In January 2015, the trial court issued an Order denying the Company’s motion to decertify the class, which was upheld on appeal. Following a February 2017 hearing, the court denied the Company’s Motion for Summary Judgment as to certain disability insurance policies. In January 2018, the court vacated its November 2017 order granting Company’s Motion for Summary Judgment as to the life certificates at issue with leave to refile. No trial or additional hearings are currently scheduled. The Company considers such litigation customary in the insurance industry. In management's opinion, based on information available at this time, the ultimate resolution of such litigation, which it is vigorously defending, should not be materially adverse to the financial position of the Company. It should be noted that large punitive damage awards, bearing little relation to actual damages sustained by plaintiffs, have been awarded in certain states against other companies in the credit insurance business. At this time, the Company cannot estimate a range of loss that is reasonably possible. The Company and its subsidiaries are parties to other legal proceedings in the ordinary course of business. Although the Company’s legal and financial liability with respect to such proceedings cannot be estimated with certainty, the Company does not believe that these proceedings, either individually or in the aggregate, are likely to have a material adverse effect on the Company’s financial position. |
Earnings Per Share |
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Earnings Per Share | Earnings Per Share The Company calculates basic net income per Common Share based on the weighted average number of Common Shares outstanding (inclusive of vested restricted share units). The unvested restricted share units have the non-forfeitable right to participate in dividends declared and paid on the Company’s Common Stock on an as vested basis and are therefore considered a participating security. The Company calculates basic earnings per share using the “two-class” method, and for the three and six months ended June 30, 2018 and 2017, the income available to Common Stockholders was allocated to the unvested restricted stock units. For the three months ended June 30, 2018 diluted net income per Common Shares for the period includes the effect of potential equity of subsidiaries as well as potential Common Stock. For the six months ended June 30, 2018 the assumed exercise of all dilutive instruments were anti-dilutive to continuing operations and not included in diluted net income per Common Share calculation. The following table presents a reconciliation of basic and diluted net income per Common Share for the following periods:
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Subsequent Events |
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Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On August 2, 2018, the Company’s board of directors declared a quarterly cash dividend of $0.035 per share to holders of Common Stock with a record date of August 20, 2018, and a payment date of August 27, 2018. |
Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements of Tiptree have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) and include the accounts of the Company and its subsidiaries. The condensed consolidated financial statements are presented in U.S. dollars, the main operating currency of the Company. The unaudited condensed consolidated financial statements presented herein should be read in conjunction with the annual audited financial statements included in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2017. In the opinion of management, the accompanying unaudited interim financial information reflects all adjustments, including normal recurring adjustments necessary to present fairly the Company’s financial position, results of operations, comprehensive income and cash flows for each of the interim periods presented. The results of operations for the three and six months ended June 30, 2018 are not necessarily indicative of the results that may be expected for the full year ending on December 31, 2018. As a result of changes in presentation made in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017, certain prior period amounts related to discontinued operations have been reclassified from continuing operations to conform to the current presentation. These reclassifications had no effect on the reported results of operations. The primary difference in the presentation of the condensed consolidated financial statements from the prior year is the reclassification of Care, our senior living business, to discontinued operations in the condensed consolidated statement of operations. See Note (3) Dispositions, Assets Held for Sale & Discontinued Operations for additional information. As a result of the adoption of ASU 2016-01, an immaterial amount of equity securities classified as available for sale as of December 31, 2017 were reclassified to equity securities, at fair value as of March 31, 2018. The net unrealized loss was immaterial. The adoption of ASU 2016-18 resulted in reclassification of restricted cash balances into cash, cash equivalents and restricted cash on the condensed consolidated statements of cash flows for the six months ended June 30, 2018 and 2017. |
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Principles of Consolidation | Tiptree consolidates those entities in which it has an investment of 50% or more of voting rights or has control over significant operating, financial and investing decisions of the entity as well as variable interest entities (VIEs) in which Tiptree is determined to be the primary beneficiary. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated only by its primary beneficiary, which is defined as the party who has the power to direct the activities of a VIE that most significantly impact its economic performance and who has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Generally, Tiptree’s consolidated VIEs are entities which Tiptree is considered the primary beneficiary through its controlling financial interests. Non-controlling interests on the condensed consolidated balance sheets represent the ownership interests in certain consolidated subsidiaries held by entities or persons other than Tiptree. Accounts and transactions between consolidated entities have been eliminated. |
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Use of Estimates | Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s condensed consolidated financial statements and accompanying notes. Management makes estimates and assumptions that include, but are not limited to, the determination of the following significant items:
Although these and other estimates and assumptions are based on the best available estimates, actual results could differ materially from management’s estimates. |
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Business Combination Accounting | Business Combination Accounting The Company accounts for business combinations by applying the acquisition method of accounting. The acquisition method requires, among other things, that the assets acquired and liabilities assumed in a business combination be measured at fair value as of the closing date of the acquisition. The net assets acquired may consist of tangible and intangible assets and the excess of purchase price over the fair value of identifiable net assets acquired, or goodwill. The determination of estimated useful lives and the allocation of the purchase price to the intangible assets requires significant judgment and affects the amount of future amortization and possible impairment charges. Contingent consideration, if any, is measured at fair value on the date of acquisition. The fair value of any contingent consideration liability is remeasured at each reporting date with any change recorded in other expense in the condensed consolidated statements of operations. Acquisition and transaction costs are expensed as incurred. In certain instances, the Company may acquire less than 100% ownership of an entity, resulting in the recording of a non-controlling interest. The measurement of assets and liabilities acquired and non-controlling interest is initially established at a preliminary estimate of fair value, which may be adjusted during the measurement period, primarily due to the results of valuation studies applicable to the business combination. Acquisitions that do not meet the criteria for the acquisition method of accounting are accounted for as acquisitions of assets. |
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Fair Value Measurement | Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels, from highest to lowest, are defined as follows: •Level 1 – Unadjusted, quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. •Level 2 – Significant inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly through corroboration with observable market data. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. The types of financial assets and liabilities carried at level 2 are valued based on one or more of the following: a) Quoted prices for similar assets or liabilities in active markets; b) Quoted prices for identical or similar assets or liabilities in nonactive markets; c) Pricing models whose inputs are observable for substantially the full term of the asset or liability; d) Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. •Level 3 – Significant inputs that are unobservable inputs for the asset or liability, including the Company’s own data and assumptions that are used in pricing the asset or liability. Fair Value Option In addition to the financial instruments the Company is required to measure at fair value, the Company has elected to make an irrevocable election to utilize fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. Unrealized gains and losses on items for which the fair value option has been elected are reported in Net realized and unrealized gains (losses) within the condensed consolidated statements of operations. The decision to elect the fair value option is determined on an instrument-by-instrument basis and must be applied to an entire instrument and is irrevocable once elected. Assets and liabilities measured at fair value pursuant to this guidance are reported separately in our condensed consolidated balance sheets from those instruments using another accounting method. |
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Recent Accounting Pronouncements | Recent Accounting Standards Recently Adopted Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The amendments in this standard affects any entity that either enters into contracts with customers to transfer goods and services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. On July 9, 2015, the FASB decided to delay the effective date of ASU 2014-09 by one year. Reporting entities may choose to adopt the standard as of the original effective date. The deferral results in ASU 2014-09 being effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. A substantial majority of the Company’s non-investment related revenues are comprised of revenues from insurance contracts that are accounted for under Financial Services-Insurance (Topic 944) or certain financial services products (e.g. gains upon the origination of mortgages) that are not within the scope of the new standard. The Company’s remaining revenues that are within the scope of Topic 606 are primarily comprised of revenues from contracts with customers for monthly membership dues for motor clubs, monthly administration fees for services provided for premiums, claims and reinsurance processing revenues, vehicle service contracts and warranty coverage revenues for household goods and appliances (collectively, remaining contracts). The Company has chosen the modified-retrospective method of adopting Topic 606, and has assessed these contracts and concluded that changes in accounting and revenue recognition upon adoption of Topic 606 was not material to the Company’s financial position as of January 1, 2018, and did not have a material impact on the Company’s condensed consolidated financial statements. No cumulative effect adjustment was made due to the adoption of this standard. See Note (13) Revenue From Contracts with Customers for disclosures required under ASU 2014-09 and others related to Topic 606. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which makes targeted improvements to the recognition, measurement, presentation and disclosure of certain financial instruments. ASU 2016-01 focuses primarily on the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for certain financial instruments. Among its provisions for public business entities, ASU 2016-01 eliminates the requirement to disclose the method(s) and significant assumptions used to estimate the fair value of financial instruments measured at amortized cost, requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires the separate presentation in other comprehensive income of the change in fair value of a liability due to instrument-specific credit risk for a liability for which the reporting entity has elected the fair value option, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) and clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. ASU 2016-01 was effective for the Company as of January 1, 2018. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which clarify the implementation guidance on principal versus net considerations. The effective date and transition requirements for this standard are the same as the effective date and transition requirements of ASU 2014-09. See discussion of the impact of ASU 2014-09 above which addresses the total impact of Topic 606. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, which clarifies guidance related to identifying performance obligations and licensing implementation guidance contained in the new revenue recognition standard. The Update includes targeted improvements based on input the FASB received from the Transition Resource Group for Revenue Recognition and other stakeholders. The Update seeks to proactively address areas in which diversity in practice potentially could arise, as well as to reduce the cost and complexity of applying certain aspects of the guidance both at implementation and on an ongoing basis. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements in Topic 606 (and any other Topic amended by Update 2014-09). See discussion of the impact of ASU 2014-09 above which addresses the total impact of Topic 606. In May 2016, the FASB issued ASU 2016-11, Revenue Recognition (Topic 606) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting, which rescinds SEC paragraphs pursuant to the SEC Staff Announcement, “Rescission of Certain SEC Staff Observer Comments upon Adoption of Topic 606,” and the SEC Staff Announcement, “Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or Equity,” announced at the March 3, 2016 Emerging Issues Task Force (EITF) meeting. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, which provides guidance on collectability, noncash consideration, and completed contracts at transition. Additionally, the amendments in this Update provide a practical expedient for contract modifications at transition and an accounting policy election related to the presentation of sales taxes and other similar taxes collected from customers. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements for Topic 606 (and any other Topic amended by Update 2014-09). See discussion of the impact of ASU 2014-09 above which addresses the total impact of Topic 606. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2017 and interim periods within those annual periods. Early adoption is permitted, including the adoption in an interim period. The amendments in this Update should be applied using a retrospective transition method to each period presented. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Restricted Cash (a consensus of the FASB Emerging Issues Task Force), which addresses classification and presentation of changes in restricted cash on the statement of cash flows. ASU 2016-18 requires an entity’s reconciliation of the beginning-of-period and end-of-period total amounts shown on the statement of cash flows to include in cash and cash equivalents amounts generally described as restricted cash and restricted cash equivalents. The ASU does not define restricted cash or restricted cash equivalents, but an entity will need to disclose the nature of the restrictions. ASU 2016-18 is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2017. The adoption of ASU 2016-18 resulted in reclassification of restricted cash balances into cash, cash equivalents and restricted cash on the condensed consolidated statements of cash flows in the first quarter of 2018. In February 2017, the FASB issued ASU 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. The new guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those years. Early adoption is permitted for interim or annual reporting periods beginning after December 15, 2016. The guidance may be applied retrospectively for all periods presented or retrospectively with a cumulative-effect adjustment at the date of adoption. The new guidance clarifies the scope and accounting of a financial asset that meets the definition of an “in-substance nonfinancial asset” and defines the term, “in-substance nonfinancial asset.” The ASU also adds guidance for partial sales of nonfinancial assets. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting, which provided clarity as to what changes to the terms or conditions of share-based payment awards require an entity to apply modification accounting in Topic 718. ASU 2017-09 is effective for the Company for interim and annual periods beginning after December 15, 2017, with early adoption permitted, and is applied prospectively to changes in terms or conditions of awards occurring on or after the adoption date. The Company will consider the impact that this standard may have on future stock-based payment award modifications should they occur. Recently Issued Accounting Pronouncements, Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016-02 supersedes the previous leases standard, Leases (Topic 840). The standard is effective on January 1, 2019, with early adoption permitted. The Company is currently evaluating the effect on its condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13 Financial Instruments -Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available for sale debt securities, credit losses should be measured in a manner similar to current GAAP, however Topic 326 will require that credit losses be presented as an allowance rather than as a write-down. This ASU affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments in ASU 2016-13 are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The amendments will affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The Company is currently evaluating the effect on its condensed consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment. ASU 2017-04 does not change the qualitative assessment; however, it removes “the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test.” Instead, all reporting units, even those with a zero or negative carrying amount will apply the same impairment test. Therefore, as the FASB notes in the ASU’s Basis for Conclusions, the goodwill of reporting units with zero or negative carrying values will not be impaired, even when conditions underlying the reporting unit indicate that goodwill is impaired. Entities will, however, be required to disclose any reporting units with zero or negative carrying amounts and the respective amounts of goodwill allocated to those reporting units. The amendments in ASU 2017-04 are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the effect on its condensed consolidated financial statements. In March 2017, the FASB issued ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The new guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those years. Early adoption is permitted for interim or annual reporting periods beginning after December 15, 2017. The guidance is to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The guidance shortens the amortization period for certain callable debt securities held at a premium, requiring the premium to be amortized to the earliest call date. The Company believes that the adoption of ASU 2017-08 will not have a material impact on its condensed consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which amends the guidance on hedge accounting. The amendment will make more financial and nonfinancial hedging strategies eligible for hedge accounting and amend the presentation and disclosure requirements. It is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. ASU 2017-12 can be adopted immediately in any interim or annual period. The mandatory effective date for calendar year-end public companies is January 1, 2019. The Company is currently evaluating the effect on its condensed consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which permits companies to reclassify stranded tax effects caused by Public Law no. 115-97, commonly referred to as the Tax Cuts and Jobs Act (Tax Act) from accumulated other comprehensive income (AOCI) to retained earnings. Deferred tax assets (DTA) related to available for sale (AFS) securities unrealized gains and losses that were revalued as of December 31, 2017 created stranded tax effects in accumulated other comprehensive income (AOCI) due to the enactment of the tax act, due to the nature of existing GAAP requiring recognition of tax rate change effects on the DTA revaluation related to AFS securities as an adjustment to provision for income taxes. Specifically, ASU 2018-02 permits a reclassification from AOCI to retained earnings for stranded tax effects resulting from the Tax Act. Additionally, the ASU requires new disclosures by all companies, whether they opt to do the reclassification or not. The amendments in ASU 2018-02 are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The Company believes that the adoption of ASU 2018-02 will not have a material impact on its consolidated financial statements. |
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Derivative Financial Instruments and Hedging | The Company utilizes derivative financial instruments as part of its overall investment and hedging activities. Derivative contracts are subject to additional risk that can result in a loss of all or part of an investment. The Company’s derivative activities are primarily classified by underlying credit risk and interest rate risk. In addition, the Company is also subject to additional counterparty risk should it’s counterparties fail to meet the contract terms. The derivative financial instruments are located within derivative assets at fair value and are reported in other investments. Derivative liabilities are reported within other liabilities and accrued expenses. Derivatives, at fair value Interest Rate Lock Commitments The Company enters into interest rate lock commitments (IRLCs) with customers in connection with its mortgage banking activities to fund residential mortgage loans with certain terms at specified times in the future. IRLCs that relate to the origination of mortgage loans that will be classified as held-for-sale are considered derivative instruments under applicable accounting guidance. As such, these IRLCs are recorded at fair value with changes in fair value typically resulting in recognition of a gain when the Company enters into IRLCs. In estimating the fair value of an IRLC, the Company assigns a probability that the loan commitment will be exercised and the loan will be funded (“pull through”). The fair value of the commitments is derived from the fair value of related mortgage loans, net of estimated costs to complete. Outstanding IRLCs expose the Company to the risk that the price of the loans underlying the commitments might decline from inception of the rate lock to funding of the loan. To manage this risk, the Company utilizes forward delivery contracts and TBA mortgage backed securities to economically hedge the risk of potential changes in the value of the loans that would result from the commitments. Forward Delivery Contracts and TBA Mortgage Backed Securities The Company enters into forward delivery contracts with loan aggregators and other investors as one of the tools to manage the interest rate risk associated with IRLCs and loans held for sale. In addition, the Company enters into to be announced (TBA) mortgage backed securities which facilitate hedging and funding by allowing the Company to prearrange prices for mortgages that are in the process of originating. The Company utilizes these hedging instruments for Agency (Fannie Mae and Freddie Mac) and FHA/VA (Ginnie Mae) eligible IRLCs. |
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Fair Value of Financial Instruments | Notes and Accounts Receivable: To the extent that carrying amounts differ from fair value, fair value is determined based on contractual cash flows discounted at market rates for similar credits. Categorized as Level 2 of the fair value hierarchy. Debt: The carrying value represents the total debt balance at face value excluding the unamortized discount. The fair value of notes payable is determined based on contractual cash flows discounted at market rates for mortgage notes payable and either dealer quotes or contractual cash flows discounted at market rates for other notes payable. Categorized as Level 3 of the fair value hierarchy. Additionally, the following financial assets and liabilities on the condensed consolidated balance sheets are not carried at fair value, but whose carrying amounts approximate their fair value: Cash and Cash Equivalents: The carrying amounts of cash and cash equivalents are carried at cost which approximates fair value. Categorized as Level 1 of the fair value hierarchy. Accounts and Premiums Receivable, net, retrospective commissions receivable and other receivables: The carrying amounts approximate fair value since no interest rate is charged on these short duration assets. Categorized as Level 2 of the fair value hierarchy. See Note (6) Notes and Accounts Receivable, net. Due from Brokers, Dealers, and Trustees and Due to Brokers, Dealers and Trustees: The carrying amounts are included in other assets and other liabilities and accrued expenses and approximate their fair value due to their short‑term nature. Categorized as Level 2 of the fair value hierarchy. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs to the extent possible to measure a financial instrument’s fair value. Observable inputs reflect the assumptions market participants would use in pricing an asset or liability, and are affected by the type of product, whether the product is traded on an active exchange or in the secondary market, as well as current market conditions. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Fair value is estimated by applying the hierarchy discussed in Note (2) Summary of Significant Accounting Policies which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized within Level 3 of the fair value hierarchy. The Company’s fair value measurement is based primarily on a market approach, which utilizes prices and other relevant information generated by market transactions involving identical or comparable financial instruments. Sources of inputs to the market approach include third-party pricing services, independent broker quotations and pricing matrices. Management analyzes the third party valuation methodologies and its related inputs to perform assessments to determine the appropriate level within the fair value hierarchy and to assess reliability of values. Further, management has a process in place to review all changes in fair value that occurred during each measurement period. Any discrepancies or unusual observations are followed through to resolution through the source of the pricing as well as utilizing comparisons, if applicable, to alternate pricing sources. In addition, the Company utilizes an income approach to measure the fair value of NPLs, as discussed below. The Company utilizes observable and unobservable inputs within its valuation methodologies. Observable inputs may include: benchmark yields, reported trades, broker-dealer quotes, issuer spreads, benchmark securities, bids, offers and reference data. In addition, specific issuer information and other market data is used. Broker quotes are obtained from sources recognized to be market participants. Unobservable inputs may include: expected cash flow streams, default rates, supply and demand considerations and market volatility. Available for Sale Securities Available for sale securities are generally classified within either Level 1 or Level 2 of the fair value hierarchy and are based on prices provided by an independent pricing service and a third party investment manager who provide a single price or quote per security. The following details the methods and assumptions used to estimate the fair value of each class of available for sale securities and the applicable level each security falls within the fair value hierarchy: U.S Treasury Securities, Obligations of U.S. Government Authorities and Agencies, Obligations of State and Political Subdivisions, Corporate Securities, Asset-Backed Securities, and Obligations of Foreign Governments: Fair values were obtained from an independent pricing service and a third party investment manager. The prices provided by the independent pricing service are based on quoted market prices, when available, non-binding broker quotes, or matrix pricing and fall under Level 2 of the fair value hierarchy. Certificates of Deposit: The estimated fair value of certificates of deposit approximate carrying value and fall under Level 1 of the fair value hierarchy. Equity securities, at fair value The fair values of publicly traded common and preferred stocks were obtained from market value quotations provided by an independent pricing service and fall under Level 1 of the fair value hierarchy. The fair values of non-publicly traded common and preferred stocks were based on prices obtained from an independent pricing service using unobservable inputs and fall under Level 3 of the fair value hierarchy. The Company’s investment in Invesque is subject to certain contractual restrictions on registration and sale. The fair value of the Invesque shares is based on the market price adjusted for the impact of such restrictions. As of June 30, 2018 the weighted average estimated restriction period was 11 months. As a result of the discount on the Invesque investment, the fair value measurement falls under Level 2 of the fair value hierarchy. Loans, at fair value Corporate Loans: These loans are comprised of a diversified portfolio of middle market and broadly syndicated leveraged loans and are generally classified within either Level 2 or Level 3 in the fair value hierarchy. The Company has evaluated each loan’s respective liquidity and has additionally performed valuation benchmarking. The key characteristics which were evaluated as part of this determination were liquidity ratings, price changes to index benchmarks, depth of quotes, credit ratings and industry trends. Mortgage Loans Held for Sale: Mortgage loans held for sale are generally classified as Level 2 in the fair value hierarchy and fair value is based upon forward sales contracts with third party investors, including estimated loan costs, and reserves. Nonperforming Loans and REO: The Company determines the purchase price for NPLs at the time of acquisition and for each subsequent valuation by using a discounted cash flow valuation model and considering alternate loan resolution probabilities, including modification, liquidation, or conversion to REO. The significant unobservable inputs used in the fair value measurement of our NPLs are discount rates, loan resolution timeline, and the value of underlying properties. The fair values of NPLs which are making payments (generally based on a modification or a workout plan) are primarily based upon secondary market transaction prices, which are expressed as a percentage of unpaid principal balance (UPB). Observable inputs to the model include loan amounts, payment history, and property types. Our NPLs are on nonaccrual status at the time of purchase as it is probable that principal or interest is not fully collectible. NPLs are included in loans, at fair value and fall under Level 3 of the fair value hierarchy. NPLs that have become REOs were measured at fair value on a non-recurring basis during the six months ended June 30, 2018 and the year ended December 31, 2017. The carrying value of REOs at June 30, 2018 and December 31, 2017 was $14,787 and $16,056, respectively. Upon conversion to REO, the fair value is estimated using broker price opinion (BPO). BPOs are subject to judgments of a particular broker formed by visiting a property, assessing general home values in an area, reviewing comparable listings, and reviewing comparable completed sales. These judgments may vary among brokers and may fluctuate over time based on housing market activities and the influx of additional comparable listings and sales. REO is included in other investments. Subsequent to conversion, REOs are carried at lower of cost or market. Derivative Assets and Liabilities Derivatives are comprised of interest rate lock commitments (IRLC) and to be announced mortgage backed securities (TBA) . The fair value of these instruments is based upon valuation pricing models, which represent the amount the Company would expect to receive or pay at the balance sheet date to exit the position. Our mortgage origination subsidiaries issue IRLCs to its customers, which are carried at estimated fair value on the Company’s condensed consolidated balance sheet. The estimated fair values of these commitments are generally calculated by reference to the value of the underlying loan associated with the IRLC net of costs to produce and an expected fall out assumption. The fair values of these commitments generally result in a Level 3 classification. Our mortgage origination subsidiaries manage their exposure by entering into forward delivery commitments with loan investors. For loans not locked with investors under a forward delivery commitment, the Company enters into hedge instruments, primarily TBAs, to protect against movements in interest rates. The fair values of TBA mortgage backed securities and forward delivery contracts generally result in a Level 2 classification. |
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Revenue Recognition | Management Fees The Company earns asset management fee income in the form of base management fees and incentives from the CLOs it manages. These base management fees are billed as the services are provided and paid periodically in accordance with the terms of the individual management agreements for as long as the Company manages the funds. Base management fees typically consist of fees based on the amount of assets held in the CLOs. Base management fees are recognized as revenue when earned. The Company does not recognize incentive fees until all contractual contingencies have been removed. Service and Administrative Fees Service fee revenue is recognized as the services are performed. These services include fulfillment, software development, and claims handling for our customers. Management reviews the financial results under each significant contract on a monthly basis. Any losses that may occur due to a specific contract would be recognized in the period in which the loss is determined probable. Administrative fee revenue includes the administration of premium associated with our producers and their PORCs. In addition, we also earn fee revenue from debt cancellation programs, motor club programs, and warranty programs. Related administrative fee revenue is recognized consistent with the earnings recognition pattern of the underlying insurance policies, debt cancellation contracts and motor club memberships being administered, using Rule of 78's, modified Rule of 78's, pro rata, or other methods as appropriate for the contract. Management selects the appropriate method based on available information, and periodically reviews the selections as additional information becomes available. Information on Remaining Performance Obligations We do not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was not material at June 30, 2018. Contract Balances The timing of our revenue recognition may differ from the timing of payment by our customers. We record a receivable when revenue is recognized prior to payment and we have an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, we record deferred revenue until the performance obligations are satisfied. |
Dispositions, Assets Held for Sale and Discontinued Operations Tables (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations [Table Text Block] | Assets Held for Sale The following table represents detail of assets and liabilities held for sale in the condensed consolidated balance sheets for the following periods:
(1) Reflects the closing of the sale of Care discussed above. The reduction in net assets and liabilities held for sale included approximately $13.4 million related to non-controlling interest. Discontinued Operations The following table represents detail of revenues and expenses of discontinued operations in the condensed consolidated statements of operations for the following periods:
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Condensed Cash Flow Statement [Table Text Block] | The following table represents a summary of cash flows related to discontinued operation included in the condensed consolidated statements of cash flows for the following periods:
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Operating Segment Data (Tables) |
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The tables below present the components of revenue, expense, pre-tax income (loss), and segment assets for each of the operating segments for the following period.
Investments by Segment The following table presents investments by operating segment and/or reporting unit, as appropriate:
(1) Investment income sourced from these investments is presented in Note (15) Other Revenue, Other Expenses and Other Income. (2) Does not include items related to assets held for sale. See Note (3) Dispositions, Assets Held for Sale & Discontinued Operations. |
Available for Sale Securities, at fair value (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The tables below present the components of revenue, expense, pre-tax income (loss), and segment assets for each of the operating segments for the following period.
Investments by Segment The following table presents investments by operating segment and/or reporting unit, as appropriate:
(1) Investment income sourced from these investments is presented in Note (15) Other Revenue, Other Expenses and Other Income. (2) Does not include items related to assets held for sale. See Note (3) Dispositions, Assets Held for Sale & Discontinued Operations. |
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Schedule of available-for-sale securities reconciliation | Available for Sale Securities, at fair value All of the Company’s investments in available for sale securities as of June 30, 2018 and December 31, 2017 are held by subsidiaries in the specialty insurance business. The following tables present the Company's investments in available for sale securities:
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Schedule of available-for-sale securities, continuous unrealized loss position | The following tables summarize the gross unrealized losses on available for sale securities in an unrealized loss position:
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Schedule of amortized cost and fair value by contractual maturity date | The amortized cost and fair values of investments in debt securities, by contractual maturity date, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Excluded from this table are equity securities since they have no contractual maturity.
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Restricted Investments | The following table presents the Company's restricted investments included in the Company's available for sale securities:
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Available-for-sale Securities | The following table presents additional information on the Company’s available for sale securities:
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Investment in Loans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The following table presents the Company’s investments in loans, measured at fair value pledged as collateral:
Investment in Loans The following table presents the Company’s investments in loans, measured at fair value:
(1) The UPB of these loans approximates cost basis. (2) The cost basis of NPLs was approximately $24,630 and $32,398 at June 30, 2018 and December 31, 2017, respectively. The following table summarizes the total notes and accounts receivable, net:
(1) Related to the Company’s specialty insurance business. |
Other Investments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Holdings, Other than Securities [Table Text Block] | Other Investments The following table contains information regarding the Company’s other investments as of the following periods:
(1) Net of accumulated depreciation of $0 and $440, respectively. (2) Disposed of as part of the sale of Care. See Note (3) Dispositions, Assets Held for Sale & Discontinued Operations. (3) Seller provided financing related to the sale of our commercial lending business. |
Net Investment Income (Tables) |
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Income [Table Text Block] | The following table presents the components of net investment income related to our specialty insurance business recorded on the condensed consolidated statements of operations:
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Gain (Loss) on Securities [Table Text Block] | The following table presents the net gain on the sale of mortgage loans and the cumulative net unrealized gains (losses) on equity securities, at fair value recorded on the condensed consolidated statements of operations:
(1) Related to the Company’s mortgage business. The following table presents the components of net realized and unrealized gains (losses) recorded on the condensed consolidated statements of operations:
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Notes and Accounts Receivable, net Notes and Accounts Receivable, net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The following table presents the Company’s investments in loans, measured at fair value pledged as collateral:
Investment in Loans The following table presents the Company’s investments in loans, measured at fair value:
(1) The UPB of these loans approximates cost basis. (2) The cost basis of NPLs was approximately $24,630 and $32,398 at June 30, 2018 and December 31, 2017, respectively. The following table summarizes the total notes and accounts receivable, net:
(1) Related to the Company’s specialty insurance business. |
Reinsurance Receivables (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Reinsurance Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effects of Reinsurance [Table Text Block] | The following table presents the effect of reinsurance on premiums written and earned by our specialty insurance business for the following periods:
The following table presents the components of policy and contract benefits, including the effect of reinsurance on losses and loss adjustment expenses (LAE) incurred:
(1) - Member benefit claims are not covered by reinsurance. The following table presents the components of the reinsurance receivables:
(1) - Including policyholder account balances ceded. |
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Components of Reinsurance Receivable [Table Text Block] | The following table presents the aggregate amount included in reinsurance receivables that is comprised of the three largest receivable balances from non-affiliated reinsurers:
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Goodwill and Intangible Assets, Net (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | The following table presents identifiable finite and indefinite-lived intangible assets, accumulated amortization, and goodwill by operating segment and/or reporting unit, as appropriate:
(1) Represents intangible assets with an indefinite useful life. Impairment tests are performed at least annually on these assets. (2) Disposed of as part of the sale of Care. See Note (3) Dispositions, Assets Held for Sale & Discontinued Operations. |
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Schedule of Goodwill [Table Text Block] | The following table presents the activity in goodwill, by operating segment and/or reporting unit, as appropriate, and includes the adjustments made to the balance of goodwill to reflect the effect of the final valuation adjustments made for acquisitions, as well as the reduction to any goodwill attributable to discontinued operations or impairment related charges:
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Schedule of identifiable intangible assets | The following table presents the activity, by operating segment and/or reporting unit, as appropriate, in finite and indefinite-lived other intangible assets and includes the adjustments made to the balance to reflect the effect of any final valuation adjustments made for acquisitions, as well as any reduction attributable to discontinued operations or impairment-related charges:
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Finite-lived Intangible Assets Amortization Expense [Table Text Block] | The following table presents the amortization expense on finite-lived intangible assets for the following periods:
The items previously disclosed for businesses the Company has designated as a discontinued operation are disclosed in Note (3) Dispositions, Assets Held for Sale & Discontinued Operations. |
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The following table presents the amortization expense on finite-lived intangible assets for the next five years by operating segment and/or reporting unit, as appropriate:
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Derivative Financial Instruments and Hedging (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments [Table Text Block] | The following table summarizes the gross notional and fair value amounts of derivatives (on a gross basis) categorized by underlying risk:
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Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table presents the fair value and the related outstanding notional amounts of the Company's cash flow hedging derivative instruments and indicates where the Company records each amount in its condensed consolidated balance sheets:
(1) Deconsolidated of as part of the sale of Care. See Note (3) Dispositions, Assets Held for Sale & Discontinued Operations. |
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Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the pretax impact of the cash flow hedging derivative instruments on the condensed consolidated financial statements for the following periods:
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Debt, net (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt [Table Text Block] | The following table summarizes the balance of the Company’s debt obligations, net of discounts and deferred financing costs.
(1) Asset based debt is generally recourse only to specific assets and related cash flows. (2) The weighted average coupon rate for asset based revolving financing was 4.35% and 3.73% at June 30, 2018 and December 31, 2017, respectively. (3) The weighted average coupon rate for residential mortgage warehouse borrowings was 4.55% and 3.70% at June 30, 2018 and December 31, 2017, respectively. |
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Schedule of Other Nonoperating Income (Expense) [Table Text Block] | The table below presents the amount of interest expense the Company incurred on its debt for the following periods:
The items previously disclosed for businesses the Company has designated as a discontinued operation are disclosed in Note (3) Dispositions, Assets Held for Sale & Discontinued Operations. |
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Schedule of Maturities of Long-term Debt [Table Text Block] | The following table presents the future maturities of the unpaid principal balance on the Company’s debt as of:
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Fair Value of Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair values and carrying values of assets and liabilities and the fair value level(s) associated with them | The following tables present the Company’s fair value hierarchies for financial assets and liabilities, measured on a recurring basis:
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Schedule of additional information about assets that are measured at fair value on a recurring basis for which the company utilized Level 3 inputs to determine fair value | The following table represents additional information about assets that are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value for the following periods:
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Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table represents additional information about liabilities that are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value for the following periods:
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Schedule of quantitative information of Level 3 significant unobservable inputs used in fair valuation of liabilities | The following is quantitative information about Level 3 assets with significant unobservable inputs used in fair valuation.
The previously disclosed liability for contingent consideration payable related to Reliance expired on June 30, 2018 with a fair value of $0. The following table sets forth quantitative information about the significant unobservable inputs used to measure the fair value of our NPLs. For NPLs that are not making payments, discount rate, loan resolution time-line, value of underlying properties, holdings costs and liquidation costs are the primary inputs used to measure fair value. For NPLs that are making payments, note rate and secondary market transaction prices/UPB are the primary inputs used to measure fair value.
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Schedule of fair values and carrying values of financial assets and liabilities, and fair value hierarchy | The following table presents the carrying amounts and estimated fair values of financial assets and liabilities that are not recorded at fair value and their respective levels within the fair value hierarchy:
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Liability for Unpaid Claims and Claim Adjustment Expenses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | Roll forward of Claim Liability The following table presents the activity in the net liability for unpaid losses and allocated loss adjustment expenses of short-duration contracts for the following periods:
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Reconciliation of Short Duration Contracts to Total Losses Incurred [Table Text Block] | The following schedule reconciles the total on short duration contracts per the table above to the amount of total losses incurred as presented in the condensed consolidated statement of operations, excluding the amount for member benefit claims:
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Revenue From Contracts with Customers (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from External Customers by Products and Services [Table Text Block] | The table below presents the disaggregated amounts of revenue from contracts with customers by product type for the following periods:
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Deferred Policy Acquisition Costs [Text Block] | The table below presents the activity in the significant deferred assets and liabilities related to revenue from contracts with customers for the six month period ended June 30, 2018.
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Deferred Revenue, by Arrangement, Disclosure [Table Text Block] |
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Other Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | The following table presents the depreciation expense related to furniture, fixtures and equipment for the following periods:
The items previously disclosed for businesses the Company has designated as a discontinued operation are disclosed in Note (3) Dispositions, Assets Held for Sale & Discontinued Operations. Other Expenses The following table presents the components of other expenses as reported in the condensed consolidated statement of operations:
The items previously disclosed for businesses the Company has designated as a discontinued operation are disclosed in Note (3) Dispositions, Assets Held for Sale & Discontinued Operations. |
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Schedule of Other Assets | Other Assets The following table presents the components of other assets as reported in the condensed consolidated balance sheets:
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Other Liabilities and Accrued Expenses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities [Table Text Block] | The following table presents the components of other liabilities and accrued expenses as reported in the condensed consolidated balance sheets:
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Other Revenue and Other Expenses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Nonoperating Income, by Component [Table Text Block] | Other Revenue The following table presents the components of other revenue as reported in the condensed consolidated statement of operations:
The items previously disclosed for businesses the Company has designated as a discontinued operation are disclosed in Note (3) Dispositions, Assets Held for Sale & Discontinued Operations |
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Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | The following table presents the depreciation expense related to furniture, fixtures and equipment for the following periods:
The items previously disclosed for businesses the Company has designated as a discontinued operation are disclosed in Note (3) Dispositions, Assets Held for Sale & Discontinued Operations. Other Expenses The following table presents the components of other expenses as reported in the condensed consolidated statement of operations:
The items previously disclosed for businesses the Company has designated as a discontinued operation are disclosed in Note (3) Dispositions, Assets Held for Sale & Discontinued Operations. |
Other Income (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Variable Interest Entities | The following table represents revenue and expenses of the consolidated CLOs included in the Company’s consolidated statements of operations for the periods indicated:
As summarized in the table below, the application of the measurement alternative results in the consolidated net income summarized above to be equivalent to the Company’s own economic interests in the CLOs which are eliminated upon consolidation:
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Stockholders' Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Treasury Stock [Table Text Block] |
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Dividends Declared | The Company declared cash dividends per share for the following periods presented below:
(1) See Note (22) Subsequent Events for when dividend was declared. |
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Statutory Accounting Practices Disclosure | The following table presents the combined statutory capital and surplus of the Company's insurance company subsidiaries, the required minimum statutory capital and surplus, as required by the laws of the states in which they are domiciled, and the combined amount available for ordinary dividends of the Company's insurance company subsidiaries for the following periods:
The following table presents the net income of the Company’s statutory insurance companies for the following periods:
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Accumulated Other Comprehensive Income (Loss) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the activity in accumulated other comprehensive income (loss) (AOCI), net of tax, for the following periods:
(1) Relates to the sale of Care. See Note (3) Dispositions, Assets Held for Sale & Discontinued Operations |
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Reclassification out of Accumulated Other Comprehensive Income | The following table presents the reclassification adjustments out of AOCI included in net income and the impacted line items on the condensed consolidated statement of operations for the following periods:
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Stock Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation, Activity [Table Text Block] | The table below summarizes changes to the issuances under the Company’s 2013 and 2017 Equity Plan for the periods indicated:
(1) Excludes awards granted under the Company’s subsidiary incentive plans that are exchangeable for Tiptree Common Stock. |
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Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table presents the Company's stock option activity for the current period:
(1) Book value targets for grants in 2018, 2017, and 2016 are $9.97, $10.14, and $8.96, respectively. The following table summarizes changes to the issuances of RSUs under the 2017 Equity Plan for the periods indicated:
(1) Includes grants of 24,016 shares of Common Stock to directors. |
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Schedule of Other Share-based Compensation, Activity [Table Text Block] | The following table summarizes changes to the issuances of subsidiary RSU’s under the subsidiary incentive plans for the periods indicated:
The vested and unvested balance (assuming full vesting) translates to 1,862,934 shares of Common Stock if converted as of June 30, 2018. |
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The following table presents the assumptions used to estimate the fair values of the stock options granted for the following period:
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Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | The following table presents total stock-based compensation expense and the related income tax benefit recognized on the condensed consolidated statements of operations:
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Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | Additional information on total non-vested stock-based compensation is as follows:
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Income Taxes (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The following table represents the income tax expense (benefit):
(1) Higher than the U.S. federal statutory income tax rate of 21% due to the effect of state income taxes, the impact of valuation allowance and other discrete items, partially offset by the dividends received deduction. (2) Lower than the previous U.S. federal statutory income tax rate of 35% primarily due to state income taxes and other discrete items. (3) Lower than the U.S. federal statutory income tax rate of 21% due to the effect of the dividends received deduction and other discrete items, partially offset by state income taxes, the impact of valuation allowance and other discrete items. (4) Lower than the previous U.S. federal statutory income tax rate of 35% primarily due to other discrete items. |
Commitments and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of contractual obligations | The table below summarizes the Company’s contractual obligations by period that payments are due:
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Schedule of rent expense for the Company’s office leases | The following table presents rent expense for the Company’s office leases recorded on the condensed consolidated statements of operations:
The items previously disclosed for businesses the Company has designated as a discontinued operation are disclosed in Note (3) Dispositions, Assets Held for Sale & Discontinued Operations |
Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of reconciliation of basic and diluted net income per common share | The following table presents a reconciliation of basic and diluted net income per Common Share for the following periods:
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Organization Organization Narrative (Details) |
6 Months Ended | |||||
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Apr. 09, 2018
Rate
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Apr. 03, 2018
Rate
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Jun. 30, 2018
$ / shares
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Jun. 08, 2018
$ / shares
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Jun. 07, 2018
$ / shares
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Dec. 31, 2017
$ / shares
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Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ||||||
Number of Reportable Segments | 3 | |||||
Common Stock - Class A | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Common stock, par value | $ 0.001 | $ 0.001 | ||||
Common Stock - Class A | Tiptree Financial Partners, L.P. | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | Rate | 84.00% | 84.00% | ||||
Common stock | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Common stock, par value | $ 0.001 | $ 0.001 |
Dispositions, Assets Held for Sale and Discontinued Operations Narrative (Details) $ in Thousands, shares in Millions |
3 Months Ended | 6 Months Ended | |||||
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Feb. 01, 2018
USD ($)
unit
Rate
shares
|
Oct. 01, 2017
USD ($)
Rate
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2017
USD ($)
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2017
USD ($)
|
Jul. 03, 2018
shares
|
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Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 0 | $ 0 | $ 46,184 | $ 0 | |||
Gains (Losses) on Sales of Investment Real Estate | 1,800 | ||||||
(Gains) losses reclassified from AOCI into income-effective portion | 0 | (93) | 3,845 | (237) | |||
Siena Disposition | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds from Divestiture of Businesses | $ 2,500 | ||||||
Notes Issued-Seller Provided Financing | $ 11,000 | ||||||
Note Receivable, Seller Provided Financing,Interest Rate | Rate | 10.00% | ||||||
Discontinued Operations | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of Real Estate Properties | unit | 2 | ||||||
Other Comprehensive Income (Loss), before Tax | 44,200 | ||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 0 | $ 0 | 46,184 | $ 0 | |||
(Gains) losses reclassified from AOCI into income-effective portion | $ 3,800 | ||||||
Discontinued Operations | Care Disposition | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Shares received | shares | 16.6 | ||||||
Estimated fair value at time of sale | $ 134,100 | ||||||
Ownership in acquiring company | Rate | 34.00% | ||||||
Period of gain provision | 3 years | ||||||
Subsequent Event | Discontinued Operations | Care Disposition | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Shares received | shares | 0.2 |
Dispositions, Assets Held for Sale and Discontinued Operations Balance Sheets and Income Statements of Discontinued Operations(Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
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Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2016 |
Feb. 01, 2018 |
Dec. 31, 2017 |
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Disposal Group, Including Discontinued Operation, Assets [Abstract] | |||||||||||||||
Loans, at fair value | $ 233,535 | $ 233,535 | $ 258,173 | ||||||||||||
Real estate, net of accumulated depreciation of $0 and $26,823 | [1],[2] | 0 | 0 | 19,226 | |||||||||||
Other Investments | 56,442 | 56,442 | 59,142 | ||||||||||||
Investments | 664,470 | 664,470 | 525,299 | ||||||||||||
Cash and cash equivalents | 3,852 | $ 8,619 | 3,852 | $ 8,619 | |||||||||||
Other assets | 40,329 | 40,329 | 31,584 | ||||||||||||
Assets held for sale | 51,598 | 51,598 | 448,492 | ||||||||||||
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | |||||||||||||||
Debt, net | 366,215 | 366,215 | 346,081 | ||||||||||||
Liabilities held for sale | 46,264 | 46,264 | 362,818 | ||||||||||||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | |||||||||||||||
Accumulated depreciation, real estate, net | 0 | 0 | 26,823 | ||||||||||||
Accumulated amortization, intangible assets | 0 | 0 | 26,944 | ||||||||||||
Impairments on assets held for sale or discontinued operations | 0 | $ 0 | |||||||||||||
Revenues: | |||||||||||||||
Other revenue | 9,133 | 11,552 | 17,890 | 21,746 | |||||||||||
Expenses: | |||||||||||||||
Employee compensation and benefits | 27,188 | 29,035 | 54,976 | 58,065 | |||||||||||
Other expenses | 17,600 | 21,886 | 36,765 | 39,505 | |||||||||||
Net income (loss) before taxes from discontinued operations | 0 | (2,294) | 624 | (3,824) | |||||||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 0 | 0 | 46,184 | 0 | |||||||||||
Less: Provision (benefit) for income taxes | 0 | (570) | 12,327 | (972) | |||||||||||
Discontinued operations, net | 0 | (1,724) | 34,481 | (2,852) | |||||||||||
2017 Disposition(s) | |||||||||||||||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | |||||||||||||||
Loans, at fair value | 57,255 | ||||||||||||||
Loans at amortized cost, net | 700 | ||||||||||||||
Real estate, net of accumulated depreciation of $0 and $26,823 | 347,303 | ||||||||||||||
Other Investments | 2,530 | ||||||||||||||
Investments | 407,788 | ||||||||||||||
Cash and cash equivalents | 10,533 | ||||||||||||||
Notes and accounts receivable, net | 5,581 | ||||||||||||||
Intangible assets, net of accumulated amortization of $0 and $26,944 | 17,417 | ||||||||||||||
Other assets | 7,173 | ||||||||||||||
Assets held for sale | 448,492 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | |||||||||||||||
Debt, net | 350,703 | ||||||||||||||
Other liabilities and accrued expenses | 12,115 | ||||||||||||||
Liabilities held for sale | 362,818 | ||||||||||||||
Held for sale | Luxury Disposition | |||||||||||||||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | |||||||||||||||
Loans, at fair value | 45,654 | [3] | 45,654 | [3] | 57,255 | ||||||||||
Loans at amortized cost, net | 0 | [3] | 0 | [3] | 0 | ||||||||||
Real estate, net of accumulated depreciation of $0 and $26,823 | 0 | [3] | 0 | [3] | 0 | ||||||||||
Other Investments | 887 | [3] | 887 | [3] | 677 | ||||||||||
Investments | 46,541 | [3] | 46,541 | [3] | 57,932 | ||||||||||
Cash and cash equivalents | 3,852 | [3] | 3,852 | [3] | 2,217 | ||||||||||
Notes and accounts receivable, net | 233 | [3] | 233 | [3] | 263 | ||||||||||
Intangible assets, net of accumulated amortization of $0 and $26,944 | 0 | [3] | 0 | [3] | 0 | ||||||||||
Other assets | 972 | [3] | 972 | [3] | 665 | ||||||||||
Assets held for sale | 51,598 | [3] | 51,598 | [3] | 61,077 | ||||||||||
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | |||||||||||||||
Debt, net | 44,721 | [3] | 44,721 | [3] | 53,835 | ||||||||||
Other liabilities and accrued expenses | 1,543 | [3] | 1,543 | [3] | 1,422 | ||||||||||
Liabilities held for sale | 46,264 | [3] | 46,264 | [3] | 55,257 | ||||||||||
Held for sale, discontinued operation | Care Disposition | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Non-controlling interests | $ 13,400 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | |||||||||||||||
Loans, at fair value | 0 | ||||||||||||||
Loans at amortized cost, net | 700 | ||||||||||||||
Real estate, net of accumulated depreciation of $0 and $26,823 | 347,303 | ||||||||||||||
Other Investments | 1,853 | ||||||||||||||
Investments | 349,856 | ||||||||||||||
Cash and cash equivalents | 8,316 | ||||||||||||||
Notes and accounts receivable, net | 5,318 | ||||||||||||||
Intangible assets, net of accumulated amortization of $0 and $26,944 | 17,417 | ||||||||||||||
Other assets | 6,508 | ||||||||||||||
Assets held for sale | 387,415 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | |||||||||||||||
Debt, net | 296,868 | ||||||||||||||
Other liabilities and accrued expenses | 10,693 | ||||||||||||||
Liabilities held for sale | $ 307,561 | ||||||||||||||
Discontinued Operations | |||||||||||||||
Revenues: | |||||||||||||||
Rental and related revenue | 0 | 18,246 | 6,476 | 35,649 | |||||||||||
Other revenue | 0 | 379 | 149 | 695 | |||||||||||
Total revenues | 0 | 18,625 | 6,625 | 36,344 | |||||||||||
Expenses: | |||||||||||||||
Employee compensation and benefits | 0 | 7,697 | 2,788 | 14,776 | |||||||||||
Interest expense | 0 | 2,999 | 1,252 | 5,700 | |||||||||||
Depreciation and amortization | 0 | 4,726 | 0 | 8,981 | |||||||||||
Other expenses | 0 | 5,497 | 1,961 | 10,711 | |||||||||||
Total expenses | 0 | 20,919 | 6,001 | 40,168 | |||||||||||
Net income (loss) before taxes from discontinued operations | 0 | (2,294) | 624 | (3,824) | |||||||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 0 | 0 | 46,184 | 0 | |||||||||||
Less: Provision (benefit) for income taxes | 0 | (570) | 12,327 | (972) | |||||||||||
Discontinued operations, net | $ 0 | $ (1,724) | $ 34,481 | $ (2,852) | |||||||||||
|
Dispositions, Assets Held for Sale and Discontinued Operations Table of Condensed Cash Flows (Details) - Discontinued Operations - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Net Cash Provided by (Used in) Discontinued Operations [Abstract] | ||
Operating Activities | $ (2,095) | $ 10,003 |
Investing Activities | (592) | (74,796) |
Financing Activities | (123) | 53,376 |
Net cash flows provided by discontinued operations | $ (2,810) | $ (11,417) |
Operating Segment Data Table of Segment Results (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2017
USD ($)
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2017
USD ($)
|
|
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ||||
Number of Reportable Segments | 3 | |||
Segment Reporting Information, Operating Income (Loss) [Abstract] | ||||
Total revenues | $ 152,709 | $ 139,245 | $ 300,781 | $ 285,434 |
Total expense | (144,483) | (138,417) | (292,884) | (277,754) |
Net income (loss) attributable to consolidated CLOs | 0 | 2,895 | 0 | 6,810 |
Corporate expense | (6,649) | (8,628) | (13,363) | (15,357) |
Pre-tax income (loss) | 1,577 | (4,905) | (5,466) | (867) |
Less: provision (benefit) for income taxes | 701 | (1,305) | (867) | 263 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | (1,724) | 34,481 | (2,852) |
Net income (loss) before non-controlling interests | 876 | (5,324) | 29,882 | (3,982) |
Net income (loss) attributable to Common Stockholders | 826 | (4,443) | 24,386 | (3,343) |
Specialty Insurance | ||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | ||||
Total revenues | 134,111 | 111,171 | 264,109 | 233,017 |
Total expense | (125,380) | (111,903) | (254,035) | (228,948) |
Net income (loss) attributable to consolidated CLOs | 0 | 0 | ||
Corporate expense | 0 | 0 | 0 | 0 |
Pre-tax income (loss) | 8,731 | (732) | 10,074 | 4,069 |
Asset Management | ||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | ||||
Total revenues | 181 | 3,818 | 2,036 | 6,791 |
Total expense | (795) | (2,184) | (1,758) | (3,491) |
Net income (loss) attributable to consolidated CLOs | 2,895 | 6,810 | ||
Corporate expense | 0 | 0 | 0 | 0 |
Pre-tax income (loss) | (614) | 4,529 | 278 | 10,110 |
Mortgage | ||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | ||||
Total revenues | 12,688 | 14,384 | 25,686 | 27,212 |
Total expense | (12,334) | (15,684) | (25,179) | (28,211) |
Net income (loss) attributable to consolidated CLOs | 0 | 0 | ||
Corporate expense | 0 | 0 | 0 | 0 |
Pre-tax income (loss) | 354 | (1,300) | 507 | (999) |
Corporate and Other | ||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | ||||
Total revenues | 5,729 | 9,872 | 8,950 | 18,414 |
Total expense | (5,974) | (8,646) | (11,912) | (17,104) |
Net income (loss) attributable to consolidated CLOs | 0 | 0 | ||
Corporate expense | 0 | 0 | 0 | 0 |
Pre-tax income (loss) | (245) | 1,226 | (2,962) | 1,310 |
Noncontrolling interest | ||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | ||||
Less: net (loss) income attributable to non-controlling interests | $ 50 | $ (881) | $ 5,496 | $ (639) |
Operating Segment Data Table of Segment Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Segment Assets | $ 1,729,531 | $ 1,989,742 |
Assets held for sale | 51,598 | 448,492 |
Specialty Insurance | ||
Segment Reporting Information [Line Items] | ||
Segment Assets | 1,393,739 | 1,367,437 |
Assets held for sale | 0 | 0 |
Asset Management | ||
Segment Reporting Information [Line Items] | ||
Segment Assets | 2,979 | 5,537 |
Assets held for sale | 0 | 0 |
Mortgage | ||
Segment Reporting Information [Line Items] | ||
Segment Assets | 78,218 | 90,260 |
Assets held for sale | 0 | 0 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Segment Assets | 202,997 | 78,016 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Segment Assets | $ 1,677,933 | $ 1,541,250 |
Available for Sale Securities, at fair value Table of Investments by Segment (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
|||||
---|---|---|---|---|---|---|---|
Segment Reporting Information [Line Items] | |||||||
Available for sale securities, at fair value | $ 234,361 | $ 182,448 | |||||
Loans, at fair value | 233,535 | 258,173 | |||||
Equity securities, at fair value | 140,132 | 25,536 | |||||
Other Investments | 56,442 | 59,142 | |||||
Total investments | 664,470 | 525,299 | |||||
Specialty Insurance | |||||||
Segment Reporting Information [Line Items] | |||||||
Available for sale securities, at fair value | 234,361 | 182,448 | |||||
Loans, at fair value | 179,609 | 195,327 | |||||
Equity securities, at fair value | 36,881 | 25,536 | |||||
Other Investments | 31,641 | 50,720 | |||||
Total investments | 482,492 | 454,031 | |||||
Asset Management | |||||||
Segment Reporting Information [Line Items] | |||||||
Available for sale securities, at fair value | 0 | 0 | |||||
Loans, at fair value | 0 | 0 | |||||
Equity securities, at fair value | 0 | 0 | |||||
Other Investments | 1,530 | 2,846 | |||||
Total investments | 1,530 | 2,846 | |||||
Mortgage | |||||||
Segment Reporting Information [Line Items] | |||||||
Available for sale securities, at fair value | [1] | 0 | 0 | ||||
Loans, at fair value | [1] | 53,926 | 62,846 | ||||
Equity securities, at fair value | [1] | 0 | 0 | ||||
Other Investments | [1] | 5,039 | 5,013 | ||||
Total investments | [1] | 58,965 | 67,859 | ||||
Corporate and Other | |||||||
Segment Reporting Information [Line Items] | |||||||
Available for sale securities, at fair value | [1],[2] | 0 | 0 | ||||
Loans, at fair value | [1],[2] | 0 | 0 | ||||
Equity securities, at fair value | [1],[2] | 103,251 | 0 | ||||
Other Investments | [1],[2] | 18,232 | 563 | ||||
Total investments | [1],[2] | $ 121,483 | $ 563 | ||||
|
Available for Sale Securities, at fair value Table of Available-for-sale Securities, at Fari Value Reconciliation (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | $ 237,582 | $ 183,157 |
Gross unrealized gains | 271 | 606 |
Gross unrealized losses | (3,492) | (1,315) |
Fair value | 234,361 | 182,448 |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 44,592 | 48,399 |
Gross unrealized gains | 2 | 20 |
Gross unrealized losses | (660) | (474) |
Fair value | 43,934 | 47,945 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 59,205 | 47,211 |
Gross unrealized gains | 70 | 190 |
Gross unrealized losses | (636) | (420) |
Fair value | 58,639 | 46,981 |
Corporate securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 77,505 | 62,125 |
Gross unrealized gains | 3 | 195 |
Gross unrealized losses | (1,337) | (345) |
Fair value | 76,171 | 61,975 |
Asset-backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 46,903 | 23,369 |
Gross unrealized gains | 194 | 182 |
Gross unrealized losses | (827) | (58) |
Fair value | 46,270 | 23,493 |
Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 3,040 | 896 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Fair value | 3,040 | 896 |
Equity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 595 | |
Gross unrealized gains | 10 | |
Gross unrealized losses | (17) | |
Fair value | 588 | |
Obligations of foreign governments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 6,337 | 562 |
Gross unrealized gains | 2 | 9 |
Gross unrealized losses | (32) | (1) |
Fair value | $ 6,307 | $ 570 |
Available for Sale Securities, at fair value Table of Available-for-sale Securities in Continuous Unrealized Loss Position (Details) $ in Thousands |
Jun. 30, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less Than or Equal to One Year | $ 142,764 | $ 101,619 |
Gross Unrealized Losses, Less Than or Equal to One Year | $ (2,583) | $ (679) |
Number of Securities, Less Than or Equal to One Year | 998 | 512 |
Fair Value, More Than One Year | $ 18,372 | $ 21,509 |
Gross Unrealized Losses, More Than One Year | $ (909) | $ (636) |
Number of Securities, More Than One Year | 190 | 233 |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less Than or Equal to One Year | $ 28,581 | $ 37,918 |
Gross Unrealized Losses, Less Than or Equal to One Year | $ (431) | $ (291) |
Number of Securities, Less Than or Equal to One Year | 125 | 115 |
Fair Value, More Than One Year | $ 7,264 | $ 7,584 |
Gross Unrealized Losses, More Than One Year | $ (229) | $ (183) |
Number of Securities, More Than One Year | 57 | 56 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less Than or Equal to One Year | $ 34,451 | $ 24,165 |
Gross Unrealized Losses, Less Than or Equal to One Year | $ (262) | $ (135) |
Number of Securities, Less Than or Equal to One Year | 139 | 96 |
Fair Value, More Than One Year | $ 5,835 | $ 7,294 |
Gross Unrealized Losses, More Than One Year | $ (374) | $ (285) |
Number of Securities, More Than One Year | 41 | 48 |
Corporate securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less Than or Equal to One Year | $ 68,894 | $ 37,573 |
Gross Unrealized Losses, Less Than or Equal to One Year | $ (1,031) | $ (179) |
Number of Securities, Less Than or Equal to One Year | 669 | 295 |
Fair Value, More Than One Year | $ 5,273 | $ 6,568 |
Gross Unrealized Losses, More Than One Year | $ (306) | $ (166) |
Number of Securities, More Than One Year | 92 | 127 |
Asset-backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less Than or Equal to One Year | $ 6,137 | $ 1,297 |
Gross Unrealized Losses, Less Than or Equal to One Year | $ (827) | $ (58) |
Number of Securities, Less Than or Equal to One Year | 30 | 2 |
Fair Value, More Than One Year | $ 0 | $ 0 |
Gross Unrealized Losses, More Than One Year | $ 0 | $ 0 |
Number of Securities, More Than One Year | 0 | 0 |
Equity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less Than or Equal to One Year | $ 295 | |
Gross Unrealized Losses, Less Than or Equal to One Year | $ (15) | |
Number of Securities, Less Than or Equal to One Year | 3 | |
Fair Value, More Than One Year | $ 63 | |
Gross Unrealized Losses, More Than One Year | $ (2) | |
Number of Securities, More Than One Year | 2 | |
Obligations of foreign governments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less Than or Equal to One Year | $ 4,701 | $ 371 |
Gross Unrealized Losses, Less Than or Equal to One Year | $ (32) | $ (1) |
Number of Securities, Less Than or Equal to One Year | 35 | 1 |
Fair Value, More Than One Year | $ 0 | $ 0 |
Gross Unrealized Losses, More Than One Year | $ 0 | $ 0 |
Number of Securities, More Than One Year | 0 | 0 |
Available for Sale Securities, at fair value Table of Amortized Cost and Fair Value by Contractual Maturity (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Amortized Cost | ||
Due in one year or less | $ 30,238 | $ 26,399 |
Due after one year through five years | 115,702 | 86,287 |
Due after five years through ten years | 38,628 | 41,442 |
Due after ten years | 6,111 | 5,065 |
Asset-backed securities | 46,903 | 23,369 |
Amortized cost | 237,582 | 182,562 |
Fair Value | ||
Due in one year or less | 30,186 | 26,363 |
Due after one year through five years | 114,324 | 85,852 |
Due after five years through ten years | 37,607 | 41,085 |
Due after ten years | 5,974 | 5,067 |
Asset-backed securities | 46,270 | 23,493 |
Fair Value | $ 234,361 | $ 181,860 |
Available for Sale Securities, at fair value Table of Restricted Investments (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Fair value of restricted investments for special deposits required by state insurance departments | $ 7,098 | $ 6,101 |
Fair value of restricted investments in trust pursuant to reinsurance agreements | 22,683 | 10,175 |
Total fair value of restricted investments | $ 29,781 | $ 16,276 |
Available for Sale Securities, at fair value Table of Available for Sale Investment Purchases, Proceeds and Gains & Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Debt Securities, Available-for-sale [Line Items] | ||||
Purchases of available for sale securities | $ 33,655 | $ 10,748 | $ 109,225 | $ 34,657 |
Proceeds from maturities, calls and prepayments of available for sale securities | 7,152 | 12,000 | 17,170 | 16,223 |
Gains (losses) realized on maturities, calls and prepayments of available for sale securities | (4) | (2) | (30) | (5) |
Gross proceeds from sales of available for sale securities | 6,015 | 4,832 | 38,047 | 18,326 |
Gains (losses) realized on sales of available for sale securities | $ 4 | $ 21 | $ (496) | $ (23) |
Investment in Loans Table of the Company's Investment in Loans Measured at Fair Value (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
|||||
---|---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans, at fair value | $ 233,535 | $ 258,173 | |||||
Unpaid principal balance (UPB) | 243,699 | 271,470 | |||||
Fair value exceeds / (below) UPB | (10,164) | (13,297) | |||||
Corporate Loans (1) | Telos Asset Management LLC | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans, at fair value | 149,624 | 157,661 | |||||
Unpaid principal balance (UPB) | [1] | 152,897 | 157,834 | ||||
Fair value exceeds / (below) UPB | [1] | (3,273) | (173) | ||||
Mortgage Loans Held for Sale | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans, at fair value | 53,926 | 62,846 | |||||
Unpaid principal balance (UPB) | 52,063 | 60,764 | |||||
Fair value exceeds / (below) UPB | 1,863 | 2,082 | |||||
Non-performing loans (2) | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Unpaid principal balance (UPB) | [2] | 38,739 | 52,872 | ||||
Fair value exceeds / (below) UPB | [2] | (8,754) | (15,206) | ||||
Cost Basis of NPLs | $ 24,630 | $ 32,398 | |||||
|
Investment in Loans Table of Investments in Loans, Measured at Fair Value Pledged as Collateral (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Pledged as Collateral | $ 197,860 | $ 247,194 |
Corporate Loans | Telos Asset Management LLC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Pledged as Collateral | 144,808 | 154,279 |
Mortgage Loans Held for Sale | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Pledged as Collateral | 53,052 | 62,212 |
Non-performing loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Pledged as Collateral | 0 | 30,703 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Mortgage Loans Held for Sale | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 0 | $ 0 |
Other Investments Table of Other Investments (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Investment Holdings, Other than Securities [Line Items] | |||||||||
Real estate, net (1) (2) | [1],[2] | $ 0 | $ 19,226 | ||||||
Foreclosed residential real estate property | 14,787 | 16,056 | |||||||
Derivative Asset | 4,872 | 5,013 | |||||||
Other | 19,762 | 3,409 | |||||||
Total other investments | 56,442 | 59,142 | |||||||
Accumulated depreciation, real estate, net | 0 | 26,823 | |||||||
Triple Net Leases | |||||||||
Investment Holdings, Other than Securities [Line Items] | |||||||||
Accumulated depreciation, real estate, net | [2] | 0 | 440 | ||||||
Seller financing | |||||||||
Investment Holdings, Other than Securities [Line Items] | |||||||||
Notes receivable, net | [3] | 11,825 | 11,275 | ||||||
Debentures | |||||||||
Investment Holdings, Other than Securities [Line Items] | |||||||||
Notes receivable, net | $ 5,196 | $ 4,163 | |||||||
|
Net Investment Income Table of Net Investment Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Total investment income | $ 5,509 | $ 4,523 | $ 10,029 | $ 9,215 |
Less: investment expenses | 582 | 836 | 897 | 1,023 |
Net investment income | 4,927 | 3,687 | 9,132 | 8,192 |
Available for sale securities, at fair value | ||||
Investment income, gross | 1,829 | 782 | 3,048 | 1,600 |
Loans, at fair value | ||||
Investment income, gross | 2,710 | 2,727 | 5,182 | 5,632 |
Equity securities | ||||
Investment income, gross | 563 | 728 | 953 | 1,453 |
Other Investments | ||||
Investment income, gross | $ 407 | $ 286 | $ 846 | $ 530 |
Net Investment Income Table of Net Realized and Unrealized Gains (Losses) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Income Statement [Abstract] | ||||
Net realized gains (losses) | $ 11,536 | $ 18,455 | $ 31,693 | $ 29,333 |
Net unrealized gains (losses) | (64) | (7,010) | (13,615) | (1,676) |
Net realized and unrealized gains (losses) | $ 11,472 | $ 11,445 | $ 18,078 | $ 27,657 |
Net Investment Income Table of Gains on Sale of Mortgage Loans and Equity Securities, Trading, Still Held (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|||
Income Statement [Abstract] | ||||||
Net realized gain on sale of mortgage loans (1) | [1] | $ 9,036 | $ 15,880 | $ 20,430 | $ 30,761 | |
Net unrealized gains (losses) on equity securities, at fair value held at the reporting date | $ (315) | $ (8,318) | $ (14,159) | $ (10,058) | ||
|
Notes and Accounts Receivable, net Table of Notes and Accounts Receivable, Net (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
||
---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts and premiums receivable, net | $ 51,981 | $ 59,946 | ||
Retrospective commissions receivable | 74,440 | 68,064 | ||
Trust receivables | 39,828 | 29,060 | ||
Other Receivables | 16,485 | 17,127 | ||
Total | 194,971 | 186,422 | ||
Specialty Insurance | Notes Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Notes receivable, net - premium financing program (1) | [1] | $ 12,237 | $ 12,225 | |
|
Notes and Accounts Receivable, net Narrative on Notes, Accounts and Premiums Receivable, net, Retrospective Commissions Receivable, Trust Receivables and Other Receivables(Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Accounts and premiums receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for uncollectible amounts | $ 266 | $ 196 |
Specialty Insurance | Notes Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for uncollectible amounts | 78 | 66 |
Specialty Insurance | Financing Receivables, Equal to Greater than 90 Days Past Due | Notes Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | $ 292 | $ 416 |
Reinsurance Receivables Table of Direct, Assumed and Ceded (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Premiums Written, Net [Abstract] | ||||
Direct amount | $ 191,947 | $ 179,447 | $ 374,077 | $ 338,670 |
Ceded to other companies | 97,658 | 89,604 | 189,094 | 168,608 |
Assumed from other companies | 1,522 | 7,123 | 20,046 | 13,252 |
Net amount | $ 95,811 | $ 96,966 | $ 205,029 | $ 183,314 |
Percentage of amount - assumed to net | 1.60% | 7.30% | 9.80% | 7.20% |
Premiums Earned, Net [Abstract] | ||||
Direct amount | $ 178,691 | $ 158,216 | $ 352,816 | $ 314,837 |
Ceded to other companies | (88,228) | (75,371) | (169,598) | (148,347) |
Assumed from other companies | 9,581 | 4,632 | 18,471 | 10,218 |
Net amount | $ 100,044 | $ 87,477 | $ 201,689 | $ 176,708 |
Percentage of amount - assumed to net | 9.60% | 5.30% | 9.20% | 5.80% |
Life Insurance | ||||
Premiums Written, Net [Abstract] | ||||
Direct amount | $ 17,329 | $ 15,604 | $ 31,091 | $ 27,900 |
Ceded to other companies | 9,425 | 7,947 | 16,601 | 13,677 |
Assumed from other companies | 454 | 496 | 881 | 933 |
Net amount | $ 8,358 | $ 8,153 | $ 15,371 | $ 15,156 |
Percentage of amount - assumed to net | 5.40% | 6.10% | 5.70% | 6.20% |
Premiums Earned, Net [Abstract] | ||||
Direct amount | $ 15,693 | $ 15,153 | $ 31,307 | $ 30,341 |
Ceded to other companies | (7,931) | (7,509) | (15,753) | (14,921) |
Assumed from other companies | 436 | 499 | 889 | 992 |
Net amount | $ 8,198 | $ 8,143 | $ 16,443 | $ 16,412 |
Percentage of amount - assumed to net | 5.30% | 6.10% | 5.40% | 6.00% |
Accident and Health Insurance | ||||
Premiums Written, Net [Abstract] | ||||
Direct amount | $ 30,191 | $ 28,038 | $ 56,817 | $ 53,208 |
Ceded to other companies | 20,291 | 18,528 | 37,724 | 34,834 |
Assumed from other companies | 787 | 783 | 1,556 | 1,493 |
Net amount | $ 10,687 | $ 10,293 | $ 20,649 | $ 19,867 |
Percentage of amount - assumed to net | 7.40% | 7.60% | 7.50% | 7.50% |
Premiums Earned, Net [Abstract] | ||||
Direct amount | $ 28,336 | $ 26,526 | $ 57,238 | $ 53,895 |
Ceded to other companies | (19,012) | (18,167) | (38,629) | (37,225) |
Assumed from other companies | 799 | 784 | 1,617 | 1,559 |
Net amount | $ 10,123 | $ 9,143 | $ 20,226 | $ 18,229 |
Percentage of amount - assumed to net | 7.90% | 8.60% | 8.00% | 8.60% |
Property and Liability Insurance | ||||
Premiums Written, Net [Abstract] | ||||
Direct amount | $ 144,427 | $ 135,805 | $ 286,169 | $ 257,562 |
Ceded to other companies | 67,942 | 63,129 | 134,769 | 120,097 |
Assumed from other companies | 281 | 5,844 | 17,609 | 10,826 |
Net amount | $ 76,766 | $ 78,520 | $ 169,009 | $ 148,291 |
Percentage of amount - assumed to net | 0.40% | 7.40% | 10.40% | 7.30% |
Premiums Earned, Net [Abstract] | ||||
Direct amount | $ 134,662 | $ 116,537 | $ 264,271 | $ 230,601 |
Ceded to other companies | (61,285) | (49,695) | (115,216) | (96,201) |
Assumed from other companies | 8,346 | 3,349 | 15,965 | 7,667 |
Net amount | $ 81,723 | $ 70,191 | $ 165,020 | $ 142,067 |
Percentage of amount - assumed to net | 10.20% | 4.80% | 9.70% | 5.40% |
Reinsurance Receivables Table of Losses and LAE Incurred (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|||
Effects of Reinsurance [Line Items] | ||||||
Direct amount | $ 65,764 | $ 61,378 | $ 134,251 | $ 121,020 | ||
Ceded to other companies | (43,801) | (36,528) | (85,947) | (68,431) | ||
Assumed from other companies | 7,581 | 790 | 13,952 | 2,206 | ||
Net | 29,544 | 25,640 | 62,256 | 54,795 | ||
Member benefit claims (1) | [1] | 4,630 | 4,162 | 8,544 | 7,999 | |
Total policy and contract benefits | $ 34,174 | $ 29,802 | $ 70,800 | $ 62,794 | ||
Losses Incurred, Percentage Assumed to Net | 25.70% | 3.10% | 22.40% | 4.00% | ||
Life Insurance | ||||||
Effects of Reinsurance [Line Items] | ||||||
Direct amount | $ 8,795 | $ 8,322 | $ 19,148 | $ 16,524 | ||
Ceded to other companies | (5,029) | (4,567) | (10,701) | (8,985) | ||
Assumed from other companies | 181 | 275 | 343 | 570 | ||
Net | $ 3,947 | $ 4,030 | $ 8,790 | $ 8,109 | ||
Losses Incurred, Percentage Assumed to Net | 4.60% | 6.80% | 3.90% | 7.00% | ||
Accident and Health Insurance | ||||||
Effects of Reinsurance [Line Items] | ||||||
Direct amount | $ 4,293 | $ 4,912 | $ 8,870 | $ 8,744 | ||
Ceded to other companies | (3,655) | (4,186) | (7,199) | (7,563) | ||
Assumed from other companies | (20) | 216 | 226 | 472 | ||
Net | $ 618 | $ 942 | $ 1,897 | $ 1,653 | ||
Losses Incurred, Percentage Assumed to Net | (3.20%) | 22.90% | 11.90% | 28.60% | ||
Property and Liability Insurance | ||||||
Effects of Reinsurance [Line Items] | ||||||
Direct amount | $ 52,676 | $ 48,144 | $ 106,233 | $ 95,752 | ||
Ceded to other companies | (35,117) | (27,775) | (68,047) | (51,883) | ||
Assumed from other companies | 7,420 | 299 | 13,383 | 1,164 | ||
Net | $ 24,979 | $ 20,668 | $ 51,569 | $ 45,033 | ||
Losses Incurred, Percentage Assumed to Net | 29.70% | 1.40% | 26.00% | 2.60% | ||
|
Reinsurance Receivables Table of the Components of Reinsurance Receivables (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
|||
---|---|---|---|---|---|
Effects of Reinsurance [Line Items] | |||||
Prepaid reinsurance premiums: | $ 272,536 | $ 253,682 | |||
Reinsurance receivables | 373,145 | 352,967 | |||
Life (1) | |||||
Effects of Reinsurance [Line Items] | |||||
Prepaid reinsurance premiums: | [1] | 65,425 | 65,218 | ||
Ceded claim reserves: | 2,926 | 2,988 | |||
Accident and health (1) | |||||
Effects of Reinsurance [Line Items] | |||||
Prepaid reinsurance premiums: | [1] | 55,823 | 56,729 | ||
Ceded claim reserves: | 9,657 | 9,575 | |||
Property (2) | |||||
Effects of Reinsurance [Line Items] | |||||
Prepaid reinsurance premiums: | 151,288 | 131,735 | |||
Ceded claim reserves: | 68,442 | 61,406 | |||
Total ceded claim reserves recoverable | |||||
Effects of Reinsurance [Line Items] | |||||
Ceded claim reserves: | 81,025 | 73,969 | |||
Other reinsurance settlements recoverable | |||||
Effects of Reinsurance [Line Items] | |||||
Other reinsurance settlements recoverable | $ 19,584 | $ 25,316 | |||
|
Reinsurance Receivables Table of Reinsurance Receivables - Aggregrate of Three Largest Reinsurers (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Concentration Risk [Line Items] | ||
Total of the three largest receivable balances from non-affiliated reinsurers | $ 373,145 | $ 352,967 |
Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Total of the three largest receivable balances from non-affiliated reinsurers | $ 84,837 |
Goodwill and Intangible Assets, Net Table of Identifiable Finite and Indefinite-Lived Intangible Assets, Accumulated Amortization and Goodwill by Segment (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
|||||
---|---|---|---|---|---|---|---|
Schedule of Intangible Assets, Net [Line Items] | |||||||
Accumulated amortization | $ 0 | $ (26,944) | |||||
Intangible Assets, Net | 56,936 | 64,017 | |||||
Goodwill | 91,562 | 91,562 | |||||
Total | 148,498 | 155,579 | |||||
Insurance licensing agreements | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Indefinite-Lived License Agreements | [1] | 13,761 | 13,761 | ||||
Customer relationships | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Finite-Lived Intangible Assets, Gross | 50,500 | 50,500 | |||||
Accumulated amortization | (15,497) | (12,081) | |||||
Trade Names | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Finite-Lived Intangible Assets, Gross | 7,300 | 7,300 | |||||
Accumulated amortization | (2,695) | (2,382) | |||||
Software licensing | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Finite-Lived Intangible Assets, Gross | 9,140 | 9,140 | |||||
Accumulated amortization | (6,366) | (5,470) | |||||
Insurance policies and contracts acquired | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Finite-Lived Intangible Assets, Gross | 36,500 | 36,500 | |||||
Accumulated amortization | (35,707) | (35,433) | |||||
Leases in place (2) | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Finite-Lived Intangible Assets, Gross | [2] | 0 | 2,324 | ||||
Accumulated amortization | 0 | (142) | |||||
Specialty Insurance | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Intangible Assets, Net | 56,010 | 63,005 | |||||
Goodwill | 89,854 | 89,854 | |||||
Total | 145,864 | 152,859 | |||||
Specialty Insurance | Insurance licensing agreements | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Indefinite-Lived License Agreements | [1] | 13,761 | 13,761 | ||||
Specialty Insurance | Customer relationships | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Finite-Lived Intangible Assets, Gross | 50,500 | 50,500 | |||||
Accumulated amortization | (15,497) | (12,081) | |||||
Specialty Insurance | Trade Names | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Finite-Lived Intangible Assets, Gross | 6,500 | 6,500 | |||||
Accumulated amortization | (2,455) | (2,182) | |||||
Specialty Insurance | Software licensing | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Finite-Lived Intangible Assets, Gross | 8,500 | 8,500 | |||||
Accumulated amortization | (6,092) | (5,242) | |||||
Specialty Insurance | Insurance policies and contracts acquired | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Finite-Lived Intangible Assets, Gross | 36,500 | 36,500 | |||||
Accumulated amortization | (35,707) | (35,433) | |||||
Specialty Insurance | Leases in place (2) | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Finite-Lived Intangible Assets, Gross | [2] | 0 | 2,324 | ||||
Accumulated amortization | 0 | (142) | |||||
Mortgage | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Intangible Assets, Net | 926 | 1,012 | |||||
Goodwill | 1,708 | 1,708 | |||||
Total | 2,634 | 2,720 | |||||
Mortgage | Insurance licensing agreements | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Indefinite-Lived License Agreements | 0 | 0 | |||||
Mortgage | Customer relationships | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Finite-Lived Intangible Assets, Gross | 0 | 0 | |||||
Accumulated amortization | 0 | 0 | |||||
Mortgage | Trade Names | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Finite-Lived Intangible Assets, Gross | 800 | 800 | |||||
Accumulated amortization | (240) | (200) | |||||
Mortgage | Software licensing | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Finite-Lived Intangible Assets, Gross | 640 | 640 | |||||
Accumulated amortization | (274) | (228) | |||||
Mortgage | Insurance policies and contracts acquired | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Finite-Lived Intangible Assets, Gross | 0 | 0 | |||||
Accumulated amortization | 0 | 0 | |||||
Mortgage | Leases in place (2) | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Finite-Lived Intangible Assets, Gross | [2] | 0 | 0 | ||||
Accumulated amortization | 0 | 0 | |||||
Corporate and Other | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Intangible Assets, Net | 0 | 0 | |||||
Goodwill | 0 | 0 | |||||
Total | 0 | 0 | |||||
Corporate and Other | Insurance licensing agreements | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Indefinite-Lived License Agreements | 0 | 0 | |||||
Corporate and Other | Customer relationships | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Finite-Lived Intangible Assets, Gross | 0 | 0 | |||||
Accumulated amortization | 0 | 0 | |||||
Corporate and Other | Trade Names | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Finite-Lived Intangible Assets, Gross | 0 | 0 | |||||
Accumulated amortization | 0 | 0 | |||||
Corporate and Other | Software licensing | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Finite-Lived Intangible Assets, Gross | 0 | 0 | |||||
Accumulated amortization | 0 | 0 | |||||
Corporate and Other | Insurance policies and contracts acquired | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Finite-Lived Intangible Assets, Gross | 0 | 0 | |||||
Accumulated amortization | 0 | 0 | |||||
Corporate and Other | Leases in place (2) | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Finite-Lived Intangible Assets, Gross | [2] | 0 | 0 | ||||
Accumulated amortization | $ 0 | $ 0 | |||||
|
Goodwill and Intangible Assets, Net Table of Goodwill Rollforward (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Goodwill [Roll Forward] | ||||
Balance at December 31, 2017 | $ 91,562 | |||
Balance at June 30, 2018 | $ 91,562 | 91,562 | ||
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||||
Accumulated impairments | 699 | 699 | ||
Goodwill, Impaired [Abstract] | ||||
Impairment of goodwill | 0 | $ 0 | 0 | $ 0 |
Impairment of Intangible Assets (Excluding Goodwill) | 0 | $ 0 | 0 | $ 0 |
Specialty Insurance | ||||
Goodwill [Roll Forward] | ||||
Balance at December 31, 2017 | 89,854 | |||
Balance at June 30, 2018 | 89,854 | 89,854 | ||
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||||
Accumulated impairments | 0 | 0 | ||
Mortgage | ||||
Goodwill [Roll Forward] | ||||
Balance at December 31, 2017 | 1,708 | |||
Balance at June 30, 2018 | 1,708 | 1,708 | ||
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||||
Accumulated impairments | 0 | 0 | ||
Corporate and Other | ||||
Goodwill [Roll Forward] | ||||
Balance at December 31, 2017 | 0 | |||
Balance at June 30, 2018 | 0 | 0 | ||
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||||
Accumulated impairments | $ 699 | $ 699 |
Goodwill and Intangible Assets, Net Table of Intangible Assets, Net Rollforward (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Finite-lived Intangible Assets [Roll Forward] | ||||
Balance at December 31, 2017 | $ 64,017 | |||
Intangible assets divested | (2,167) | |||
Less: amortization expense | $ (2,439) | $ (2,882) | (4,914) | $ (5,879) |
Balance at June 30, 2018 | 56,936 | 56,936 | ||
Impairment of Intangible Assets (Excluding Goodwill) [Abstract] | ||||
Impairment of Intangible Assets (Excluding Goodwill) | 0 | $ 0 | 0 | $ 0 |
Specialty Insurance | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Balance at December 31, 2017 | 63,005 | |||
Intangible assets divested | (2,167) | |||
Less: amortization expense | 4,828 | |||
Balance at June 30, 2018 | 56,010 | 56,010 | ||
Mortgage | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Balance at December 31, 2017 | 1,012 | |||
Intangible assets divested | 0 | |||
Less: amortization expense | 86 | |||
Balance at June 30, 2018 | $ 926 | $ 926 |
Goodwill and Intangible Assets, Net Table of Amoritzation Expense on Intangibles (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense on intangible assets | $ 2,439 | $ 2,882 | $ 4,914 | $ 5,879 |
Goodwill and Intangible Assets, Net Table of Future Amortization Expense on Intangibles by Segment (Details) $ in Thousands |
Jun. 30, 2018
USD ($)
|
---|---|
Finite-Lived Intangible Assets [Line Items] | |
Remainder of 2018 | $ 4,814 |
2019 | 7,897 |
2020 | 5,321 |
2021 | 4,504 |
2022 | 3,775 |
2023 and thereafter | 16,864 |
Finite-Lived Intangible Assets, Net | 43,175 |
Specialty Insurance | |
Finite-Lived Intangible Assets [Line Items] | |
Remainder of 2018 | 4,538 |
2019 | 7,509 |
2020 | 5,027 |
2021 | 4,251 |
2022 | 3,595 |
2023 and thereafter | 16,536 |
Finite-Lived Intangible Assets, Net | 41,456 |
Mortgage | |
Finite-Lived Intangible Assets [Line Items] | |
Remainder of 2018 | 85 |
2019 | 171 |
2020 | 171 |
2021 | 171 |
2022 | 126 |
2023 and thereafter | 202 |
Finite-Lived Intangible Assets, Net | 926 |
Insurance policies and contracts acquired | Specialty Insurance | |
Finite-Lived Intangible Assets [Line Items] | |
Remainder of 2018 | 191 |
2019 | 217 |
2020 | 123 |
2021 | 82 |
2022 | 54 |
2023 and thereafter | 126 |
Finite-Lived Intangible Assets, Net | $ 793 |
Derivative Financial Instruments and Hedging Table of Derivatives - Gross notional and fair value amounts of derivatives (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Derivative [Line Items] | ||
Notional values | $ 389,220 | $ 458,797 |
Asset derivatives | 4,872 | 5,013 |
Liability derivatives | 639 | 117 |
Interest Risk, Interest Rate Lock Commitments | ||
Derivative [Line Items] | ||
Notional values | 184,472 | 190,645 |
Asset derivatives | 4,812 | 4,808 |
Liability derivatives | 0 | 0 |
Interest Risk, Forward Delivery Contracts | ||
Derivative [Line Items] | ||
Notional values | 33,748 | 71,152 |
Asset derivatives | 14 | 30 |
Liability derivatives | 0 | 0 |
Interest Risk, TBA Mortgage Backed Securities | ||
Derivative [Line Items] | ||
Notional values | 171,000 | 197,000 |
Asset derivatives | 46 | 175 |
Liability derivatives | $ 639 | $ 117 |
Derivative Financial Instruments and Hedging Table of derivatives designated as cash flow hedging instrument (Details) - USD ($) $ in Thousands |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
||||
Balance Sheet Related Disclosures [Abstract] | |||||
Balance Sheet Location | AOCI | ||||
Interest Rate Swap | Cash Flow Hedging | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Unrealized gain (loss), net of tax, on the fair value of interest rate swaps | $ 0 | [1] | $ 2,074 | ||
|
Derivative Financial Instruments and Hedging Table of Pretax Impact of Cash Flow Hedging Derivative Instruments on the Consolidated Financial Statements (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Gain (loss) recognized in AOCI on the derivative-effective portion | $ 0 | $ (510) | $ 1,111 | $ (378) |
(Gains) losses reclassified from AOCI into income-effective portion | 0 | (93) | 3,845 | (237) |
Interest Rate Swap | Cash Flow Hedging | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Gain (loss) recognized in AOCI on the derivative-effective portion | 0 | (510) | 1,111 | (378) |
Interest Rate Swap | Cash Flow Hedging | Amount reclassified from AOCI | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
(Gains) losses reclassified from AOCI into income-effective portion | 0 | 93 | 0 | 237 |
Gains (losses) recognized in income on the derivative-ineffective portion | $ 0 | $ (1) | $ 0 | $ (2) |
Debt, net Table of Debt Obligations, Net of Discounts and Deferred Financing Costs (Details) - USD ($) $ in Thousands |
6 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 04, 2018 |
Jun. 30, 2018 |
Jun. 21, 2018 |
Apr. 16, 2018 |
Dec. 31, 2017 |
||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term Debt, Gross | $ 376,485 | $ 356,104 | ||||||||||||
Unamortized discount, net | (659) | (191) | ||||||||||||
Unamortized deferred financing costs | (9,611) | (9,832) | ||||||||||||
Debt, net | 366,215 | 346,081 | ||||||||||||
Secured corporate credit agreements | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term Debt, Gross | 74,030 | 28,500 | ||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ||||||||||||||
Debt instrument, maximum borrowing capacity | $ 75,000 | $ 155,000 | ||||||||||||
Secured corporate credit agreements | London Interbank Offered Rate (LIBOR) | ||||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||||||
Junior subordinated notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term Debt, Gross | $ 125,000 | 125,000 | ||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ||||||||||||||
Debt instrument, maximum borrowing capacity | 125,000 | |||||||||||||
Preferred trust securities | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term Debt, Gross | 35,000 | 35,000 | ||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ||||||||||||||
Debt instrument, maximum borrowing capacity | $ 35,000 | |||||||||||||
Preferred trust securities | London Interbank Offered Rate (LIBOR) | ||||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||||||
Corporate Debt Payable | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term Debt, Gross | $ 234,030 | 188,500 | ||||||||||||
Asset based revolving financing (1) (2) | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term Debt, Gross | [1],[2] | 100,557 | $ 118,794 | |||||||||||
Long-term Debt, Other Disclosures [Abstract] | ||||||||||||||
Debt instrument, maximum borrowing capacity | $ 175,000 | |||||||||||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.35% | 3.73% | ||||||||||||
Asset based revolving financing (1) (2) | London Interbank Offered Rate (LIBOR) | ||||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||||||
Residential mortgage warehouse borrowings (3) | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term Debt, Gross | [3] | $ 41,898 | [1] | $ 25,000 | $ 50,000 | $ 48,810 | [1] | |||||||
Long-term Debt, Other Disclosures [Abstract] | ||||||||||||||
Debt instrument, maximum borrowing capacity | $ 76,000 | |||||||||||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.55% | 3.70% | ||||||||||||
Residential mortgage warehouse borrowings (3) | London Interbank Offered Rate (LIBOR) | ||||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||||||
Asset Backed Debt Payable | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term Debt, Gross | $ 142,455 | $ 167,604 | ||||||||||||
Minimum | Secured corporate credit agreements | London Interbank Offered Rate (LIBOR) | ||||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | 1.00% | ||||||||||||
Minimum | Asset based revolving financing (1) (2) | London Interbank Offered Rate (LIBOR) | ||||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | [1],[2] | 2.25% | ||||||||||||
Minimum | Residential mortgage warehouse borrowings (3) | London Interbank Offered Rate (LIBOR) | ||||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | [3] | 2.50% | ||||||||||||
Maximum | Secured corporate credit agreements | London Interbank Offered Rate (LIBOR) | ||||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.50% | 5.50% | ||||||||||||
Maximum | Junior subordinated notes | ||||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | |||||||||||||
Maximum | Preferred trust securities | ||||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.10% | |||||||||||||
Maximum | Asset based revolving financing (1) (2) | London Interbank Offered Rate (LIBOR) | ||||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | [1],[2] | 2.60% | ||||||||||||
Maximum | Residential mortgage warehouse borrowings (3) | London Interbank Offered Rate (LIBOR) | ||||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | [3] | 3.00% | ||||||||||||
|
Debt, net Table of Interest Expense Incurred on Debt (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Income Statement [Abstract] | ||||
Interest expense on debt | $ 6,620 | $ 6,319 | $ 12,561 | $ 12,397 |
Debt, net Table of Debt Maturities (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Debt Disclosure [Abstract] | ||
Remainder of 2018 | $ 0 | |
2019 | 47,727 | |
2020 | 74,030 | |
2021 | 0 | |
2022 | 94,728 | |
Thereafter | 160,000 | |
Total | $ 376,485 | $ 356,104 |
Debt, net Debt, Net Narrative (Details) - USD ($) $ in Thousands |
6 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 04, 2018 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 21, 2018 |
Apr. 16, 2018 |
Dec. 31, 2017 |
||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term Debt, Gross | $ 376,485 | $ 356,104 | |||||||||||||
Repayments of Secured Debt | 776,031 | $ 800,944 | |||||||||||||
Asset-based revolving facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, maximum borrowing capacity | 175,000 | ||||||||||||||
Long-term Debt, Gross | [1],[2] | 100,557 | 118,794 | ||||||||||||
Residential mortgage warehouse borrowings | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, maximum borrowing capacity | 76,000 | ||||||||||||||
Long-term Debt, Gross | [3] | 41,898 | [1] | $ 25,000 | $ 50,000 | 48,810 | [1] | ||||||||
Secured corporate credit agreements | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Increase (Decrease) in maximum borrowing capacity | $ 47,000 | ||||||||||||||
Debt instrument, maximum borrowing capacity | $ 75,000 | 155,000 | |||||||||||||
Long-term Debt, Gross | 74,030 | 28,500 | |||||||||||||
Debt Instrument, Prepayment Premium Percentage | 1.00% | ||||||||||||||
Debt, prepayment penalty, period | 6 months | ||||||||||||||
Asset Based Leverage - Corporate Loans | Specialty Insurance | Asset-based revolving facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term Debt, Gross | 94,728 | 101,428 | |||||||||||||
Asset Based Leverage - Nonperforming Loans | Specialty Insurance | Asset-based revolving facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Repayments of Secured Debt | 11,917 | ||||||||||||||
Asset Backed Revolving Line of Credit - Premium Financing | Specialty Insurance | Asset-based revolving facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term Debt, Gross | $ 5,829 | $ 5,449 | |||||||||||||
London Interbank Offered Rate (LIBOR) | Minimum | Asset-based revolving facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | [1],[2] | 2.25% | |||||||||||||
London Interbank Offered Rate (LIBOR) | Minimum | Residential mortgage warehouse borrowings | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | [3] | 2.50% | |||||||||||||
London Interbank Offered Rate (LIBOR) | Minimum | Secured corporate credit agreements | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | 1.00% | |||||||||||||
London Interbank Offered Rate (LIBOR) | Maximum | Asset-based revolving facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | [1],[2] | 2.60% | |||||||||||||
London Interbank Offered Rate (LIBOR) | Maximum | Residential mortgage warehouse borrowings | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | [3] | 3.00% | |||||||||||||
London Interbank Offered Rate (LIBOR) | Maximum | Secured corporate credit agreements | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.50% | 5.50% | |||||||||||||
|
Fair Value of Financial Instruments Table of Fair Value Hierarchies for Financial Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
|||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Average Estimated Restriction, Period | 11 months | |||
Foreclosed residential real estate property | $ 14,787 | $ 16,056 | ||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 234,361 | 182,448 | ||
Loans, at fair value | 233,535 | 258,173 | ||
Equity securities, at fair value | 140,132 | 25,536 | ||
Asset derivatives | 4,872 | 5,013 | ||
Other | 19,762 | 3,409 | ||
Total other investments, at fair value | 56,442 | 59,142 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Liability derivatives | 639 | 117 | ||
Significant unobservable inputs Level 3 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Total assets | 34,797 | 42,474 | ||
Significant unobservable inputs Level 3 | Non-performing loans | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Loans, at fair value | [1] | 29,985 | 37,666 | |
Significant unobservable inputs Level 3 | Interest Rate Lock Commitments | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Asset derivatives | 4,812 | 4,808 | ||
Recurring | Quoted prices in active markets Level 1 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 3,040 | 1,437 | ||
Loans, at fair value | 0 | 0 | ||
Asset derivatives | 0 | 0 | ||
Total other investments, at fair value | 0 | 0 | ||
Total assets | 17,789 | 26,973 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Total derivative liabilities (included in other liabilities and accrued expenses) | 0 | 0 | ||
Total liabilities | 0 | 0 | ||
Recurring | Quoted prices in active markets Level 1 | Interest Rate Lock Commitments | ||||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Liability derivatives | 0 | 0 | ||
Recurring | Quoted prices in active markets Level 1 | Contingent Consideration Payable | ||||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Contingent consideration payable | 0 | 0 | ||
Recurring | Quoted prices in active markets Level 1 | U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 0 | 0 | ||
Recurring | Quoted prices in active markets Level 1 | Obligations of states and political subdivisions | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 0 | 0 | ||
Recurring | Quoted prices in active markets Level 1 | Obligations of foreign governments | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 0 | 0 | ||
Recurring | Quoted prices in active markets Level 1 | Certificates of deposit | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 3,040 | 896 | ||
Recurring | Quoted prices in active markets Level 1 | Asset-backed Securities | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 0 | 0 | ||
Recurring | Quoted prices in active markets Level 1 | Corporate securities | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 0 | 0 | ||
Recurring | Quoted prices in active markets Level 1 | Corporate Loans | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Loans, at fair value | 0 | 0 | ||
Recurring | Quoted prices in active markets Level 1 | Mortgage Loans Held for Sale | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Mortgage loans held for sale | 0 | 0 | ||
Recurring | Quoted prices in active markets Level 1 | Non-performing loans | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Loans, at fair value | 0 | 0 | ||
Recurring | Quoted prices in active markets Level 1 | Equity securities | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 541 | |||
Equity securities, at fair value | 14,749 | |||
Trading assets | 25,536 | |||
Recurring | Quoted prices in active markets Level 1 | Forward Delivery Contracts | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Asset derivatives | 0 | 0 | ||
Recurring | Quoted prices in active markets Level 1 | Interest Rate Lock Commitments | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Asset derivatives | 0 | 0 | ||
Recurring | Quoted prices in active markets Level 1 | CLOs | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Trading assets | 0 | 0 | ||
Recurring | Quoted prices in active markets Level 1 | Debentures | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Loans, at fair value | 0 | 0 | ||
Recurring | Other significant observable inputs Level 2 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 227,989 | 180,964 | ||
Loans, at fair value | 91,946 | 103,771 | ||
Asset derivatives | 60 | 205 | ||
Total other investments, at fair value | 5,256 | 4,368 | ||
Total assets | 450,319 | 289,103 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Total derivative liabilities (included in other liabilities and accrued expenses) | 639 | 117 | ||
Total liabilities | 639 | 117 | ||
Recurring | Other significant observable inputs Level 2 | Interest Rate Lock Commitments | ||||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Liability derivatives | 639 | 117 | ||
Recurring | Other significant observable inputs Level 2 | Contingent Consideration Payable | ||||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Contingent consideration payable | 0 | 0 | ||
Recurring | Other significant observable inputs Level 2 | U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 43,934 | 47,945 | ||
Recurring | Other significant observable inputs Level 2 | Obligations of states and political subdivisions | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 58,639 | 46,981 | ||
Recurring | Other significant observable inputs Level 2 | Obligations of foreign governments | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 6,307 | 570 | ||
Recurring | Other significant observable inputs Level 2 | Certificates of deposit | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 0 | 0 | ||
Recurring | Other significant observable inputs Level 2 | Asset-backed Securities | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 42,938 | 23,493 | ||
Recurring | Other significant observable inputs Level 2 | Corporate securities | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 76,171 | 61,975 | ||
Recurring | Other significant observable inputs Level 2 | Corporate Loans | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Loans, at fair value | 38,020 | 40,925 | ||
Recurring | Other significant observable inputs Level 2 | Mortgage Loans Held for Sale | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Mortgage loans held for sale | 53,926 | 62,846 | ||
Recurring | Other significant observable inputs Level 2 | Non-performing loans | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Loans, at fair value | 0 | 0 | ||
Recurring | Other significant observable inputs Level 2 | Equity securities | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 0 | |||
Equity securities, at fair value | 125,128 | |||
Trading assets | 0 | |||
Recurring | Other significant observable inputs Level 2 | Forward Delivery Contracts | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Asset derivatives | 14 | 30 | ||
Recurring | Other significant observable inputs Level 2 | Interest Rate Lock Commitments | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Asset derivatives | 0 | 0 | ||
Recurring | Other significant observable inputs Level 2 | CLOs | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Trading assets | 0 | 0 | ||
Recurring | Other significant observable inputs Level 2 | Debentures | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Loans, at fair value | 5,196 | 4,163 | ||
Recurring | Significant unobservable inputs Level 3 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 3,332 | 47 | ||
Loans, at fair value | 141,589 | 154,402 | ||
Asset derivatives | 4,812 | 4,808 | ||
Total other investments, at fair value | 6,811 | 8,217 | ||
Total assets | 151,987 | 162,666 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Total derivative liabilities (included in other liabilities and accrued expenses) | 0 | 0 | ||
Total liabilities | 0 | 0 | ||
Recurring | Significant unobservable inputs Level 3 | Interest Rate Lock Commitments | ||||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Liability derivatives | 0 | 0 | ||
Recurring | Significant unobservable inputs Level 3 | Contingent Consideration Payable | ||||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Contingent consideration payable | 0 | 0 | ||
Recurring | Significant unobservable inputs Level 3 | U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 0 | 0 | ||
Recurring | Significant unobservable inputs Level 3 | Obligations of states and political subdivisions | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 0 | 0 | ||
Recurring | Significant unobservable inputs Level 3 | Obligations of foreign governments | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 0 | 0 | ||
Recurring | Significant unobservable inputs Level 3 | Certificates of deposit | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 0 | 0 | ||
Recurring | Significant unobservable inputs Level 3 | Asset-backed Securities | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 3,332 | 0 | ||
Recurring | Significant unobservable inputs Level 3 | Corporate securities | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 0 | 0 | ||
Recurring | Significant unobservable inputs Level 3 | Corporate Loans | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Loans, at fair value | 111,604 | 116,736 | ||
Recurring | Significant unobservable inputs Level 3 | Mortgage Loans Held for Sale | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Mortgage loans held for sale | 0 | 0 | ||
Recurring | Significant unobservable inputs Level 3 | Non-performing loans | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Loans, at fair value | 29,985 | 37,666 | ||
Recurring | Significant unobservable inputs Level 3 | Equity securities | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 47 | |||
Equity securities, at fair value | 255 | |||
Trading assets | 0 | |||
Recurring | Significant unobservable inputs Level 3 | Forward Delivery Contracts | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Asset derivatives | 0 | |||
Recurring | Significant unobservable inputs Level 3 | Interest Rate Lock Commitments | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Asset derivatives | 4,812 | 4,808 | ||
Recurring | Significant unobservable inputs Level 3 | CLOs | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Trading assets | 1,999 | 3,409 | ||
Recurring | Significant unobservable inputs Level 3 | Debentures | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Loans, at fair value | 0 | 0 | ||
Fair Value | Other significant observable inputs Level 2 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Total assets | 12,237 | 12,225 | ||
Fair Value | Significant unobservable inputs Level 3 | ||||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Total liabilities | 376,842 | 356,537 | ||
Fair Value | Recurring | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 234,361 | 182,448 | ||
Loans, at fair value | 233,535 | 258,173 | ||
Asset derivatives | 4,872 | 5,013 | ||
Total other investments, at fair value | 12,067 | 12,585 | ||
Total assets | 620,095 | 478,742 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Total derivative liabilities (included in other liabilities and accrued expenses) | 639 | 117 | ||
Total liabilities | 639 | 117 | ||
Fair Value | Recurring | Interest Rate Lock Commitments | ||||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Liability derivatives | 639 | 117 | ||
Fair Value | Recurring | Contingent Consideration Payable | ||||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Contingent consideration payable | 0 | |||
Fair Value | Recurring | U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 43,934 | 47,945 | ||
Fair Value | Recurring | Obligations of states and political subdivisions | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 58,639 | 46,981 | ||
Fair Value | Recurring | Obligations of foreign governments | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 6,307 | 570 | ||
Fair Value | Recurring | Certificates of deposit | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 3,040 | 896 | ||
Fair Value | Recurring | Asset-backed Securities | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 46,270 | 23,493 | ||
Fair Value | Recurring | Corporate securities | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 76,171 | 61,975 | ||
Fair Value | Recurring | Corporate Loans | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Loans, at fair value | 149,624 | 157,661 | ||
Fair Value | Recurring | Mortgage Loans Held for Sale | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Mortgage loans held for sale | 53,926 | 62,846 | ||
Fair Value | Recurring | Non-performing loans | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Loans, at fair value | 29,985 | 37,666 | ||
Fair Value | Recurring | Equity securities | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Investments in available for sale securities | 588 | |||
Equity securities, at fair value | 140,132 | |||
Trading assets | 25,536 | |||
Fair Value | Recurring | Forward Delivery Contracts | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Asset derivatives | 14 | 30 | ||
Fair Value | Recurring | Interest Rate Lock Commitments | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Asset derivatives | 4,812 | 4,808 | ||
Fair Value | Recurring | CLOs | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Trading assets | 1,999 | 3,409 | ||
Fair Value | Recurring | Debentures | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Loans, at fair value | 5,196 | 4,163 | ||
TBA mortgage backed securities | Recurring | Quoted prices in active markets Level 1 | Interest Rate Lock Commitments | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Asset derivatives | 0 | 0 | ||
TBA mortgage backed securities | Recurring | Other significant observable inputs Level 2 | Interest Rate Lock Commitments | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Asset derivatives | 46 | 175 | ||
TBA mortgage backed securities | Recurring | Significant unobservable inputs Level 3 | Interest Rate Lock Commitments | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Asset derivatives | 0 | 0 | ||
TBA mortgage backed securities | Fair Value | Recurring | Interest Rate Lock Commitments | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Asset derivatives | $ 46 | $ 175 | ||
|
Fair Value of Financial Instruments Table of Level 3 Rollforward, Assets Measured on Recurring Basis Utilizing Level 3 Inputs (Details) - USD ($) $ in Thousands |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance at January 1, | $ 162,666 | $ 211,192 | |||
Net realized gains/(losses) | 870 | 13,170 | |||
Net unrealized gains/(losses) | (1,720) | 1,183 | |||
Issuances | 154 | 425 | |||
Purchases | 42,136 | 31,220 | |||
Sales | [1] | (49,550) | (57,410) | ||
Transfer adjustments (out of) Level 3 | [1] | (6,694) | (13,861) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3, Other | 0 | (32) | |||
Transfers into Level 3 | [1] | 9,220 | 1,970 | ||
Balance at June 30, | 151,987 | 175,775 | |||
Assets, Fair Value Disclosure [Abstract] | |||||
Fair value,measurement with unobservable inputs reconciliation,changes in unrealized gains included in earnings related to assets still held at period end | 763 | 3,707 | |||
Primary beneficiary | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance at January 1, | 585,870 | ||||
Net realized gains/(losses) | (187) | ||||
Net unrealized gains/(losses) | (1,098) | ||||
Issuances | 533 | ||||
Purchases | 68,015 | ||||
Sales | [1] | (90,220) | |||
Transfer adjustments (out of) Level 3 | [1] | (65,072) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3, Other | 0 | ||||
Transfers into Level 3 | [1] | 15,204 | |||
Balance at June 30, | 261,745 | ||||
Assets, Fair Value Disclosure [Abstract] | |||||
Fair value,measurement with unobservable inputs reconciliation,changes in unrealized gains included in earnings related to assets still held at period end | (622) | ||||
CLOs | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Deconsolidation of CLOs due to sale | 1,342 | ||||
CLOs | Primary beneficiary | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Deconsolidation of CLOs due to sale | (251,300) | ||||
Other real estate | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Transfer adjustments (out of) Level 3 | (5,100) | (6,976) | |||
Other real estate | Primary beneficiary | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Transfer adjustments (out of) Level 3 | 0 | ||||
Mortgage Loans Held for Sale | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Transfer adjustments (out of) Level 3 | (24,976) | (32,272) | |||
Mortgage Loans Held for Sale | Primary beneficiary | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Transfer adjustments (out of) Level 3 | 0 | ||||
Interest Rate Lock Commitments | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Issuances | $ 24,981 | 25,824 | |||
Interest Rate Lock Commitments | Primary beneficiary | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Issuances | $ 0 | ||||
|
Fair Value of Financial Instruments Table of Level 3 Rollforward, Liabilities Measured on Recurring Basis Utilizing Level 3 Inputs (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at January 1, | $ 0 | $ 3,084 |
Net unrealized (gains) losses | 0 | 0 |
Dispositions | 0 | 0 |
Net realized gains (losses) | 0 | 3,615 |
Deconsolidation of CLOs due to sale | 0 | 0 |
Balance at June 30, | 0 | 6,699 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Changes in unrealized (gains) losses included in earnings related to liabilities still held at period end | $ 0 | (3,615) |
Primary beneficiary | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at January 1, | 912,034 | |
Net unrealized (gains) losses | (3,002) | |
Dispositions | 49,010 | |
Net realized gains (losses) | 0 | |
Balance at June 30, | 481,979 | |
Liabilities, Fair Value Disclosure [Abstract] | ||
Changes in unrealized (gains) losses included in earnings related to liabilities still held at period end | (3,048) | |
Liabilities of Consolidated CLOs | Primary beneficiary | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Deconsolidation of CLOs due to sale | $ (378,043) |
Fair Value of Financial Instruments Table of Significant Inputs used in the Valuation of Level 3 Assets(Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
|||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Asset derivatives | $ 4,872 | $ 5,013 | ||
Loans, at fair value | 233,535 | 258,173 | ||
Fair Value, Inputs, Level 3 | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Total | 34,797 | 42,474 | ||
Fair Value, Inputs, Level 3 | Interest Rate Lock Commitments | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Asset derivatives | $ 4,812 | $ 4,808 | ||
Fair Value, Inputs, Level 3 | Interest Rate Lock Commitments | Internal Model | Minimum | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Fair Value Assumptions, Pull Through Rate | 50.00% | 50.00% | ||
Fair Value, Inputs, Level 3 | Interest Rate Lock Commitments | Internal Model | Maximum | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Fair Value Assumptions, Pull Through Rate | 95.00% | 95.00% | ||
Fair Value, Inputs, Level 3 | Non-performing loans | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Loans, at fair value | [1] | $ 29,985 | $ 37,666 | |
|
Fair Value of Financial Instruments Table of Significant Inputs used in the Valuation of Nonperforming Loans (Details) - Non-performing loans - Non-performing loans - Significant unobservable inputs Level 3 - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
||||
Maximum | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Discount rate | 30.00% | 30.00% | |||
Loan resolution time-line (Years) | 2 years | 2 years 3 months 17 days | |||
Value of underlying properties | $ 1,775 | $ 1,775 | |||
Holding costs | 15.00% | 22.00% | |||
Liquidation costs | 15.90% | 16.80% | |||
Fair Value Inputs, Note Rate | 6.00% | 6.00% | |||
Secondary market transaction prices/UPB | 88.50% | 88.50% | |||
Minimum | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Discount rate | 16.00% | 16.00% | |||
Loan resolution time-line (Years) | 6 months | 5 months 30 days | |||
Value of underlying properties | $ 45 | $ 40 | |||
Holding costs | 4.60% | 5.30% | |||
Liquidation costs | 8.40% | 8.40% | |||
Fair Value Inputs, Note Rate | 3.00% | 3.00% | |||
Secondary market transaction prices/UPB | 75.50% | 75.50% | |||
Average(1) | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Discount rate | [1] | 24.00% | 23.50% | ||
Loan resolution time-line (Years) | [1] | 1 year 3 months 19 days | 1 year 3 months 19 days | ||
Value of underlying properties | [1] | $ 355 | $ 306 | ||
Holding costs | [1] | 7.10% | 7.60% | ||
Liquidation costs | [1] | 9.30% | 9.40% | ||
Fair Value Inputs, Note Rate | [1] | 5.50% | 4.80% | ||
Secondary market transaction prices/UPB | [1] | 96.90% | 83.40% | ||
|
Fair Value of Financial Instruments Table of Significant Inputs used in the Valuation of Level 3 Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Reliance | Other Liabilities | Fair Value, Inputs, Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Contingent consideration payable - Reliance | $ 0 | $ 0 |
Fair Value of Financial Instruments Table of Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Fair Value, Inputs, Level 2 | Fair Value | ||
Assets, Fair Value Disclosure [Abstract] | ||
Notes receivable, net | $ 12,237 | $ 12,225 |
Total assets | 12,237 | 12,225 |
Fair Value, Inputs, Level 2 | Carrying value | ||
Assets, Fair Value Disclosure [Abstract] | ||
Notes receivable, net | 12,237 | 12,225 |
Total assets | 12,237 | 12,225 |
Fair Value, Inputs, Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total assets | 34,797 | 42,474 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Debt, net | 375,826 | 355,913 |
Fair Value, Inputs, Level 3 | Fair Value | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Debt, net | 376,842 | 356,537 |
Total liabilities | 376,842 | 356,537 |
Fair Value, Inputs, Level 3 | Carrying value | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Total liabilities | $ 375,826 | $ 355,913 |
Liability for Unpaid Claims and Claim Adjustment Expenses Table of Net Liability for Unpaid Losses and Loss Adjustment Expenses of Short-Duration Contracts - Rollforward (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Policy liabilities and unpaid claims balance at January 1 | $ 112,003 | $ 103,391 | ||
Less : liabilities of policy-holder accounts balances, gross | (15,474) | (17,417) | ||
Less : non-insurance warranty benefit claim liabilities | (58) | (91) | ||
Gross liabilities for unpaid losses and loss adjustment expenses | 96,471 | 85,883 | ||
Net balance as of January 1, short duration | 22,469 | 22,563 | ||
Incurred (short duration) related to: | ||||
Current year | 55,926 | 50,925 | ||
Prior years | 4,886 | 2,972 | ||
Total incurred | $ 28,844 | $ 25,209 | 60,812 | 53,897 |
Paid (short duration) related to: | ||||
Current year | 37,231 | 34,238 | ||
Prior years | 19,475 | 17,653 | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid | 56,706 | 51,891 | ||
Gross liabilities for unpaid losses and loss adjustment expenses | 107,632 | 94,542 | 107,632 | 94,542 |
Plus : liabilities of policy-holder accounts balances, gross | (14,527) | (16,312) | (14,527) | (16,312) |
Plus : non-insurance warranty benefit claim liabilities | (131) | (41) | (131) | (41) |
Policy liabilities and unpaid claims balance as of June 30, | 122,290 | 110,895 | 122,290 | 110,895 |
Other Short-duration Insurance Product Line [Member] | ||||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | (73,778) | (63,112) | ||
Paid (short duration) related to: | ||||
Net balance as of June 30, short duration | 26,575 | 24,569 | 26,575 | 24,569 |
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | (80,865) | (69,772) | (80,865) | (69,772) |
Other Insurance Product Line [Member] | ||||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | (224) | (208) | ||
Paid (short duration) related to: | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | $ (192) | $ (201) | $ (192) | $ (201) |
Liability for Unpaid Claims and Claim Adjustment Expenses Reconciliation of Short Duration Contracts to Total Losses Incurred (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Insurance [Abstract] | ||||
Total incurred | $ 28,844 | $ 25,209 | $ 60,812 | $ 53,897 |
Other lines incurred | 77 | (1) | 123 | (3) |
Unallocated loss adjustment expense | 623 | 432 | 1,321 | 901 |
Net | $ 29,544 | $ 25,640 | $ 62,256 | $ 54,795 |
Liability for Unpaid Claims and Claim Adjustment Expenses Narrative (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||
Prior Year Claims and Claims Adjustment Expense | $ 4,886 | $ 2,972 |
Non-Standard Auto | ||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Reported Claims, Amount | 2,099 | 1,165 |
Credit Protection | ||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Reported Claims, Amount | $ 4,564 | |
Warranty | ||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Reported Claims, Amount | $ 2,034 |
Revenue From Contracts with Customers Table of Revenue From Contracts With Customers (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Revenue from External Customer [Line Items] | ||||
Revenue from contracts with customers | $ 17,296 | $ 18,933 | $ 34,922 | $ 33,963 |
Asset management fee income | ||||
Revenue from External Customer [Line Items] | ||||
Revenue from contracts with customers | 1,317 | 3,330 | 2,894 | 5,037 |
Warranty coverage revenue | ||||
Revenue from External Customer [Line Items] | ||||
Revenue from contracts with customers | 6,279 | 5,783 | 12,402 | 9,488 |
Car club revenue | ||||
Revenue from External Customer [Line Items] | ||||
Revenue from contracts with customers | 7,844 | 7,767 | 15,673 | 15,489 |
Other | ||||
Revenue from External Customer [Line Items] | ||||
Revenue from contracts with customers | $ 1,856 | $ 2,053 | $ 3,953 | $ 3,949 |
Revenue From Contracts with Customers Table of Deferred Assets Related to Revenue From Contracts with Customers (Rollforward) (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2018
USD ($)
| |
Table of Deferred Assets Related to Revenue From Contracts with Customers [Roll Forward] | |
Deferred acquisition costs, beginning balance | $ 147,162 |
Deferred acquisition costs, ending balance | 146,882 |
Customer Contracts | |
Table of Deferred Assets Related to Revenue From Contracts with Customers [Roll Forward] | |
Deferred acquisition costs, beginning balance | 13,393 |
Additions | 10,963 |
Amortizations | 12,555 |
Deferred acquisition costs, ending balance | 11,801 |
Warranty coverage revenue | Customer Contracts | |
Table of Deferred Assets Related to Revenue From Contracts with Customers [Roll Forward] | |
Deferred acquisition costs, beginning balance | 2,249 |
Additions | 190 |
Amortizations | 707 |
Deferred acquisition costs, ending balance | 1,732 |
Car club revenue | Customer Contracts | |
Table of Deferred Assets Related to Revenue From Contracts with Customers [Roll Forward] | |
Deferred acquisition costs, beginning balance | 11,144 |
Additions | 10,773 |
Amortizations | 11,848 |
Deferred acquisition costs, ending balance | $ 10,069 |
Revenue From Contracts with Customers Table of Deferred Revenue Liabilities From Contracts with Customers (Rollforward) (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2018
USD ($)
| |
Rollforward | |
Deferred revenue, beginning balance | $ 56,745 |
Deferred revenue, ending balance | 63,797 |
Customer Contracts | |
Rollforward | |
Deferred revenue, beginning balance | 43,185 |
Additions | 32,929 |
Amortizations | 28,075 |
Deferred revenue, ending balance | 48,039 |
Warranty coverage revenue | Customer Contracts | |
Rollforward | |
Deferred revenue, beginning balance | 28,324 |
Additions | 18,764 |
Amortizations | 12,402 |
Deferred revenue, ending balance | 34,686 |
Car club revenue | Customer Contracts | |
Rollforward | |
Deferred revenue, beginning balance | 14,861 |
Additions | 14,165 |
Amortizations | 15,673 |
Deferred revenue, ending balance | $ 13,353 |
Other Assets Table of Other Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Due from brokers | $ 1,393 | $ 261 |
Furniture, fixtures and equipment, net | 5,399 | 4,304 |
Prepaid expenses | 6,490 | 7,297 |
Accrued Interest Receivable | 3,715 | 2,248 |
Management Fee Receivable | 1,316 | 2,247 |
Income tax receivable | 9,441 | 9,588 |
Other | 12,575 | 5,639 |
Total other assets | $ 40,329 | $ 31,584 |
Other Assets Table of Depreciation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Furniture and Fixtures | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense related to furniture, fixtures and equipment | $ 494 | $ 616 | $ 991 | $ 1,200 |
Other Liabilities and Accrued Expenses Table of Other Liabilities and Accrued Expenses (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
Accounts payable and accrued expenses | $ 44,750 | $ 52,032 |
Deferred tax liabilities, net | 32,252 | 22,744 |
Due to brokers | 7,331 | 8,669 |
Commissions payable | 8,111 | 14,185 |
Accrued interest payable | 3,593 | 3,393 |
Escrow Payable | 523 | 6,753 |
Other liabilities | 13,819 | 13,545 |
Total other liabilities and accrued expenses | $ 110,379 | $ 121,321 |
Other Revenue and Other Expenses Table of Other Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Other Income and Expenses [Abstract] | ||||
Interest Income, Other | $ 1,773 | $ 4,424 | $ 3,650 | $ 9,130 |
Dividend income | 2,495 | 0 | 4,158 | 0 |
Loan fee income | 1,750 | 3,034 | 3,748 | 6,250 |
Management Fee Income | 17,296 | 18,933 | 34,922 | 33,963 |
Other | 1,798 | 764 | 3,440 | 1,329 |
Total other income | $ 9,133 | $ 11,552 | $ 17,890 | $ 21,746 |
Other Revenue and Other Expenses Table of Other Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Other Income and Expenses [Abstract] | ||||
Professional Fees | $ 3,736 | $ 5,636 | $ 8,808 | $ 9,327 |
Selling, General and Administrative Expense | 3,723 | 3,574 | 7,475 | 7,395 |
Premium taxes | 3,400 | 2,883 | 7,022 | 6,030 |
Mortgage origination expenses | 2,269 | 2,287 | 4,452 | 4,322 |
Rent and related | 2,552 | 2,608 | 4,948 | 5,163 |
Other | 1,920 | 4,898 | 4,060 | 7,268 |
Total other expenses | $ 17,600 | $ 21,886 | $ 36,765 | $ 39,505 |
Other Income Table of Revenues and Expenses of CLO's (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Income: | ||||
Total income | $ 0 | $ 7,941 | $ 0 | $ 16,808 |
Expenses: | ||||
Interest expense | 6,655 | 6,305 | 12,601 | 12,383 |
Other expenses | 17,600 | 21,886 | 36,765 | 39,505 |
Total expense | 0 | 5,046 | 0 | 9,998 |
Net income (loss) attributable to consolidated CLOs | 0 | 2,895 | 0 | 6,810 |
Telos Asset Management LLC | Primary beneficiary | ||||
Income: | ||||
Net realized and unrealized gains (losses) | 0 | 315 | 0 | 1,568 |
Interest income | 0 | 7,626 | 0 | 15,240 |
Total income | 0 | 7,941 | 0 | 16,808 |
Expenses: | ||||
Interest expense | 0 | 4,274 | 0 | 9,049 |
Other expenses | 0 | 772 | 0 | 949 |
Total expense | 0 | 5,046 | 0 | 9,998 |
Net income (loss) attributable to consolidated CLOs | $ 0 | $ 2,895 | $ 0 | $ 6,810 |
Other Income Table of Economic Interests in the CLOs (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Variable Interest Entity [Line Items] | ||||
Management Fee Income | $ 17,296 | $ 18,933 | $ 34,922 | $ 33,963 |
Net income (loss) attributable to consolidated CLOs | 0 | 2,895 | 0 | 6,810 |
Telos Asset Management LLC | Primary beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Distributions received | 0 | 1,672 | 0 | 3,839 |
Realized and unrealized gains (losses) on subordinated notes held by the Company, net | 0 | 863 | 0 | 2,244 |
Total | 0 | 2,535 | 0 | 6,083 |
Management Fee Income | 0 | 360 | 0 | 727 |
Net income (loss) attributable to consolidated CLOs | $ 0 | $ 2,895 | $ 0 | $ 6,810 |
Stockholders' Equity Stockholders’ Equity Narrative (Details) - Common Stock - Class A - $ / shares |
Apr. 10, 2018 |
Apr. 09, 2018 |
Apr. 03, 2018 |
Apr. 16, 2018 |
---|---|---|---|---|
Class of Stock [Line Items] | ||||
Stock Issued During Period to Limited Partner, Shares, Other | 1,187,468 | |||
Partnership Units', Conversion Rate | 2.798 | |||
Warrants, Canceled | 652,500 | |||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 2,255,149 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights, Canceled | $ 11.33 | |||
Exercise price per warrant (in USD per share) | $ 7.59 | |||
Treasury Stock, Shares Canceled | 5,035,977 | |||
Tiptree Financial Partners, L.P. | ||||
Class of Stock [Line Items] | ||||
Units of Partnership Interest, Amount | 424,399 | |||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 84.00% | 84.00% | ||
Warrants, Canceled | 805,986 | |||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 103,994 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights, Canceled | $ 21.232 | |||
Exercise price per warrant (in USD per share) | $ 11.33 | |||
Tiptree Operating Company, LLC | ||||
Class of Stock [Line Items] | ||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 100.00% |
Stockholders' Equity Table of Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Mar. 19, 2018 |
|
Number of shares purchased | 1,372,739 | |
Average price per share | $ 6.45 | |
Remaining repurchase authorization | $ 11,142 | |
Share repurchase program | Common stock | ||
Stock Repurchase Program, Authorized Amount | $ 10,000 | |
Number of shares purchased | 772,739 | |
Average price per share | $ 6.61 | |
Remaining repurchase authorization | $ 4,892 | |
Block repurchase program | Common stock | ||
Stock Repurchase Program, Authorized Amount | $ 10,000 | |
Number of shares purchased | 600,000 | |
Average price per share | $ 6.25 | |
Remaining repurchase authorization | $ 6,250 |
Stockholders' Equity Table of Declared Cash Dividends Per Share (Details) - $ / shares |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
[1] | Mar. 31, 2018 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|||
Common Stock - Class A | |||||||||
Dividends, Common Stock [Abstract] | |||||||||
Dividends declared per Common Share | $ 0.035 | $ 0.030 | $ 0.030 | $ 0.060 | |||||
Common stock | |||||||||
Dividends, Common Stock [Abstract] | |||||||||
Dividends declared per Common Share | $ 0.035 | $ 0.070 | |||||||
|
Stockholders' Equity Table of Statutory Insurance - Dividend Paid and Capital Requirements (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
|
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments [Abstract] | |||||
Statutory Accounting Practices, Dividends Paid not needing the Approval of Regulatory Agency | $ 0 | $ 0 | $ 0 | $ 0 | |
Statutory Accounting Practices, Dividends Paid with Approval of Regulatory Agency | 0 | 0 | 0 | 0 | |
Statutory Accounting Practices, Dividends Paid, Total | 0 | $ 0 | 0 | $ 0 | |
Regulatory Capital Requirements [Abstract] | |||||
Combined statutory capital and surplus of the Company's insurance company subsidiaries | 117,810 | 117,810 | $ 105,989 | ||
Required minimum statutory capital and surplus | 19,200 | 19,200 | 19,200 | ||
Amount available for ordinary dividends of the Company's insurance company subsidiaries | $ 10,115 | $ 10,115 | $ 10,115 |
Stockholders' Equity Table of Statutory Insurance Companies Net Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Insurance [Abstract] | ||||
Net income of statutory insurance companies | $ 3,559 | $ 3,307 | $ 9,731 | $ 6,354 |
Accumulated Other Comprehensive Income (Loss) Schedule of Activity in AOCI (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | $ 966 | |||
Period change | $ (575) | $ 181 | (4,023) | $ 830 |
Ending balance | (2,399) | (2,399) | ||
Available for sale securities | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (460) | (700) | ||
Other comprehensive gain (loss) before reclassification | (2,367) | 934 | ||
Amounts reclassified from AOCI | 418 | 18 | ||
Period change | (1,949) | 952 | ||
Ending balance | (2,409) | 252 | (2,409) | 252 |
Interest rate swaps | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | 2,074 | 1,759 | ||
Other comprehensive gain (loss) before reclassification | 835 | (282) | ||
Amounts reclassified from AOCI | 0 | 160 | ||
Period change | (2,074) | (122) | ||
Ending balance | 0 | 1,637 | 0 | 1,637 |
Total AOCI | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | 1,614 | 1,059 | ||
Other comprehensive gain (loss) before reclassification | (1,532) | 652 | ||
Amounts reclassified from AOCI | 418 | 178 | ||
Period change | (4,023) | 830 | ||
Ending balance | (2,409) | 1,889 | (2,409) | 1,889 |
Accumulated other comprehensive income (loss) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | 966 | 555 | ||
Other comprehensive gain (loss) before reclassification | (1,261) | 599 | ||
Amounts reclassified from AOCI | 418 | 178 | ||
Reclassification from Accumulated Other Comprehensive Income Due To Reorganization, Current Period, Net of Tax | (341) | |||
Period change | (3,365) | 777 | ||
Ending balance | (2,399) | 1,332 | (2,399) | 1,332 |
Tiptree Financial Partners, L.P. | Noncontrolling interest | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (222) | (128) | ||
Other comprehensive gain (loss) before reclassification | 61 | (179) | ||
Amounts reclassified from AOCI | 0 | 0 | ||
Reclassification from Accumulated Other Comprehensive Income Due To Reorganization, Current Period, Net of Tax | 341 | |||
Period change | 222 | (179) | ||
Ending balance | 0 | (307) | 0 | (307) |
Noncontrolling interests - other | Noncontrolling interest | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (426) | (376) | ||
Other comprehensive gain (loss) before reclassification | 210 | 126 | ||
Amounts reclassified from AOCI | 0 | 0 | ||
Period change | 436 | 126 | ||
Ending balance | $ 10 | $ (250) | 10 | $ (250) |
Care Disposition | Available for sale securities | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Amounts reclassified from AOCI | 0 | |||
Care Disposition | Interest rate swaps | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Amounts reclassified from AOCI | (2,909) | |||
Care Disposition | Total AOCI | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Amounts reclassified from AOCI | (2,909) | |||
Care Disposition | Accumulated other comprehensive income (loss) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Amounts reclassified from AOCI | (2,181) | |||
Care Disposition | Tiptree Financial Partners, L.P. | Noncontrolling interest | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Amounts reclassified from AOCI | (502) | |||
Care Disposition | Noncontrolling interests - other | Noncontrolling interest | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Amounts reclassified from AOCI | $ (226) |
Accumulated Other Comprehensive Income (Loss) Schedule of Reclassifications Out of AOCI into Net Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification of AOCI - interest rate swaps | $ 0 | $ 0 | $ 46,184 | $ 0 |
Related tax (expense) benefit | (701) | 1,305 | 867 | (263) |
Net income (loss) from continuing operations | 876 | (3,600) | (4,599) | (1,130) |
Available for sale securities | Amount reclassified from AOCI | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Unrealized gains (losses) on available for sale securities | (4) | 20 | (535) | (27) |
Related tax (expense) benefit | 1 | (7) | 117 | 9 |
Net income (loss) from continuing operations | (3) | 13 | (418) | (18) |
Interest rate swaps | Amount reclassified from AOCI | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Unrealized gains (losses) on interest rate swaps | 0 | (93) | 0 | (237) |
Reclassification of AOCI - interest rate swaps | 0 | 0 | 3,845 | 0 |
Related tax (expense) benefit | 0 | 32 | (936) | 77 |
Net income (loss) from continuing operations | $ 0 | $ (61) | $ 2,909 | $ (160) |
Interest Expense | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI | Interest expense | |||
Provision for income taxes | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI | Provision for income tax |
Stock Based Compensation Equity Plans Narrative (Details) |
Jun. 06, 2017
shares
|
---|---|
Tiptree Inc. 2017 Omnibus Incentive Plan | Common Stock - Class A | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 6,100,000 |
Stock Based Compensation Table of Changes to Equity Plan (Details) - Stock Compensation Plan |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2018
shares
| ||||
Tiptree Inc. 2017 Omnibus Incentive Plan | ||||
Options outstanding | ||||
Available for issuance as of December 31, 2017 | 6,017,012 | [1] | ||
RSU and option awards granted | (535,478) | [1] | ||
Available for issuance as of June 30, 2018 | 5,496,770 | |||
Tiptree Financial Inc. 2013 Omnibus Incentive Plan [Member] | ||||
Options outstanding | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 15,236 | [1] | ||
|
Stock Based Compensation Table of Changes to Restricted Stock Units and Restricted Stock (Details) - Restricted Stock Units (RSUs) |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2018
$ / shares
shares
| ||||
Tiptree Inc. 2017 Omnibus Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Shares Paid for Tax Withholding for Share Based Compensation | 24,670 | |||
Director | Tiptree Inc. 2017 Omnibus Incentive Plan | ||||
Number of shares issuable [Roll Forward] | ||||
Granted | 24,016 | |||
Employees | Tiptree Inc. 2017 Omnibus Incentive Plan | ||||
Number of shares issuable [Roll Forward] | ||||
Granted | 268,799 | |||
Three year vesting period, Starting April 2017 | Employees | Tiptree Inc. 2017 Omnibus Incentive Plan | ||||
Number of shares issuable [Roll Forward] | ||||
Granted | 147,467 | |||
Three year vesting period, Starting February 2017 | Employees | Tiptree Inc. 2017 Omnibus Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Amount vesting in February 2020 | Employees | Tiptree Inc. 2017 Omnibus Incentive Plan | ||||
Number of shares issuable [Roll Forward] | ||||
Granted | 121,332 | |||
RSU’s and restricted stock vesting - first tranche | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||
RSU’s and restricted stock vesting - second tranche | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||
RSU’s and restricted stock vesting - third tranche | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||
Common Stock - Class A | Tiptree Inc. 2017 Omnibus Incentive Plan | ||||
Number of shares issuable [Roll Forward] | ||||
Unvested units as of December 31, 2017 | 598,882 | |||
Granted | 292,815 | [1] | ||
Vested | (186,244) | |||
Unvested units as of June 30, 2018 | 690,217 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Unvested units as of December 31, 2017 | $ / shares | $ 6.48 | |||
Granted | $ / shares | 5.89 | |||
Vested | $ / shares | 6.31 | |||
Unvested units as of June 30, 2018 | $ / shares | $ 6.28 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (15,236) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ / shares | $ 6.04 | |||
|
Stock Based Compensation Table of RSU’s under the Subsidiary Incentive Plans Rollforward (Details) - Subsidiary Incentive Plan - Restricted Stock Units (RSUs) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2018
USD ($)
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested balance as of December 31, 2017 | $ 8,792 |
Vested | (1,466) |
Unvested balance as of June 30, 2018 | $ 7,326 |
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Nonvested Shares, If Converted | shares | 1,862,934 |
Stock Based Compensation Table of Stock Options Valuation Assumptions (Details) - Employee Stock Option |
6 Months Ended |
---|---|
Jun. 30, 2018
Rate
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |
Historical volatility | 30.63% |
Risk-free rate | 2.85% |
Dividend yield | 2.03% |
Expected term (years) | 6 years 6 months |
Stock Based Compensation Table of Stock Option Activity Rollforward (Details) - Employee Stock Option - $ / shares |
6 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
||||
Options outstanding | ||||||
Balance, December 31, 2017 | 821,864 | |||||
Granted | 242,663 | |||||
Balance, June 30, 2018 (1) | 1,064,527 | [1] | 821,864 | |||
Weighted average exercise price (in dollars per stock option) | ||||||
Balance, December 31, 2017 | $ 6.36 | |||||
Granted | 5.85 | |||||
Balance, June 30, 2018 (1) | 6.24 | [1] | $ 6.36 | |||
Weighted average grant date value (in dollars per stock option) | ||||||
Balance, December 31, 2017 | 2.82 | |||||
Granted | 1.88 | |||||
Balance, June 30, 2018 (1) | $ 2.61 | [1] | $ 2.82 | |||
Options Exercisable | ||||||
Balance, December 31, 2017 | 0 | |||||
Granted | 0 | |||||
Balance, June 30, 2018 (1) | 0 | [1] | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||||
Weighted average remaining contractual term at June 30, 2018 (in years) | 8 years 7 months 24 days | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Book Value Target, Amount Per Share | $ 9.97 | $ 10.14 | $ 8.96 | |||
Stock Options - first vesting tranche, third anniversary | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||||
Stock Options - second vesting tranche, fourth anniversary | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||||
Stock Options - third vesting tranche, fifth anniversary | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||||
|
Stock Based Compensation Table of Share-based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Income tax benefit | $ (221) | $ (474) | $ (480) | $ (1,108) |
Net stock-based compensation expense | 830 | 868 | 1,804 | 2,032 |
Payroll and employee commissions | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Employee compensation and benefits | $ 1,051 | $ 1,342 | $ 2,284 | $ 3,140 |
Stock Based Compensation Table of Unrecognized Compensation Costs Related to Non-vested Awards (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2018
USD ($)
| |
Employee Stock Option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost related to non-vested awards | $ 1,718 |
Weighted - average recognition period (in years) | 2 years 10 months 24 days |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost related to non-vested awards | $ 7,065 |
Weighted - average recognition period (in years) | 1 year 7 months 24 days |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||
Total income tax expense (benefit) from continuing operations | $ 701 | $ (1,305) | $ (867) | $ 263 | ||||||||||||
Effective tax rate (ETR) | 44.50% | [1] | 26.40% | [2] | 15.90% | [3] | (30.40%) | [4] | ||||||||
Income tax expense (benefit) from discontinued operations | $ 0 | $ (570) | $ 12,327 | $ (972) | ||||||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | ||||||||||||||
|
Commitments and Contingencies Table of Contractual Obligations (Details) - Operating lease obligations $ in Thousands |
Jun. 30, 2018
USD ($)
|
[1] | ||
---|---|---|---|---|
Operating lease obligations | ||||
Less than one year | $ 5,078 | |||
1-3 years | 11,869 | |||
3-5 years | 9,268 | |||
More than 5 years | 18,946 | |||
Total | $ 45,161 | |||
|
Commitments and Contingencies Table of Rent Expense for the Company's Office Leases (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Other Income and Expenses [Abstract] | ||||
Rent expense for office leases | $ 1,689 | $ 1,749 | $ 3,184 | $ 3,447 |
Earnings Per Share Table of Reconciliation of Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income (loss) from continuing operations | $ 876 | $ (3,600) | $ (4,599) | $ (1,130) |
Net income from continuing operations attributable to non-controlling interests | 50 | (401) | (1,066) | 176 |
Net income allocated to participating securities | 15 | 0 | 0 | 0 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | (1,724) | 34,481 | (2,852) |
Net income (loss) from discontinued operations attributable to non-controlling interests | 0 | (480) | 6,562 | (815) |
Common Stock - Class A | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income (loss) from continuing operations attributable to Tiptree Inc. Class A common shares | (3,199) | (1,306) | ||
Net income (loss) from discontinued operations attributable to Tiptree Inc. Class A common shares | (1,244) | (2,037) | ||
Net income (loss) attributable to Tiptree Inc. Class A common shares - basic | (4,443) | (3,343) | ||
Net income (loss) attributable to Tiptree Inc. Class A common shares - diluted | $ (4,443) | $ (3,343) | ||
Weighted Average Number of Shares Outstanding, Basic | ||||
Weighted average number of shares of Common Stock outstanding - basic | 28,832,975 | 28,630,027 | ||
Weighted average number of incremental shares of Common Stock issuable from exchangeable interests and contingent considerations | 0 | 0 | ||
Weighted Average Number of Shares Outstanding, Diluted | ||||
Weighted average number of shares of Common Stock outstanding - diluted | 28,832,975 | 28,630,027 | ||
Basic: | ||||
Basic, continuing operations, net | $ (0.11) | $ (0.05) | ||
Basic, discontinued operations, net | (0.04) | (0.07) | ||
Basic earnings per share | (0.15) | (0.12) | ||
Diluted: | ||||
Diluted, continuing operations, net | (0.11) | (0.05) | ||
Diluted, discontinued operations, net | (0.04) | (0.07) | ||
Diluted earnings per share | $ (0.15) | $ (0.12) | ||
Common stock | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income (loss) from continuing operations attributable to Tiptree Inc. Class A common shares | 811 | (3,533) | ||
Net income (loss) from discontinued operations attributable to Tiptree Inc. Class A common shares | 0 | 27,919 | ||
Net income (loss) attributable to Tiptree Inc. Class A common shares - basic | 811 | 24,386 | ||
Net income (loss) attributable to Tiptree Inc. Class A common shares - diluted | $ 812 | $ 24,386 | ||
Weighted Average Number of Shares Outstanding, Basic | ||||
Weighted average number of shares of Common Stock outstanding - basic | 36,593,154 | 33,245,921 | ||
Weighted average number of incremental shares of Common Stock issuable from exchangeable interests and contingent considerations | 793,165 | 0 | ||
Weighted Average Number of Shares Outstanding, Diluted | ||||
Weighted average number of shares of Common Stock outstanding - diluted | 37,386,319 | 33,245,921 | ||
Basic: | ||||
Basic, continuing operations, net | $ 0.02 | $ (0.11) | ||
Basic, discontinued operations, net | 0.00 | 0.84 | ||
Basic earnings per share | 0.02 | 0.73 | ||
Diluted: | ||||
Diluted, continuing operations, net | 0.02 | (0.11) | ||
Diluted, discontinued operations, net | 0.00 | 0.84 | ||
Diluted earnings per share | $ 0.02 | $ 0.73 | ||
Securities of subsidiaries | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Dilutive Securities, Effect on Basic Earnings Per Share | $ (107) | $ 0 | $ 0 | $ 0 |
Adjustments to income relating to exchangeable interests, net of tax | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Dilutive Securities, Effect on Basic Earnings Per Share | $ 108 | $ 0 | $ 0 | $ 0 |
Subsequent Events (Details) - Common stock - $ / shares |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Aug. 02, 2018 |
Jun. 30, 2018 |
[1] | Jun. 30, 2018 |
|||
Subsequent Event [Line Items] | ||||||
Dividends declared per Common Share | $ 0.035 | $ 0.070 | ||||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Dividends declared per Common Share | $ 0.035 | |||||
|
Label | Element | Value |
---|---|---|
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations | $ 13,224,000 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations | $ 10,533,000 |
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