(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.) | |
299 Park Avenue, 13th Floor, New York, New York | 10171 | |
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, par value $0.001 per share | TIPT | Nasdaq Capital Market |
ITEM | Page Number | |
Item 1. Financial Statements (Unaudited) | ||
(5) Investments | ||
(14) Other Assets and Other Liabilities and Accrued Expenses | ||
As of | |||||||
June 30, 2019 | December 31, 2018 | ||||||
Assets: | |||||||
Investments: | |||||||
Available for sale securities, at fair value | $ | 269,054 | $ | 283,563 | |||
Loans, at fair value | 92,053 | 215,383 | |||||
Equity securities | 154,578 | 122,979 | |||||
Other investments | 74,257 | 75,002 | |||||
Total investments | 589,942 | 696,927 | |||||
Cash and cash equivalents | 175,835 | 86,003 | |||||
Restricted cash | 13,531 | 10,521 | |||||
Notes and accounts receivable, net | 233,393 | 223,105 | |||||
Reinsurance receivables | 427,415 | 420,351 | |||||
Deferred acquisition costs | 192,683 | 170,063 | |||||
Goodwill | 91,562 | 91,562 | |||||
Intangible assets, net | 48,084 | 52,121 | |||||
Other assets | 70,420 | 46,034 | |||||
Assets held for sale | 77,501 | 68,231 | |||||
Total assets | $ | 1,920,366 | $ | 1,864,918 | |||
Liabilities and Stockholders’ Equity | |||||||
Liabilities: | |||||||
Debt, net | $ | 296,558 | $ | 354,083 | |||
Unearned premiums | 646,109 | 599,444 | |||||
Policy liabilities and unpaid claims | 128,690 | 131,611 | |||||
Deferred revenue | 80,101 | 75,754 | |||||
Reinsurance payable | 123,671 | 117,597 | |||||
Other liabilities and accrued expenses | 166,067 | 124,190 | |||||
Liabilities held for sale | 72,132 | 62,980 | |||||
Total liabilities | $ | 1,513,328 | $ | 1,465,659 | |||
Stockholders’ Equity: | |||||||
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, 34,540,432 and 35,870,348 shares issued and outstanding, respectively | 35 | 36 | |||||
Additional paid-in capital | 324,321 | 331,892 | |||||
Accumulated other comprehensive income (loss), net of tax | 1,389 | (2,058 | ) | ||||
Retained earnings | 70,340 | 57,231 | |||||
Total Tiptree Inc. stockholders’ equity | 396,085 | 387,101 | |||||
Non-controlling interests - Other | 10,953 | 12,158 | |||||
Total stockholders’ equity | 407,038 | 399,259 | |||||
Total liabilities and stockholders’ equity | $ | 1,920,366 | $ | 1,864,918 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenues: | |||||||||||||||
Earned premiums, net | $ | 116,576 | $ | 100,044 | $ | 235,549 | $ | 201,689 | |||||||
Service and administrative fees | 26,728 | 24,891 | 52,623 | 49,467 | |||||||||||
Ceding commissions | 3,048 | 2,242 | 5,552 | 4,525 | |||||||||||
Net investment income | 3,428 | 4,927 | 7,729 | 9,132 | |||||||||||
Net realized and unrealized gains (losses) | 24,875 | 12,317 | 45,026 | 19,701 | |||||||||||
Other revenue | 16,417 | 8,288 | 28,496 | 16,267 | |||||||||||
Total revenues | 191,072 | 152,709 | 374,975 | 300,781 | |||||||||||
Expenses: | |||||||||||||||
Policy and contract benefits | 39,422 | 34,174 | 80,263 | 70,800 | |||||||||||
Commission expense | 72,737 | 62,562 | 147,640 | 125,195 | |||||||||||
Employee compensation and benefits | 30,969 | 27,188 | 60,122 | 54,976 | |||||||||||
Interest expense | 6,532 | 6,655 | 13,452 | 12,601 | |||||||||||
Depreciation and amortization | 3,291 | 2,953 | 6,385 | 5,910 | |||||||||||
Other expenses | 22,416 | 17,600 | 46,253 | 36,765 | |||||||||||
Total expenses | 175,367 | 151,132 | 354,115 | 306,247 | |||||||||||
Income (loss) before taxes from continuing operations | 15,705 | 1,577 | 20,860 | (5,466 | ) | ||||||||||
Less: provision (benefit) for income taxes | 3,501 | 701 | 4,355 | (867 | ) | ||||||||||
Net income (loss) from continuing operations | 12,204 | 876 | 16,505 | (4,599 | ) | ||||||||||
Discontinued operations: | |||||||||||||||
Income (loss) before taxes from discontinued operations | — | — | — | 624 | |||||||||||
Gain on sale of discontinued operations | — | — | — | 46,184 | |||||||||||
Less: Provision (benefit) for income taxes | — | — | — | 12,327 | |||||||||||
Net income (loss) from discontinued operations | — | — | — | 34,481 | |||||||||||
Net income (loss) before non-controlling interests | 12,204 | 876 | 16,505 | 29,882 | |||||||||||
Less: net income (loss) attributable to non-controlling interests - TFP | — | 108 | — | 5,500 | |||||||||||
Less: net income (loss) attributable to non-controlling interests - Other | 458 | (58 | ) | 834 | (4 | ) | |||||||||
Net income (loss) attributable to Common Stockholders | $ | 11,746 | $ | 826 | $ | 15,671 | $ | 24,386 | |||||||
Net income (loss) per Common Share: | |||||||||||||||
Basic, continuing operations, net | $ | 0.33 | $ | 0.02 | $ | 0.44 | $ | (0.11 | ) | ||||||
Basic, discontinued operations, net | — | — | — | 0.84 | |||||||||||
Basic earnings per share | $ | 0.33 | $ | 0.02 | $ | 0.44 | $ | 0.73 | |||||||
Diluted, continuing operations, net | 0.32 | 0.02 | 0.43 | (0.11 | ) | ||||||||||
Diluted, discontinued operations, net | — | — | — | 0.84 | |||||||||||
Diluted earnings per share | $ | 0.32 | $ | 0.02 | $ | 0.43 | $ | 0.73 | |||||||
Weighted average number of Common Shares: | |||||||||||||||
Basic | 34,527,230 | 36,593,154 | 34,599,739 | 33,245,921 | |||||||||||
Diluted | 34,527,230 | 37,386,319 | 34,599,739 | 33,245,921 | |||||||||||
Dividends declared per Common Share | $ | 0.040 | $ | 0.035 | $ | 0.080 | $ | 0.070 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income (loss) before non-controlling interests | $ | 12,204 | $ | 876 | $ | 16,505 | $ | 29,882 | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||
Unrealized gains (losses) on available-for-sale securities: | |||||||||||||||
Unrealized holding gains (losses) arising during the period | 2,531 | (752 | ) | 5,659 | (3,045 | ) | |||||||||
Related tax (expense) benefit | (561 | ) | 174 | (1,274 | ) | 678 | |||||||||
Reclassification of (gains) losses included in net income | (1,046 | ) | (4 | ) | (1,041 | ) | 523 | ||||||||
Related tax expense (benefit) | 222 | 7 | 221 | (105 | ) | ||||||||||
Unrealized gains (losses) on available-for-sale securities, net of tax | 1,146 | (575 | ) | 3,565 | (1,949 | ) | |||||||||
Interest rate swaps (cash flow hedges): | |||||||||||||||
Unrealized gains (losses) on interest rate swaps | — | — | — | 1,111 | |||||||||||
Related tax (expense) benefit | — | — | — | (276 | ) | ||||||||||
Reclassification of (gains) losses included in net income (1) | — | — | — | (3,845 | ) | ||||||||||
Related tax expense (benefit) | — | — | — | 936 | |||||||||||
Unrealized (losses) gains on interest rate swaps from cash flow hedges, net of tax | — | — | — | (2,074 | ) | ||||||||||
Other comprehensive income (loss), net of tax | 1,146 | (575 | ) | 3,565 | (4,023 | ) | |||||||||
Comprehensive income (loss) | 13,350 | 301 | 20,070 | 25,859 | |||||||||||
Less: Comprehensive income (loss) attributable to non-controlling interests - TFP | — | 108 | — | 4,937 | |||||||||||
Less: Comprehensive income (loss) attributable to non-controlling interests - Other | 466 | (58 | ) | 853 | (440 | ) | |||||||||
Comprehensive income (loss) attributable to Common Stockholders | $ | 12,884 | $ | 251 | $ | 19,217 | $ | 21,362 |
(1) | Deconsolidated as part of the sale of Care. See Note (3) Dispositions, Assets Held for Sale & Discontinued Operations. |
Common Stock | ||||||||||||||||||||||||||||||
Number of shares | Par value | Additional paid in capital | Accumulated other comprehensive income (loss) | Retained earnings | Total stockholders’ equity to Tiptree Inc. | Non-controlling interests - Other | Total stockholders' equity | |||||||||||||||||||||||
Balance at December 31, 2018 | 35,870,348 | $ | 36 | $ | 331,892 | $ | (2,058 | ) | $ | 57,231 | $ | 387,101 | $ | 12,158 | $ | 399,259 | ||||||||||||||
Adoption of accounting standard (1) | — | — | — | (99 | ) | 99 | — | — | — | |||||||||||||||||||||
Amortization of share-based incentive compensation | — | — | 1,533 | — | — | 1,533 | 1,313 | 2,846 | ||||||||||||||||||||||
Vesting of share-based incentive compensation (2) | 142,814 | — | (20 | ) | — | — | (20 | ) | (2,236 | ) | (2,256 | ) | ||||||||||||||||||
Shares purchased under stock purchase plan | (1,472,730 | ) | (1 | ) | (9,084 | ) | — | — | (9,085 | ) | — | (9,085 | ) | |||||||||||||||||
Non-controlling interest contributions | — | — | — | — | — | — | 50 | 50 | ||||||||||||||||||||||
Non-controlling interest distributions | — | — | — | — | — | — | (1,185 | ) | (1,185 | ) | ||||||||||||||||||||
Dividends declared | — | — | — | — | (2,661 | ) | (2,661 | ) | — | (2,661 | ) | |||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | 3,546 | — | 3,546 | 19 | 3,565 | ||||||||||||||||||||||
Net income | — | — | — | — | 15,671 | 15,671 | 834 | 16,505 | ||||||||||||||||||||||
Balance at June 30, 2019 | 34,540,432 | $ | 35 | $ | 324,321 | $ | 1,389 | $ | 70,340 | $ | 396,085 | $ | 10,953 | $ | 407,038 | |||||||||||||||
Balance at March 31, 2019 | 34,505,781 | $ | 35 | $ | 323,334 | $ | 251 | $ | 60,015 | $ | 383,635 | $ | 11,020 | $ | 394,655 | |||||||||||||||
Amortization of share-based incentive compensation | — | — | 863 | — | — | 863 | 652 | 1,515 | ||||||||||||||||||||||
Vesting of share-based incentive compensation (2) | 34,651 | — | 124 | — | — | 124 | — | 124 | ||||||||||||||||||||||
Non-controlling interest distributions | — | — | — | — | — | — | (1,185 | ) | (1,185 | ) | ||||||||||||||||||||
Dividends declared | — | — | — | — | (1,421 | ) | (1,421 | ) | — | (1,421 | ) | |||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | 1,138 | — | 1,138 | 8 | 1,146 | ||||||||||||||||||||||
Net income | — | — | — | — | 11,746 | 11,746 | 458 | 12,204 | ||||||||||||||||||||||
Balance at June 30, 2019 | 34,540,432 | $ | 35 | $ | 324,321 | $ | 1,389 | $ | 70,340 | $ | 396,085 | $ | 10,953 | $ | 407,038 |
(1) | Amounts reclassified due to adoption of ASU 2018-02. See Note (2) Summary of Significant Accounting Policies. |
(2) | Includes subsidiary RSUs exchanged for Tiptree Common Stock. See Note (18) Stock Based Compensation. |
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 | |||||||||||||||||||||||||||||||||||||||
Shares purchased under stock purchase plan | (1,372,739 | ) | — | (1 | ) | — | (8,857 | ) | — | — | — | — | — | — | (8,858 | ) | — | — | (8,858 | ) | |||||||||||||||||||||||||||||||||||
Reorganization merger (1) | 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 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Non-controlling interest contributions | — | — | — | — | — | — | — | — | — | — | — | — | — | 1,418 | 1,418 | ||||||||||||||||||||||||||||||||||||||||
Non-controlling interest distributions | — | — | — | — | — | — | — | — | — | — | — | — | (241 | ) | — | (241 | ) | ||||||||||||||||||||||||||||||||||||||
Net changes in non-controlling interest | — | — | — | — | (132 | ) | — | — | — | — | — | — | (132 | ) | — | (14,097 | ) | (14,229 | ) | ||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | — | (2,200 | ) | — | — | — | — | (2,200 | ) | — | — | (2,200 | ) | |||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | (3,024 | ) | — | — | — | — | — | (3,024 | ) | (563 | ) | (436 | ) | (4,023 | ) | |||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Balance at March 31, 2018 | 35,003,004 | 8,049,029 | 35 | 8 | 294,678 | (1,483 | ) | 60,741 | (5,080,943 | ) | (33,823 | ) | (8,049,029 | ) | (8 | ) | 320,148 | 82,082 | 5,430 | 407,660 | |||||||||||||||||||||||||||||||||||
Amortization of share-based incentive compensation | — | — | — | — | 619 | — | — | — | — | — | — | 619 | — | 432 | 1,051 | ||||||||||||||||||||||||||||||||||||||||
Vesting of share-based incentive compensation | — | — | — | — | (38 | ) | — | — | 15,601 | 101 | — | — | 63 | — | — | 63 | |||||||||||||||||||||||||||||||||||||||
Shares purchased under stock purchase plan | (1,372,739 | ) | — | (1 | ) | — | (8,857 | ) | — | — | — | — | — | — | (8,858 | ) | — | — | (8,858 | ) | |||||||||||||||||||||||||||||||||||
Shares purchased under stock purchase plan and canceled | — | — | — | — | — | — | — | 29,365 | 187 | — | — | 187 | — | — | 187 | ||||||||||||||||||||||||||||||||||||||||
Reorganization merger (1) | 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 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Non-controlling interest contributions | — | — | — | — | — | — | — | — | — | — | — | — | — | 1,418 | 1,418 | ||||||||||||||||||||||||||||||||||||||||
Net changes in non-controlling interest | — | — | — | — | 354 | — | — | — | — | — | — | 354 | — | (58 | ) | 296 | |||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | — | (1,302 | ) | — | — | — | — | (1,302 | ) | — | — | (1,302 | ) | |||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | (575 | ) | — | — | — | — | — | (575 | ) | — | — | (575 | ) | |||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 826 | — | — | — | — | 826 | 108 | (58 | ) | 876 | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2018 | 36,643,317 | — | $ | 37 | $ | — | $ | 335,749 | $ | (2,399 | ) | $ | 60,265 | — | $ | — | — | $ | — | $ | 393,652 | $ | — | $ | 7,164 | $ | 400,816 |
(1) | Includes the exchange of 424,399 units of TFP for 1,187,468 shares of Common Stock. |
Six months ended June 30, | |||||||
2019 | 2018 | ||||||
Operating Activities: | |||||||
Net income (loss) attributable to Common Stockholders | $ | 15,671 | $ | 24,386 | |||
Net income (loss) attributable to non-controlling interests - TFP | — | 5,500 | |||||
Net income (loss) attributable to non-controlling interests - Other | 834 | (4 | ) | ||||
Net income (loss) | 16,505 | 29,882 | |||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | |||||||
Net realized and unrealized (gains) losses | (45,026 | ) | (19,701 | ) | |||
Net (gain) on sale of businesses | (7,598 | ) | (46,184 | ) | |||
Non cash compensation expense | 2,998 | 2,284 | |||||
Amortization/accretion of premiums and discounts | 508 | 430 | |||||
Depreciation and amortization expense | 6,385 | 5,911 | |||||
Bad debt expense | 57 | 126 | |||||
Amortization of deferred financing costs | 392 | 523 | |||||
Loss on extinguishment of debt | 1,241 | 428 | |||||
Deferred tax expense (benefit) | 3,943 | 11,460 | |||||
Changes in operating assets and liabilities: | |||||||
Mortgage loans originated for sale | (807,184 | ) | (730,657 | ) | |||
Proceeds from the sale of mortgage loans originated for sale | 816,933 | 778,671 | |||||
(Increase) decrease in notes and accounts receivable | (2,574 | ) | (8,994 | ) | |||
(Increase) decrease in reinsurance receivables | (7,064 | ) | (20,178 | ) | |||
(Increase) decrease in deferred acquisition costs | (22,620 | ) | 280 | ||||
(Increase) decrease in other assets | 9,041 | (17,468 | ) | ||||
Increase (decrease) in unearned premiums | 46,665 | 22,836 | |||||
Increase (decrease) in policy liabilities and unpaid claims | (2,921 | ) | 10,287 | ||||
Increase (decrease) in deferred revenue | 4,347 | 7,052 | |||||
Increase (decrease) in reinsurance payable | 6,074 | 2,934 | |||||
Increase (decrease) in other liabilities and accrued expenses | (18,261 | ) | (19,759 | ) | |||
Net cash provided by (used in) operating activities | 1,841 | 10,163 | |||||
Investing Activities: | |||||||
Purchases of investments | (146,773 | ) | (182,886 | ) | |||
Proceeds from sales and maturities of investments | 292,713 | 122,511 | |||||
Proceeds from the sale of real estate | 6,201 | 9,384 | |||||
Purchases of fixed assets | (6,035 | ) | (2,032 | ) | |||
Proceeds from the sale of businesses | 18,079 | 3,561 | |||||
Proceeds from notes receivable | 15,902 | 14,923 | |||||
Issuance of notes receivable | (23,826 | ) | (15,040 | ) | |||
Net cash provided by (used in) investing activities | 156,261 | (49,579 | ) | ||||
Financing Activities: | |||||||
Dividends paid | (2,661 | ) | (2,200 | ) | |||
Non-controlling interest contributions | 50 | 1,418 | |||||
Non-controlling interest distributions | (1,185 | ) | (241 | ) | |||
Payment of debt issuance costs | (79 | ) | (657 | ) | |||
Proceeds from borrowings and mortgage notes payable | 874,999 | 786,705 | |||||
Principal paydowns of borrowings and mortgage notes payable | (926,572 | ) | (776,031 | ) | |||
Repurchases of Common Stock | (9,085 | ) | (8,858 | ) | |||
Net cash provided by (used in) financing activities | (64,533 | ) | 136 | ||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 93,569 | (39,280 | ) | ||||
Cash, cash equivalents and restricted cash – beginning of period | 96,524 | 142,237 | |||||
Cash, cash equivalents and restricted cash – beginning of period - held for sale | 2,860 | 10,533 | |||||
Cash, cash equivalents and restricted cash – end of period (1) | 192,953 | 113,490 | |||||
Less: Reclassification of cash to assets held for sale | 3,587 | 3,852 | |||||
Cash, cash equivalents and restricted cash– end of period | $ | 189,366 | $ | 109,638 | |||
Supplemental Schedule of Non-Cash Investing and Financing Activities: | |||||||
Right-of-use asset obtained in exchange for lease liability | $ | 33,558 | $ | — | |||
Acquired real estate properties through, or in lieu of, foreclosure of the related loan | $ | 2,596 | $ | 5,100 | |||
Equity securities acquired through the sale of a subsidiary and asset sales | $ | — | $ | 134,083 | |||
Acquisition of non-controlling interest | $ | — | $ | 82,190 | |||
Cancellation of treasury shares | $ | — | $ | 33,535 | |||
As of | |||||||
Reconciliation of cash, cash equivalents and restricted cash shown in the statement of cash flows | June 30, 2019 | December 31, 2018 | |||||
Cash and cash equivalents | $ | 175,835 | $ | 86,003 | |||
Restricted cash | 13,531 | 10,521 | |||||
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ | 189,366 | $ | 96,524 |
(1) | Includes cash in assets held for sale |
• | 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 and 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, 2019 | December 31, 2018 | ||||||
Assets | |||||||
Investments: | |||||||
Loans, at fair value | $ | 70,715 | $ | 63,340 | |||
Other investments | 1,245 | 798 | |||||
Total Investments | 71,960 | 64,138 | |||||
Cash and cash equivalents | 3,587 | 2,860 | |||||
Notes and accounts receivable, net | 305 | 230 | |||||
Other assets (1) | 1,649 | 1,003 | |||||
Assets held for sale | $ | 77,501 | $ | 68,231 | |||
Liabilities | |||||||
Debt, net | $ | 69,365 | $ | 61,381 | |||
Other liabilities and accrued expenses (2) | 2,767 | 1,599 | |||||
Liabilities held for sale | $ | 72,132 | $ | 62,980 |
(1) | Includes $467 and $0 of a right of use asset as of June 30, 2019 and December 31, 2018, respectively. |
(2) | Includes $489 and $0 of a lease liability as of June 30, 2019 and December 31, 2018, respectively. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenues: | |||||||||||||||
Rental and related revenue | $ | — | $ | — | $ | — | $ | 6,476 | |||||||
Other revenue | — | — | — | 149 | |||||||||||
Total revenues | — | — | — | 6,625 | |||||||||||
Expenses: | |||||||||||||||
Employee compensation and benefits | — | — | — | 2,788 | |||||||||||
Interest expense | — | — | — | 1,252 | |||||||||||
Other expenses | — | — | — | 1,961 | |||||||||||
Total expenses | — | — | — | 6,001 | |||||||||||
Net income (loss) before taxes from discontinued operations | — | — | — | 624 | |||||||||||
Gain on sale of discontinued operations | — | — | — | 46,184 | |||||||||||
Less: provision (benefit) for income taxes | — | — | — | 12,327 | |||||||||||
Net income (loss) from discontinued operations | $ | — | $ | — | $ | — | $ | 34,481 |
Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Net cash provided by (used in): | |||||||
Operating activities | $ | — | $ | (2,095 | ) | ||
Investing activities | — | (592 | ) | ||||
Financing activities | — | (123 | ) | ||||
Net cash flows provided by discontinued operations | $ | — | $ | (2,810 | ) |
Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | ||||||||||||||||||||||
Specialty insurance | Tiptree Capital | Total | Specialty insurance | Tiptree Capital | Total | ||||||||||||||||||
Total revenue | $ | 154,349 | $ | 36,723 | $ | 191,072 | $ | 134,111 | $ | 18,598 | $ | 152,709 | |||||||||||
Total expense | (142,439 | ) | (25,024 | ) | (167,463 | ) | (125,380 | ) | (19,103 | ) | (144,483 | ) | |||||||||||
Corporate expense | — | — | (7,904 | ) | — | — | (6,649 | ) | |||||||||||||||
Income (loss) before taxes from continuing operations | $ | 11,910 | $ | 11,699 | $ | 15,705 | $ | 8,731 | $ | (505 | ) | $ | 1,577 | ||||||||||
Less: provision (benefit) for income taxes | 3,501 | 701 | |||||||||||||||||||||
Net income (loss) before non-controlling interests | $ | 12,204 | $ | 876 | |||||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | 458 | 50 | |||||||||||||||||||||
Net income (loss) attributable to Common Stockholders | $ | 11,746 | $ | 826 |
Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | ||||||||||||||||||||||
Specialty Insurance | Tiptree Capital | Total | Specialty Insurance | Tiptree Capital | Total | ||||||||||||||||||
Total revenue | $ | 308,977 | $ | 65,998 | $ | 374,975 | $ | 264,109 | $ | 36,672 | $ | 300,781 | |||||||||||
Total expense | (288,929 | ) | (48,381 | ) | (337,310 | ) | (254,035 | ) | (38,849 | ) | (292,884 | ) | |||||||||||
Corporate expense | — | — | (16,805 | ) | — | — | (13,363 | ) | |||||||||||||||
Income (loss) before taxes from continuing operations | $ | 20,048 | $ | 17,617 | $ | 20,860 | $ | 10,074 | $ | (2,177 | ) | $ | (5,466 | ) | |||||||||
Less: provision (benefit) for income taxes | 4,355 | (867 | ) | ||||||||||||||||||||
Net income (loss) from discontinued operations | — | 34,481 | |||||||||||||||||||||
Net income (loss) before non-controlling interests | $ | 16,505 | $ | 29,882 | |||||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | 834 | 5,496 | |||||||||||||||||||||
Net income (loss) attributable to Common Stockholders | $ | 15,671 | $ | 24,386 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net realized and unrealized gains (losses) (1) | $ | 21,230 | $ | 10,900 | $ | 39,267 | $ | 21,691 | |||||||
Other investment income (2) | 9,274 | 5,989 | 19,155 | 11,097 | |||||||||||
Gain on sale of businesses (3) | 7,598 | — | 7,598 | — | |||||||||||
Management fee income | — | 1,317 | 1,267 | 2,894 | |||||||||||
Other | (1,379 | ) | 392 | (1,289 | ) | 990 | |||||||||
Total Revenue | $ | 36,723 | $ | 18,598 | $ | 65,998 | $ | 36,672 |
(1) | See Note (5) Investments for the components of Net realized and unrealized gains (losses) related to Tiptree Capital. |
(2) | See Note (5) Investments for the components of Other investment income. |
(3) | Related to the sale of Telos. See Note (3) Dispositions, Assets Held for Sale & Discontinued Operations. |
As of June 30, 2019 | As of December 31, 2018 | ||||||||||||||||||||||||||||||
Specialty Insurance | Tiptree Capital | Corporate | Total | Specialty Insurance | Tiptree Capital | Corporate | Total | ||||||||||||||||||||||||
Total assets | $ | 1,522,543 | $ | 349,597 | $ | 48,226 | $ | 1,920,366 | $ | 1,514,084 | $ | 318,420 | $ | 32,414 | $ | 1,864,918 |
As of June 30, 2019 | As of December 31, 2018 | ||||||||||||||||||||||
Specialty Insurance | Tiptree Capital | Total | Specialty Insurance | Tiptree Capital | Total | ||||||||||||||||||
Available for sale securities, at fair value | $ | 269,054 | $ | — | $ | 269,054 | $ | 283,563 | $ | — | $ | 283,563 | |||||||||||
Loans, at fair value | 23,549 | 68,504 | 92,053 | 158,466 | 56,917 | 215,383 | |||||||||||||||||
Equity securities | 55,915 | 98,663 | 154,578 | 29,425 | 93,554 | 122,979 | |||||||||||||||||
Other investments | 16,226 | 58,031 | 74,257 | 18,526 | 56,476 | 75,002 | |||||||||||||||||
Total investments | $ | 364,744 | $ | 225,198 | $ | 589,942 | $ | 489,980 | $ | 206,947 | $ | 696,927 |
As of June 30, 2019 | |||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 145,108 | $ | 1,394 | $ | (88 | ) | $ | 146,414 | ||||||
Obligations of state and political subdivisions | 40,289 | 953 | (26 | ) | 41,216 | ||||||||||
Corporate securities | 36,874 | 599 | (15 | ) | 37,458 | ||||||||||
Asset backed securities | 42,833 | 102 | (1,134 | ) | 41,801 | ||||||||||
Certificates of deposit | 1,046 | — | — | 1,046 | |||||||||||
Obligations of foreign governments | 1,098 | 21 | — | 1,119 | |||||||||||
Total | $ | 267,248 | $ | 3,069 | $ | (1,263 | ) | $ | 269,054 | ||||||
As of December 31, 2018 | |||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 71,945 | $ | 266 | $ | (463 | ) | $ | 71,748 | ||||||
Obligations of state and political subdivisions | 67,624 | 280 | (458 | ) | 67,446 | ||||||||||
Corporate securities | 96,888 | 78 | (1,241 | ) | 95,725 | ||||||||||
Asset backed securities | 41,912 | 14 | (1,274 | ) | 40,652 | ||||||||||
Certificates of deposit | 1,241 | — | — | 1,241 | |||||||||||
Obligations of foreign governments | 6,750 | 12 | (11 | ) | 6,751 | ||||||||||
Total | $ | 286,360 | $ | 650 | $ | (3,447 | ) | $ | 283,563 |
As of | |||||||||||||||
June 30, 2019 | December 31, 2018 | ||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Due in one year or less | $ | 10,684 | $ | 10,681 | $ | 30,920 | $ | 30,836 | |||||||
Due after one year through five years | 87,409 | 88,992 | 167,201 | 166,366 | |||||||||||
Due after five years through ten years | 20,409 | 20,941 | 32,805 | 32,185 | |||||||||||
Due after ten years | 105,913 | 106,639 | 13,522 | 13,524 | |||||||||||
Asset-backed securities | 42,833 | 41,801 | 41,912 | 40,652 | |||||||||||
Total | $ | 267,248 | $ | 269,054 | $ | 286,360 | $ | 283,563 |
As of June 30, 2019 | |||||||||||||||||||||
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 | $ | 10,694 | $ | (39 | ) | 23 | $ | 7,674 | $ | (49 | ) | 72 | |||||||||
Obligations of state and political subdivisions | 72 | — | 2 | 3,697 | (26 | ) | 25 | ||||||||||||||
Corporate securities | 708 | (1 | ) | 8 | 3,709 | (14 | ) | 42 | |||||||||||||
Asset-backed securities | 20,280 | (169 | ) | 8 | 14,778 | (965 | ) | 4 | |||||||||||||
Obligations of foreign governments | — | — | — | — | — | — | |||||||||||||||
Total | $ | 31,754 | $ | (209 | ) | 41 | $ | 29,858 | $ | (1,054 | ) | 143 | |||||||||
As of December 31, 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 | $ | 14,844 | $ | (70 | ) | 51 | $ | 19,495 | $ | (393 | ) | 128 | |||||||||
Obligations of state and political subdivisions | 15,830 | (30 | ) | 41 | 21,594 | (428 | ) | 115 | |||||||||||||
Corporate securities | 47,976 | (393 | ) | 352 | 28,517 | (848 | ) | 404 | |||||||||||||
Asset-backed securities | 37,613 | (1,262 | ) | 35 | 614 | (12 | ) | 5 | |||||||||||||
Obligations of foreign governments | 2,313 | (6 | ) | 15 | 1,301 | (5 | ) | 8 | |||||||||||||
Total | $ | 118,576 | $ | (1,761 | ) | 494 | $ | 71,521 | $ | (1,686 | ) | 660 |
As of | |||||||
June 30, 2019 | December 31, 2018 | ||||||
Fair value of restricted investments for special deposits required by state insurance departments | $ | 6,805 | $ | 9,398 | |||
Fair value of restricted investments in trust pursuant to reinsurance agreements | 27,026 | 24,931 | |||||
Total fair value of restricted investments | $ | 33,831 | $ | 34,329 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Purchases of available for sale securities | $ | 109,714 | $ | 33,655 | $ | 139,575 | $ | 109,225 | |||||||
Proceeds from maturities, calls and prepayments of available for sale securities | $ | 6,135 | $ | 7,152 | $ | 17,279 | $ | 17,170 | |||||||
Gains (losses) realized on maturities, calls and prepayments of available for sale securities | $ | — | $ | (4 | ) | $ | — | $ | (30 | ) | |||||
Gross proceeds from sales of available for sale securities | $ | 120,747 | $ | 6,015 | $ | 141,915 | $ | 38,047 | |||||||
Gains (losses) realized on sales of available for sale securities | $ | 1,056 | $ | 4 | $ | 1,052 | $ | (496 | ) |
As of June 30, 2019 | As of December 31, 2018 | ||||||||||||||||||||||||||||||
Fair value | Unpaid principal balance (UPB) | Fair value exceeds / (below) UPB | Pledged as Collateral | Fair value | Unpaid principal balance (UPB) | Fair value exceeds / (below) UPB | Pledged as Collateral | ||||||||||||||||||||||||
Specialty Insurance: | |||||||||||||||||||||||||||||||
Corporate loans (1) | $ | 16,967 | $ | 20,019 | $ | (3,052 | ) | $ | — | $ | 130,910 | $ | 136,475 | $ | (5,565 | ) | $ | 120,202 | |||||||||||||
Non-performing loans (2) | 6,582 | 7,196 | (614 | ) | — | 27,556 | 33,887 | (6,331 | ) | — | |||||||||||||||||||||
Tiptree Capital: | |||||||||||||||||||||||||||||||
Mortgage loans held for sale (3) | 68,504 | 65,635 | 2,869 | 68,380 | 56,917 | 54,679 | 2,238 | 56,441 | |||||||||||||||||||||||
Total loans, at fair value | $ | 92,053 | $ | 92,850 | $ | (797 | ) | $ | 68,380 | $ | 215,383 | $ | 225,041 | $ | (9,658 | ) | $ | 176,643 |
(1) | The UPB of these loans approximates cost basis. |
(2) | The cost basis of NPLs was approximately $5,082 and $21,555 at June 30, 2019 and December 31, 2018, respectively. |
(3) | As of June 30, 2019 there was one mortgage loan held for sale with a fair value of $123 that was 90 days or more past due. As of December 31, 2018 there were no mortgage loans held for sale 90 days or more past due. |
As of June 30, 2019 | As of December 31, 2018 | ||||||||||||||||||||||
Specialty Insurance | Tiptree Capital | Total | Specialty Insurance | Tiptree Capital | Total | ||||||||||||||||||
Invesque Inc. | $ | 20,653 | $ | 98,663 | $ | 119,316 | $ | 19,584 | $ | 93,554 | $ | 113,138 | |||||||||||
Exchange Traded Funds: | |||||||||||||||||||||||
Fixed Income | 15,731 | — | 15,731 | — | — | — | |||||||||||||||||
Equity Index | 10,464 | — | 10,464 | — | — | — | |||||||||||||||||
Other equity securities | 9,067 | — | 9,067 | 9,841 | — | 9,841 | |||||||||||||||||
Total equity securities | $ | 55,915 | $ | 98,663 | $ | 154,578 | $ | 29,425 | $ | 93,554 | $ | 122,979 |
As of June 30, 2019 | As of December 31, 2018 | ||||||||||||||||||||||
Specialty Insurance | Tiptree Capital | Total | Specialty Insurance | Tiptree Capital | Total | ||||||||||||||||||
Vessels, net (1) | $ | — | $ | 48,942 | $ | 48,942 | $ | — | $ | 50,125 | $ | 50,125 | |||||||||||
Real estate | 7,035 | — | 7,035 | 10,019 | — | 10,019 | |||||||||||||||||
Other | 9,191 | 9,089 | 18,280 | 8,507 | 6,351 | 14,858 | |||||||||||||||||
Total other investments | $ | 16,226 | $ | 58,031 | $ | 74,257 | $ | 18,526 | $ | 56,476 | $ | 75,002 |
(1) | Net of accumulated depreciation of $2,087 and $898, respectively. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Interest: | |||||||||||||||
Available for sale securities, at fair value | $ | 2,084 | $ | 1,829 | $ | 4,211 | $ | 3,048 | |||||||
Loans, at fair value | 777 | 2,710 | 2,608 | 5,182 | |||||||||||
Other investments | 106 | 407 | 210 | 749 | |||||||||||
Dividends from equity securities | 855 | 563 | 1,429 | 953 | |||||||||||
Other | — | — | — | 97 | |||||||||||
Subtotal | 3,822 | 5,509 | 8,458 | 10,029 | |||||||||||
Less: investment expenses | 394 | 582 | 729 | 897 | |||||||||||
Net investment income | $ | 3,428 | $ | 4,927 | $ | 7,729 | $ | 9,132 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Interest income: | |||||||||||||||
Loans, at fair value | $ | 1,517 | $ | 959 | $ | 2,877 | $ | 1,832 | |||||||
Other | — | 131 | 130 | 385 | |||||||||||
Dividends from equity securities | 2,533 | 2,495 | 5,066 | 4,158 | |||||||||||
Loan fee income: | |||||||||||||||
Loans, at fair value | 2,892 | 2,143 | 5,131 | 4,461 | |||||||||||
Charter revenue from vessels | 2,332 | 261 | 5,951 | 261 | |||||||||||
Other investment income | $ | 9,274 | $ | 5,989 | $ | 19,155 | $ | 11,097 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net realized gains (losses) | |||||||||||||||
Specialty Insurance: | |||||||||||||||
Reclass of unrealized gains (losses) on AFS from OCI | $ | 1,046 | $ | 4 | $ | 1,041 | $ | (523 | ) | ||||||
Net gains (losses) on loans | 2,294 | 692 | 2,016 | 1,939 | |||||||||||
Net gains (losses) on equity securities | — | — | 482 | 2,574 | |||||||||||
Other | — | (218 | ) | — | 1,627 | ||||||||||
Tiptree Capital: | |||||||||||||||
Net gains (losses) on loans | 16,861 | 13,987 | 30,448 | 29,783 | |||||||||||
Other | — | (2,084 | ) | — | (2,084 | ) | |||||||||
Total net realized gains (losses) | 20,201 | 12,381 | 33,987 | 33,316 | |||||||||||
Net unrealized gains (losses) | |||||||||||||||
Specialty Insurance: | |||||||||||||||
Net change in unrealized gains (losses) on loans | (3,632 | ) | (1,414 | ) | (3,408 | ) | (1,867 | ) | |||||||
Net unrealized gains (losses) on equity securities held at period end | 3,531 | 2,353 | 5,291 | (3,573 | ) | ||||||||||
Reclass of unrealized (gains) losses from prior periods for equity securities sold | — | — | (403 | ) | (2,167 | ) | |||||||||
Other | 406 | — | 740 | — | |||||||||||
Tiptree Capital: | |||||||||||||||
Net change in unrealized gains (losses) on loans | 872 | 545 | 895 | (498 | ) | ||||||||||
Net unrealized gains (losses) on equity securities held at period end | 3,047 | (2,667 | ) | 5,108 | (5,845 | ) | |||||||||
Other | 450 | 1,119 | 2,816 | 335 | |||||||||||
Total net unrealized gains (losses) | 4,674 | (64 | ) | 11,039 | (13,615 | ) | |||||||||
Total net realized and unrealized gains (losses) | $ | 24,875 | $ | 12,317 | $ | 45,026 | $ | 19,701 |
As of | |||||||
June 30, 2019 | December 31, 2018 | ||||||
Notes receivable, net - premium financing program | $ | 19,862 | $ | 13,057 | |||
Accounts and premiums receivable, net | 52,512 | 50,880 | |||||
Retrospective commissions receivable | 95,395 | 84,488 | |||||
Trust receivables | 45,217 | 53,424 | |||||
Other receivables | 20,407 | 21,256 | |||||
Total notes and accounts receivable, net | $ | 233,393 | $ | 223,105 |
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, 2019 | ||||||||||||||||||
Premiums written: | ||||||||||||||||||
Life insurance | $ | 18,924 | $ | 10,353 | $ | 444 | $ | 9,015 | 4.9 | % | ||||||||
Accident and health insurance | 32,361 | 21,105 | 819 | 12,075 | 6.8 | % | ||||||||||||
Property and liability insurance | 191,868 | 77,451 | 18,157 | 132,574 | 13.7 | % | ||||||||||||
Total premiums written | 243,153 | 108,909 | 19,420 | 153,664 | 12.6 | % | ||||||||||||
Premiums earned: | ||||||||||||||||||
Life insurance | 16,654 | 8,736 | 404 | 8,322 | 4.9 | % | ||||||||||||
Accident and health insurance | 29,677 | 19,742 | 794 | 10,729 | 7.4 | % | ||||||||||||
Property and liability insurance | 143,611 | 59,732 | 13,646 | 97,525 | 14.0 | % | ||||||||||||
Total premiums earned | $ | 189,942 | $ | 88,210 | $ | 14,844 | $ | 116,576 | 12.7 | % | ||||||||
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 Six Months Ended June 30, 2019 | ||||||||||||||||||
Premiums written: | ||||||||||||||||||
Life insurance | $ | 33,835 | $ | 18,056 | $ | 835 | $ | 16,614 | 5.0 | % | ||||||||
Accident and health insurance | 60,160 | 39,080 | 1,566 | 22,646 | 6.9 | % | ||||||||||||
Property and liability insurance | 329,471 | 129,270 | 35,160 | 235,361 | 14.9 | % | ||||||||||||
Total premiums written | 423,466 | 186,406 | 37,561 | 274,621 | 13.7 | % | ||||||||||||
Premiums earned: | ||||||||||||||||||
Life insurance | 33,103 | 17,262 | 820 | 16,661 | 4.9 | % | ||||||||||||
Accident and health insurance | 60,290 | 40,365 | 1,588 | 21,513 | 7.4 | % | ||||||||||||
Property and liability insurance | 288,605 | 120,542 | 29,312 | 197,375 | 14.9 | % | ||||||||||||
Total premiums earned | $ | 381,998 | $ | 178,169 | $ | 31,720 | $ | 235,549 | 13.5 | % | ||||||||
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 | % |
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, 2019 | ||||||||||||||||||
Losses Incurred | ||||||||||||||||||
Life insurance | $ | 9,483 | $ | 5,615 | $ | 194 | $ | 4,062 | 4.8 | % | ||||||||
Accident and health insurance | 3,601 | 2,789 | (81 | ) | 731 | (11.1 | )% | |||||||||||
Property and liability insurance | 53,641 | 35,175 | 11,065 | 29,531 | 37.5 | % | ||||||||||||
Total losses incurred | 66,725 | 43,579 | 11,178 | 34,324 | 32.6 | % | ||||||||||||
Member benefit claims (1) | 5,098 | |||||||||||||||||
Total policy and contract benefits | $ | 39,422 | ||||||||||||||||
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 Six Months Ended June 30, 2019 | ||||||||||||||||||
Losses Incurred | ||||||||||||||||||
Life insurance | $ | 19,441 | $ | 11,519 | $ | 186 | $ | 8,108 | 2.3 | % | ||||||||
Accident and health insurance | 6,931 | 5,274 | 140 | 1,797 | 7.8 | % | ||||||||||||
Property and liability insurance | 109,559 | 70,753 | 21,406 | 60,212 | 35.6 | % | ||||||||||||
Total losses incurred | 135,931 | 87,546 | 21,732 | 70,117 | 31.0 | % | ||||||||||||
Member benefit claims (1) | 10,146 | |||||||||||||||||
Total policy and contract benefits | $ | 80,263 | ||||||||||||||||
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 |
As of | |||||||
June 30, 2019 | December 31, 2018 | ||||||
Prepaid reinsurance premiums: | |||||||
Life (1) | $ | 69,583 | $ | 69,436 | |||
Accident and health (1) | 60,321 | 61,606 | |||||
Property | 187,227 | 178,498 | |||||
Total | 317,131 | 309,540 | |||||
Ceded claim reserves: | |||||||
Life | 3,166 | 3,424 | |||||
Accident and health | 8,942 | 11,039 | |||||
Property | 73,484 | 75,748 | |||||
Total ceded claim reserves recoverable | 85,592 | 90,211 | |||||
Other reinsurance settlements recoverable | 24,692 | 20,600 | |||||
Reinsurance receivables | $ | 427,415 | $ | 420,351 |
(1) | Including policyholder account balances ceded. |
As of | |||
June 30, 2019 | |||
Total of the three largest receivable balances from non-affiliated reinsurers | $ | 104,792 |
As of June 30, 2019 | As of December 31, 2018 | ||||||||||||||||||||||
Specialty Insurance | Other (1) | Total | Specialty Insurance | Other (1) | Total | ||||||||||||||||||
Customer relationships | $ | 50,500 | $ | — | $ | 50,500 | $ | 50,500 | $ | — | $ | 50,500 | |||||||||||
Accumulated amortization | (21,616 | ) | — | (21,616 | ) | (18,913 | ) | — | (18,913 | ) | |||||||||||||
Trade names | 6,500 | 800 | 7,300 | 6,500 | 800 | 7,300 | |||||||||||||||||
Accumulated amortization | (3,000 | ) | (320 | ) | (3,320 | ) | (2,727 | ) | (280 | ) | (3,007 | ) | |||||||||||
Software licensing | 8,500 | 640 | 9,140 | 8,500 | 640 | 9,140 | |||||||||||||||||
Accumulated amortization | (7,792 | ) | (366 | ) | (8,158 | ) | (6,942 | ) | (320 | ) | (7,262 | ) | |||||||||||
Insurance policies and contracts acquired | 36,500 | — | 36,500 | 36,500 | — | 36,500 | |||||||||||||||||
Accumulated amortization | (36,023 | ) | — | (36,023 | ) | (35,898 | ) | — | (35,898 | ) | |||||||||||||
Insurance licensing agreements(2) | 13,761 | — | 13,761 | 13,761 | — | 13,761 | |||||||||||||||||
Intangible assets, net | 47,330 | 754 | 48,084 | 51,281 | 840 | 52,121 | |||||||||||||||||
Goodwill | 89,854 | 1,708 | 91,562 | 89,854 | 1,708 | 91,562 | |||||||||||||||||
Total goodwill and intangible assets, net | $ | 137,184 | $ | 2,462 | $ | 139,646 | $ | 141,135 | $ | 2,548 | $ | 143,683 |
(1) | Other is primarily comprised of mortgage operations. |
(2) | Represents intangible assets with an indefinite useful life. Impairment tests are performed at least annually on these assets. |
Specialty Insurance | Other | Total | |||||||||
Balance at December 31, 2018 | $ | 89,854 | $ | 1,708 | $ | 91,562 | |||||
Balance at June 30, 2019 | $ | 89,854 | $ | 1,708 | $ | 91,562 | |||||
Accumulated impairments | $ | — | $ | 699 | $ | 699 |
Specialty Insurance | Other | Total | |||||||||
Balance at December 31, 2018 | $ | 51,281 | $ | 840 | $ | 52,121 | |||||
Less: amortization expense | (3,951 | ) | (86 | ) | (4,037 | ) | |||||
Balance at June 30, 2019 | $ | 47,330 | $ | 754 | $ | 48,084 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Amortization expense on intangible assets | $ | 2,014 | $ | 2,439 | $ | 4,037 | $ | 4,914 |
As of June 30, 2019 | |||||||||||
Specialty Insurance | Other | Total | |||||||||
Remainder of 2019 | $ | 3,776 | $ | 85 | $ | 3,861 | |||||
2020 | 5,150 | 171 | 5,321 | ||||||||
2021 | 4,332 | 171 | 4,503 | ||||||||
2022 | 3,649 | 126 | 3,775 | ||||||||
2023 | 3,212 | 80 | 3,292 | ||||||||
2024 and thereafter | 13,450 | 121 | 13,571 | ||||||||
Total | $ | 33,569 | $ | 754 | $ | 34,323 |
As of June 30, 2019 | As of December 31, 2018 | ||||||||||||||||||||||
Notional values | Asset derivatives | Liability derivatives | Notional values | Asset derivatives | Liability derivatives | ||||||||||||||||||
Interest rate risk: | |||||||||||||||||||||||
Interest rate lock commitments | $ | 234,476 | $ | 6,338 | $ | — | $ | 122,477 | $ | 3,460 | $ | — | |||||||||||
Forward delivery contracts | 67,634 | — | 109 | 41,383 | 5 | 52 | |||||||||||||||||
TBA mortgage backed securities | 179,000 | 57 | 1,290 | 129,000 | 39 | 824 | |||||||||||||||||
Total | $ | 481,110 | $ | 6,395 | $ | 1,399 | $ | 292,860 | $ | 3,504 | $ | 876 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Gains (losses) recognized in AOCI on the derivative-effective portion | $ | — | $ | — | $ | — | $ | 1,111 | |||||||
(Gains) losses reclassified from AOCI into income-effective portion | $ | — | $ | — | $ | — | $ | (3,845 | ) |
Stated interest rate or range of rates | Maximum borrowing capacity as of | As of | ||||||||||||||
Debt Type | Stated maturity date | June 30, 2019 | June 30, 2019 | December 31, 2018 | ||||||||||||
Corporate debt | ||||||||||||||||
Secured corporate credit agreements | April 2020 - September 2020 | LIBOR + 1.20% to 5.50% | $ | 130,150 | $ | 70,150 | $ | 72,090 | ||||||||
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 | 230,150 | 232,090 | ||||||||||||||
Asset based debt (1) | ||||||||||||||||
Asset based revolving financing (2) | April 2021 | LIBOR + 2.40% | 25,000 | 11,509 | 86,092 | |||||||||||
Residential mortgage warehouse borrowings (3) | August 2019 - June 2020 | LIBOR + 2.00% to 2.50% | 91,000 | 63,058 | 46,091 | |||||||||||
Total asset based debt | 74,567 | 132,183 | ||||||||||||||
Total debt, face value | 304,717 | 364,273 | ||||||||||||||
Unamortized discount, net | (350 | ) | (504 | ) | ||||||||||||
Unamortized deferred financing costs | (7,809 | ) | (9,686 | ) | ||||||||||||
Total debt, net | $ | 296,558 | $ | 354,083 |
(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 4.80% and 4.30% at June 30, 2019 and December 31, 2018, respectively. |
(3) | The weighted average coupon rate for residential mortgage warehouse borrowings was 4.45% and 4.66% at June 30, 2019 and December 31, 2018, respectively. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Interest expense - corporate debt | $ | 4,933 | $ | 4,717 | $ | 9,927 | $ | 8,569 | |||||||
Interest expense - asset based debt | 1,599 | 1,938 | 3,525 | 4,032 | |||||||||||
Interest expense on debt | $ | 6,532 | $ | 6,655 | $ | 13,452 | $ | 12,601 |
As of | |||
June 30, 2019 | |||
Remainder of 2019 | $ | — | |
2020 | 133,208 | ||
2021 | 11,509 | ||
2022 | — | ||
2023 | — | ||
2024 and thereafter | 160,000 | ||
Total | $ | 304,717 |
As of June 30, 2019 | |||||||||||||||
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 | $ | — | $ | 146,414 | $ | — | $ | 146,414 | |||||||
Obligations of state and political subdivisions | — | 41,216 | — | 41,216 | |||||||||||
Obligations of foreign governments | — | 1,119 | — | 1,119 | |||||||||||
Certificates of deposit | 1,046 | — | — | 1,046 | |||||||||||
Asset backed securities | — | 40,192 | 1,609 | 41,801 | |||||||||||
Corporate securities | — | 37,458 | — | 37,458 | |||||||||||
Total available for sale securities, at fair value | 1,046 | 266,399 | 1,609 | 269,054 | |||||||||||
Loans, at fair value: | |||||||||||||||
Corporate loans | — | — | 16,967 | 16,967 | |||||||||||
Mortgage loans held for sale | — | 68,504 | — | 68,504 | |||||||||||
Non-performing loans | — | — | 6,582 | 6,582 | |||||||||||
Total loans, at fair value | — | 68,504 | 23,549 | 92,053 | |||||||||||
Equity securities | 35,019 | 119,316 | 243 | 154,578 | |||||||||||
Other investments: | |||||||||||||||
Other investments, at fair value | — | 57 | 12,029 | 12,086 | |||||||||||
Total | $ | 36,065 | $ | 454,276 | $ | 37,430 | $ | 527,771 | |||||||
Liabilities: | |||||||||||||||
Derivative liabilities: | |||||||||||||||
Derivative liabilities (included in other liabilities and accrued expenses) | $ | — | $ | 1,399 | $ | — | $ | 1,399 | |||||||
Total | $ | — | $ | 1,399 | $ | — | $ | 1,399 |
As of December 31, 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 | $ | — | $ | 71,748 | $ | — | $ | 71,748 | |||||||
Obligations of state and political subdivisions | — | 67,446 | — | 67,446 | |||||||||||
Obligations of foreign governments | — | 6,751 | — | 6,751 | |||||||||||
Certificates of deposit | 1,241 | — | — | 1,241 | |||||||||||
Asset backed securities | — | 39,144 | 1,508 | 40,652 | |||||||||||
Corporate bonds | — | 95,725 | — | 95,725 | |||||||||||
Total available for sale securities, at fair value | 1,241 | 280,814 | 1,508 | 283,563 | |||||||||||
Loans, at fair value: | |||||||||||||||
Corporate loans | — | 22,697 | 108,213 | 130,910 | |||||||||||
Mortgage loans held for sale | — | 56,917 | — | 56,917 | |||||||||||
Non-performing loans | — | — | 27,556 | 27,556 | |||||||||||
Total loans, at fair value | — | 79,614 | 135,769 | 215,383 | |||||||||||
Equity securities | 9,323 | 113,138 | 518 | 122,979 | |||||||||||
Other investments, at fair value | — | 44 | 8,487 | 8,531 | |||||||||||
Total | $ | 10,564 | $ | 473,610 | $ | 146,282 | $ | 630,456 | |||||||
Liabilities: | |||||||||||||||
Derivative liabilities (included in other liabilities and accrued expenses) | $ | — | $ | 876 | $ | — | $ | 876 | |||||||
Total | $ | — | $ | 876 | $ | — | $ | 876 |
Six Months Ended June 30, | |||||||
2019 (1) | 2018 (1) | ||||||
Balance at January 1, | $ | 146,282 | $ | 162,666 | |||
Net realized gains (losses) | 2,971 | 870 | |||||
Net unrealized gains (losses) | (2,391 | ) | (1,720 | ) | |||
Origination of IRLC | 32,438 | 24,981 | |||||
Purchases | 73 | 42,136 | |||||
Sales | (111,431 | ) | (49,550 | ) | |||
Issuances | 100 | 154 | |||||
Transfer into Level 3 (1) | 1,544 | 9,220 | |||||
Transfer adjustments (out of) Level 3 (1) | — | (6,694 | ) | ||||
Conversion to real estate owned | (2,596 | ) | (5,100 | ) | |||
Conversion to mortgage loans held for sale | (29,560 | ) | (24,976 | ) | |||
Balance at June 30, | $ | 37,430 | $ | 151,987 | |||
Changes in unrealized gains (losses) included in earnings related to assets still held at period end | $ | 897 | $ | 763 |
(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 assets to various liquidity, depth, bid-ask spread and benchmarking criteria as well as assessing the availability of observable inputs affecting their fair valuation. |
Fair Value as of | Actual or Range (Weighted average) | ||||||||||||||
Assets | June 30, 2019 | December 31, 2018 | Valuation technique | Unobservable input(s) | June 30, 2019 | December 31, 2018 | |||||||||
Interest rate lock commitments | $ | 6,338 | $ | 3,460 | Internal model | Pull through rate | 45% - 95% | 50% - 95% | |||||||
NPLs | 6,582 | 27,556 | Discounted cash flow | See table below (1) | See table below | See table below | |||||||||
Total | $ | 12,920 | $ | 31,016 |
(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, 2019 | As of December 31, 2018 | |||||||||||
Unobservable inputs | High | Low | Average(1) | High | Low | Average(1) | ||||||
Discount rate | 25.0% | 16.0% | 22.6% | 30.0% | 16.0% | 23.6% | ||||||
Loan resolution time-line (Years) | 1.7 | 0.9 | 1.3 | 2.1 | 0.6 | 1.2 | ||||||
Value of underlying properties | $1,385 | $70 | $445 | $1,780 | $55 | $383 | ||||||
Holding costs | 8.2% | 5.7% | 6.7% | 14.7% | 5.0% | 6.9% | ||||||
Liquidation costs | 11.7% | 8.5% | 8.9% | 14.2% | 8.4% | 9.2% | ||||||
Note rate | 6.0% | 4.0% | 5.0% | 6.0% | 3.0% | 4.9% | ||||||
Secondary market transaction prices/UPB | 88.3% | 79.0% | 83.8% | 88.3% | 74.5% | 83.3% |
(1) | Weighted based on value of underlying properties. |
As of June 30, 2019 | As of December 31, 2018 | ||||||||||||||||||
Level within fair value hierarchy | Fair value | Carrying value | Level within fair value hierarchy | Fair value | Carrying value | ||||||||||||||
Assets: | |||||||||||||||||||
Debentures (1) | 2 | $ | 5,079 | $ | 5,079 | 2 | $ | 5,134 | $ | 5,134 | |||||||||
Notes and accounts receivable, net | 2 | 19,862 | 19,862 | 2 | 13,057 | 13,057 | |||||||||||||
Total assets | $ | 24,941 | $ | 24,941 | $ | 18,191 | $ | 18,191 | |||||||||||
Liabilities: | |||||||||||||||||||
Debt, net | 3 | $ | 309,992 | $ | 304,367 | 3 | $ | 363,769 | $ | 363,769 | |||||||||
Total liabilities | $ | 309,992 | $ | 304,367 | $ | 363,769 | $ | 363,769 |
(1) | Included in other investments. |
Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Policy liabilities and unpaid claims balance as of January 1, | $ | 131,611 | $ | 112,003 | |||
Less : liabilities of policy-holder accounts balances, gross | (13,659 | ) | (15,474 | ) | |||
Less : non-insurance warranty benefit claim liabilities | (94 | ) | (58 | ) | |||
Gross liabilities for unpaid losses and loss adjustment expenses | 117,858 | 96,471 | |||||
Less : reinsurance recoverable on unpaid losses - short duration | (90,016 | ) | (73,778 | ) | |||
Less : other lines, gross | (227 | ) | (224 | ) | |||
Net balance as of January 1, short duration | 27,615 | 22,469 | |||||
Incurred (short duration) related to: | |||||||
Current year | 66,225 | 55,926 | |||||
Prior years | 3,194 | 4,886 | |||||
Total incurred | 69,419 | 60,812 | |||||
Paid (short duration) related to: | |||||||
Current year | 58,876 | 37,231 | |||||
Prior years | 7,769 | 19,475 | |||||
Total paid | 66,645 | 56,706 | |||||
Net balance as of June 30, short duration | 30,389 | 26,575 | |||||
Plus : reinsurance recoverable on unpaid losses - short duration | 85,377 | 80,865 | |||||
Plus : other lines, gross | 247 | 192 | |||||
Gross liabilities for unpaid losses and loss adjustment expenses | 116,013 | 107,632 | |||||
Plus : liabilities of policy-holder accounts balances, gross | 12,618 | 14,527 | |||||
Plus : non-insurance warranty benefit claim liabilities | 59 | 131 | |||||
Policy liabilities and unpaid claims balance as of June 30, | $ | 128,690 | $ | 122,290 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Short duration incurred | $ | 33,921 | $ | 28,844 | $ | 69,419 | $ | 60,812 | |||||||
Other lines incurred | 191 | 77 | 191 | 123 | |||||||||||
Unallocated loss adjustment expense | 212 | 623 | 507 | 1,321 | |||||||||||
Total losses incurred | $ | 34,324 | $ | 29,544 | $ | 70,117 | $ | 62,256 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Asset management fee income | $ | — | $ | 1,317 | $ | 1,267 | $ | 2,894 | |||||||
Warranty coverage revenue | 7,122 | 6,279 | 13,944 | 12,402 | |||||||||||
Car club revenue | 8,844 | 7,844 | 17,545 | 15,673 | |||||||||||
Other | 2,020 | 1,856 | 3,728 | 3,953 | |||||||||||
Revenue from contracts with customers | $ | 17,986 | $ | 17,296 | $ | 36,484 | $ | 34,922 |
January 1, 2019 | June 30, 2019 | ||||||||||||||
Beginning balance | Additions | Amortizations | Ending balance | ||||||||||||
Deferred costs | |||||||||||||||
Warranty coverage revenue | $ | 1,274 | $ | 175 | $ | 512 | $ | 937 | |||||||
Car club revenue | 12,189 | 12,719 | 13,328 | 11,580 | |||||||||||
Total | $ | 13,463 | $ | 12,894 | $ | 13,840 | $ | 12,517 |
Deferred revenue | |||||||||||||||
Warranty coverage revenue | $ | 39,835 | $ | 18,630 | $ | 13,944 | $ | 44,521 | |||||||
Car club revenue | 16,128 | 16,784 | 17,545 | 15,367 | |||||||||||
Total | $ | 55,963 | $ | 35,414 | $ | 31,489 | $ | 59,888 |
As of | |||||||
June 30, 2019 | December 31, 2018 | ||||||
Right of use asset - Operating leases (1) | $ | 27,540 | $ | — | |||
Furniture, fixtures and equipment, net | 12,107 | 6,122 | |||||
Prepaid expenses | 7,178 | 7,351 | |||||
Income tax receivable | 2,088 | 2,307 | |||||
Subsidiary sale receivable (2) | 875 | 10,676 | |||||
Other | 20,632 | 19,578 | |||||
Total other assets | $ | 70,420 | $ | 46,034 |
(1) | See Note (2) Summary of Significant Accounting Policies and Note (20) Commitments and Contingencies for additional information. |
(2) | Related to the gain contingency on sale of Care recorded in December 2018. $9,801 was received in cash in 2019. The remaining amount is expected to be paid off by 2021. See Note (3) Dispositions, Assets Held for Sale & Discontinued Operations. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Depreciation expense related to furniture, fixtures and equipment | $ | 680 | $ | 494 | $ | 1,159 | $ | 991 |
As of | |||||||
June 30, 2019 | December 31, 2018 | ||||||
Accounts payable and accrued expenses | $ | 53,598 | $ | 63,755 | |||
Operating lease liability(1) | 32,701 | — | |||||
Deferred tax liabilities, net | 30,258 | 25,433 | |||||
Due to brokers | 20,246 | 486 | |||||
Commissions payable | 7,333 | 11,076 | |||||
Accrued interest payable | 2,424 | 3,452 | |||||
Other | 19,507 | 19,988 | |||||
Total other liabilities and accrued expenses | $ | 166,067 | $ | 124,190 |
(1) | See Note (2) Summary of Significant Accounting Policies and Note (20) Commitments and Contingencies for additional information. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Other investment income (1) | $ | 9,274 | $ | 5,989 | $ | 19,155 | $ | 11,097 | |||||||
Gain on sale of businesses (2) | 7,598 | — | 7,598 | — | |||||||||||
Management fee income | — | 1,317 | 1,267 | 2,894 | |||||||||||
Other (3) | (455 | ) | 982 | 476 | 2,276 | ||||||||||
Total other revenue | $ | 16,417 | $ | 8,288 | $ | 28,496 | $ | 16,267 |
(1) | See Note (5) Investments for the components of Other investment income. |
(2) | Related to the sale of Telos. See Note (3) Dispositions, Assets Held for Sale & Discontinued Operations. |
(3) | Includes $924 and $590 related to Specialty Insurance for the three months ended June 30, 2019 and 2018, respectively. Includes $1,765 and $1,286 related to Specialty Insurance for the six months ended June 30, 2019, respectively. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Professional fees | $ | 3,662 | $ | 3,706 | $ | 7,838 | $ | 8,707 | |||||||
General and administrative | 5,259 | 3,767 | 10,243 | 7,587 | |||||||||||
Premium taxes | 3,788 | 3,400 | 7,112 | 7,022 | |||||||||||
Mortgage origination expenses | 3,080 | 2,269 | 5,558 | 4,452 | |||||||||||
Rent and related | 2,942 | 2,555 | 6,219 | 4,934 | |||||||||||
Charter expenses from vessels | 1,408 | 124 | 3,622 | 124 | |||||||||||
Loss on extinguishment of debt | — | — | 1,241 | 428 | |||||||||||
Other | 2,277 | 1,779 | 4,420 | 3,511 | |||||||||||
Total other expenses | $ | 22,416 | $ | 17,600 | $ | 46,253 | $ | 36,765 |
Six Months Ended June 30, 2019 | As of June 30, 2019 | |||||||||
Number of shares purchased | Average price per share | Remaining repurchase authorization | ||||||||
Share repurchase programs | 60,421 | $ | 5.86 | $ | 9,277 | |||||
Block repurchase program | 1,412,309 | 6.18 | 10,000 | |||||||
Total | 1,472,730 | $ | 6.17 | $ | 19,277 |
Dividends per share for the | |||||||
Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
First Quarter | $ | 0.040 | $ | 0.035 | |||
Second Quarter(1) | 0.040 | 0.035 | |||||
Total cash dividends declared | $ | 0.080 | $ | 0.070 |
The following table presents the dividends paid to our insurance holding company by its regulated insurance company subsidiaries for the following periods: | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Ordinary dividends | $ | — | $ | — | $ | 9,001 | $ | — | |||||||
Extraordinary dividends | — | — | 1,188 | — | |||||||||||
Total dividends | $ | — | $ | — | $ | 10,189 | $ | — |
As of | |||||||
June 30, 2019 | December 31, 2018 | ||||||
Combined statutory capital and surplus of the Company's insurance company subsidiaries | $ | 126,937 | $ | 131,859 | |||
Required minimum statutory capital and surplus | $ | 17,950 | $ | 17,950 | |||
Amount available for ordinary dividends of the Company's insurance company subsidiaries | $ | 4,531 | $ | 13,532 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income of statutory insurance companies | $ | 1,809 | $ | 3,559 | $ | 2,760 | $ | 9,731 |
Unrealized gains (losses) on | Amount attributable to noncontrolling interests | ||||||||||||||||||||||
Available for sale securities | Interest rate swaps | Total AOCI (loss) | TFP | Other | Total AOCI (loss) to Tiptree Inc. | ||||||||||||||||||
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 | ) | ||||||||
Balance at December 31, 2018 | $ | (2,069 | ) | $ | — | $ | (2,069 | ) | $ | — | $ | 11 | $ | (2,058 | ) | ||||||||
Other comprehensive income (losses) before reclassifications | 4,385 | — | 4,385 | — | (19 | ) | 4,366 | ||||||||||||||||
Amounts reclassified from AOCI | (820 | ) | — | (820 | ) | — | — | (820 | ) | ||||||||||||||
Period change | 3,565 | — | 3,565 | — | (19 | ) | 3,546 | ||||||||||||||||
Adoption of accounting standard (2) | (99 | ) | — | (99 | ) | — | — | (99 | ) | ||||||||||||||
Balance at June 30, 2019 | $ | 1,397 | $ | — | $ | 1,397 | $ | — | $ | (8 | ) | $ | 1,389 |
(1) | Relates to the sale of Care. See Note (3) Dispositions, Assets Held for Sale & Discontinued Operations. |
(2) | Amounts reclassified to retained earnings due to adoption of ASU 2018-02. See Note (2) Summary of Significant Accounting Policies. |
Three Months Ended June 30, | Six Months Ended June 30, | Affected line item in condensed consolidated statement of operations | ||||||||||||||
Components of AOCI | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Unrealized gains (losses) on available for sale securities | $ | 1,046 | $ | 4 | $ | 1,041 | $ | (523 | ) | Net realized and unrealized gains (losses) | ||||||
Related tax (expense) benefit | (222 | ) | (7 | ) | (221 | ) | 105 | Provision for income tax | ||||||||
Net of tax | $ | 824 | $ | (3 | ) | $ | 820 | $ | (418 | ) | ||||||
Reclassification of AOCI - interest rate swaps (1) | — | — | $ | — | $ | 3,845 | Gain on sale of discontinued operations | |||||||||
Related tax (expense) benefit | — | — | — | (936 | ) | Provision for income tax | ||||||||||
Net of tax | $ | — | $ | — | $ | — | $ | 2,909 |
(1) | Relates to the sale of Care. See Note (3) Dispositions, Assets Held for Sale & Discontinued Operations. |
Number of shares (1) | ||
Available for issuance as of December 31, 2018 | 5,474,214 | |
RSU and option awards granted | (680,144 | ) |
Forfeited | 8,318 | |
Subsidiary exchanged shares | (14,405 | ) |
Available for issuance as of June 30, 2019 | 4,787,983 |
(1) | Excludes awards granted under the Company’s subsidiary incentive plans that are exchangeable for Tiptree Common Stock. |
Number of shares issuable | Weighted average grant date fair value | |||||
Unvested units as of December 31, 2018 | 676,630 | $ | 6.27 | |||
Granted | 454,329 | 6.23 | ||||
Vested | (164,031 | ) | 6.40 | |||
Forfeited | (8,318 | ) | 6.10 | |||
Unvested units as of June 30, 2019 | 958,610 | $ | 6.23 |
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | |||||||||
June 30, 2019 | June 30, 2019 | June 30, 2019 | June 30, 2019 | |||||||||
Directors | 11,928 | 25,956 | Directors | 11,928 | 25,956 | |||||||
Employees (1) | 8,318 | 428,373 | Employees | 8,318 | 138,075 | |||||||
Total Granted | 20,246 | 454,329 | Total Vested | 20,246 | 164,031 | |||||||
Taxes | — | (35,622 | ) | |||||||||
Exchanged | 14,405 | 14,405 | ||||||||||
Net Vested | 34,651 | 142,814 |
(1) | Includes 307,148 shares that vest ratably over three years, 112,907 shares that cliff vest in February 2021 and the remaining shares vested immediately. |
Grant date fair value of equity shares issuable | |||
Unvested balance as of December 31, 2018 | $ | 8,710 | |
Granted | — | ||
Vested | (4,644 | ) | |
Unvested balance as of June 30, 2019 | $ | 4,066 |
Valuation Input | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | ||||||
Assumption | Average | Assumption | Average | |||||
Historical volatility | 27.69% | N/A | 30.63% | N/A | ||||
Risk-free rate | 2.62% | N/A | 2.85% | N/A | ||||
Dividend yield | 2.21% | N/A | 2.03% | N/A | ||||
Expected term (years) | 6.5 | 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, 2018 (1) | 1,064,527 | $ | 6.24 | $ | 2.61 | — | |||||||
Granted | 225,815 | 6.26 | 1.69 | — | |||||||||
Balance, June 30, 2019 | 1,290,342 | 6.24 | 2.45 | — | |||||||||
Weighted average remaining contractual term at June 30, 2019 (in years) | 8.0 |
(1) | Book value targets for grants in 2019, 2018, 2017, and 2016 are $10.79, $9.97, $10.14, and $8.96, respectively. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Employee compensation and benefits | $ | 1,515 | $ | 1,051 | $ | 2,846 | $ | 2,284 | |||||||
Director compensation | 75 | 76 | 152 | 150 | |||||||||||
Income tax benefit | (344 | ) | (244 | ) | (648 | ) | (526 | ) | |||||||
Net stock-based compensation expense | $ | 1,246 | $ | 883 | $ | 2,350 | $ | 1,908 |
As of | |||||||
June 30, 2019 | |||||||
Stock options | Restricted stock awards and RSUs | ||||||
Unrecognized compensation cost related to non-vested awards | $ | 1,154 | $ | 5,706 | |||
Weighted - average recognition period (in years) | 2.10 | 1.72 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
Total income tax expense (benefit) from continuing operations | $ | 3,501 | $ | 701 | $ | 4,355 | $ | (867 | ) | ||||||||||||||
Effective tax rate (ETR) | 22.3 | % | (1) | 44.5 | % | (2) | 20.9 | % | (3) | 15.9 | % | (4) | |||||||||||
Income tax expense (benefit) from discontinued operations | $ | — | $ | — | $ | — | $ | 12,327 |
(1) | Higher than the U.S. federal statutory income tax rate of 21% due to the effect of state taxes and and the impact of foreign operations, partially offset by the dividends received deduction and other discrete items. |
(2) | 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. |
(3) | Slightly lower than the U.S. federal statutory income tax rate of 21% due to the effect of state income taxes and the impact of foreign operations, largely offset by the dividends received deduction and other discrete items. |
(4) | 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. |
As of June 30, 2019 | |||
Right of use asset - Operating leases | $ | 27,540 | |
Operating lease liability | $ | 32,701 | |
Weighted-average remaining lease term (years) | 6.5 | ||
Weighted-average discount rate (1) | 7.0 | % |
June 30, 2019 | |||
Remainder of 2019 | $ | 3,357 | |
2020 | 7,169 | ||
2021 | 6,879 | ||
2022 | 5,625 | ||
2023 | 5,020 | ||
2024 and thereafter | 16,308 | ||
Total minimum payments | 44,358 | ||
Less: liabilities held for sale | (489 | ) | |
Less: present value adjustment | (11,168 | ) | |
Total | $ | 32,701 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Rent expense for office leases | $ | 2,065 | $ | 1,689 | $ | 4,414 | $ | 3,184 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income (loss) from continuing operations | $ | 12,204 | $ | 876 | $ | 16,505 | $ | (4,599 | ) | ||||||
Less: | |||||||||||||||
Net income (loss) attributable to non-controlling interests | 458 | 50 | 834 | (1,066 | ) | ||||||||||
Net income allocated to participating securities | 318 | 15 | 384 | — | |||||||||||
Net income (loss) from continuing operations attributable to Common Shares | 11,428 | 811 | 15,287 | (3,533 | ) | ||||||||||
Net income (loss) from discontinued operations | — | — | — | 34,481 | |||||||||||
Less: | |||||||||||||||
Net income (loss) from discontinued operations attributable to non-controlling interests | — | — | — | 6,562 | |||||||||||
Net income allocated to participating securities | — | — | — | — | |||||||||||
Net income (loss) from discontinued operations attributable to Common Shares | — | — | — | 27,919 | |||||||||||
Net income (loss) attributable to Common Shares - basic | $ | 11,428 | $ | 811 | $ | 15,287 | $ | 24,386 | |||||||
Effect of Dilutive Securities: | |||||||||||||||
Securities of subsidiaries | (229 | ) | (107 | ) | (349 | ) | — | ||||||||
Adjustments to income relating to exchangeable interests, net of tax | — | 108 | — | — | |||||||||||
Net income (loss) attributable to Common Shares - diluted | $ | 11,199 | $ | 812 | $ | 14,938 | $ | 24,386 | |||||||
Weighted average number of shares of Common Stock outstanding - basic | 34,527,230 | 36,593,154 | 34,599,739 | 33,245,921 | |||||||||||
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 | 34,527,230 | 37,386,319 | 34,599,739 | 33,245,921 | |||||||||||
Basic: | |||||||||||||||
Net income (loss) from continuing operations | $ | 0.33 | $ | 0.02 | $ | 0.44 | $ | (0.11 | ) | ||||||
Net income (loss) from discontinued operations | — | — | — | 0.84 | |||||||||||
Net income (loss) attributable to Common Shares | $ | 0.33 | $ | 0.02 | $ | 0.44 | $ | 0.73 | |||||||
Diluted: | |||||||||||||||
Net income (loss) from continuing operations | $ | 0.32 | $ | 0.02 | $ | 0.43 | $ | (0.11 | ) | ||||||
Net income (loss) from discontinued operations | — | — | — | 0.84 | |||||||||||
Net income (loss) attributable to Common Shares | $ | 0.32 | $ | 0.02 | $ | 0.43 | $ | 0.73 |
• | Overview |
• | Results of Operations |
• | Non-GAAP Reconciliations |
• | Liquidity and Capital Resources |
• | Critical Accounting Policies and Estimates |
• | Off-Balance Sheet Arrangements |
• | Delivered a year-to-date return of 7.0%, as measured by growth in book value per share plus dividends paid. |
• | Year-to-date 2019, we purchased and retired 1,472,730 shares of our Common Stock for $9.1 million through open market purchases and block purchases. |
• | Increased our quarterly dividend for the third consecutive year to $0.04 per share, a 14.3% increase over the prior year. |
• | Gross written premiums for year-to-date 2019 were $461.0 million, up 17.0% from the prior year. Net written premiums were $274.6 million, up 34.0%, driven by growth in all product lines. |
• | Within our insurance investment portfolio, we reduced our exposure to levered credit by selling approximately $110.0 million of assets and repaying asset-based debt. |
• | In 2019, began re-positioning our asset management platform, by agreeing to invest $75 million to seed new investment funds in Corvid Peak (formerly known as Tricadia). |
• | On April 22, 2019, we sold our CLO management business (Telos Asset Management) for an approximate $7.6 million pre-tax gain and a future contingent earn-out. |
($ in millions, except per share information) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
GAAP: | 2019 | 2018 | 2019 | 2018 | |||||||||||
Total revenues | $ | 191.1 | $ | 152.7 | $ | 375.0 | $ | 300.8 | |||||||
Net income (loss) before non-controlling interests | 12.2 | 0.9 | 16.5 | 29.9 | |||||||||||
Net income (loss) attributable to Common Stockholders | 11.8 | 0.8 | 15.7 | 24.4 | |||||||||||
Diluted earnings per share | 0.32 | 0.02 | 0.43 | 0.73 | |||||||||||
Cash dividends paid per common share | 0.075 | 0.065 | 0.075 | 0.065 | |||||||||||
Non-GAAP: (1) | |||||||||||||||
Operating EBITDA | 12.7 | 15.0 | 25.3 | 23.9 | |||||||||||
Adjusted EBITDA | 22.9 | 10.1 | 37.5 | 15.5 | |||||||||||
Book value per share (2) | 11.47 | 10.74 | 11.47 | 10.74 |
($ in millions) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net realized and unrealized gains (losses)(1) | $ | 12.4 | $ | (3.8 | ) | $ | 16.4 | $ | (6.0 | ) | |||||
Discontinued operations (Care)(2) | $ | — | $ | — | $ | — | $ | 46.8 |
($ in millions) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Specialty Insurance | $ | 12.0 | $ | 8.7 | $ | 20.1 | $ | 10.1 | |||||||
Tiptree Capital | 11.7 | (0.5 | ) | 17.6 | (2.2 | ) | |||||||||
Corporate | (7.9 | ) | (6.6 | ) | (16.8 | ) | (13.4 | ) | |||||||
Pre-tax income (loss) from continuing operations | $ | 15.8 | $ | 1.6 | $ | 20.9 | $ | (5.5 | ) | ||||||
Pre-tax income (loss) from discontinued operations (1) | $ | — | $ | — | $ | — | $ | 46.8 |
(1) | Represents Care for the six months ended June 30, 2018, which includes $46.2 million pre-tax gain on sale. |
As of June 30, | |||||||||||||||
($ in millions) | Invested Capital | Total Capital | |||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Specialty Insurance | $ | 306.5 | $ | 288.4 | $ | 466.5 | $ | 448.4 | |||||||
Tiptree Capital | 177.5 | 163.7 | 177.5 | 163.7 | |||||||||||
Corporate | (37.4 | ) | (14.8 | ) | 32.8 | 59.2 | |||||||||
Total Tiptree | $ | 446.6 | $ | 437.3 | $ | 676.8 | $ | 671.3 |
($ in millions) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Specialty Insurance | $ | 14.8 | $ | 16.2 | $ | 28.5 | $ | 29.5 | |||||||
Tiptree Capital (2) | 3.6 | 3.6 | 8.3 | 6.9 | |||||||||||
Corporate | (5.7 | ) | (4.8 | ) | (11.5 | ) | (12.5 | ) | |||||||
Operating EBITDA | $ | 12.7 | $ | 15.0 | $ | 25.3 | $ | 23.9 | |||||||
Stock-based compensation expense | (1.6 | ) | (1.1 | ) | (3.0 | ) | (2.3 | ) | |||||||
Vessel depreciation, net of capital expenditures | (0.6 | ) | — | (1.2 | ) | — | |||||||||
Realized and unrealized gains (losses) (3) | 12.4 | (3.8 | ) | 16.4 | (6.0 | ) | |||||||||
Third party non-controlling interests (4) | — | — | — | (0.1 | ) | ||||||||||
Adjusted EBITDA | $ | 22.9 | $ | 10.1 | $ | 37.5 | $ | 15.5 |
(1) | For further information relating to Invested Capital, Total Capital, Operating EBITDA and Adjusted EBITDA, including a reconciliation to GAAP total stockholders equity and pre-tax income, see “—Non-GAAP Reconciliations.” |
(2) | Includes discontinued operations related to Care for the 2018 period. As of February 1, 2018, invested capital from Care discontinued operations is represented by our 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. |
(4) | Removes the Operating EBITDA associated with third party non-controlling interests. Does not remove the non-controlling interests related to employee based shares. |
($ in millions) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Gross written premiums | $ | 262.6 | $ | 193.5 | $ | 461.0 | $ | 394.1 | |||||||
Net written premiums | 153.6 | 95.8 | 274.6 | 205.0 | |||||||||||
Revenues: | |||||||||||||||
Net earned premiums | $ | 116.5 | $ | 100.1 | $ | 235.5 | $ | 201.7 | |||||||
Service and administrative fees | 26.7 | 24.9 | 52.6 | 49.5 | |||||||||||
Ceding commissions | 3.1 | 2.2 | 5.6 | 4.5 | |||||||||||
Net investment income | 3.4 | 4.9 | 7.7 | 9.1 | |||||||||||
Net realized and unrealized gains (losses) | 3.7 | 1.4 | 5.8 | (2.0 | ) | ||||||||||
Other income | 1.0 | 0.6 | 1.8 | 1.3 | |||||||||||
Total revenues | $ | 154.4 | $ | 134.1 | $ | 309.0 | $ | 264.1 | |||||||
Expenses: | |||||||||||||||
Policy and contract benefits | 39.5 | 34.2 | 80.3 | 70.8 | |||||||||||
Commission expense | 72.7 | 62.6 | 147.6 | 125.2 | |||||||||||
Employee compensation and benefits | 12.1 | 11.1 | 24.1 | 22.0 | |||||||||||
Interest expense | 3.5 | 4.6 | 7.6 | 9.1 | |||||||||||
Depreciation and amortization expenses | 2.3 | 2.7 | 4.6 | 5.4 | |||||||||||
Other expenses | 12.3 | 10.2 | 24.7 | 21.5 | |||||||||||
Total expenses | $ | 142.4 | $ | 125.4 | $ | 288.9 | $ | 254.0 | |||||||
Pre-tax income (loss) | $ | 12.0 | $ | 8.7 | $ | 20.1 | $ | 10.1 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||
($ in millions) | Gross Written Premiums | Net Written Premiums | Gross Written Premiums | Net Written Premiums | |||||||||||||||||||||||||||
Insurance Products: | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
Credit protection | $ | 158.3 | $ | 133.7 | $ | 100.7 | $ | 85.2 | $ | 290.6 | $ | 250.5 | $ | 189.7 | $ | 161.9 | |||||||||||||||
Warranty | 68.6 | 28.2 | 38.3 | 14.0 | 110.2 | 53.9 | 61.1 | 29.5 | |||||||||||||||||||||||
Other specialty programs | 35.7 | 31.6 | 14.6 | (3.4 | ) | 60.2 | 89.7 | 23.8 | 13.6 | ||||||||||||||||||||||
Total | $ | 262.6 | $ | 193.5 | $ | 153.6 | $ | 95.8 | $ | 461.0 | $ | 394.1 | $ | 274.6 | $ | 205.0 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||
($ in millions) | Underwriting Revenues | Underwriting Margin | Underwriting Revenues | Underwriting Margin | |||||||||||||||||||||||||||
Insurance products: | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
Credit protection | $ | 107.3 | $ | 92.2 | $ | 22.5 | $ | 18.5 | $ | 213.7 | $ | 184.9 | $ | 42.0 | $ | 36.6 | |||||||||||||||
Warranty | 26.4 | 22.0 | 7.9 | 7.1 | 54.9 | 44.2 | 16.4 | 13.5 | |||||||||||||||||||||||
Other specialty programs | 11.2 | 11.5 | 2.3 | 3.4 | 22.1 | 23.5 | 4.3 | 6.4 | |||||||||||||||||||||||
Services and other | 2.4 | 2.0 | 2.4 | 1.9 | 4.8 | 4.3 | 4.9 | 4.4 | |||||||||||||||||||||||
Total | $ | 147.3 | $ | 127.7 | $ | 35.1 | $ | 30.9 | $ | 295.5 | $ | 256.9 | $ | 67.6 | $ | 60.9 |
($ in millions) | As of June 30, | ||||||||||||||
2019 | 2018 | ||||||||||||||
Invested Capital(1) | $ | 306.5 | $ | 288.4 | |||||||||||
Total Capital(1) | $ | 466.5 | $ | 448.4 | |||||||||||
($ in millions) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
Operating EBITDA drivers: | 2019 | 2018 | 2019 | 2018 | |||||||||||
Underwriting | $ | 11.2 | $ | 11.1 | $ | 21.0 | $ | 20.3 | |||||||
Investments | 3.6 | 5.1 | 7.5 | 9.2 | |||||||||||
Specialty Insurance Operating EBITDA(1) | $ | 14.8 | $ | 16.2 | $ | 28.5 | $ | 29.5 | |||||||
Insurance operating ratios: | |||||||||||||||
Combined ratio | 92.7 | % | 92.3 | % | 93.2 | % | 93.1 | % |
($ in millions) | As of June 30, | ||||||||||||||
2019 | 2018 | ||||||||||||||
Cash and cash equivalents (1) | $ | 124.0 | $ | 21.1 | |||||||||||
Available for sale securities, at fair value | 269.1 | 234.4 | |||||||||||||
Equity securities | 55.9 | 36.9 | |||||||||||||
Loans, at fair value (2) | 23.5 | 86.1 | |||||||||||||
Real estate, net | 7.0 | 14.6 | |||||||||||||
Other investments | 9.2 | 17.0 | |||||||||||||
Net investments | $ | 488.7 | $ | 410.1 | |||||||||||
(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 millions) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net investment income | $ | 3.4 | $ | 4.9 | $ | 7.7 | $ | 9.1 | |||||||
Realized gains (losses) | 3.4 | 0.5 | 3.6 | 5.6 | |||||||||||
Unrealized gains (losses) | 0.3 | 0.9 | 2.2 | (7.6 | ) | ||||||||||
Interest expense | — | (1.2 | ) | (0.6 | ) | (2.4 | ) | ||||||||
Net portfolio income (loss) | $ | 7.1 | $ | 5.1 | $ | 12.9 | $ | 4.7 | |||||||
Average Annualized Yield % (1) | 5.8 | % | 5.1 | % | 5.4 | % | 2.4 | % |
($ in millions) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Total revenues | $ | 36.7 | $ | 18.6 | $ | 66.0 | $ | 36.7 | |||||||
Pre-tax income (loss) from continuing operations | $ | 11.7 | $ | (0.5 | ) | $ | 17.6 | $ | (2.2 | ) | |||||
Pre-tax income (loss) from discontinued operations | $ | — | $ | — | $ | — | $ | 46.8 |
($ in millions) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Asset management fees and credit investments | $ | 7.5 | $ | (0.6 | ) | $ | 8.0 | $ | 0.3 | ||||||
Shipping | 0.0 | (0.3 | ) | 0.5 | (1.1 | ) | |||||||||
Specialty finance and other | (1.4 | ) | 0.6 | (1.1 | ) | 0.5 | |||||||||
Senior Living: | |||||||||||||||
Invesque(1) | 5.6 | (0.3 | ) | 10.2 | (1.9 | ) | |||||||||
Care - discontinued operations(2) | — | — | — | 46.8 |
($ in millions) | Invested Capital(1) | Operating EBITDA(1) | |||||||||||||||||||||
As of June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
Asset management fees & credit investments(2) | $ | 1.3 | $ | 2.5 | $ | (0.1 | ) | $ | 0.6 | $ | 0.5 | $ | 1.5 | ||||||||||
Senior living (Invesque) (3) | 100.5 | 103.3 | 2.6 | 2.5 | 5.1 | 4.8 | |||||||||||||||||
Shipping | 48.7 | 21.8 | 0.6 | — | 1.7 | — | |||||||||||||||||
Specialty finance and other | 27.0 | 36.1 | 0.5 | 0.5 | 1.0 | 0.6 | |||||||||||||||||
Tiptree Capital | $ | 177.5 | $ | 163.7 | $ | 3.6 | $ | 3.6 | $ | 8.3 | $ | 6.9 |
($ in millions) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Employee compensation and benefits | $ | 1.5 | $ | 2.0 | $ | 3.3 | $ | 3.4 | |||||||
Employee incentive compensation expense | 3.0 | 1.7 | 5.0 | 4.0 | |||||||||||
Interest expense | 1.6 | 1.2 | 3.2 | 1.8 | |||||||||||
Depreciation and amortization expenses | 0.1 | — | 0.2 | 0.1 | |||||||||||
Other expenses | 1.7 | 1.8 | 5.1 | 4.1 | |||||||||||
Total expenses | $ | 7.9 | $ | 6.7 | $ | 16.8 | $ | 13.4 |
As of June 30, 2019 | |||||||||||||||
($ in millions) | Specialty Insurance | Tiptree Capital | Corporate | Total | |||||||||||
Total assets | $ | 1,522.5 | $ | 349.6 | $ | 48.3 | $ | 1,920.4 | |||||||
Corporate debt | $ | 160.0 | $ | — | $ | 70.2 | $ | 230.2 | |||||||
Asset based debt | 11.5 | 63.1 | — | 74.6 | |||||||||||
Tiptree Inc. stockholders’ equity | $ | 256.2 | $ | 177.5 | $ | (37.6 | ) | $ | 396.1 | ||||||
Non-controlling interests - Other | 8.6 | 2.4 | — | 11.0 | |||||||||||
Total stockholders’ equity | $ | 264.8 | $ | 179.9 | $ | (37.6 | ) | $ | 407.1 |
($ in millions) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income (loss) attributable to Common Stockholders | $ | 11.8 | $ | 0.8 | $ | 15.7 | $ | 24.4 |
($ in millions) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Add: net (loss) income attributable to noncontrolling interests | 0.4 | 0.1 | 0.8 | 5.5 | |||||||||||
Less: net income from discontinued operations | — | — | — | 34.5 | |||||||||||
Income (loss) from continuing operations | $ | 12.2 | $ | 0.9 | $ | 16.5 | $ | (4.6 | ) | ||||||
Corporate Debt related interest expense(1) | 4.9 | 4.6 | 9.9 | 8.4 | |||||||||||
Consolidated income tax expense (benefit) | 3.5 | 0.7 | 4.4 | (0.9 | ) | ||||||||||
Depreciation and amortization expense(2) | 3.1 | 2.7 | 6.1 | 5.5 | |||||||||||
Non-cash fair value adjustments(3) | (0.8 | ) | — | (1.4 | ) | 0.1 | |||||||||
Non-recurring expenses(4) | — | 1.2 | 2.0 | 0.9 | |||||||||||
Adjusted EBITDA from continuing operations | $ | 22.9 | $ | 10.1 | $ | 37.5 | $ | 9.4 | |||||||
Add: Stock-based compensation expense | 1.6 | 1.1 | 3.0 | 2.3 | |||||||||||
Add: Vessel depreciation, net of capital expenditures | 0.6 | — | 1.2 | — | |||||||||||
Less: Realized and unrealized gain (loss)(5) | 12.4 | (3.8 | ) | 16.4 | (11.5 | ) | |||||||||
Less: Third party non-controlling interests(6) | — | — | — | (0.1 | ) | ||||||||||
Operating EBITDA from continuing operations | $ | 12.7 | $ | 15.0 | $ | 25.3 | $ | 23.3 | |||||||
Income (loss) from discontinued operations | $ | — | $ | — | $ | — | $ | 34.5 | |||||||
Consolidated income tax expense (benefit) | — | — | — | 12.3 | |||||||||||
Non-cash fair value adjustments (3) | — | — | — | (40.7 | ) | ||||||||||
Adjusted EBITDA from discontinued operations | $ | — | $ | — | $ | — | $ | 6.1 | |||||||
Less: Realized and unrealized gain (loss) (5) | — | — | — | 5.5 | |||||||||||
Operating EBITDA from discontinued operations | $ | — | $ | — | $ | — | $ | 0.6 | |||||||
Total Adjusted EBITDA | $ | 22.9 | $ | 10.1 | $ | 37.5 | $ | 15.5 | |||||||
Total Operating EBITDA | $ | 12.7 | $ | 15.0 | $ | 25.3 | $ | 23.9 |
(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 and 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 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 debt extinguishment, legal, taxes, banker fees and other costs. In 2018, 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. |
(6) | Removes the Operating EBITDA associated with third party non-controlling interests. Does not remove the non-controlling interests related to employee based shares. |
Three Months Ended June 30, 2019 | |||||||||||||||
($ in millions) | Specialty Insurance | Tiptree Capital (1) | Corporate Expenses | Total | |||||||||||
Pre-tax income/(loss) from continuing ops | $ | 12.0 | $ | 11.7 | $ | (7.9 | ) | $ | 15.8 | ||||||
Adjustments: | |||||||||||||||
Corporate Debt related interest expense(2) | 3.3 | — | 1.6 | 4.9 | |||||||||||
Depreciation and amortization expenses(3) | 2.1 | 0.8 | 0.1 | 3.0 | |||||||||||
Non-cash fair value adjustments(4) | — | (0.8 | ) | — | (0.8 | ) | |||||||||
Non-recurring expenses(5) | 0.1 | 0.2 | (0.3 | ) | — | ||||||||||
Adjusted EBITDA | $ | 17.5 | $ | 11.9 | $ | (6.5 | ) | $ | 22.9 | ||||||
Add: Stock-based compensation expense | 0.7 | 0.1 | 0.8 | 1.6 | |||||||||||
Add: Vessel depreciation, net of capital expenditures | — | 0.6 | — | 0.6 | |||||||||||
Less: Realized and unrealized gain (loss)(6) | 3.4 | 9.0 | — | 12.4 | |||||||||||
Operating EBITDA | $ | 14.8 | $ | 3.6 | $ | (5.7 | ) | $ | 12.7 |
Six Months Ended June 30, 2019 | |||||||||||||||
($ in millions) | Specialty Insurance | Tiptree Capital (1) | Corporate Expenses | Total | |||||||||||
Pre-tax income/(loss) from continuing ops | $ | 20.1 | $ | 17.6 | $ | (16.8 | ) | $ | 20.9 | ||||||
Pre-tax income/(loss) from discontinued ops | — | — | — | — | |||||||||||
Adjustments: | |||||||||||||||
Corporate Debt related interest expense(2) | 6.7 | — | 3.2 | 9.9 | |||||||||||
Depreciation and amortization expenses(3) | 4.3 | 1.6 | 0.2 | 6.1 | |||||||||||
Non-cash fair value adjustments(4) | — | (1.4 | ) | — | (1.4 | ) | |||||||||
Non-recurring expenses(5) | 1.4 | 0.2 | 0.4 | 2.0 | |||||||||||
Adjusted EBITDA | $ | 32.5 | $ | 18.0 | $ | (13.0 | ) | $ | 37.5 | ||||||
Add: Stock-based compensation expense | 1.3 | 0.2 | 1.5 | 3.0 | |||||||||||
Add: Vessel depreciation, net of capital expenditures | — | 1.2 | — | 1.2 | |||||||||||
Less: Realized and unrealized gain (loss)(6) | 5.3 | 11.1 | — | 16.4 | |||||||||||
Operating EBITDA | $ | 28.5 | $ | 8.3 | $ | (11.5 | ) | $ | 25.3 |
Three Months Ended June 30, 2018 | |||||||||||||||
($ in millions) | Specialty Insurance | Tiptree Capital (1) | Corporate Expenses | Total | |||||||||||
Pre-tax income/(loss) from continuing ops | $ | 8.8 | $ | (0.5 | ) | $ | (6.7 | ) | $ | 1.6 | |||||
Adjustments: | |||||||||||||||
Corporate Debt related interest expense(2) | 3.4 | — | 1.2 | 4.6 | |||||||||||
Depreciation and amortization expenses(3) | 2.5 | 0.2 | — | 2.7 | |||||||||||
Non-cash fair value adjustments(4) | (0.1 | ) | 0.1 | — | — | ||||||||||
Non-recurring expenses(5) | 1.1 | 0.1 | — | 1.2 | |||||||||||
Adjusted EBITDA | $ | 15.7 | $ | (0.1 | ) | $ | (5.5 | ) | $ | 10.1 | |||||
Add: Stock-based compensation expense | 0.6 | $ | (0.2 | ) | 0.7 | 1.1 | |||||||||
Less: Realized and unrealized gain (loss)(6) | 0.1 | (3.9 | ) | — | (3.8 | ) | |||||||||
Operating EBITDA | $ | 16.2 | $ | 3.6 | $ | (4.8 | ) | $ | 15.0 |
Six Months Ended June 30, 2018 | |||||||||||||||
($ in millions) | Specialty Insurance | Tiptree Capital (1) | Corporate Expenses | Total | |||||||||||
Pre-tax income/(loss) from continuing ops | $ | 10.1 | $ | (2.2 | ) | $ | (13.4 | ) | $ | (5.5 | ) | ||||
Pre-tax income/(loss) from discontinued ops | — | 46.8 | — | 46.8 | |||||||||||
Adjustments: | |||||||||||||||
Corporate Debt related interest expense(2) | 6.6 | — | 1.8 | 8.4 | |||||||||||
Depreciation and amortization expenses(3) | 5.0 | 0.4 | 0.1 | 5.5 | |||||||||||
Non-cash fair value adjustments(4) | — | (40.6 | ) | — | (40.6 | ) | |||||||||
Non-recurring expenses(5) | 2.2 | 1.0 | (2.3 | ) | 0.9 | ||||||||||
Adjusted EBITDA | $ | 23.9 | $ | 5.4 | $ | (13.8 | ) | $ | 15.5 | ||||||
Add: Stock-based compensation expense | 1.2 | $ | (0.2 | ) | 1.3 | 2.3 | |||||||||
Less: Realized and unrealized gain (loss)(6) | (4.4 | ) | (1.6 | ) | — | (6.0 | ) | ||||||||
Less: Third party non-controlling interests(7) | — | (0.1 | ) | — | (0.1 | ) | |||||||||
Operating EBITDA | $ | 29.5 | $ | 6.9 | $ | (12.5 | ) | $ | 23.9 |
(1) | Includes discontinued operations related to Care. For more information, see “Note—(3) Dispositions, Assets Held for Sale & Discontinued Operations.” |
(2) | 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 and asset management, mortgage and other operations is not added-back for Adjusted EBITDA and Operating EBITDA. |
(3) | 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. |
(4) | 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. |
(5) | Acquisition, start-up and disposition costs including debt extinguishment, legal, taxes, banker fees and other costs. In 2018, includes payments pursuant to a separation agreement, dated November 10, 2015. |
(6) | Adjustment excludes Mortgage realized and unrealized gains and losses - Performing and NPLs as those are recurring in nature and align with those business models. |
(7) | Removes the Operating EBITDA associated with third party non-controlling interests. Does not remove the non-controlling interests related to employee based shares. |
($ in millions, except per share information) | As of June 30, | ||||||
2019 | 2018 | ||||||
Total stockholders’ equity | $ | 407.1 | $ | 400.8 | |||
Less non-controlling interest - other | 11.0 | 7.2 | |||||
Total stockholders’ equity, net of non-controlling interests - other | $ | 396.1 | $ | 393.6 | |||
Total Common shares outstanding | 34.5 | 36.6 | |||||
Book value per share | $ | 11.47 | $ | 10.74 |
($ in millions) | As of June 30, | ||||||
2019 | 2018 | ||||||
Total stockholders’ equity | $ | 407.1 | $ | 400.8 | |||
Less non-controlling interest - other | 11.0 | 7.2 | |||||
Total stockholders’ equity, net of non-controlling interests - other | $ | 396.1 | $ | 393.6 | |||
Plus Specialty Insurance accumulated depreciation and amortization, net of tax | 46.3 | 39.5 | |||||
Plus acquisition costs | 4.2 | 4.2 | |||||
Invested Capital | $ | 446.6 | $ | 437.3 | |||
Plus corporate debt | 230.2 | 234.0 | |||||
Total Capital | $ | 676.8 | $ | 671.3 |
($ in millions) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
Revenues: | 2019 | 2018 | 2019 | 2018 | |||||||||||
Net earned premiums | $ | 116.5 | $ | 100.0 | $ | 235.5 | $ | 201.7 | |||||||
Service and administrative fees | 26.7 | 24.9 | 52.6 | 49.5 | |||||||||||
Ceding commissions | 3.1 | 2.2 | 5.6 | 4.5 | |||||||||||
Other income | 1.0 | 0.6 | 1.8 | 1.3 | |||||||||||
Underwriting Revenues - Non-GAAP | $ | 147.3 | $ | 127.7 | $ | 295.5 | $ | 257.0 | |||||||
Less underwriting expenses: | |||||||||||||||
Policy and contract benefits | 39.5 | 34.2 | 80.3 | 70.8 | |||||||||||
Commission expense | 72.7 | 62.6 | 147.6 | 125.2 | |||||||||||
Underwriting Margin - Non-GAAP | $ | 35.1 | $ | 30.9 | $ | 67.6 | $ | 61.0 | |||||||
Less operating expenses: | |||||||||||||||
Employee compensation and benefits | 12.1 | 11.1 | 24.1 | 22.0 | |||||||||||
Other expenses (excluding debt extinguishment expenses) | 12.3 | 10.1 | 23.5 | 21.1 | |||||||||||
Combined Ratio | 92.7 | % | 92.3 | % | 93.2 | % | 93.1 | % | |||||||
Plus investment revenues: | |||||||||||||||
Net investment income | 3.4 | 4.9 | 7.7 | 9.1 | |||||||||||
Net realized and unrealized gains | 3.7 | 1.4 | 5.8 | (2.0 | ) | ||||||||||
Less other expenses: | |||||||||||||||
Interest expense | 3.5 | 4.6 | 7.6 | 9.1 | |||||||||||
Debt extinguishment expenses | — | — | 1.2 | 0.4 | |||||||||||
Depreciation and amortization expenses | 2.3 | 2.7 | 4.6 | 5.4 | |||||||||||
Pre-tax income (loss) | $ | 12.0 | $ | 8.7 | $ | 20.1 | $ | 10.1 |
($ in millions) | As of June 30, | ||||||
2019 | 2018 | ||||||
Total Investments | $ | 364.7 | $ | 482.5 | |||
Investment portfolio debt (1) | — | (93.5 | ) | ||||
Cash and cash equivalents | 140.8 | 19.5 | |||||
Restricted cash (2) | — | 8.4 | |||||
Receivable due from brokers (3) | 3.4 | — | |||||
Liability due to brokers (3) | (20.2 | ) | (6.8 | ) | |||
Net investments - Non-GAAP | $ | 488.7 | $ | 410.1 |
($ in millions) | 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, | |||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
Specialty insurance | $ | 160.0 | $ | 160.0 | $ | 3.3 | $ | 3.5 | $ | 6.7 | $ | 6.8 | ||||||||||||
Corporate | 70.2 | 74.0 | 1.6 | 1.2 | 3.2 | 1.8 | ||||||||||||||||||
Total | $ | 230.2 | $ | 234.0 | $ | 4.9 | $ | 4.7 | $ | 9.9 | $ | 8.6 |
($ in millions) | Six Months Ended June 30, | ||||||
Total cash provided by (used in): | 2019 | 2018 | |||||
Operating activities | 1.8 | 10.2 | |||||
Investing activities | 156.3 | (49.6 | ) | ||||
Financing activities | (64.5 | ) | 0.1 | ||||
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | 93.6 | $ | (39.3 | ) |
($ in millions) | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | Total | ||||||||||||||
Corporate Debt | $ | — | $ | 70.2 | $ | — | $ | 160.0 | $ | 230.2 | |||||||||
Asset Based Debt | 63.1 | 11.5 | — | — | 74.6 | ||||||||||||||
Total Debt | $ | 63.1 | $ | 81.7 | $ | — | $ | 160.0 | $ | 304.8 | |||||||||
Operating lease obligations (2) | 7.0 | 13.5 | 10.0 | 13.8 | 44.3 | ||||||||||||||
Total | $ | 70.1 | $ | 95.2 | $ | 10.0 | $ | 173.8 | $ | 349.1 |
(1) | See Note (10) Debt, net, in the accompanying consolidated financial statements for additional information. |
(2) | Minimum rental obligation for office leases. The total rent expense for the six months ended June 30, 2019 and 2018 was $4.4 million and $3.2 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(1) | ||||||
April 1, 2019 to April 30, 2019 | Tiptree Inc. | — | $ | — | — | $ | 19,281,960 | ||||
May 1, 2019 to May 31, 2019 | Tiptree Inc. | — | $ | — | — | $ | 19,281,960 | ||||
June 1, 2019 to June 30, 2019 | Tiptree Inc. | — | $ | — | — | $ | 19,281,960 | ||||
Total | — | $ | — | — | $ | — |
(1) | On December 7, 2018, the Board of Directors of Tiptree (“Board”) authorized Tiptree to repurchase up to $20 million of its outstanding Common Stock in the aggregate from time to time, $10 million in the open market and $10 million through block purchases or otherwise, subject to Tiptree’s Executive |
The following documents are filed as a part of this Form 10-Q: | |
Financial Statements (Unaudited): | |
Condensed Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018 | |
Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2019 and 2018 | |
Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2019 and 2018 | |
Condensed Consolidated Statement of Changes in Stockholders’ Equity for the periods ended June 30, 2019 and 2018 | |
Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2019 and 2018 | |
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 5, 2019 | By:/s/ Michael Barnes | ||
Michael Barnes | ||||
Executive Chairman | ||||
Date: | August 5, 2019 | By:/s/ Jonathan Ilany | ||
Jonathan Ilany | ||||
Chief Executive Officer | ||||
Date: | August 5, 2019 | By:/s/ Sandra Bell | ||
Sandra Bell | ||||
Chief Financial Officer |
Exhibit No. | Description |
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, 2019 and December 31, 2018, (ii) the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2019 and 2018, (iii) the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2019 and 2018, (iv) the Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three and six month periods ended June 30, 2019 and 2018, (v) the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2019 and 2018 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 5, 2019 | /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 5, 2019 | /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 5, 2019 | /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, 2019 |
Aug. 01, 2019 |
|
Entity Registrant Name | Tiptree Inc. | |
Entity Central Index Key | 0001393726 | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Jun. 30, 2019 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 34,552,301 | |
Entity Current Reporting Status | Yes |
Consolidated Balance Sheet (Parenthetical) - $ / shares |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common stock | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 34,540,432 | 35,870,348 |
Common stock, shares outstanding | 34,540,432 | 35,870,348 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|||
Other comprehensive income (loss), net of tax: | ||||||
Net income (loss) before non-controlling interests | $ 12,204 | $ 876 | $ 16,505 | $ 29,882 | ||
Unrealized gains (losses) on available-for-sale securities: | ||||||
Unrealized holding gains (losses) arising during the period | 2,531 | (752) | 5,659 | (3,045) | ||
Related tax (expense) benefit | (561) | 174 | (1,274) | 678 | ||
Reclassification of (gains) losses included in net income | (1,046) | (4) | (1,041) | 523 | ||
Related tax expense (benefit) | 222 | 7 | 221 | (105) | ||
Unrealized gains (losses) on available-for-sale securities, net of tax | 1,146 | (575) | 3,565 | (1,949) | ||
Interest rate swaps (cash flow hedges): | ||||||
Unrealized gains (losses) on interest rate swaps | 0 | 0 | 0 | 1,111 | ||
Related tax (expense) benefit | 0 | 0 | 0 | (276) | ||
Reclassification of (gains) losses included in net income (1) | [1] | 0 | 0 | 0 | (3,845) | |
Related tax expense (benefit) | 0 | 0 | 0 | 936 | ||
Unrealized (losses) gains on interest rate swaps from cash flow hedges, net of tax | 0 | 0 | 0 | (2,074) | ||
Other comprehensive income (loss), net of tax | 1,146 | (575) | 3,565 | (4,023) | ||
Comprehensive income (loss) | 13,350 | 301 | 20,070 | 25,859 | ||
Comprehensive income (loss) attributable to Common Stockholders | 12,884 | 251 | 19,217 | 21,362 | ||
Tiptree Financial Partners, L.P. | Noncontrolling interest | ||||||
Interest rate swaps (cash flow hedges): | ||||||
Less: comprehensive (loss) income attributable to non-controlling interests | 0 | 108 | 0 | 4,937 | ||
Noncontrolling interests - other | Noncontrolling interest | ||||||
Interest rate swaps (cash flow hedges): | ||||||
Less: comprehensive (loss) income attributable to non-controlling interests | $ 466 | $ (58) | $ 853 | $ (440) | ||
|
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands |
Total |
Accumulated other comprehensive income (loss) |
Tiptree |
Noncontrolling interest |
Tiptree Financial Partners, L.P.
Noncontrolling interest
|
Noncontrolling interests - other |
Noncontrolling interests - other
Noncontrolling interest
|
Tiptree
Common stock
|
Tiptree
Additional paid-in capital
|
Tiptree
Accumulated other comprehensive income (loss)
|
Tiptree
Retained earnings
|
Common Stock - Class A |
Common Stock - Class A
Treasury Stock
|
Common Stock - Class A
Tiptree Financial Partners, L.P.
|
Common Stock - Class A
Tiptree
Common stock
|
Common Stock - Class A
Subsidiaries
Common stock
|
Common Stock - Class A
Subsidiaries
Treasury Stock
|
Common Stock - Class B
Tiptree
Common stock
|
Common Stock - Class B
Subsidiaries
Common stock
|
Common Stock - Class B
Subsidiaries
Treasury Stock
|
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total stockholders’ equity, beginning of period, amount at Dec. 31, 2017 | $ 396,774 | $ 77,494 | $ 19,203 | $ 295,582 | $ 966 | $ 38,079 | $ 35 | $ (34,585) | $ 8 | $ (8) | |||||||||||||||||||
Beginning Balance, shares at Dec. 31, 2017 | 35,003,004 | 8,049,029 | |||||||||||||||||||||||||||
Common stock, beginning of period, shares at Dec. 31, 2017 | (5,197,551) | (8,049,029) | |||||||||||||||||||||||||||
Total stockholders’ equity to Tiptree Financial Inc. at Dec. 31, 2017 | $ 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 | |||||||||||||||||||||||||
Shares purchased under stock purchase plan | (8,858) | (8,858) | $ (1) | (8,857) | |||||||||||||||||||||||||
Reorganization merger, shares | (1,187,468) | 8,049,029 | [1] | 8,049,029 | [1] | ||||||||||||||||||||||||
Shares purchased under stock purchase plan (in shares) | (1,372,739) | (8,049,029) | |||||||||||||||||||||||||||
Reorganization merger | 82,190 | (82,190) | 82,523 | (341) | $ 8 | $ (8) | $ 8 | ||||||||||||||||||||||
Cancellation of treasury shares, shares | (5,035,977) | 5,035,977 | |||||||||||||||||||||||||||
Cancellation of treasury shares | (33,530) | $ (5) | $ 33,535 | ||||||||||||||||||||||||||
Non-controlling interest contributions | 1,418 | 1,418 | |||||||||||||||||||||||||||
Non-controlling interest distributions | (241) | (241) | |||||||||||||||||||||||||||
Net changes in non-controlling interest | (14,229) | (132) | (14,097) | (132) | |||||||||||||||||||||||||
Dividends declared | (2,200) | (2,200) | (2,200) | ||||||||||||||||||||||||||
Other comprehensive income, net of tax | (3,024) | (3,024) | |||||||||||||||||||||||||||
Other comprehensive income, net of tax | (563) | (436) | |||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | (4,023) | $ (4,023) | |||||||||||||||||||||||||||
Net income attributable to shareholders | 24,386 | 24,386 | 24,386 | ||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | $ 5,496 | 5,500 | (4) | ||||||||||||||||||||||||||
Net income | 29,882 | ||||||||||||||||||||||||||||
Total stockholders’ equity, end of period, amount at Jun. 30, 2018 | $ 400,816 | 0 | 7,164 | $ 37 | 335,749 | (2,399) | 60,265 | $ 0 | $ 0 | $ 0 | |||||||||||||||||||
Total stockholders’ equity to Tiptree Financial Inc. at Jun. 30, 2018 | 393,652 | ||||||||||||||||||||||||||||
Common stock, end of period, shares at Jun. 30, 2018 | 0 | 0 | |||||||||||||||||||||||||||
Ending Balance, shares at Jun. 30, 2018 | 0 | 36,643,317 | 0 | ||||||||||||||||||||||||||
Total stockholders’ equity, beginning of period, amount at Mar. 31, 2018 | $ 407,660 | 82,082 | 5,430 | 294,678 | (1,483) | 60,741 | $ 35 | $ (33,823) | $ 8 | $ (8) | |||||||||||||||||||
Beginning Balance, shares at Mar. 31, 2018 | 35,003,004 | 8,049,029 | |||||||||||||||||||||||||||
Common stock, beginning of period, shares at Mar. 31, 2018 | (5,080,943) | (8,049,029) | |||||||||||||||||||||||||||
Total stockholders’ equity to Tiptree Financial Inc. at Mar. 31, 2018 | 320,148 | ||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Amortization of share-based incentive compensation | 1,051 | 619 | 432 | 619 | |||||||||||||||||||||||||
Vesting of share-based incentive compensation | 15,601 | ||||||||||||||||||||||||||||
Vesting of share-based incentive compensation | 63 | 63 | (38) | $ 101 | |||||||||||||||||||||||||
Shares purchased under stock purchase plan | (8,858) | (8,858) | $ (1) | (8,857) | |||||||||||||||||||||||||
Reorganization merger, shares | [1] | 8,049,029 | 8,049,029 | ||||||||||||||||||||||||||
Shares purchased under stock purchase plan (in shares) | (1,372,739) | (8,049,029) | |||||||||||||||||||||||||||
Shares purchased under stock purchase plan and canceled | 187 | 187 | $ 187 | ||||||||||||||||||||||||||
Shares acquired by subsidiaries, shares | 29,365 | ||||||||||||||||||||||||||||
Reorganization merger | 82,190 | (82,190) | 82,523 | (341) | $ 8 | $ (8) | $ 8 | ||||||||||||||||||||||
Cancellation of treasury shares, shares | (5,035,977) | 5,035,977 | |||||||||||||||||||||||||||
Cancellation of treasury shares | (33,530) | $ (5) | $ 33,535 | ||||||||||||||||||||||||||
Non-controlling interest contributions | 1,418 | 1,418 | |||||||||||||||||||||||||||
Net changes in non-controlling interest | 296 | 354 | (58) | 354 | |||||||||||||||||||||||||
Dividends declared | (1,302) | (1,302) | (1,302) | ||||||||||||||||||||||||||
Other comprehensive income, net of tax | (575) | (575) | |||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | (575) | ||||||||||||||||||||||||||||
Net income attributable to shareholders | 826 | 826 | 826 | ||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 50 | 108 | (58) | ||||||||||||||||||||||||||
Net income | 876 | ||||||||||||||||||||||||||||
Total stockholders’ equity, end of period, amount at Jun. 30, 2018 | $ 400,816 | 0 | 7,164 | $ 37 | 335,749 | (2,399) | 60,265 | $ 0 | $ 0 | $ 0 | |||||||||||||||||||
Total stockholders’ equity to Tiptree Financial Inc. at Jun. 30, 2018 | 393,652 | ||||||||||||||||||||||||||||
Common stock, end of period, shares at Jun. 30, 2018 | 0 | 0 | |||||||||||||||||||||||||||
Ending Balance, shares at Jun. 30, 2018 | 0 | 36,643,317 | 0 | ||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Units exchanged, shares | 424,399 | ||||||||||||||||||||||||||||
Non-controlling interests | $ 12,158 | 12,158 | |||||||||||||||||||||||||||
Total stockholders’ equity, beginning of period, amount at Dec. 31, 2018 | $ 399,259 | $ 36 | 331,892 | (2,058) | 57,231 | ||||||||||||||||||||||||
Common stock, beginning of period, shares at Dec. 31, 2018 | (35,870,348) | ||||||||||||||||||||||||||||
Total stockholders’ equity to Tiptree Financial Inc. at Dec. 31, 2018 | 387,101 | 387,101 | |||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Adoption of accounting standard | [2] | (99) | |||||||||||||||||||||||||||
Amortization of share-based incentive compensation | 2,846 | 1,533 | 1,313 | 1,533 | |||||||||||||||||||||||||
Vesting of share-based incentive compensation | [3] | 142,814 | |||||||||||||||||||||||||||
Vesting of share-based incentive compensation | [3] | (2,256) | (20) | (2,236) | (20) | ||||||||||||||||||||||||
Shares purchased under stock purchase plan | (9,085) | (9,085) | $ (1) | (9,084) | |||||||||||||||||||||||||
Shares purchased under stock purchase plan (in shares) | (1,472,730) | ||||||||||||||||||||||||||||
Non-controlling interest contributions | 50 | 50 | |||||||||||||||||||||||||||
Non-controlling interest distributions | (1,185) | (1,185) | |||||||||||||||||||||||||||
Dividends declared | (2,661) | (2,661) | (2,661) | ||||||||||||||||||||||||||
Other comprehensive income, net of tax | 3,546 | 3,546 | |||||||||||||||||||||||||||
Other comprehensive income, net of tax | 19 | ||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 3,565 | $ 3,565 | |||||||||||||||||||||||||||
Net income attributable to shareholders | 15,671 | 15,671 | |||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 834 | 0 | 834 | ||||||||||||||||||||||||||
Net income | 16,505 | ||||||||||||||||||||||||||||
Total stockholders’ equity, end of period, amount at Jun. 30, 2019 | 407,038 | $ 35 | 324,321 | 1,389 | 70,340 | ||||||||||||||||||||||||
Total stockholders’ equity to Tiptree Financial Inc. at Jun. 30, 2019 | 396,085 | 396,085 | |||||||||||||||||||||||||||
Common stock, end of period, shares at Jun. 30, 2019 | (34,540,432) | ||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Non-controlling interests | 11,020 | ||||||||||||||||||||||||||||
Total stockholders’ equity, beginning of period, amount at Mar. 31, 2019 | 394,655 | $ 35 | 323,334 | 251 | 60,015 | ||||||||||||||||||||||||
Common stock, beginning of period, shares at Mar. 31, 2019 | (34,505,781) | ||||||||||||||||||||||||||||
Total stockholders’ equity to Tiptree Financial Inc. at Mar. 31, 2019 | 383,635 | ||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Amortization of share-based incentive compensation | 1,515 | 863 | 652 | 863 | |||||||||||||||||||||||||
Vesting of share-based incentive compensation | [3] | 34,651 | |||||||||||||||||||||||||||
Vesting of share-based incentive compensation | [3] | 124 | 124 | 0 | 124 | ||||||||||||||||||||||||
Non-controlling interest distributions | (1,185) | (1,185) | |||||||||||||||||||||||||||
Dividends declared | (1,421) | (1,421) | (1,421) | ||||||||||||||||||||||||||
Other comprehensive income, net of tax | 1,138 | 1,138 | |||||||||||||||||||||||||||
Other comprehensive income, net of tax | 8 | ||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 1,146 | ||||||||||||||||||||||||||||
Net income attributable to shareholders | 11,746 | 11,746 | |||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | $ 458 | $ 0 | 458 | ||||||||||||||||||||||||||
Net income | 12,204 | ||||||||||||||||||||||||||||
Total stockholders’ equity, end of period, amount at Jun. 30, 2019 | 407,038 | $ 35 | $ 324,321 | $ 1,389 | $ 70,340 | ||||||||||||||||||||||||
Total stockholders’ equity to Tiptree Financial Inc. at Jun. 30, 2019 | $ 396,085 | $ 396,085 | |||||||||||||||||||||||||||
Common stock, end of period, shares at Jun. 30, 2019 | (34,540,432) | ||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Non-controlling interests | $ 10,953 | $ 10,953 | |||||||||||||||||||||||||||
|
Consolidated Statements of Cash Flow - USD ($) $ in Thousands |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|||
Operating Activities: | ||||
Net income (loss) attributable to Common Stockholders | $ 15,671 | $ 24,386 | ||
Net income (loss) | 16,505 | 29,882 | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||||
Net realized and unrealized (gains) losses | (45,026) | (19,701) | ||
Net (gain) on sale of businesses | 7,598 | 46,184 | ||
Non cash compensation expense | 2,998 | 2,284 | ||
Amortization/accretion of premiums and discounts | 508 | 430 | ||
Depreciation and amortization expense | 6,385 | 5,911 | ||
Bad debt expense | 57 | 126 | ||
Amortization of deferred financing costs | 392 | 523 | ||
Loss on extinguishment of debt | 1,241 | 428 | ||
Deferred tax expense (benefit) | 3,943 | 11,460 | ||
Mortgage loans originated for sale | (807,184) | (730,657) | ||
Proceeds from the sale of mortgage loans originated for sale | 816,933 | 778,671 | ||
(Increase) decrease in notes and accounts receivable | (2,574) | (8,994) | ||
(Increase) decrease in reinsurance receivables | (7,064) | (20,178) | ||
(Increase) decrease in deferred acquisition costs | (22,620) | 280 | ||
(Increase) decrease in other assets | 9,041 | (17,468) | ||
Increase (decrease) in unearned premiums | 46,665 | 22,836 | ||
Increase (decrease) in policy liabilities and unpaid claims | (2,921) | 10,287 | ||
Increase (decrease) in deferred revenue | 4,347 | 7,052 | ||
Increase (decrease) in reinsurance payable | 6,074 | 2,934 | ||
Increase (decrease) in other liabilities and accrued expenses | (18,261) | (19,759) | ||
Net cash provided by (used in) operating activities | 1,841 | 10,163 | ||
Investing Activities: | ||||
Purchases of investments | (146,773) | (182,886) | ||
Proceeds from sales and maturities of investments | 292,713 | 122,511 | ||
Proceeds from the sale of real estate | 6,201 | 9,384 | ||
Purchases of fixed assets | (6,035) | (2,032) | ||
Proceeds from the sale of businesses | 18,079 | 3,561 | ||
Proceeds from notes receivable | 15,902 | 14,923 | ||
Issuance of notes receivable | (23,826) | (15,040) | ||
Net cash provided by (used in) investing activities | 156,261 | (49,579) | ||
Financing Activities: | ||||
Dividends paid | 2,661 | 2,200 | ||
Non-controlling interest contributions | 50 | 1,418 | ||
Non-controlling interest distributions | (1,185) | (241) | ||
Payment of debt issuance costs | (79) | (657) | ||
Proceeds from borrowings and mortgage notes payable | 874,999 | 786,705 | ||
Principal paydowns of borrowings and mortgage notes payable | (926,572) | (776,031) | ||
Repurchase of common stock | (9,085) | (8,858) | ||
Net cash provided by (used in) financing activities | (64,533) | 136 | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | 93,569 | (39,280) | ||
Cash, cash equivalents and restricted cash – beginning of period | 96,524 | 142,237 | ||
Cash, cash equivalents and restricted cash – beginning of period - held for sale | 2,860 | 10,533 | ||
Cash, cash equivalents and restricted cash – end of period | [1] | 192,953 | 113,490 | |
Less: Reclassification of cash to assets held for sale | 3,587 | 3,852 | ||
Cash, cash equivalents and restricted cash– end of period | 189,366 | 109,638 | ||
Supplemental Schedule of Non-Cash Investing and Financing Activities: | ||||
Right-of-use asset obtained in exchange for lease liability | 33,558 | 0 | ||
Acquired real estate properties through, or in lieu of, foreclosure of the related loan | 2,596 | 5,100 | ||
Equity securities acquired through the sale of a subsidiary and asset sales | 0 | 134,083 | ||
Acquisition of non-controlling interest | 0 | 82,190 | ||
Cancellation of treasury shares | 0 | 33,535 | ||
Reconciliation of cash, cash equivalents and restricted cash shown in the statement of cash flows | ||||
Cash and cash equivalents | 175,835 | |||
Restricted cash | 13,531 | |||
Noncontrolling interest | ||||
Operating Activities: | ||||
Net income (loss) attributable to noncontrolling interests | 834 | 5,496 | ||
Tiptree Financial Partners, L.P. | Noncontrolling interest | ||||
Operating Activities: | ||||
Net income (loss) attributable to noncontrolling interests | 0 | 5,500 | ||
Noncontrolling interests - other | Noncontrolling interest | ||||
Operating Activities: | ||||
Net income (loss) attributable to noncontrolling interests | $ 834 | $ (4) | ||
|
Organization |
6 Months Ended |
---|---|
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 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 capabilities. We allocate our capital across our insurance operations and other investments. We classify our business into one reportable segment: Specialty Insurance. We refer to our non-insurance operations, assets and other investments, which is comprised of our non-reportable segments and other business activities, as Tiptree Capital. 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. |
Summary of Significant Accounting Policies |
6 Months Ended | ||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||
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, 2018. 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, 2019 are not necessarily indicative of the results that may be expected for the full year ending on December 31, 2019. 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, 2018, certain prior period amounts have been reclassified to conform to the current presentation. These reclassifications had no effect on the reported results of operations. 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. 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. As a result of the adoption of ASU 2016-02, the Company’s operating leases are now recognized on the condensed consolidated balance sheets as of January 1, 2019. See Note (14) Other Assets and Other Liabilities and Accrued Expenses for additional information. 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. 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. Recent Accounting Standards Recently Adopted Accounting Pronouncements 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 adopted the standard in the first quarter of 2019 under the modified retrospective approach without restating prior comparative periods. The adoption of the updated guidance resulted in the Company recognizing a right of use asset of $32,052 as part of other assets and a lease liability of $33,558 as part of other liabilities and accrued expenses in the condensed consolidated balance sheets, as well as de-recognizing the liability for deferred rent that was required under the previous guidance, for its operating lease agreements at January 1, 2019. We have elected the practical expedient to not separate lease components and non-lease components, and leases with an initial term of 12 months or less are not recorded on the balance sheet. The cumulative effect adjustment to the opening balance of retained earnings was zero. 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 adoption of this standard did not have a material impact on the Company’s 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 adoption of this standard did not have a material impact on the Company’s 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 (AOCI), 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 the 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 has adopted the standard effective January 1, 2019, and reclassified the stranded tax effects caused by the Tax Act from AOCI to retained earnings. The standard is applied in the period of adoption, and the impact to the Company’s condensed consolidated financial statements in the period of adoption is not material. The Company’s accounting policy for the release of stranded tax effects in AOCI is the aggregate portfolio approach. Recently Issued Accounting Pronouncements, Not Yet Adopted 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 August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements on fair value measurements in Topic 820. The modifications include the removal of certain requirements, modifications to existing requirements and additional requirements. The amendments in ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the effect on its condensed 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 April 10, 2019, the Company completed the sale of the management contracts and related assets for the CLOs managed by Telos Asset Management, LLC (Telos). The pre-tax gain on sale for the three months ended June 30, 2019 was $7.6 million, which is included in other revenue. See Note (15) Other Revenue, Other Expenses and Other Income. The sale did not meet the requirements to be classified as a discontinued operation. The sale agreement also contains a provision which provides for contingent consideration if the Telos business achieves specific performance metrics. This contingent consideration represents a gain contingency, and the Company will not recognize any additional gain unless such consideration is realized. On February 1, 2018, the Company completed the sale of Care, as well as two senior living properties held in our specialty insurance business to Invesque Inc. (Invesque). The pre-tax comprehensive income on the sale for the six months ended June 30, 2018 was approximately $44.2 million, which consists of $46.2 million gain on sale of a 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. In December 2018, an additional gain on sale of a subsidiary of $10.7 million of earnout consideration was recognized as a result of a portfolio disposition by Invesque. Total consideration received for the sale of Care was $150.7 million, including approximately 16.6 million shares of Invesque, 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. When the Company entered into a purchase agreement on November 16, 2017 to sell Care, the Company concluded that the sale met the requirements to be classified as a discontinued operation. As a result, the Company reclassified the income and expenses attributable to Care to net income (loss) from discontinued operations through the completion of the sale. The Company has entered into a definitive agreement to sell Luxury, which is pending a regulatory review, and is classified as held for sale at June 30, 2019 and December 31, 2018. The agreement did not meet the requirements to be classified as a discontinued operation. As of June 30, 2019 and December 31, 2018, the Company did not record any impairments with respect to assets held for sale. Assets Held for Sale The following table presents detail of assets and liabilities held for sale in the condensed consolidated balance sheets for the following periods:
Discontinued Operations The following table presents detail of revenues and expenses of discontinued operations in the condensed consolidated statements of operations for the following periods:
The following table presents a summary of cash flows related to discontinued operations 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 capabilities. We allocate our capital across our insurance operations and other investments. We classify our business into one reportable segment – Specialty Insurance. We refer to our non-insurance operations, assets and other investments, which is comprised of our non-reportable operating segments and other business activities, as Tiptree Capital. Corporate activities include holding company interest expense, employee compensation and benefits, and other expenses. Our reportable segment’s income or 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. As of December 31, 2018, Mortgage and Asset Management, which previously were reportable segments, no longer met the quantitative threshold for disclosure. Those are now reported in Other, which we refer to as Tiptree Capital. Prior periods have been conformed to the current year presentation. Intercompany transactions are eliminated. Descriptions of our reportable segment and of Tiptree Capital are as follows: 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 other specialty 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 includes our asset management, mortgage and shipping operations, and other investments (including our Invesque shares). The tables below present the components of revenue, expense, pre-tax income (loss), and assets for our reportable segment as well as Tiptree Capital for the following periods:
The following table presents sources of revenue from Tiptree Capital:
The following table presents the reportable segment and Tiptree Capital assets for the following periods:
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Investments |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments The following table presents the Company's investments related to insurance operations (Specialty Insurance) and investments from other Tiptree investing activities (Tiptree Capital), measured at fair value as of the following periods:
Available for Sale Securities, at fair value All of the Company’s investments in available for sale securities (AFS) as of June 30, 2019 and December 31, 2018 are held by subsidiaries in the specialty insurance business. The following tables present the Company's investments in available for sale securities:
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.
The following tables present the gross unrealized losses on available for sale securities in an unrealized loss position:
Management believes that it is more likely than not that the Company will be able to hold the available for sale securities that were in an unrealized loss position as of June 30, 2019 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, 2019 and December 31, 2018, 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. 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:
Equity securities Equity securities represents the carrying amount of the Company's basis in equity investments. Included within the equity securities balance are 16.6 million shares of Invesque for which the Company has elected to apply the fair value option. The following table presents the Company’s equity securities related to insurance operations and other Tiptree investing activity as of the following periods:
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Loans, at fair value |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, at fair value | Loans, at fair value The following tables present the Company’s investments in loans measured at fair value and the Company’s investments in loans, measured at fair value pledged as collateral:
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Equity Securities |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments The following table presents the Company's investments related to insurance operations (Specialty Insurance) and investments from other Tiptree investing activities (Tiptree Capital), measured at fair value as of the following periods:
Available for Sale Securities, at fair value All of the Company’s investments in available for sale securities (AFS) as of June 30, 2019 and December 31, 2018 are held by subsidiaries in the specialty insurance business. The following tables present the Company's investments in available for sale securities:
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.
The following tables present the gross unrealized losses on available for sale securities in an unrealized loss position:
Management believes that it is more likely than not that the Company will be able to hold the available for sale securities that were in an unrealized loss position as of June 30, 2019 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, 2019 and December 31, 2018, 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. 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:
Equity securities Equity securities represents the carrying amount of the Company's basis in equity investments. Included within the equity securities balance are 16.6 million shares of Invesque for which the Company has elected to apply the fair value option. The following table presents the Company’s equity securities related to insurance operations and other Tiptree investing activity as of the following periods:
|
Other Investments |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Investments | Other Investments The following table contains information regarding the Company’s other investments as of the following periods:
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Investment Income and Net Realized and Unrealized Gains and Losses |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Income | Net Investment Income - Specialty Insurance Net investment income represents investment income and expense from investments related to insurance operations as disclosed within net investment income on the condensed consolidated statements of operations. The following tables present the components of net investment income by source of income:
Other Investment Income - Tiptree Capital Other investment income represents other income from other Tiptree non-insurance activities as disclosed within other revenue on the condensed consolidated statements of operations, see Note (15) Other Revenue, Other Expenses and Other Income. The following tables present the components of other investment income by type:
Net realized and unrealized gains (losses) The following table presents the components of net realized and unrealized gains (losses) recorded on the condensed consolidated statements of operations. Net unrealized gains (losses) on available for sale securities are included within other comprehensive income, and as such, are not included in this table:
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Notes and Accounts Receivable, net |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes and Accounts Receivable | Notes and Accounts Receivable, net The following table presents the total notes and accounts receivable, net:
Notes Receivable, net The Company has established an allowance for uncollectible amounts against its notes receivable of $124 and $97 as of June 30, 2019 and December 31, 2018, respectively. As of June 30, 2019 and December 31, 2018, there were $150 and $368 in balances classified as 90 days plus past due, respectively. Bad debt expense totaled $47 and $46 for the three months ended June 30, 2019 and 2018, respectively. Bad debt expense totaled $116 and $100 for the six months ended June 30, 2019 and 2018, respectively. Accounts and premiums receivable, net The Company has established a valuation allowance against its accounts and premiums receivable of $182 and $217 as of June 30, 2019 and December 31, 2018, respectively. Bad debt expense totaled $9 and $5 for the three months ended June 30, 2019 and 2018, respectively. Bad debt expense totaled $20 and $16 for the six months ended June 30, 2019 and 2018, respectively. |
Reinsurance Receivables |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance Receivables | 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:
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, 2019, 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, 2019, 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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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets, net | 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:
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, 2019 and 2018, 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 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 presents 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 pretax impact of the cash flow hedging derivative instruments on the condensed consolidated financial statements for the following periods:
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt, Net | Debt, net The following table presents the balance of the Company’s debt obligations, net of discounts and deferred financing costs.
The following table presents the amount of interest expense the Company incurred on its debt for the following periods:
The following table presents the future maturities of the unpaid principal balance on the Company’s debt for the following period:
The following narrative is a summary of certain terms of our debt agreements for the period ended June 30, 2019: Corporate Debt Secured Corporate Credit Agreements As of June 30, 2019 and December 31, 2018, a total of $70,150 and $72,090, respectively, was outstanding under the Operating Company credit agreement. As of June 30, 2019 and December 31, 2018, a total of $0 and $0, respectively, was outstanding under the revolving line of credit in our specialty insurance business. During April 2019, the maturity date of this borrowing was extended to April 2020 with a new rate of LIBOR plus 1.20%. Asset Based Debt Asset Backed Revolving Financing The $81,343 balance as of December 31, 2018 of the corporate loan financing agreement in our specialty insurance business was paid off and the borrowing was extinguished in March 2019. As of June 30, 2019 and December 31, 2018, a total of $11,509 and $4,749, respectively, was outstanding under the borrowing related to our premium finance business in our specialty insurance business. During April 2019, the maturity date of this borrowing was extended to April 2021 with a new rate of LIBOR plus 2.40%. Residential Mortgage Warehouse Borrowings As of June 30, 2019 and December 31, 2018, a total of $63,058 and $46,091, respectively, was outstanding under such financing agreements. In 2019, a subsidiary in our mortgage business extended the maturity date of a $50,000 warehouse line of credit from May 2019 to May 2020, and extended the maturity date of a $25,000 warehouse line of credit from June 2019 to June 2020, and increased the maximum borrowing capacity to $40,000. As of June 30, 2019, 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 or Level 3 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 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 and functional sale restrictions. The functional restriction period is sequential to the contractual restriction period. As of June 30, 2019, the weighted average estimated contractual sale restriction period was 0.25 months, with 25% of the shares restricted from sale for a period of 1 month. In addition, as of June 30, 2019, the weighted average estimated functional restriction period was 0.2 months, with 25% of the shares restricted for a period of 0.75 months. The fair value of the Invesque shares is based on the market price adjusted for the impact of these restrictions, and 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. To determine fair value, the Company uses quoted prices which include those provided from pricing vendors, where available. We perform internal price verification procedures to ensure that the prices and quotes provided from the independent pricing vendors are reasonable. Such verification procedures include comparison of pricing sources and analysis of variances among pricing sources. 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 at the time of transfer during the six months ended June 30, 2019 and the year ended December 31, 2018. The carrying value of REOs at June 30, 2019 and December 31, 2018 was $7,035 and $10,019, respectively. Upon conversion to REO, the fair value is estimated using a 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 presents 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 is quantitative information about Level 3 assets with significant unobservable inputs used in fair valuation.
The following table presents 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, holding 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 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:
Debentures: Since interest rates on debentures are at current market rates for similar credit risks, the carrying amount approximates fair value. These values are net of allowance for doubtful accounts. 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, which approximates fair value of LIBOR based debt, represents the total debt balance at face value excluding the unamortized discount. The fair value of the Junior subordinated notes is determined based on dealer quotes. 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 |
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Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liability for Unpaid Claims and Claim Adjustment Expenses | 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 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, 2019, the Company’s specialty insurance business experienced an increase in prior year case development of $3,194, primarily from its non-standard auto business. 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. |
Revenue From Contracts with Customers |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue Recognition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue From Contracts with Customers | Revenue From Contracts with Customers 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 following table presents the disaggregated amounts of revenue from contracts with customers by product type for the following periods:
Management Fees The Company earned asset management fee income in the form of base management fees and incentive fees from the CLOs it managed. These base management fees were billed as the services were provided and paid periodically in accordance with the terms of the individual management agreements for as long as the Company managed the funds. Base management fees typically consisted of fees based on the amount of assets held in the CLOs. Base management fees were recognized as revenue when earned. The Company did not recognize incentive fees until all contractual contingencies were 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 producer owned reinsurance companies (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, 2019. 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 following table presents the activity in the significant deferred assets and liabilities related to revenue from contracts with customers for the six months ended June 30, 2019.
Bad debt expense was not material for any period presented. |
Other Assets and Other Liabilities and Accrued Expenses |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Other Liabilities and Accrued Expenses | 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:
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Other Liabilities and Accrued Expenses |
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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, Other Expenses and Other Income |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Revenue, Other Expenses and Other Income | 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. Other revenue is primarily generated by Tiptree Capital non-insurance activities except as noted in the footnote to the table.
Other Expenses The following table presents the components of other expenses as reported in the condensed consolidated statement of operations:
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Stockholders' Equity |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders’ Equity Stock Repurchases On December 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. On December 10, 2018, the Company’s Board of Directors authorized the Company to make block repurchases of up to $10.0 million of shares in the aggregate, at the discretion of the Company's Executive Committee. On January 24, 2019, the Company’s Board of Directors replenished the block repurchase authorization to repurchase up to $10.0 million of shares of the Company’s outstanding Common Stock.
The Company declared cash dividends per share for the following periods presented below:
(1) See Note (23) 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.
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, 2019, the maximum amount of dividends that our regulated insurance company subsidiaries could pay under applicable laws and regulations without regulatory approval was approximately $4,531. 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, 2019. The following table presents the statutory 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:
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 |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Based Compensation | Stock Based Compensation 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 2017 Equity Plan for the periods indicated, excluding awards granted under the Company’s subsidiary incentive plans that are exchangeable for Tiptree Common Stock:
Restricted Stock Units (RSUs) Tiptree Corporate Incentive Plans The Company values RSUs at their grant-date fair value as measured by Tiptree’s Common Stock price. 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 presents changes to the issuances of RSUs under the 2017 Equity Plan for the periods indicated:
The following tables present the detail of the granted and vested RSUs for the periods indicated:
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 service period for certain grants has been achieved and those vested subsidiary RSU’s are currently eligible for exchange. The Company has the option, but not the obligation to settle the exchange right in cash. The following table presents 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 an aggregate of 3,009,826 shares of Common Stock if converted as of June 30, 2019, of which 902,949 are vested and eligible for exchange as of June 30, 2019. Stock Options - Tiptree Corporate 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 lesser 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 periods:
The following table presents the Company's stock option activity for the current period:
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 - Quarter (Notes) |
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Income Tax Disclosure [Text Block] | Income Taxes The following table presents the income tax expense (benefit):
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Operating Leases All leases are office space leases and are classified as operating leases that expire through 2028. Some of our office leases include the option to extend for up to five years or less at management’s discretion. Such extension options were not included in the measurement of the lease liability. Below is a summary of our right of use asset and lease liability as of June 30, 2019.
(1) Discount rate was determined by applying available market rates to lease obligations based upon their term. As of June 30, 2019, the approximate aggregate minimum future lease payments required for our lease liability over the remaining lease periods are as follows:
The following table presents rent expense for the Company’s office leases recorded on the condensed consolidated statements of operations for the following periods:
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 [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share The Company calculates basic net income per share of Common Stock (Common Share) based on the weighted average number of Common Shares outstanding (inclusive of vested corporate restricted share units). The unvested corporate 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, 2019 and 2018, the income available to Common Stockholders was allocated to the unvested restricted stock units. Diluted net income per Common Share for the period includes the effect of unvested subsidiaries’ RSUs. For the three and six months ended June 30, 2019, the assumed exercise of all potentially dilutive instruments were anti-dilutive, and therefore, were not included in the 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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Related Party Transactions |
6 Months Ended |
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Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions On February 15, 2019, the Company and Corvid Peak (formerly known as Tricadia), entered into a Strategic Combination Agreement and Amended and Restated Transition Services Agreement (the Transition Services Agreement). Corvid Peak is a related party of the Company because Corvid Peak is deemed to be controlled by Michael Barnes, the Company’s Executive Chairman. Tiptree agreed to invest $75 million to seed new investment funds to be managed by Corvid Peak. The Company will pay Corvid Peak an annual management fee of 1.25% of the net asset value of invested capital, 1.25% of the $75 million commitment to the extent not invested and an incentive fee equal to 20% of the net profits. No consideration was paid at the closing of the Strategic Combination Agreement. Tiptree will over time receive a 51% economic interest in certain profit shares interests in Corvid Peak, in increments stepping up by 10.2% each year, beginning in 2021. Beginning on January 1, 2026, Tiptree has the right to acquire the remaining economic interests in Corvid Peak that are held by Mr. Barnes, based upon a fair value-based formula. Beginning on January 1, 2027, Mr. Barnes has the reciprocal right to put his remaining economic interests in Corvid Peak to Tiptree using the same formula. Mr. Barnes has substantive participating rights over specified actions at Corvid Peak so long as he owns at least 10% of the equity of Corvid Peak. Tiptree and Corvid Peak have agreed to provide each other with certain support services on an arms’-length basis, pursuant to the Transition Services Agreement. The Company has concluded that it will account for any ownership interest it obtains in Corvid Peak using the equity method of accounting until such time as a controlling financial interest (as defined in the applicable accounting guidance) in Corvid Peak is obtained. Pursuant to the Transition Services Agreement, Tiptree and Corvid Peak have mutually agreed to provide certain services to one another (the Services). At the present time, the Services consist primarily of Tiptree providing to Corvid Peak office space, legal and compliance services, information technology services, insurance coverage, and certain finance, accounting and tax services. The Services are provided on arms’-length terms. The effective date of the Transition Services Agreement is January 1, 2019. The Transition Services Agreement will terminate upon a change of control of Corvid Peak. Corvid Peak may terminate any Services upon 30 days written notice and Tiptree may terminate any Services upon 150 days written notice, but Tiptree may not terminate any Services prior to June 30, 2020. Management fees and payments under the Transition Services Agreement and in the six months ended June 30, 2019 and 2018 were not material. |
Subsequent Events |
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Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On August 1, 2019, the Company’s board of directors declared a quarterly cash dividend of $0.04 per share to holders of Common Stock with a record date of August 19, 2019, and a payment date of August 26, 2019. |
Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||
Basis of Presentation and Principles of Consolidation | 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, 2018. 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, 2019 are not necessarily indicative of the results that may be expected for the full year ending on December 31, 2019. 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, 2018, certain prior period amounts have been reclassified to conform to the current presentation. These reclassifications had no effect on the reported results of operations. |
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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. 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. As a result of the adoption of ASU 2016-02, the Company’s operating leases are now recognized on the condensed consolidated balance sheets as of January 1, 2019. See Note (14) Other Assets and Other Liabilities and Accrued Expenses for additional information. |
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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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Fair Value Measurement and Fair Value Option | 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. |
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Recent Accounting Standards | Recent Accounting Standards Recently Adopted Accounting Pronouncements 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 adopted the standard in the first quarter of 2019 under the modified retrospective approach without restating prior comparative periods. The adoption of the updated guidance resulted in the Company recognizing a right of use asset of $32,052 as part of other assets and a lease liability of $33,558 as part of other liabilities and accrued expenses in the condensed consolidated balance sheets, as well as de-recognizing the liability for deferred rent that was required under the previous guidance, for its operating lease agreements at January 1, 2019. We have elected the practical expedient to not separate lease components and non-lease components, and leases with an initial term of 12 months or less are not recorded on the balance sheet. The cumulative effect adjustment to the opening balance of retained earnings was zero. 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 adoption of this standard did not have a material impact on the Company’s 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 adoption of this standard did not have a material impact on the Company’s 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 (AOCI), 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 the 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 has adopted the standard effective January 1, 2019, and reclassified the stranded tax effects caused by the Tax Act from AOCI to retained earnings. The standard is applied in the period of adoption, and the impact to the Company’s condensed consolidated financial statements in the period of adoption is not material. The Company’s accounting policy for the release of stranded tax effects in AOCI is the aggregate portfolio approach. Recently Issued Accounting Pronouncements, Not Yet Adopted 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 August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements on fair value measurements in Topic 820. The modifications include the removal of certain requirements, modifications to existing requirements and additional requirements. The amendments in ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the effect on its condensed 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 | Debentures: Since interest rates on debentures are at current market rates for similar credit risks, the carrying amount approximates fair value. These values are net of allowance for doubtful accounts. 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, which approximates fair value of LIBOR based debt, represents the total debt balance at face value excluding the unamortized discount. The fair value of the Junior subordinated notes is determined based on dealer quotes. 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 or Level 3 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 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 and functional sale restrictions. The functional restriction period is sequential to the contractual restriction period. As of June 30, 2019, the weighted average estimated contractual sale restriction period was 0.25 months, with 25% of the shares restricted from sale for a period of 1 month. In addition, as of June 30, 2019, the weighted average estimated functional restriction period was 0.2 months, with 25% of the shares restricted for a period of 0.75 months. The fair value of the Invesque shares is based on the market price adjusted for the impact of these restrictions, and 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. To determine fair value, the Company uses quoted prices which include those provided from pricing vendors, where available. We perform internal price verification procedures to ensure that the prices and quotes provided from the independent pricing vendors are reasonable. Such verification procedures include comparison of pricing sources and analysis of variances among pricing sources. 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 at the time of transfer during the six months ended June 30, 2019 and the year ended December 31, 2018. The carrying value of REOs at June 30, 2019 and December 31, 2018 was $7,035 and $10,019, respectively. Upon conversion to REO, the fair value is estimated using a 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 from Contract with Customer | Management Fees The Company earned asset management fee income in the form of base management fees and incentive fees from the CLOs it managed. These base management fees were billed as the services were provided and paid periodically in accordance with the terms of the individual management agreements for as long as the Company managed the funds. Base management fees typically consisted of fees based on the amount of assets held in the CLOs. Base management fees were recognized as revenue when earned. The Company did not recognize incentive fees until all contractual contingencies were 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 producer owned reinsurance companies (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, 2019. 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. 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. |
Dispositions, Assets Held for Sale and Discontinued Operations Tables (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenues and Expenses of Discontinued Operations | Assets Held for Sale The following table presents detail of assets and liabilities held for sale in the condensed consolidated balance sheets for the following periods:
Discontinued Operations The following table presents detail of revenues and expenses of discontinued operations in the condensed consolidated statements of operations for the following periods:
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Schedule of Cash Flows of Discontinued Operations | The following table presents a summary of cash flows related to discontinued operations included in the condensed consolidated statements of cash flows for the following periods:
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Operating Segment Data (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Revenue, Expense, pre-tax Income (loss), and Segment Assets for Each Operating Segment | The tables below present the components of revenue, expense, pre-tax income (loss), and assets for our reportable segment as well as Tiptree Capital for the following periods:
The following table presents sources of revenue from Tiptree Capital:
The following table presents the reportable segment and Tiptree Capital assets for the following periods:
The following table presents the Company's investments related to insurance operations (Specialty Insurance) and investments from other Tiptree investing activities (Tiptree Capital), measured at fair value as of the following periods:
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Investments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investments by Operating Segment and/or Reporting Unit | The tables below present the components of revenue, expense, pre-tax income (loss), and assets for our reportable segment as well as Tiptree Capital for the following periods:
The following table presents sources of revenue from Tiptree Capital:
The following table presents the reportable segment and Tiptree Capital assets for the following periods:
The following table presents the Company's investments related to insurance operations (Specialty Insurance) and investments from other Tiptree investing activities (Tiptree Capital), measured at fair value as of the following periods:
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Schedule of available-for-sale securities | Available for Sale Securities, at fair value All of the Company’s investments in available for sale securities (AFS) as of June 30, 2019 and December 31, 2018 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 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.
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Schedule of available-for-sale securities, continuous unrealized loss position | The following tables present the gross unrealized losses on available for sale securities in an unrealized loss position:
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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 additional information | The following table presents additional information on the Company’s available for sale securities:
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Loans, at fair value (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investments in Loans Measured at Fair Value | The following tables present the Company’s investments in loans measured at fair value and the Company’s investments in loans, measured at fair value pledged as collateral:
The following table presents the total notes and accounts receivable, net:
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Equity Securities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | The following table presents the Company’s equity securities related to insurance operations and other Tiptree investing activity as of the following periods:
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Other Investments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Holdings, Other than Securities | The following table contains information regarding the Company’s other investments as of the following periods:
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Investment Income and Net Realized and Unrealized Gains and Losses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Income | The following tables present the components of net investment income by source of income:
Other Investment Income - Tiptree Capital Other investment income represents other income from other Tiptree non-insurance activities as disclosed within other revenue on the condensed consolidated statements of operations, see Note (15) Other Revenue, Other Expenses and Other Income. The following tables present the components of other investment income by type:
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Net realized and unrealized gain (losses) | Net realized and unrealized gains (losses) The following table presents the components of net realized and unrealized gains (losses) recorded on the condensed consolidated statements of operations. Net unrealized gains (losses) on available for sale securities are included within other comprehensive income, and as such, are not included in this table:
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Notes and Accounts Receivable, net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notes and Accounts Receivable | The following tables present the Company’s investments in loans measured at fair value and the Company’s investments in loans, measured at fair value pledged as collateral:
The following table presents the total notes and accounts receivable, net:
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Reinsurance Receivables (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effects of Reinsurance | 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:
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Components of Reinsurance Receivable | 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) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets and Goodwill | The following table presents identifiable finite and indefinite-lived intangible assets, accumulated amortization, and goodwill by operating segment and/or reporting unit, as appropriate:
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Schedule of Goodwill | 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:
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Schedule of identifiable intangible assets | 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:
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Finite-lived Intangible Assets Amortization Expense | The following table presents the amortization expense on finite-lived intangible assets for the following periods:
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | 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, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Gross Notional and Fair Value of Derivatives | The following table presents the gross notional and fair value amounts of derivatives (on a gross basis) categorized by underlying risk:
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Schedule of Pretax Impact of Cash Flow Hedging Derivative | 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, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The following table presents the balance of the Company’s debt obligations, net of discounts and deferred financing costs.
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Schedule of Interest Expense Incurred on Debt | The following table presents the amount of interest expense the Company incurred on its debt for the following periods:
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Schedule of Maturities of Long-term Debt | The following table presents the future maturities of the unpaid principal balance on the Company’s debt for the following period:
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Fair Value of Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 presents 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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Schedule of quantitative information of Level 3 significant unobservable inputs used in fair valuation of liabilities | The following table presents 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, holding 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 following is quantitative information about Level 3 assets with significant unobservable inputs used in fair valuation.
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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, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense | 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 | The following schedule reconciles the total 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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Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Table Text Block] |
Revenue From Contracts with Customers (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue from Contracts with Customers by Product Type | The following table presents the disaggregated amounts of revenue from contracts with customers by product type for the following periods:
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Schedule of Activity in Deferred Assets and Liabilities Related to Revenue from Contracts with Customers | The following table presents the activity in the significant deferred assets and liabilities related to revenue from contracts with customers for the six months ended June 30, 2019.
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Other Assets and Other Liabilities and Accrued Expenses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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Schedule of Depreciation Expense | The following table presents the depreciation expense related to furniture, fixtures and equipment for the following periods:
Other Expenses The following table presents the components of other expenses as reported in the condensed consolidated statement of operations:
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Other Liabilities and Accrued Expenses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, Other Expenses and Other Income (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Other Revenue | Other Revenue The following table presents the components of other revenue as reported in the condensed consolidated statement of operations. Other revenue is primarily generated by Tiptree Capital non-insurance activities except as noted in the footnote to the table.
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Schedule of Components of Other Expenses | The following table presents the depreciation expense related to furniture, fixtures and equipment for the following periods:
Other Expenses The following table presents the components of other expenses as reported in the condensed consolidated statement of operations:
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Stockholders' Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Treasury Stock |
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Dividends Declared | The Company declared cash dividends per share for the following periods presented below:
(1) See Note (23) Subsequent Events for when dividend was declared. |
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Statutory Accounting Practices Disclosure | The following table presents the statutory net income of the Company’s statutory insurance companies for the following periods:
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:
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Accumulated Other Comprehensive Income (Loss) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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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, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes to Issuances under 2017 Equity Plan | The table below summarizes changes to the issuances under the Company’s 2017 Equity Plan for the periods indicated, excluding awards granted under the Company’s subsidiary incentive plans that are exchangeable for Tiptree Common Stock:
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Summary of Changes to Issuances of RSUs under the 2017 Equity Plan | The following table presents changes to the issuances of RSUs under the 2017 Equity Plan for the periods indicated:
The following tables present the detail of the granted and vested RSUs for the periods indicated:
The following table presents the Company's stock option activity for the current period:
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Summary of Changes to Issuances of Subsidiary RSU's under Subsidiary Incentive Plan | The following table presents 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 an aggregate of 3,009,826 shares of Common Stock if converted as of June 30, 2019, of which 902,949 are vested and eligible for exchange as of June 30, 2019. |
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Schedule of Assumptions Used to Estimate the Fair Values of the Stock Options Granted | The following table presents the assumptions used to estimate the fair values of the stock options granted for the following periods:
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Schedule of Stock-based Compensation Expense and Related Income Tax Benefit | 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:
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Schedule of Additional Information on Total Non-vested Stock-based Compensation | Additional information on total non-vested stock-based compensation is as follows:
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Income taxes - Quarter (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The following table presents the income tax expense (benefit):
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Commitments and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Operating Lease, Disclosure [Table Text Block] | Below is a summary of our right of use asset and lease liability as of June 30, 2019.
(1) Discount rate was determined by applying available market rates to lease obligations based upon their term. |
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Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | As of June 30, 2019, the approximate aggregate minimum future lease payments required for our lease liability over the remaining lease periods are as follows:
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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 for the following periods:
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Earnings Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||
---|---|---|---|---|
Jun. 30, 2019
$ / shares
|
Dec. 31, 2018
$ / shares
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Jun. 08, 2018
$ / shares
|
Jun. 07, 2018
$ / shares
|
|
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ||||
Number of reportable segments | 1 | |||
Common Stock - Class A | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Common stock, par value | $ 0.001 | |||
Common stock | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Summary of Significant Accounting Policies Narrative - Lease Adoption (Details) - USD ($) |
Jun. 30, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
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---|---|---|---|---|---|---|---|---|---|
Accounting Policies [Abstract] | |||||||||
Operating Lease, Right-of-Use Asset | $ 27,540,000 | [1] | $ 32,052,000 | [1] | $ 0 | ||||
Operating lease liability | $ 32,701,000 | [2] | $ 33,558,000 | 0 | |||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 0 | ||||||||
|
Dispositions, Assets Held for Sale and Discontinued Operations - Narrative (Details) shares in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 01, 2018
USD ($)
unit
Rate
shares
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
|
||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Gain (Loss) on Disposition of Business | [1],[2] | $ 7,598,000 | $ 0 | $ 7,598,000 | $ 0 | ||||||||
Gain on sale of discontinued operations | 0 | 0 | 0 | 46,184,000 | |||||||||
Realized gain on sale of special insurance properties | 1,800,000 | ||||||||||||
Cash consideration recognized from gain on sale | [3] | 875,000 | 875,000 | $ 10,676,000 | |||||||||
Impairment of assets held for sale | 0 | 0 | |||||||||||
Interest Rate Swap | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Reclassification of the interest rate swap from AOCI | $ 0 | 0 | $ 0 | (3,845,000) | |||||||||
Discontinued Operations | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of senior living properties | unit | 2 | ||||||||||||
Pre-tax comprehensive income | 44,200,000 | ||||||||||||
Gain on sale of discontinued operations | $ 0 | 46,184,000 | |||||||||||
Discontinued Operations | Care Disposition | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Cash consideration recognized from gain on sale | $ 10,700,000 | ||||||||||||
Discontinued Operations | Invesque Inc. | Care Disposition | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Consideration received | $ 150,700,000 | ||||||||||||
Shares received | shares | 16.6 | ||||||||||||
Ownership in acquiring company | Rate | 34.00% | ||||||||||||
Discontinued Operations | Interest Rate Swap | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Reclassification of the interest rate swap from AOCI | $ 3,800,000 | ||||||||||||
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Dispositions, Assets Held for Sale and Discontinued Operations - Assets and Liabilities Held for Sale (Details) - USD ($) |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
Jan. 01, 2019 |
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Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Operating Lease, Right-of-Use Asset | $ 27,540,000 | [1] | $ 27,540,000 | [1] | $ 0 | $ 32,052,000 | [1] | |||||||||||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||||||||||||||||||
Loans, at fair value | 92,053,000 | 92,053,000 | 215,383,000 | |||||||||||||||
Other Investments | 74,257,000 | 74,257,000 | 75,002,000 | |||||||||||||||
Investments | 589,942,000 | 589,942,000 | 696,927,000 | |||||||||||||||
Cash and cash equivalents | 3,587,000 | $ 3,852,000 | 3,587,000 | $ 3,852,000 | ||||||||||||||
Other assets | 70,420,000 | 70,420,000 | 46,034,000 | |||||||||||||||
Assets held for sale | 77,501,000 | 77,501,000 | 68,231,000 | |||||||||||||||
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | ||||||||||||||||||
Debt, net | 296,558,000 | 296,558,000 | 354,083,000 | |||||||||||||||
Liabilities held for sale | 72,132,000 | 72,132,000 | 62,980,000 | |||||||||||||||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | ||||||||||||||||||
Impairments on assets held for sale or discontinued operations | 0 | 0 | ||||||||||||||||
Revenues: | ||||||||||||||||||
Other revenue | 16,417,000 | 8,288,000 | 28,496,000 | 16,267,000 | ||||||||||||||
Expenses: | ||||||||||||||||||
Employee compensation and benefits | 30,969,000 | 27,188,000 | 60,122,000 | 54,976,000 | ||||||||||||||
Other expenses | 22,416,000 | 17,600,000 | 46,253,000 | 36,765,000 | ||||||||||||||
Net income (loss) before taxes from discontinued operations | 0 | 0 | 0 | 624,000 | ||||||||||||||
Gain on sale of discontinued operations | 0 | 0 | 0 | 46,184,000 | ||||||||||||||
Less: Provision (benefit) for income taxes | 0 | 0 | 0 | 12,327,000 | ||||||||||||||
Net income (loss) from discontinued operations | 0 | 0 | 0 | 34,481,000 | ||||||||||||||
Operating lease liability | 32,701,000 | [2] | 32,701,000 | [2] | 0 | $ 33,558,000 | ||||||||||||
Held for sale | Luxury Disposition | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Operating Lease, Right-of-Use Asset | 467,000 | 467,000 | 0 | |||||||||||||||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||||||||||||||||||
Loans, at fair value | 70,715,000 | 70,715,000 | 63,340,000 | |||||||||||||||
Other Investments | 1,245,000 | 1,245,000 | 798,000 | |||||||||||||||
Investments | 71,960,000 | 71,960,000 | 64,138,000 | |||||||||||||||
Cash and cash equivalents | 3,587,000 | 3,587,000 | 2,860,000 | |||||||||||||||
Notes and accounts receivable, net | 305,000 | 305,000 | 230,000 | |||||||||||||||
Other assets | [3] | 1,649,000 | 1,649,000 | 1,003,000 | ||||||||||||||
Assets held for sale | 77,501,000 | 77,501,000 | 68,231,000 | |||||||||||||||
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | ||||||||||||||||||
Debt, net | 69,365,000 | 69,365,000 | 61,381,000 | |||||||||||||||
Other liabilities and accrued expenses (2) | [4] | 2,767,000 | 2,767,000 | 1,599,000 | ||||||||||||||
Liabilities held for sale | 72,132,000 | 72,132,000 | 62,980,000 | |||||||||||||||
Expenses: | ||||||||||||||||||
Operating lease liability | 489,000 | 489,000 | $ 0 | |||||||||||||||
Discontinued Operations | ||||||||||||||||||
Revenues: | ||||||||||||||||||
Rental and related revenue | 0 | 0 | 0 | 6,476,000 | ||||||||||||||
Other revenue | 0 | 0 | 0 | 149,000 | ||||||||||||||
Total revenues | 0 | 0 | 0 | 6,625,000 | ||||||||||||||
Expenses: | ||||||||||||||||||
Employee compensation and benefits | 0 | 0 | 0 | 2,788,000 | ||||||||||||||
Interest expense | 0 | 0 | 0 | 1,252,000 | ||||||||||||||
Other expenses | 0 | 0 | 0 | 1,961,000 | ||||||||||||||
Total expenses | 0 | 0 | 0 | 6,001,000 | ||||||||||||||
Net income (loss) before taxes from discontinued operations | 0 | 0 | 0 | 624,000 | ||||||||||||||
Gain on sale of discontinued operations | 0 | 46,184,000 | ||||||||||||||||
Less: Provision (benefit) for income taxes | 0 | 0 | 0 | 12,327,000 | ||||||||||||||
Net income (loss) from discontinued operations | $ 0 | $ 0 | $ 0 | $ 34,481,000 | ||||||||||||||
|
Dispositions, Assets Held for Sale and Discontinued Operations - Condensed Cash Flows (Details) - Discontinued Operations - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Net Cash Provided by (Used in) Discontinued Operations [Abstract] | ||
Operating Activities | $ 0 | $ (2,095) |
Investing Activities | 0 | (592) |
Financing Activities | 0 | (123) |
Net cash flows provided by discontinued operations | $ 0 | $ (2,810) |
Operating Segment Data - Segment Results (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2018
USD ($)
|
||||||||||||||
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |||||||||||||||||
Number of reportable segments | 1 | ||||||||||||||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | |||||||||||||||||
Total revenues | $ 191,072 | $ 152,709 | $ 374,975 | $ 300,781 | |||||||||||||
Total expense | (167,463) | (144,483) | (337,310) | (292,884) | |||||||||||||
Corporate expense | (7,904) | (6,649) | (16,805) | (13,363) | |||||||||||||
Pre-tax income (loss) | 15,705 | 1,577 | 20,860 | (5,466) | |||||||||||||
Less: provision (benefit) for income taxes | 3,501 | 701 | 4,355 | (867) | |||||||||||||
Net income (loss) from discontinued operations | 0 | 0 | 0 | 34,481 | |||||||||||||
Net income (loss) before non-controlling interests | 12,204 | 876 | 16,505 | 29,882 | |||||||||||||
Net income (loss) attributable to Common Stockholders | 11,746 | 826 | 15,671 | 24,386 | |||||||||||||
Net realized and unrealized gains (losses) | 24,875 | 12,317 | 45,026 | 19,701 | |||||||||||||
Other investment income | 16,417 | 8,288 | 28,496 | 16,267 | |||||||||||||
Gain (Loss) on Disposition of Business | [1],[2] | 7,598 | 0 | 7,598 | 0 | ||||||||||||
Management Fee Income | 17,986 | 17,296 | 36,484 | 34,922 | |||||||||||||
Other | [3] | (455) | 982 | 476 | 2,276 | ||||||||||||
Specialty Insurance | |||||||||||||||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | |||||||||||||||||
Total revenues | 154,349 | 134,111 | 308,977 | 264,109 | |||||||||||||
Total expense | (142,439) | (125,380) | (288,929) | (254,035) | |||||||||||||
Corporate expense | 0 | 0 | 0 | 0 | |||||||||||||
Pre-tax income (loss) | 11,910 | 8,731 | 20,048 | 10,074 | |||||||||||||
Other | 924 | 590 | 1,765 | 1,286 | |||||||||||||
Tiptree Capital | |||||||||||||||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | |||||||||||||||||
Total revenues | 36,723 | 18,598 | 65,998 | 36,672 | |||||||||||||
Total expense | (25,024) | (19,103) | (48,381) | (38,849) | |||||||||||||
Corporate expense | 0 | 0 | 0 | 0 | |||||||||||||
Pre-tax income (loss) | 11,699 | (505) | 17,617 | (2,177) | |||||||||||||
Net realized and unrealized gains (losses) | [4] | 21,230 | 10,900 | 39,267 | 21,691 | ||||||||||||
Other investment income | [5],[6] | 9,274 | 5,989 | 19,155 | 11,097 | ||||||||||||
Management Fee Income | 0 | 1,317 | 1,267 | 2,894 | |||||||||||||
Other | (1,379) | 392 | (1,289) | 990 | |||||||||||||
Noncontrolling interest | |||||||||||||||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | |||||||||||||||||
Less: net (loss) income attributable to non-controlling interests | $ 458 | $ 50 | $ 834 | $ 5,496 | |||||||||||||
|
Operating Segment Data - Segment Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Total assets | $ 1,920,366 | $ 1,864,918 |
Specialty Insurance | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,522,543 | 1,514,084 |
Tiptree Capital | ||
Segment Reporting Information [Line Items] | ||
Total assets | 349,597 | 318,420 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | 48,226 | 32,414 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 1,920,366 | $ 1,864,918 |
Investments - Schedule of Investments by Segment (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Available for sale securities, at fair value | $ 269,054 | $ 283,563 |
Loans, at fair value | 92,053 | 215,383 |
Equity securities | 154,578 | 122,979 |
Other Investments | 74,257 | 75,002 |
Total investments | 589,942 | 696,927 |
Specialty Insurance | ||
Segment Reporting Information [Line Items] | ||
Loans, at fair value | 23,549 | 158,466 |
Equity securities | 55,915 | 29,425 |
Other Investments | 16,226 | 18,526 |
Total investments | 364,744 | 489,980 |
Tiptree Capital | ||
Segment Reporting Information [Line Items] | ||
Available for sale securities, at fair value | 0 | 0 |
Loans, at fair value | 68,504 | 56,917 |
Equity securities | 98,663 | 93,554 |
Other Investments | 58,031 | 56,476 |
Total investments | $ 225,198 | $ 206,947 |
Investments - Schedule of Available-for-sale Securities, at Fair Value (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 267,248 | $ 286,360 |
Gross unrealized gains | 3,069 | |
Gross unrealized losses | (1,263) | |
Fair value | 269,054 | 283,563 |
Amortized Cost | 286,360 | |
Gross unrealized gain | 650 | |
Gross unrealized loss | 3,447 | |
Fair value | 269,054 | 283,563 |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 145,108 | |
Gross unrealized gains | 1,394 | |
Gross unrealized losses | (88) | |
Fair value | 146,414 | |
Amortized Cost | 71,945 | |
Gross unrealized gain | 266 | |
Gross unrealized loss | 463 | |
Fair value | 71,748 | |
Obligations of state and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 40,289 | |
Gross unrealized gains | 953 | |
Gross unrealized losses | (26) | |
Fair value | 41,216 | |
Amortized Cost | 67,624 | |
Gross unrealized gain | 280 | |
Gross unrealized loss | 458 | |
Fair value | 67,446 | |
Corporate securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 36,874 | |
Gross unrealized gains | 599 | |
Gross unrealized losses | (15) | |
Fair value | 37,458 | |
Amortized Cost | 96,888 | |
Gross unrealized gain | 78 | |
Gross unrealized loss | 1,241 | |
Fair value | 95,725 | |
Asset backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 42,833 | |
Gross unrealized gains | 102 | |
Gross unrealized losses | (1,134) | |
Fair value | 41,801 | |
Amortized Cost | 41,912 | |
Gross unrealized gain | 14 | |
Gross unrealized loss | 1,274 | |
Fair value | 40,652 | |
Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,046 | |
Gross unrealized gains | 0 | |
Gross unrealized losses | 0 | |
Fair value | 1,046 | |
Amortized Cost | 1,241 | |
Gross unrealized gain | 0 | |
Gross unrealized loss | 0 | |
Fair value | 1,241 | |
Obligations of foreign governments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,098 | |
Gross unrealized gains | 21 | |
Gross unrealized losses | 0 | |
Fair value | $ 1,119 | |
Amortized Cost | 6,750 | |
Gross unrealized gain | 12 | |
Gross unrealized loss | 11 | |
Fair value | $ 6,751 |
Investments - Schedule of Amortized Cost and Fair Value by Contractual Maturity (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Amortized Cost | ||
Due in one year or less | $ 10,684 | $ 30,920 |
Due after one year through five years | 87,409 | 167,201 |
Due after five years through ten years | 20,409 | 32,805 |
Due after ten years | 105,913 | 13,522 |
Asset-backed securities | 42,833 | 41,912 |
Amortized Cost | 267,248 | 286,360 |
Fair Value | ||
Due in one year or less | 10,681 | 30,836 |
Due after one year through five years | 88,992 | 166,366 |
Due after five years through ten years | 20,941 | 32,185 |
Due after ten years | 106,639 | 13,524 |
Asset-backed securities | 41,801 | 40,652 |
Fair Value | $ 269,054 | $ 283,563 |
Investments - Schedule of Available-for-sale Securities in Continuous Unrealized Loss Position (Details) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
|
Debt Securities, Available-for-sale [Line Items] | ||
Less than or equal to One Year, Fair value | $ 31,754 | $ 118,576 |
Less than or equal to One Year, Gross unrealized losses | $ 209 | $ 1,761 |
Less than or Equal to One Year, Number of Securities | 41 | 494 |
More Than One Year, Fair value | $ 29,858 | $ 71,521 |
More than One Year, Gross unrealized loss | $ 1,054 | $ 1,686 |
More than One Year, Number of securities | 143 | 660 |
Other than temporarily impaired | $ 0 | $ 0 |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than or equal to One Year, Fair value | 10,694 | 14,844 |
Less than or equal to One Year, Gross unrealized losses | $ 39 | $ 70 |
Less than or Equal to One Year, Number of Securities | 23 | 51 |
More Than One Year, Fair value | $ 7,674 | $ 19,495 |
More than One Year, Gross unrealized loss | $ 49 | $ 393 |
More than One Year, Number of securities | 72 | 128 |
Obligations of state and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than or equal to One Year, Fair value | $ 72 | $ 15,830 |
Less than or equal to One Year, Gross unrealized losses | $ 0 | $ 30 |
Less than or Equal to One Year, Number of Securities | 2 | 41 |
More Than One Year, Fair value | $ 3,697 | $ 21,594 |
More than One Year, Gross unrealized loss | $ 26 | $ 428 |
More than One Year, Number of securities | 25 | 115 |
Corporate securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than or equal to One Year, Fair value | $ 708 | $ 47,976 |
Less than or equal to One Year, Gross unrealized losses | $ 1 | $ 393 |
Less than or Equal to One Year, Number of Securities | 8 | 352 |
More Than One Year, Fair value | $ 3,709 | $ 28,517 |
More than One Year, Gross unrealized loss | $ 14 | $ 848 |
More than One Year, Number of securities | 42 | 404 |
Asset backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than or equal to One Year, Fair value | $ 20,280 | $ 37,613 |
Less than or equal to One Year, Gross unrealized losses | $ 169 | $ 1,262 |
Less than or Equal to One Year, Number of Securities | 8 | 35 |
More Than One Year, Fair value | $ 14,778 | $ 614 |
More than One Year, Gross unrealized loss | $ 965 | $ 12 |
More than One Year, Number of securities | 4 | 5 |
Obligations of foreign governments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than or equal to One Year, Fair value | $ 0 | $ 2,313 |
Less than or equal to One Year, Gross unrealized losses | $ 0 | $ 6 |
Less than or Equal to One Year, Number of Securities | 0 | 15 |
More Than One Year, Fair value | $ 0 | $ 1,301 |
More than One Year, Gross unrealized loss | $ 0 | $ 5 |
More than One Year, Number of securities | 0 | 8 |
Investments - Schedule of Restricted Investments (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Fair value of restricted investments for special deposits required by state insurance departments | $ 6,805 | $ 9,398 |
Fair value of restricted investments in trust pursuant to reinsurance agreements | 27,026 | 24,931 |
Total fair value of restricted investments | $ 33,831 | $ 34,329 |
Investments - Schedule of Available for Sale Investment Purchases, Proceeds and Gains & Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Investments, Debt and Equity Securities [Abstract] | ||||
Purchases of available for sale securities | $ 109,714 | $ 33,655 | $ 139,575 | $ 109,225 |
Proceeds from maturities, calls and prepayments of available for sale securities | 6,135 | 7,152 | 17,279 | 17,170 |
Gains (losses) realized on maturities, calls and prepayments of available for sale securities | 0 | (4) | 0 | (30) |
Gross proceeds from sales of available for sale securities | 120,747 | 6,015 | 141,915 | 38,047 |
Gains (losses) realized on sales of available for sale securities | $ 1,056 | $ 4 | $ 1,052 | $ (496) |
Loans, at fair value - Schedule of the Company's Investment in Loans Measured at Fair Value (Details) $ in Thousands |
Jun. 30, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
|||||||
---|---|---|---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans, at fair value | $ 92,053 | $ 215,383 | |||||||
Unpaid principal balance (UPB) | 92,850 | 225,041 | |||||||
Fair value exceeds / (below) UPB | (797) | (9,658) | |||||||
Loans Pledged as Collateral | 68,380 | 176,643 | |||||||
Non-performing loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans, at fair value | 27,556 | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||||||||
Cost Basis of NPLs | $ 5,082 | $ 21,555 | |||||||
Financing Receivables, Equal to Greater than 90 Days Past Due | Mortgage Loans Held for Sale | |||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||||||||
Financing Receivable, Number of Loans Past Due | 1 | 0 | |||||||
Financing Receivable, Recorded Investment, Past Due | $ 123 | ||||||||
Specialty Insurance | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans, at fair value | 23,549 | $ 158,466 | |||||||
Specialty Insurance | Corporate Loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans, at fair value | [1] | 16,967 | 130,910 | ||||||
Unpaid principal balance (UPB) | [1] | 20,019 | 136,475 | ||||||
Fair value exceeds / (below) UPB | [1] | (3,052) | (5,565) | ||||||
Loans Pledged as Collateral | [1] | 0 | 120,202 | ||||||
Specialty Insurance | Non-performing loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans, at fair value | [2] | 6,582 | 27,556 | ||||||
Unpaid principal balance (UPB) | [2] | 7,196 | 33,887 | ||||||
Fair value exceeds / (below) UPB | [2] | (614) | (6,331) | ||||||
Loans Pledged as Collateral | [2] | 0 | 0 | ||||||
Tiptree Capital | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans, at fair value | 68,504 | 56,917 | |||||||
Tiptree Capital | Mortgage Loans Held for Sale | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Mortgage loans held for sale (3) | [3] | 68,504 | 56,917 | ||||||
Unpaid principal balance (UPB) | [3] | 65,635 | 54,679 | ||||||
Fair value exceeds / (below) UPB | [3] | 2,869 | 2,238 | ||||||
Loans Pledged as Collateral | [3] | $ 68,380 | $ 56,441 | ||||||
|
Equity Securities (Details) - USD ($) $ in Thousands, shares in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | $ 154,578 | $ 122,979 |
Specialty Insurance | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | 55,915 | 29,425 |
Tiptree Capital | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | $ 98,663 | 93,554 |
Invesque Inc. | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities, shares held | 16.6 | |
Equity securities | $ 119,316 | 113,138 |
Invesque Inc. | Specialty Insurance | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | 20,653 | 19,584 |
Invesque Inc. | Tiptree Capital | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | 98,663 | 93,554 |
Fixed Income Funds [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | 15,731 | 0 |
Fixed Income Funds [Member] | Specialty Insurance | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | 15,731 | 0 |
Fixed Income Funds [Member] | Tiptree Capital | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | 0 | 0 |
Equity Funds [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | 10,464 | 0 |
Equity Funds [Member] | Specialty Insurance | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | 10,464 | 0 |
Equity Funds [Member] | Tiptree Capital | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | 0 | 0 |
Other equity securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | 9,067 | 9,841 |
Other equity securities | Specialty Insurance | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | 9,067 | 9,841 |
Other equity securities | Tiptree Capital | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | $ 0 | $ 0 |
Other Investments - Schedule of Other Investments (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
|||
---|---|---|---|---|---|
Investment Holdings, Other than Securities [Line Items] | |||||
Vessels, Net | [1] | $ 48,942 | $ 50,125 | ||
Real estate, net | 7,035 | 10,019 | |||
Other | 18,280 | 14,858 | |||
Total other investments | 74,257 | 75,002 | |||
Vessels, Accumulated Depreciation | [1] | 2,087 | 898 | ||
Specialty Insurance | |||||
Investment Holdings, Other than Securities [Line Items] | |||||
Vessels, Net | 0 | 0 | |||
Real estate, net | 7,035 | 10,019 | |||
Other | 9,191 | 8,507 | |||
Total other investments | 16,226 | 18,526 | |||
Tiptree Capital | |||||
Investment Holdings, Other than Securities [Line Items] | |||||
Vessels, Net | [1] | 48,942 | 50,125 | ||
Real estate, net | 0 | 0 | |||
Other | 9,089 | 6,351 | |||
Total other investments | $ 58,031 | $ 56,476 | |||
|
Investment Income and Net Realized and Unrealized Gains and Losses - Table of Net Investment Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|||||
Net investment income | $ 3,428 | $ 4,927 | $ 7,729 | $ 9,132 | ||||
Other revenue | 16,417 | 8,288 | 28,496 | 16,267 | ||||
Specialty Insurance | ||||||||
Total investment income | 3,822 | 5,509 | 8,458 | 10,029 | ||||
Less: investment expenses | 394 | 582 | 729 | 897 | ||||
Net investment income | 3,428 | 4,927 | 7,729 | 9,132 | ||||
Specialty Insurance | Available for sale securities, at fair value | ||||||||
Investment income, gross | 2,084 | 1,829 | 4,211 | 3,048 | ||||
Specialty Insurance | Loans, at fair value | ||||||||
Investment income, gross | 777 | 2,710 | 2,608 | 5,182 | ||||
Specialty Insurance | Other Investments | ||||||||
Investment income, gross | 106 | 407 | 210 | 749 | ||||
Specialty Insurance | Equity securities | ||||||||
Investment income, gross | 855 | 563 | 1,429 | 953 | ||||
Specialty Insurance | Real Estate Investment | ||||||||
Investment income, gross | 0 | 0 | 0 | 97 | ||||
Tiptree Capital | ||||||||
Other revenue | [1],[2] | 9,274 | 5,989 | 19,155 | 11,097 | |||
Tiptree Capital | Loans, at fair value | ||||||||
Other revenue | 1,517 | 959 | 2,877 | 1,832 | ||||
Tiptree Capital | Other Investments | ||||||||
Other revenue | 0 | 131 | 130 | 385 | ||||
Tiptree Capital | Equity securities | ||||||||
Other revenue | 2,533 | 2,495 | 5,066 | 4,158 | ||||
Tiptree Capital | Vessels | ||||||||
Other revenue | 2,332 | 261 | 5,951 | 261 | ||||
Loans, at fair value | Tiptree Capital | Loans, at fair value | ||||||||
Other revenue | $ 2,892 | $ 2,143 | $ 5,131 | $ 4,461 | ||||
|
Investment Income and Net Realized and Unrealized Gains and Losses Table of Net Realized and Unrealized Gains (Losses) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|||
Segment Reporting Information [Line Items] | ||||||
Net realized gains (losses) | $ 20,201 | $ 12,381 | $ 33,987 | $ 33,316 | ||
Net unrealized gains (losses) | 4,674 | (64) | 11,039 | (13,615) | ||
Net realized and unrealized gains (losses) | 24,875 | 12,317 | 45,026 | 19,701 | ||
Tiptree Capital | ||||||
Segment Reporting Information [Line Items] | ||||||
Net realized and unrealized gains (losses) | [1] | 21,230 | 10,900 | 39,267 | 21,691 | |
Available for sale securities, at fair value | Specialty Insurance | ||||||
Segment Reporting Information [Line Items] | ||||||
Net realized gains (losses) | 1,046 | 4 | 1,041 | (523) | ||
Corporate Loans | Specialty Insurance | ||||||
Segment Reporting Information [Line Items] | ||||||
Net realized gains (losses) | 2,294 | 692 | 2,016 | 1,939 | ||
Net unrealized gains (losses) | (3,632) | (1,414) | (3,408) | (1,867) | ||
Equity securities | Specialty Insurance | ||||||
Segment Reporting Information [Line Items] | ||||||
Net realized gains (losses) | 0 | 0 | 482 | 2,574 | ||
Net unrealized gains (losses) | 3,531 | 2,353 | 5,291 | (3,573) | ||
Equity securities | Tiptree Capital | ||||||
Segment Reporting Information [Line Items] | ||||||
Net unrealized gains (losses) | 3,047 | (2,667) | 5,108 | (5,845) | ||
Other Investments | Specialty Insurance | ||||||
Segment Reporting Information [Line Items] | ||||||
Net realized gains (losses) | 0 | (218) | 0 | 1,627 | ||
Net unrealized gains (losses) | 406 | 0 | 740 | 0 | ||
Other Investments | Tiptree Capital | ||||||
Segment Reporting Information [Line Items] | ||||||
Net realized gains (losses) | 0 | (2,084) | 0 | (2,084) | ||
Net unrealized gains (losses) | 450 | 1,119 | 2,816 | 335 | ||
Mortgage Loans Held for Sale | Tiptree Capital | ||||||
Segment Reporting Information [Line Items] | ||||||
Net realized gains (losses) | 16,861 | 13,987 | 30,448 | 29,783 | ||
Net unrealized gains (losses) | 872 | 545 | 895 | (498) | ||
Equity securities | Equity securities | Specialty Insurance | ||||||
Segment Reporting Information [Line Items] | ||||||
Net unrealized gains (losses) | $ 0 | $ 0 | $ (403) | $ (2,167) | ||
|
Notes and Accounts Receivable, net -Table of Notes and Accounts Receivable, Net (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts and premiums receivable, net | $ 52,512 | $ 50,880 |
Retrospective commissions receivable | 95,395 | 84,488 |
Trust receivables | 45,217 | 53,424 |
Other Receivables | 20,407 | 21,256 |
Total | 233,393 | 223,105 |
Specialty Insurance | Notes Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable, net - premium financing program (1) | $ 19,862 | $ 13,057 |
Notes and Accounts Receivable, net - Narrative, Notes, Accounts and Premiums Receivable (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Bad debt expense | $ 57 | $ 126 | |||
Accounts and premiums receivable | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for uncollectible amounts | $ 182 | 182 | $ 217 | ||
Bad debt expense | 9 | $ 5 | 20 | 16 | |
Specialty Insurance | Notes Receivable | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for uncollectible amounts | 124 | 124 | 97 | ||
Bad debt expense | 47 | $ 46 | 116 | $ 100 | |
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 | $ 150 | $ 150 | $ 368 |
Reinsurance Receivables - Table of Direct, Assumed and Ceded (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Premiums Written, Net [Abstract] | ||||
Direct amount | $ 243,153 | $ 191,947 | $ 423,466 | $ 374,077 |
Ceded to other companies | 108,909 | 97,658 | 186,406 | 189,094 |
Assumed from other companies | 19,420 | 1,522 | 37,561 | 20,046 |
Net amount | $ 153,664 | $ 95,811 | $ 274,621 | $ 205,029 |
Percentage of amount - assumed to net | 12.60% | 1.60% | 13.70% | 9.80% |
Premiums Earned, Net [Abstract] | ||||
Direct amount | $ 189,942 | $ 178,691 | $ 381,998 | $ 352,816 |
Ceded to other companies | (88,210) | (88,228) | (178,169) | (169,598) |
Assumed from other companies | 14,844 | 9,581 | 31,720 | 18,471 |
Net amount | $ 116,576 | $ 100,044 | $ 235,549 | $ 201,689 |
Percentage of amount - assumed to net | 12.70% | 9.60% | 13.50% | 9.20% |
Life Insurance | ||||
Premiums Written, Net [Abstract] | ||||
Direct amount | $ 18,924 | $ 17,329 | $ 33,835 | $ 31,091 |
Ceded to other companies | 10,353 | 9,425 | 18,056 | 16,601 |
Assumed from other companies | 444 | 454 | 835 | 881 |
Net amount | $ 9,015 | $ 8,358 | $ 16,614 | $ 15,371 |
Percentage of amount - assumed to net | 4.90% | 5.40% | 5.00% | 5.70% |
Premiums Earned, Net [Abstract] | ||||
Direct amount | $ 16,654 | $ 15,693 | $ 33,103 | $ 31,307 |
Ceded to other companies | (8,736) | (7,931) | (17,262) | (15,753) |
Assumed from other companies | 404 | 436 | 820 | 889 |
Net amount | $ 8,322 | $ 8,198 | $ 16,661 | $ 16,443 |
Percentage of amount - assumed to net | 4.90% | 5.30% | 4.90% | 5.40% |
Accident and Health Insurance | ||||
Premiums Written, Net [Abstract] | ||||
Direct amount | $ 32,361 | $ 30,191 | $ 60,160 | $ 56,817 |
Ceded to other companies | 21,105 | 20,291 | 39,080 | 37,724 |
Assumed from other companies | 819 | 787 | 1,566 | 1,556 |
Net amount | $ 12,075 | $ 10,687 | $ 22,646 | $ 20,649 |
Percentage of amount - assumed to net | 6.80% | 7.40% | 6.90% | 7.50% |
Premiums Earned, Net [Abstract] | ||||
Direct amount | $ 29,677 | $ 28,336 | $ 60,290 | $ 57,238 |
Ceded to other companies | (19,742) | (19,012) | (40,365) | (38,629) |
Assumed from other companies | 794 | 799 | 1,588 | 1,617 |
Net amount | $ 10,729 | $ 10,123 | $ 21,513 | $ 20,226 |
Percentage of amount - assumed to net | 7.40% | 7.90% | 7.40% | 8.00% |
Property and Liability Insurance | ||||
Premiums Written, Net [Abstract] | ||||
Direct amount | $ 191,868 | $ 144,427 | $ 329,471 | $ 286,169 |
Ceded to other companies | 77,451 | 67,942 | 129,270 | 134,769 |
Assumed from other companies | 18,157 | 281 | 35,160 | 17,609 |
Net amount | $ 132,574 | $ 76,766 | $ 235,361 | $ 169,009 |
Percentage of amount - assumed to net | 13.70% | 0.40% | 14.90% | 10.40% |
Premiums Earned, Net [Abstract] | ||||
Direct amount | $ 143,611 | $ 134,662 | $ 288,605 | $ 264,271 |
Ceded to other companies | (59,732) | (61,285) | (120,542) | (115,216) |
Assumed from other companies | 13,646 | 8,346 | 29,312 | 15,965 |
Net amount | $ 97,525 | $ 81,723 | $ 197,375 | $ 165,020 |
Percentage of amount - assumed to net | 14.00% | 10.20% | 14.90% | 9.70% |
Reinsurance Receivables - Table of Losses and LAE Incurred (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|||
Effects of Reinsurance [Line Items] | ||||||
Direct amount | $ 66,725 | $ 65,764 | $ 135,931 | $ 134,251 | ||
Ceded to other companies | (43,579) | (43,801) | (87,546) | (85,947) | ||
Assumed from other companies | 11,178 | 7,581 | 21,732 | 13,952 | ||
Net | 34,324 | 29,544 | 70,117 | 62,256 | ||
Member benefit claims (1) | [1] | 5,098 | 4,630 | 10,146 | 8,544 | |
Total policy and contract benefits | $ 39,422 | $ 34,174 | $ 80,263 | $ 70,800 | ||
Losses Incurred, Percentage Assumed to Net | 32.60% | 25.70% | 31.00% | 22.40% | ||
Life Insurance | ||||||
Effects of Reinsurance [Line Items] | ||||||
Direct amount | $ 9,483 | $ 8,795 | $ 19,441 | $ 19,148 | ||
Ceded to other companies | (5,615) | (5,029) | (11,519) | (10,701) | ||
Assumed from other companies | 194 | 181 | 186 | 343 | ||
Net | $ 4,062 | $ 3,947 | $ 8,108 | $ 8,790 | ||
Losses Incurred, Percentage Assumed to Net | 4.80% | 4.60% | 2.30% | 3.90% | ||
Accident and Health Insurance | ||||||
Effects of Reinsurance [Line Items] | ||||||
Direct amount | $ 3,601 | $ 4,293 | $ 6,931 | $ 8,870 | ||
Ceded to other companies | (2,789) | (3,655) | (5,274) | (7,199) | ||
Assumed from other companies | (81) | (20) | 140 | 226 | ||
Net | $ 731 | $ 618 | $ 1,797 | $ 1,897 | ||
Losses Incurred, Percentage Assumed to Net | (11.10%) | (3.20%) | 7.80% | 11.90% | ||
Property and Liability Insurance | ||||||
Effects of Reinsurance [Line Items] | ||||||
Direct amount | $ 53,641 | $ 52,676 | $ 109,559 | $ 106,233 | ||
Ceded to other companies | (35,175) | (35,117) | (70,753) | (68,047) | ||
Assumed from other companies | 11,065 | 7,420 | 21,406 | 13,383 | ||
Net | $ 29,531 | $ 24,979 | $ 60,212 | $ 51,569 | ||
Losses Incurred, Percentage Assumed to Net | 37.50% | 29.70% | 35.60% | 26.00% | ||
|
Reinsurance Receivables - Table of the Components of Reinsurance Receivables (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
|||
---|---|---|---|---|---|
Effects of Reinsurance [Line Items] | |||||
Prepaid reinsurance premiums: | $ 317,131 | $ 309,540 | |||
Reinsurance receivables | 427,415 | 420,351 | |||
Life (1) | |||||
Effects of Reinsurance [Line Items] | |||||
Prepaid reinsurance premiums: | [1] | 69,583 | 69,436 | ||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 3,166 | 3,424 | |||
Accident and health (1) | |||||
Effects of Reinsurance [Line Items] | |||||
Prepaid reinsurance premiums: | [1] | 60,321 | 61,606 | ||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 8,942 | 11,039 | |||
Property (2) | |||||
Effects of Reinsurance [Line Items] | |||||
Prepaid reinsurance premiums: | 187,227 | 178,498 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 73,484 | 75,748 | |||
Total ceded claim reserves recoverable | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 85,592 | 90,211 | |||
Other reinsurance settlements recoverable | |||||
Effects of Reinsurance [Line Items] | |||||
Other reinsurance settlements recoverable | $ 24,692 | $ 20,600 | |||
|
Reinsurance Receivables - Table of Reinsurance Receivables - Aggregrate of Three Largest Reinsurers (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Concentration Risk [Line Items] | ||
Total of the three largest receivable balances from non-affiliated reinsurers | $ 427,415 | $ 420,351 |
Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Total of the three largest receivable balances from non-affiliated reinsurers | $ 104,792 |
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, 2019 |
Dec. 31, 2018 |
|||||
---|---|---|---|---|---|---|---|
Schedule of Intangible Assets, Net [Line Items] | |||||||
Intangible Assets, Net | $ 48,084 | $ 52,121 | |||||
Goodwill | 91,562 | 91,562 | |||||
Total | 139,646 | 143,683 | |||||
Insurance licensing agreements | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Insurance licensing agreements(2) | [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 | (21,616) | (18,913) | |||||
Trade Names | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Finite-Lived Intangible Assets, Gross | 7,300 | 7,300 | |||||
Accumulated amortization | (3,320) | (3,007) | |||||
Software licensing | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Finite-Lived Intangible Assets, Gross | 9,140 | 9,140 | |||||
Accumulated amortization | (8,158) | (7,262) | |||||
Insurance policies and contracts acquired | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Finite-Lived Intangible Assets, Gross | 36,500 | 36,500 | |||||
Accumulated amortization | (36,023) | (35,898) | |||||
Specialty Insurance | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Intangible Assets, Net | 47,330 | 51,281 | |||||
Goodwill | 89,854 | 89,854 | |||||
Total | 137,184 | 141,135 | |||||
Specialty Insurance | Insurance licensing agreements | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Insurance licensing agreements(2) | [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 | (21,616) | (18,913) | |||||
Specialty Insurance | Trade Names | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Finite-Lived Intangible Assets, Gross | 6,500 | 6,500 | |||||
Accumulated amortization | (3,000) | (2,727) | |||||
Specialty Insurance | Software licensing | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Finite-Lived Intangible Assets, Gross | 8,500 | 8,500 | |||||
Accumulated amortization | (7,792) | (6,942) | |||||
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 | (36,023) | (35,898) | |||||
Other Segments | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Intangible Assets, Net | [2] | 754 | 840 | ||||
Goodwill | [2] | 1,708 | 1,708 | ||||
Total | [2] | 2,462 | 2,548 | ||||
Other Segments | Insurance licensing agreements | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Insurance licensing agreements(2) | [2] | 0 | 0 | ||||
Other Segments | Customer relationships | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Finite-Lived Intangible Assets, Gross | [2] | 0 | 0 | ||||
Accumulated amortization | [2] | 0 | 0 | ||||
Other Segments | Trade Names | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Finite-Lived Intangible Assets, Gross | [2] | 800 | 800 | ||||
Accumulated amortization | [2] | (320) | (280) | ||||
Other Segments | Software licensing | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Finite-Lived Intangible Assets, Gross | [2] | 640 | 640 | ||||
Accumulated amortization | [2] | (366) | (320) | ||||
Other Segments | Insurance policies and contracts acquired | |||||||
Schedule of Intangible Assets, Net [Line Items] | |||||||
Finite-Lived Intangible Assets, Gross | [2] | 0 | 0 | ||||
Accumulated amortization | [2] | $ 0 | $ 0 | ||||
|
Goodwill and Intangible Assets, net Table of Goodwill Rollforward (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
||||
Goodwill [Roll Forward] | |||||||
Balance, beginning of period | $ 91,562,000 | ||||||
Balance, end of period | $ 91,562,000 | 91,562,000 | |||||
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | |||||||
Accumulated impairments | 699,000 | 699,000 | |||||
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, beginning of period | 89,854,000 | ||||||
Balance, end of period | 89,854,000 | 89,854,000 | |||||
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | |||||||
Accumulated impairments | 0 | 0 | |||||
Other Segments | |||||||
Goodwill [Roll Forward] | |||||||
Balance, beginning of period | [1] | 1,708,000 | |||||
Balance, end of period | [1] | 1,708,000 | 1,708,000 | ||||
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | |||||||
Accumulated impairments | $ 699,000 | $ 699,000 | |||||
|
Goodwill and Intangible Assets, net Table of Intangible Assets, Net Rollforward (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
||||
Finite-lived Intangible Assets [Roll Forward] | |||||||
Balance, Beginning of Period | $ 52,121,000 | ||||||
Less: amortization expense | $ (2,014,000) | $ (2,439,000) | (4,037,000) | $ (4,914,000) | |||
Balance, End of Period | 48,084,000 | 48,084,000 | |||||
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, Beginning of Period | 51,281,000 | ||||||
Less: amortization expense | 3,951,000 | ||||||
Balance, End of Period | 47,330,000 | 47,330,000 | |||||
Other Segments | |||||||
Finite-lived Intangible Assets [Roll Forward] | |||||||
Balance, Beginning of Period | [1] | 840,000 | |||||
Less: amortization expense | 86,000 | ||||||
Balance, End of Period | [1] | $ 754,000 | $ 754,000 | ||||
|
Goodwill and Intangible Assets, net Table of Amortization Expense on Intangibles (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense on intangible assets | $ 2,014 | $ 2,439 | $ 4,037 | $ 4,914 |
Goodwill and Intangible Assets, net Table of Future Amortization Expense on Intangibles by Segment (Details) $ in Thousands |
Jun. 30, 2019
USD ($)
|
---|---|
Finite-Lived Intangible Assets [Line Items] | |
Remainder of 2019 | $ 3,861 |
2020 | 5,321 |
2021 | 4,503 |
2022 | 3,775 |
2023 | 3,292 |
2024 and thereafter | 13,571 |
Total | 34,323 |
Specialty Insurance | |
Finite-Lived Intangible Assets [Line Items] | |
Remainder of 2019 | 3,776 |
2020 | 5,150 |
2021 | 4,332 |
2022 | 3,649 |
2023 | 3,212 |
2024 and thereafter | 13,450 |
Total | 33,569 |
Other Segments | |
Finite-Lived Intangible Assets [Line Items] | |
Remainder of 2019 | 85 |
2020 | 171 |
2021 | 171 |
2022 | 126 |
2023 | 80 |
2024 and thereafter | 121 |
Total | $ 754 |
Derivative Financial Instruments and Hedging Table of Derivatives - Gross notional and fair value amounts of derivatives (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Derivative [Line Items] | ||
Notional values | $ 481,110 | $ 292,860 |
Asset derivatives | 6,395 | 3,504 |
Liability derivatives | 1,399 | 876 |
Interest Risk, Interest Rate Lock Commitments | ||
Derivative [Line Items] | ||
Notional values | 234,476 | 122,477 |
Asset derivatives | 6,338 | 3,460 |
Liability derivatives | 0 | 0 |
Interest Risk, Forward Delivery Contracts | ||
Derivative [Line Items] | ||
Notional values | 67,634 | 41,383 |
Asset derivatives | 0 | 5 |
Liability derivatives | 109 | 52 |
Interest Risk, TBA Mortgage Backed Securities | ||
Derivative [Line Items] | ||
Notional values | 179,000 | 129,000 |
Asset derivatives | 57 | 39 |
Liability derivatives | $ 1,290 | $ 824 |
Derivative Financial Instruments and Hedging Table of Pretax Impact of Cash Flow Hedging Derivative Instruments on the Consolidated Financial Statements (Details) - Interest Rate Swap - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Gain (loss) recognized in AOCI on the derivative-effective portion | $ 0 | $ 0 | $ 0 | $ 1,111 |
(Gains) losses reclassified from AOCI into income-effective portion | $ 0 | $ 0 | $ 0 | $ (3,845) |
Debt, net - Table of Debt Obligations, Net of Discounts and Deferred Financing Costs (Details) - USD ($) $ in Thousands |
6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Gross | $ 304,717 | $ 364,273 | |||||||
Unamortized discount, net | (350) | (504) | |||||||
Unamortized deferred financing costs | (7,809) | (9,686) | |||||||
Debt, net | 296,558 | 354,083 | |||||||
Secured corporate credit agreements | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, maximum borrowing capacity | 130,150 | ||||||||
Long-term Debt, Gross | $ 70,150 | 72,090 | |||||||
Secured corporate credit agreements | London Interbank Offered Rate (LIBOR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||
Junior subordinated notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, maximum borrowing capacity | $ 125,000 | ||||||||
Long-term Debt, Gross | 125,000 | 125,000 | |||||||
Preferred trust securities | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, maximum borrowing capacity | 35,000 | ||||||||
Long-term Debt, Gross | $ 35,000 | 35,000 | |||||||
Preferred trust securities | London Interbank Offered Rate (LIBOR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||
Corporate Debt Payable | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Gross | $ 230,150 | 232,090 | |||||||
Asset based revolving financing (1) (2) | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, maximum borrowing capacity | [1],[2] | 25,000 | |||||||
Long-term Debt, Gross | [1],[2] | $ 11,509 | $ 86,092 | ||||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.80% | 4.30% | |||||||
Asset based revolving financing (1) (2) | London Interbank Offered Rate (LIBOR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||
Residential mortgage warehouse borrowings (3) | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, maximum borrowing capacity | [1],[3] | $ 91,000 | |||||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.45% | 4.66% | |||||||
Residential mortgage warehouse borrowings (3) | London Interbank Offered Rate (LIBOR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||
Asset Backed Debt Payable | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Gross | $ 74,567 | $ 132,183 | |||||||
Minimum | Secured corporate credit agreements | London Interbank Offered Rate (LIBOR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.20% | ||||||||
Minimum | Residential mortgage warehouse borrowings (3) | London Interbank Offered Rate (LIBOR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | [1],[3] | 2.00% | |||||||
Maximum | Secured corporate credit agreements | London Interbank Offered Rate (LIBOR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.50% | ||||||||
Maximum | Junior subordinated notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | ||||||||
Maximum | Preferred trust securities | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.10% | ||||||||
Maximum | Asset based revolving financing (1) (2) | London Interbank Offered Rate (LIBOR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | [1],[2] | 2.40% | |||||||
Maximum | Residential mortgage warehouse borrowings (3) | London Interbank Offered Rate (LIBOR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | [1],[3] | 2.50% | |||||||
|
Debt, net - Table of Interest Expense Incurred on Debt (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Income Statement [Abstract] | ||||
Interest expense - corporate debt | $ 4,933 | $ 4,717 | $ 9,927 | $ 8,569 |
Interest expense - asset based debt | 1,599 | 1,938 | 3,525 | 4,032 |
Interest expense on debt | $ 6,532 | $ 6,655 | $ 13,452 | $ 12,601 |
Debt, net - Table of Debt Maturities (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Debt Disclosure [Abstract] | ||
Remainder of 2019 | $ 0 | |
2020 | 133,208 | |
2021 | 11,509 | |
2022 | 0 | |
2023 | 0 | |
2024 and thereafter | 160,000 | |
Total | $ 304,717 | $ 364,273 |
Debt, net - Narrative (Details) - USD ($) $ in Thousands |
6 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 26, 2019 |
Jun. 30, 2019 |
Jun. 22, 2019 |
Jun. 21, 2019 |
May 01, 2019 |
Dec. 31, 2018 |
||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | $ 304,717 | $ 364,273 | |||||||||||
Asset-based revolving facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | [1],[2] | 11,509 | 86,092 | ||||||||||
Secured corporate credit agreements | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | 70,150 | 72,090 | |||||||||||
Corporate and Other | Secured corporate credit agreements | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | 70,150 | 72,090 | |||||||||||
Specialty Insurance | Asset-based revolving facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | 0 | 0 | |||||||||||
Asset Based Leverage - Corporate Loans | Specialty Insurance | Asset-based revolving facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | 81,343 | ||||||||||||
Asset Backed Revolving Line of Credit - Premium Financing | Specialty Insurance | Asset-based revolving facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | 11,509 | 4,749 | |||||||||||
Warehouse Agreement Borrowings | Residential mortgage warehouse borrowings | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | [1],[3] | $ 63,058 | $ 46,091 | ||||||||||
Debt instrument, maximum borrowing capacity | [1],[3] | $ 40,000 | $ 25,000 | $ 50,000 | |||||||||
London Interbank Offered Rate (LIBOR) | Maximum | Asset-based revolving facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | [1],[2] | 2.40% | |||||||||||
London Interbank Offered Rate (LIBOR) | Maximum | Residential mortgage warehouse borrowings | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | [1],[3] | 2.50% | |||||||||||
London Interbank Offered Rate (LIBOR) | Maximum | Secured corporate credit agreements | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.50% | ||||||||||||
London Interbank Offered Rate (LIBOR) | Maximum | Specialty Insurance | Secured corporate credit agreements | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.20% | ||||||||||||
London Interbank Offered Rate (LIBOR) | Maximum | Asset Backed Revolving Line of Credit - Premium Financing | Specialty Insurance | Asset-based revolving facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.40% | ||||||||||||
|
Fair Value of Financial Instruments - Schedule of Fair Value Hierarchies for Financial Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed residential real estate property | $ 7,035 | $ 10,019 |
Assets, Fair Value Disclosure [Abstract] | ||
Investments in available for sale securities | 269,054 | 283,563 |
Loans, at fair value | 92,053 | 215,383 |
Equity securities | 154,578 | 122,979 |
Other investments, at fair value | 74,257 | 75,002 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative liabilities (included in other liabilities and accrued expenses) | 1,399 | 876 |
Significant unobservable inputs Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total assets | 12,920 | 31,016 |
Recurring | Quoted prices in active markets Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments in available for sale securities | 1,046 | 1,241 |
Loans, at fair value | 0 | 0 |
Other investments, at fair value | 0 | 0 |
Total assets | 36,065 | 10,564 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative liabilities (included in other liabilities and accrued expenses) | 0 | 0 |
Total liabilities | 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 state 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 | 1,046 | 1,241 |
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] | ||
Equity securities | 35,019 | 9,323 |
Recurring | Other significant observable inputs Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments in available for sale securities | 266,399 | 280,814 |
Loans, at fair value | 68,504 | 79,614 |
Other investments, at fair value | 57 | 44 |
Total assets | 454,276 | 473,610 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative liabilities (included in other liabilities and accrued expenses) | 1,399 | 876 |
Total liabilities | 1,399 | 876 |
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 | 146,414 | 71,748 |
Recurring | Other significant observable inputs Level 2 | Obligations of state and political subdivisions | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments in available for sale securities | 41,216 | 67,446 |
Recurring | Other significant observable inputs Level 2 | Obligations of foreign governments | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments in available for sale securities | 1,119 | 6,751 |
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 | 40,192 | 39,144 |
Recurring | Other significant observable inputs Level 2 | Corporate securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments in available for sale securities | 37,458 | 95,725 |
Recurring | Other significant observable inputs Level 2 | Corporate Loans | ||
Assets, Fair Value Disclosure [Abstract] | ||
Loans, at fair value | 0 | 22,697 |
Recurring | Other significant observable inputs Level 2 | Mortgage Loans Held for Sale | ||
Assets, Fair Value Disclosure [Abstract] | ||
Mortgage loans held for sale | 68,504 | 56,917 |
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] | ||
Equity securities | 119,316 | 113,138 |
Recurring | Significant unobservable inputs Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments in available for sale securities | 1,609 | 1,508 |
Loans, at fair value | 23,549 | 135,769 |
Other investments, at fair value | 12,029 | 8,487 |
Total assets | 37,430 | 146,282 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative liabilities (included in other liabilities and accrued expenses) | 0 | 0 |
Total liabilities | 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 state 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 | 1,609 | 1,508 |
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 | 16,967 | 108,213 |
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 | 6,582 | 27,556 |
Recurring | Significant unobservable inputs Level 3 | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity securities | 243 | 518 |
Fair Value | Other significant observable inputs Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total assets | 24,941 | 18,191 |
Fair Value | Significant unobservable inputs Level 3 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Total liabilities | 309,992 | 363,769 |
Fair Value | Recurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments in available for sale securities | 269,054 | 283,563 |
Loans, at fair value | 92,053 | 215,383 |
Other investments, at fair value | 12,086 | 8,531 |
Total assets | 527,771 | 630,456 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative liabilities (included in other liabilities and accrued expenses) | 1,399 | 876 |
Total liabilities | 1,399 | 876 |
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 | 146,414 | 71,748 |
Fair Value | Recurring | Obligations of state and political subdivisions | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments in available for sale securities | 41,216 | 67,446 |
Fair Value | Recurring | Obligations of foreign governments | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments in available for sale securities | 1,119 | 6,751 |
Fair Value | Recurring | Certificates of deposit | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments in available for sale securities | 1,046 | 1,241 |
Fair Value | Recurring | Asset backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments in available for sale securities | 41,801 | 40,652 |
Fair Value | Recurring | Corporate securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments in available for sale securities | 37,458 | 95,725 |
Fair Value | Recurring | Corporate Loans | ||
Assets, Fair Value Disclosure [Abstract] | ||
Loans, at fair value | 16,967 | 130,910 |
Fair Value | Recurring | Mortgage Loans Held for Sale | ||
Assets, Fair Value Disclosure [Abstract] | ||
Mortgage loans held for sale | 68,504 | 56,917 |
Fair Value | Recurring | Non-performing loans | ||
Assets, Fair Value Disclosure [Abstract] | ||
Loans, at fair value | 6,582 | 27,556 |
Fair Value | Recurring | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity securities | 154,578 | 122,979 |
Invesque Inc. | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity securities | $ 119,316 | $ 113,138 |
Contractual Sale Restriction Period | Invesque Inc. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Average Estimated Restriction, Period | 7 days | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Redemption Restriction, Percentage | 25.00% | |
Contractual Sale Restriction Period | Invesque Inc. | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Average Estimated Restriction, Period | 1 month | |
Functional Restriction Period | Invesque Inc. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Average Estimated Restriction, Period | 6 days | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Redemption Restriction, Percentage | 25.00% | |
Restriction Percentage, 70% Restricted | Functional Restriction Period | Invesque Inc. | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Average Estimated Restriction, Period | 23 days |
Fair Value of Financial Instruments - Schedule of Level 3 Rollforward, Assets Measured on Recurring Basis Utilizing Level 3 Inputs (Details) - USD ($) $ in Thousands |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance at January 1, | $ 146,282 | $ 162,666 | |||
Net realized gains/(losses) | 2,971 | 870 | |||
Net unrealized gains/(losses) | (2,391) | (1,720) | |||
Issuances | 100 | 154 | |||
Purchases | 73 | 42,136 | |||
Sales | (111,431) | (49,550) | |||
Transfer into Level 3 (1) | [1] | 1,544 | 9,220 | ||
Transfer adjustments (out of) Level 3 | [1] | 0 | (6,694) | ||
Balance at June 30, | 37,430 | 151,987 | |||
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 | 897 | 763 | |||
Other real estate | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Transfer adjustments (out of) Level 3 | (2,596) | (5,100) | |||
Conversion to mortgage held for sale | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Transfer adjustments (out of) Level 3 | (29,560) | (24,976) | |||
Interest Rate Lock Commitments | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Issuances | $ 32,438 | $ 24,981 | |||
|
Fair Value of Financial Instruments - Schedule of Significant Inputs used in the Valuation of Level 3 Assets (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
|
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Asset derivatives | $ 6,395 | $ 3,504 |
Loans, at fair value | 92,053 | 215,383 |
Fair Value, Inputs, Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total | 12,920 | 31,016 |
Fair Value, Inputs, Level 3 | Interest Rate Lock Commitments | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Asset derivatives | $ 6,338 | $ 3,460 |
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 | 45.00% | 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 of Financial Instruments - Schedule 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, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
||||
Maximum | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Discount rate | 25.00% | 30.00% | ||||
Loan resolution time-line (Years) | 1 year 8 months 12 days | 2 years 1 month 6 days | ||||
Value of underlying properties | $ 1,385 | $ 1,780 | ||||
Holding costs | 8.20% | 14.70% | ||||
Liquidation costs | 11.70% | 14.20% | ||||
Note rate | 6.00% | 6.00% | ||||
Secondary market transaction prices/UPB | 88.30% | 88.30% | ||||
Minimum | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Discount rate | 16.00% | 16.00% | ||||
Loan resolution time-line (Years) | 10 months 24 days | 7 months 6 days | ||||
Value of underlying properties | $ 70 | $ 55 | ||||
Holding costs | 5.70% | 5.00% | ||||
Liquidation costs | 8.50% | 8.40% | ||||
Note rate | 4.00% | 3.00% | ||||
Secondary market transaction prices/UPB | 79.00% | 74.50% | ||||
Average(1) | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Discount rate | [1] | 22.60% | 23.60% | |||
Loan resolution time-line (Years) | [1] | 1 year 3 months 18 days | 1 year 2 months 12 days | |||
Value of underlying properties | [1] | $ 445 | $ 383 | |||
Holding costs | [1] | 6.70% | 6.90% | |||
Liquidation costs | [1] | 8.90% | 9.20% | |||
Note rate | [1] | 5.00% | 4.90% | |||
Secondary market transaction prices/UPB | [1] | 83.80% | 83.30% | |||
|
Fair Value of Financial Instruments - Schedule of Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
|||
---|---|---|---|---|---|
Fair Value, Inputs, Level 2 | Fair Value | |||||
Assets, Fair Value Disclosure [Abstract] | |||||
Total assets | $ 24,941 | $ 18,191 | |||
Fair Value, Inputs, Level 2 | Carrying value | |||||
Assets, Fair Value Disclosure [Abstract] | |||||
Total assets | 24,941 | 18,191 | |||
Fair Value, Inputs, Level 3 | |||||
Assets, Fair Value Disclosure [Abstract] | |||||
Total assets | 12,920 | 31,016 | |||
Fair Value, Inputs, Level 3 | Fair Value | |||||
Liabilities, Fair Value Disclosure [Abstract] | |||||
Debt, net | 309,992 | 363,769 | |||
Total liabilities | 309,992 | 363,769 | |||
Fair Value, Inputs, Level 3 | Carrying value | |||||
Liabilities, Fair Value Disclosure [Abstract] | |||||
Debt, net | 304,367 | 363,769 | |||
Total liabilities | 304,367 | 363,769 | |||
Debentures | Fair Value, Inputs, Level 2 | Fair Value | |||||
Assets, Fair Value Disclosure [Abstract] | |||||
Notes receivable, net | [1] | 5,079 | 5,134 | ||
Debentures | Fair Value, Inputs, Level 2 | Carrying value | |||||
Assets, Fair Value Disclosure [Abstract] | |||||
Notes receivable, net | [1] | 5,079 | 5,134 | ||
Notes Receivable | Fair Value, Inputs, Level 2 | |||||
Assets, Fair Value Disclosure [Abstract] | |||||
Notes receivable, net | $ 19,862 | $ 13,057 | |||
|
Liability for Unpaid Claims and Claim Adjustment Expenses Table of the Rollforward of Claims Liability (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Policy liabilities and unpaid claims balance as of January 1, | $ 131,611 | $ 112,003 | ||
Less : liabilities of policy-holder accounts balances, gross | (13,659) | (15,474) | ||
Less : non-insurance warranty benefit claim liabilities | (94) | (58) | ||
Gross liabilities for unpaid losses and loss adjustment expenses | 117,858 | 96,471 | ||
Net balance as of January 1, short duration | 27,615 | 22,469 | ||
Incurred (short duration) related to: | ||||
Current year | 66,225 | 55,926 | ||
Prior years | 3,194 | 4,886 | ||
Total incurred | $ 33,921 | $ 28,844 | 69,419 | 60,812 |
Paid (short duration) related to: | ||||
Current year | 58,876 | 37,231 | ||
Prior years | 7,769 | 19,475 | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid | 66,645 | 56,706 | ||
Gross liabilities for unpaid losses and loss adjustment expenses | 116,013 | 107,632 | 116,013 | 107,632 |
Plus : liabilities of policy-holder accounts balances, gross | (12,618) | (14,527) | (12,618) | (14,527) |
Plus : non-insurance warranty benefit claim liabilities | (59) | (131) | (59) | (131) |
Policy liabilities and unpaid claims balance as of June 30, | 128,690 | 122,290 | 128,690 | 122,290 |
Other Short-duration Insurance Product Line | ||||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | (90,016) | (73,778) | ||
Paid (short duration) related to: | ||||
Net balance as of June 30, short duration | 30,389 | 26,575 | 30,389 | 26,575 |
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | (85,377) | (80,865) | (85,377) | (80,865) |
Other Insurance Product Line | ||||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | (227) | (224) | ||
Paid (short duration) related to: | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | $ (247) | $ (192) | $ (247) | $ (192) |
Liability for Unpaid Claims and Claim Adjustment Expenses Table of the Reconciliation of Short Duration Contracts to Total Losses Incurred (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Insurance [Abstract] | ||||
Short duration incurred | $ 33,921 | $ 28,844 | $ 69,419 | $ 60,812 |
Other lines incurred | 191 | 77 | 191 | 123 |
Unallocated loss adjustment expense | 212 | 623 | 507 | 1,321 |
Net | $ 34,324 | $ 29,544 | $ 70,117 | $ 62,256 |
Liability for Unpaid Claims and Claim Adjustment Expenses Rollforward of Claim Liability Narrative (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||
Prior Year Claims and Claims Adjustment Expense | $ 3,194 | $ 4,886 |
Non-Standard Auto | ||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||
Prior Year Claims and Claims Adjustment Expense | 2,099 | |
Warranty | ||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||
Prior Year Claims and Claims Adjustment Expense | $ 4,564 |
Revenue From Contracts with Customers - Schedule of Disaggregated Revenue From Contracts With Customers By Product Type (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Revenue from External Customer [Line Items] | ||||
Revenue from contracts with customers | $ 17,986 | $ 17,296 | $ 36,484 | $ 34,922 |
Asset management fee income | ||||
Revenue from External Customer [Line Items] | ||||
Revenue from contracts with customers | 0 | 1,317 | 1,267 | 2,894 |
Warranty coverage revenue | ||||
Revenue from External Customer [Line Items] | ||||
Revenue from contracts with customers | 7,122 | 6,279 | 13,944 | 12,402 |
Car club revenue | ||||
Revenue from External Customer [Line Items] | ||||
Revenue from contracts with customers | 8,844 | 7,844 | 17,545 | 15,673 |
Other | ||||
Revenue from External Customer [Line Items] | ||||
Revenue from contracts with customers | $ 2,020 | $ 1,856 | $ 3,728 | $ 3,953 |
Revenue From Contracts with Customers - Schedule of Deferred Assets Related to Revenue From Contracts with Customers (Rollforward) (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2019
USD ($)
| |
Table of Deferred Assets Related to Revenue From Contracts with Customers [Roll Forward] | |
Deferred acquisition costs, beginning balance | $ 170,063 |
Deferred acquisition costs, ending balance | 192,683 |
Customer Contracts | |
Table of Deferred Assets Related to Revenue From Contracts with Customers [Roll Forward] | |
Deferred acquisition costs, beginning balance | 13,463 |
Additions | 12,894 |
Amortizations | 13,840 |
Deferred acquisition costs, ending balance | 12,517 |
Customer Contracts | Warranty coverage revenue | |
Table of Deferred Assets Related to Revenue From Contracts with Customers [Roll Forward] | |
Deferred acquisition costs, beginning balance | 1,274 |
Additions | 175 |
Amortizations | 512 |
Deferred acquisition costs, ending balance | 937 |
Customer Contracts | Car club revenue | |
Table of Deferred Assets Related to Revenue From Contracts with Customers [Roll Forward] | |
Deferred acquisition costs, beginning balance | 12,189 |
Additions | 12,719 |
Amortizations | 13,328 |
Deferred acquisition costs, ending balance | $ 11,580 |
Revenue From Contracts with Customers - Schedule of Deferred Revenue Liabilities From Contracts with Customers (Rollforward) (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2019
USD ($)
| |
Rollforward | |
Deferred Revenue, Beginning Balance | $ 75,754 |
Deferred Revenue, Ending Balance | 80,101 |
Customer Contracts | |
Rollforward | |
Deferred Revenue, Beginning Balance | 55,963 |
Deferred Revenue, Additions | 35,414 |
Deferred Revenue, Revenue Recognized | 31,489 |
Deferred Revenue, Ending Balance | 59,888 |
Customer Contracts | Warranty coverage revenue | |
Rollforward | |
Deferred Revenue, Beginning Balance | 39,835 |
Deferred Revenue, Additions | 18,630 |
Deferred Revenue, Revenue Recognized | 13,944 |
Deferred Revenue, Ending Balance | 44,521 |
Customer Contracts | Car club revenue | |
Rollforward | |
Deferred Revenue, Beginning Balance | 16,128 |
Deferred Revenue, Additions | 16,784 |
Deferred Revenue, Revenue Recognized | 17,545 |
Deferred Revenue, Ending Balance | $ 15,367 |
Other Assets and Other Liabilities and Accrued Expenses - Table of Other Assets (Details) - USD ($) $ in Thousands |
6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jan. 01, 2019 |
[1] | Dec. 31, 2018 |
||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||
Right of use asset - Operating leases (1) | $ 27,540 | [1] | $ 32,052 | $ 0 | |||||
Furniture, fixtures and equipment, net | 12,107 | 6,122 | |||||||
Prepaid expenses | 7,178 | 7,351 | |||||||
Income tax receivable | 2,088 | 2,307 | |||||||
Subsidiary sale receivable (2) | [2] | 875 | 10,676 | ||||||
Other | 20,632 | 19,578 | |||||||
Total other assets | 70,420 | $ 46,034 | |||||||
Disposal Group, Including Discontinued Operations, Gain Contingency Received in Cash | $ 9,801 | ||||||||
|
Other Assets and Other Liabilities and Accrued Expenses - Table of Depreciation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Furniture and Fixtures | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense related to furniture, fixtures and equipment | $ 680 | $ 494 | $ 1,159 | $ 991 |
Other Liabilities and Accrued Expenses - Table of Other Liabilities and Accrued Expenses (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
|||
---|---|---|---|---|---|---|
Other Liabilities Disclosure [Abstract] | ||||||
Accounts payable and accrued expenses | $ 53,598 | $ 63,755 | ||||
Operating lease liability | 32,701 | [1] | $ 33,558 | 0 | ||
Deferred tax liabilities, net | 30,258 | 25,433 | ||||
Due to Correspondent Brokers | 20,246 | 486 | ||||
Commissions payable | 7,333 | 11,076 | ||||
Accrued interest payable | 2,424 | 3,452 | ||||
Other | 19,507 | 19,988 | ||||
Total other liabilities and accrued expenses | $ 166,067 | $ 124,190 | ||||
|
Other Revenue, Other Expenses and Other Income - Table of Other Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
||||||||||||
Other revenue | $ 16,417 | $ 8,288 | $ 28,496 | $ 16,267 | |||||||||||
Gain (Loss) on Disposition of Business | [1],[2] | 7,598 | 0 | 7,598 | 0 | ||||||||||
Management Fee Income | 17,986 | 17,296 | 36,484 | 34,922 | |||||||||||
Other | [3] | (455) | 982 | 476 | 2,276 | ||||||||||
Tiptree Capital | |||||||||||||||
Other revenue | [4],[5] | 9,274 | 5,989 | 19,155 | 11,097 | ||||||||||
Management Fee Income | 0 | 1,317 | 1,267 | 2,894 | |||||||||||
Other | (1,379) | 392 | (1,289) | 990 | |||||||||||
Specialty Insurance | |||||||||||||||
Other | 924 | 590 | 1,765 | 1,286 | |||||||||||
Asset management fee income | |||||||||||||||
Management Fee Income | $ 0 | $ 1,317 | $ 1,267 | $ 2,894 | |||||||||||
|
Other Revenue, Other Expenses and Other Income - Table of Other Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Other Income and Expenses [Abstract] | ||||
Professional fees | $ 3,662 | $ 3,706 | $ 7,838 | $ 8,707 |
General and administrative | 5,259 | 3,767 | 10,243 | 7,587 |
Premium taxes | 3,788 | 3,400 | 7,112 | 7,022 |
Mortgage origination expenses | 3,080 | 2,269 | 5,558 | 4,452 |
Rent and related | 2,942 | 2,555 | 6,219 | 4,934 |
Charter expenses from vessels | 1,408 | 124 | 3,622 | 124 |
Loss on extinguishment of debt | 0 | 0 | 1,241 | 428 |
Other | 2,277 | 1,779 | 4,420 | 3,511 |
Total other expenses | $ 22,416 | $ 17,600 | $ 46,253 | $ 36,765 |
Stockholders' Equity - Table of Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Jan. 24, 2019 |
Dec. 10, 2018 |
||||
Common stock | |||||||||||
Dividends declared per Common Share | $ 0.040 | [1] | $ 0.040 | $ 0.080 | |||||||
Number of shares purchased | 1,472,730 | ||||||||||
Average price per share | $ 6.17 | ||||||||||
Remaining repurchase authorization | $ 19,277 | $ 19,277 | |||||||||
Common Stock - Class A | |||||||||||
Dividends declared per Common Share | $ 0.035 | $ 0.035 | $ 0.070 | ||||||||
Share Repurchase Program - December 2018 Program [Member] | Common stock | |||||||||||
Stock pepurchase program, authorized amount | $ 10,000 | ||||||||||
Block repurchase program | Common stock | |||||||||||
Stock pepurchase program, authorized amount | $ 10,000 | $ 10,000 | |||||||||
Number of shares purchased | 1,412,309 | ||||||||||
Average price per share | $ 6.18 | ||||||||||
Remaining repurchase authorization | 10,000 | $ 10,000 | |||||||||
Share repurchase program | Common stock | |||||||||||
Number of shares purchased | 60,421 | ||||||||||
Average price per share | $ 5.86 | ||||||||||
Remaining repurchase authorization | $ 9,277 | $ 9,277 | |||||||||
|
Stockholders' Equity - Table of Declared Cash Dividends Per Share (Details) - $ / shares |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
[1] | Mar. 31, 2019 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|||
Common stock | |||||||||
Dividends, Common Stock [Abstract] | |||||||||
Dividends declared per Common Share | $ 0.040 | $ 0.040 | $ 0.080 | ||||||
Common Stock - Class A | |||||||||
Dividends, Common Stock [Abstract] | |||||||||
Dividends declared per Common Share | $ 0.035 | $ 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, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments [Abstract] | |||||
Statutory Accounting Practices, Dividends Paid not needing the Approval of Regulatory Agency | $ 0 | $ 0 | $ 9,001 | $ 0 | |
Statutory Accounting Practices, Dividends Paid with Approval of Regulatory Agency | 0 | 0 | 1,188 | 0 | |
Statutory Accounting Practices, Dividends Paid, Total | 0 | $ 0 | 10,189 | $ 0 | |
Regulatory Capital Requirements [Abstract] | |||||
Combined statutory capital and surplus of the Company's insurance company subsidiaries | 126,937 | 126,937 | $ 131,859 | ||
Required minimum statutory capital and surplus | 17,950 | 17,950 | 17,950 | ||
Amount available for ordinary dividends of the Company's insurance company subsidiaries | $ 4,531 | $ 4,531 | $ 13,532 |
Stockholders' Equity - Table of Statutory Insurance Companies Net Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Insurance [Abstract] | ||||
Net income of statutory insurance companies | $ 1,809 | $ 3,559 | $ 2,760 | $ 9,731 |
Accumulated Other Comprehensive Income (Loss) - Activity in AOCI (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||
Beginning balance | $ (2,058) | ||||||||
Period change | $ 1,146 | $ (575) | 3,565 | $ (4,023) | |||||
Ending balance | 1,389 | 1,389 | |||||||
Available for sale securities | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||
Beginning balance | (2,069) | (460) | |||||||
Other comprehensive gain (loss) before reclassification | 4,385 | (2,367) | |||||||
Amounts reclassified from AOCI | (820) | 418 | |||||||
Period change | 3,565 | (1,949) | |||||||
Ending balance | 1,397 | (2,409) | 1,397 | (2,409) | |||||
Interest rate swaps | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||
Beginning balance | 0 | 2,074 | |||||||
Other comprehensive gain (loss) before reclassification | 0 | 835 | |||||||
Amounts reclassified from AOCI | 0 | 0 | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 0 | ||||||||
Period change | 0 | (2,074) | |||||||
Ending balance | 0 | 0 | 0 | 0 | |||||
Total AOCI | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||
Beginning balance | (2,069) | 1,614 | |||||||
Other comprehensive gain (loss) before reclassification | 4,385 | (1,532) | |||||||
Amounts reclassified from AOCI | (820) | 418 | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | [1] | (99) | |||||||
Period change | 3,565 | (4,023) | |||||||
Ending balance | 1,397 | (2,409) | 1,397 | (2,409) | |||||
Accumulated other comprehensive income (loss) | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||
Beginning balance | (2,058) | 966 | |||||||
Other comprehensive gain (loss) before reclassification | 4,366 | (1,261) | |||||||
Amounts reclassified from AOCI | (820) | 418 | |||||||
Reclassification from Accumulated Other Comprehensive Income Due To Reorganization, Current Period, Net of Tax | (341) | ||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | [1] | (99) | |||||||
Period change | 3,546 | (3,365) | |||||||
Ending balance | 1,389 | (2,399) | 1,389 | (2,399) | |||||
Tiptree Financial Partners, L.P. | Noncontrolling interest | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||
Beginning balance | 0 | (222) | |||||||
Other comprehensive gain (loss) before reclassification | 0 | 61 | |||||||
Amounts reclassified from AOCI | 0 | 0 | |||||||
Reclassification from Accumulated Other Comprehensive Income Due To Reorganization, Current Period, Net of Tax | 341 | ||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 0 | ||||||||
Period change | 0 | 222 | |||||||
Ending balance | 0 | 0 | 0 | 0 | |||||
Noncontrolling interests - other | Noncontrolling interest | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||
Beginning balance | 11 | (426) | |||||||
Other comprehensive gain (loss) before reclassification | (19) | 210 | |||||||
Amounts reclassified from AOCI | 0 | 0 | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 0 | ||||||||
Period change | (19) | 436 | |||||||
Ending balance | $ (8) | $ 10 | $ (8) | 10 | |||||
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] | 2,909 | |||||||
Care Disposition | Total AOCI | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||
Amounts reclassified from AOCI | [2] | (2,909) | |||||||
Care Disposition | Accumulated other comprehensive income (loss) | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||
Amounts reclassified from AOCI | [2] | (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 | [2] | (502) | |||||||
Care Disposition | Noncontrolling interests - other | Noncontrolling interest | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||
Amounts reclassified from AOCI | [2] | $ (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, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||
Reclassification of AOCI - interest rate swaps | $ 0 | $ 0 | $ 0 | $ 46,184 | |||
Related tax (expense) benefit | (3,501) | (701) | (4,355) | 867 | |||
Net income (loss) from continuing operations | 12,204 | 876 | 16,505 | (4,599) | |||
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 | 1,046 | 4 | 1,041 | (523) | |||
Related tax (expense) benefit | (222) | (7) | (221) | 105 | |||
Net income (loss) from continuing operations | 824 | (3) | 820 | (418) | |||
Interest rate swaps | Amount reclassified from AOCI | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||
Reclassification of AOCI - interest rate swaps | 0 | 0 | 0 | 3,845 | [1] | ||
Related tax (expense) benefit | 0 | 0 | 0 | (936) | |||
Net income (loss) from continuing operations | $ 0 | $ 0 | $ 0 | $ 2,909 | |||
|
Stock Based Compensation - Table of Changes to Equity Plan Rollforward (Details) - Tiptree Inc. 2017 Omnibus Incentive Plan - shares |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 06, 2017 |
||||
Stock Compensation Plan | |||||
Options outstanding | |||||
Available for issuance, beginning of period | [1] | 5,474,214 | |||
RSU and option awards granted | [1] | (680,144) | |||
Forfeited | [1] | 8,318 | |||
Subsidiary exchanged shares | [1] | 14,405 | |||
Available for issuance, end of period | [1] | 4,787,983 | |||
Common stock | |||||
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 Restricted Stock Units and Restricted Stock Rollforward (Details) - Restricted Stock Units (RSUs) - $ / shares |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2019 |
|
RSU’s and restricted stock vesting - first tranche | ||
Weighted average grant date fair value | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |
RSU’s and restricted stock vesting - second tranche | ||
Weighted average grant date fair value | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |
RSU’s and restricted stock vesting - third tranche | ||
Weighted average grant date fair value | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |
Common stock | Tiptree Inc. 2017 Omnibus Incentive Plan | ||
Number of shares issuable [Roll Forward] | ||
Unvested units as of December 31, 2018 | 676,630 | |
Granted | 20,246 | 454,329 |
Vested | (20,246) | (164,031) |
Forfeited | (8,318) | |
Unvested units as of June 30, 2019 | 958,610 | 958,610 |
Weighted average grant date fair value | ||
Unvested units as of December 31, 2018 | $ 6.27 | |
Granted | 6.23 | |
Vested | 6.40 | |
Forfeited | 6.10 | |
Unvested units as of June 30, 2019 | $ 6.23 | $ 6.23 |
Stock Based Compensation Table of Granted and Vested RSUs (Details) - Tiptree Inc. 2017 Omnibus Incentive Plan - Restricted Stock Units (RSUs) - shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2019 |
|||
Common stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted | 20,246 | 454,329 | ||
Vested | (20,246) | (164,031) | ||
Taxes | 0 | (35,622) | ||
Subsidiary exchanged shares | 14,405 | 14,405 | ||
Net Vested | 34,651 | 142,814 | ||
Director | Common stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted | 11,928 | 25,956 | ||
Vested | (11,928) | (25,956) | ||
Employees | Three year vesting period, Starting February 2019 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted | 307,148 | |||
Employees | Amount vesting in February 2021 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted | 112,907 | |||
Employees | Common stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted | [1] | 8,318 | 428,373 | |
Vested | (8,318) | (138,075) | ||
|
Stock Based Compensation -Table of RSUs under the Subsidiary Incentive Plans Rollforward (Details) - Subsidiary Incentive Plan - Restricted Stock Units (RSUs) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2019
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, 2018 | $ 8,710 |
Granted | 0 |
Vested | (4,644) |
Unvested balance as of June 30, 2019 | $ 4,066 |
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Nonvested Shares, If Converted | shares | 3,009,826 |
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Vested Shares, If Converted | shares | 902,949 |
Stock Based Compensation - Table of Stock Options Valuation Assumptions (Details) - Employee Stock Option |
6 Months Ended | |
---|---|---|
Jun. 30, 2019
Rate
|
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 | 27.69% | 30.63% |
Risk-free rate | 2.62% | 2.85% |
Dividend yield | 2.21% | 2.03% |
Expected term (years) | 6 years 6 months | 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, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||
Options outstanding | ||||||||
Balance, December 31, 2018 (1) | [1] | 1,064,527 | ||||||
Granted | 225,815 | |||||||
Balance, June 30, 2019 | 1,290,342 | 1,064,527 | [1] | |||||
Weighted average exercise price (in dollars per stock option) | ||||||||
Balance, December 31, 2018 (1) | [1] | $ 6.24 | ||||||
Granted | 6.26 | |||||||
Balance, June 30, 2019 | 6.24 | $ 6.24 | [1] | |||||
Weighted average grant date value (in dollars per stock option) | ||||||||
Balance, December 31, 2018 (1) | [1] | 2.61 | ||||||
Granted | 1.69 | |||||||
Balance, June 30, 2019 | $ 2.45 | $ 2.61 | [1] | |||||
Options Exercisable | ||||||||
Balance, December 31, 2018 (1) | [1] | 0 | ||||||
Granted | 0 | |||||||
Balance, June 30, 2019 | 0 | 0 | [1] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||||||
Weighted average remaining contractual term at June 30, 2019 (in years) | 8 years | |||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Book Value Target, Amount Per Share | $ 10.79 | $ 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, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Income tax benefit | $ (344) | $ (244) | $ (648) | $ (526) |
Net stock-based compensation expense | 1,246 | 883 | 2,350 | 1,908 |
Employee compensation and benefits | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Employee compensation and benefits | 1,515 | 1,051 | 2,846 | 2,284 |
Other Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Employee compensation and benefits | $ 75 | $ 76 | $ 152 | $ 150 |
Stock Based Compensation - Table of Unrecognized Compensation Costs Related to Non-vested Awards (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2019
USD ($)
| |
Employee Stock Option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost related to non-vested awards, stock options | $ 1,154 |
Weighted - average recognition period (in years) | 2 years 1 month 6 days |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost related to non-vested awards, restricted stock awards and RSU's | $ 5,706 |
Weighted - average recognition period (in years) | 1 year 8 months 19 days |
Income taxes - Quarter (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||
Total income tax expense (benefit) from continuing operations | $ 3,501 | $ 701 | $ 4,355 | $ (867) | ||||||||||||
Effective tax rate (ETR) | 22.30% | [1] | 44.50% | [2] | 20.90% | [3] | 15.90% | [4] | ||||||||
Income tax (benefit) from discontinued operations | $ 0 | $ 0 | $ 0 | $ 12,327 | ||||||||||||
Federal statutory income tax rate | 21.00% | 21.00% | 21.00% | 21.00% | ||||||||||||
|
Commitments and Contingencies Table of Operating Lease Information (Details) - USD ($) $ in Thousands |
6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
|||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||
Lessee, Operating Lease, Option to Extend | P5Y | ||||||||||
Operating Lease, Right-of-Use Asset | $ 27,540 | [1] | $ 32,052 | [1] | $ 0 | ||||||
Operating lease liability | $ 32,701 | [2] | $ 33,558 | $ 0 | |||||||
Operating Lease, Weighted Average Remaining Lease Term | 6 years 6 months | ||||||||||
Operating Lease, Weighted Average Discount Rate, Percent | [3] | 7.00% | |||||||||
|
Commitments and Contingencies Table of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
|||
---|---|---|---|---|---|---|
Operating Lease Liabilities, Payments Due [Abstract] | ||||||
Remainder of 2019 | $ 3,357 | |||||
2020 | 7,169 | |||||
2021 | 6,879 | |||||
2022 | 5,625 | |||||
2023 | 5,020 | |||||
2024 and thereafter | 16,308 | |||||
Total minimum payments | 44,358 | |||||
Less: present value adjustment | (11,168) | |||||
Total | 32,701 | [1] | $ 33,558 | $ 0 | ||
Luxury Disposition | Held for sale | ||||||
Operating Lease Liabilities, Payments Due [Abstract] | ||||||
Less: liabilities held for sale | (489) | |||||
Total | $ 489 | $ 0 | ||||
|
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, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Commitments and Contingencies Disclosure [Abstract] | ||||
Rent expense for office leases | $ 2,065 | $ 1,689 | $ 4,414 | $ 3,184 |
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, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income (loss) from continuing operations | $ 12,204 | $ 876 | $ 16,505 | $ (4,599) |
Net income from continuing operations attributable to non-controlling interests | 458 | 50 | 834 | (1,066) |
Net income allocated to participating securities | 318 | 15 | 384 | 0 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | 34,481 |
Net income (loss) from discontinued operations attributable to non-controlling interests | 0 | 0 | 0 | 6,562 |
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | 0 | 0 | 0 | 0 |
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 | 11,428 | 15,287 | ||
Net income (loss) from discontinued operations attributable to Tiptree Inc. Class A common shares | 0 | 0 | ||
Net income (loss) attributable to Tiptree Inc. Class A common shares - basic | 11,428 | 15,287 | ||
Net income (loss) attributable to Tiptree Inc. Class A common shares - diluted | $ 11,199 | $ 14,938 | ||
Weighted Average Number of Shares Outstanding, Basic | ||||
Weighted average number of shares of Common Stock outstanding - basic | 34,527,230 | 34,599,739 | ||
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 | 34,527,230 | 34,599,739 | ||
Basic: | ||||
Basic, continuing operations, net | $ 0.33 | $ 0.44 | ||
Basic, discontinued operations, net | 0.00 | 0.00 | ||
Basic earnings per share | 0.33 | 0.44 | ||
Diluted: | ||||
Diluted, continuing operations, net | 0.32 | 0.43 | ||
Diluted, discontinued operations, net | 0.00 | 0.00 | ||
Diluted earnings per share | $ 0.32 | $ 0.43 | ||
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 | 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 | $ (229) | $ (107) | $ (349) | $ 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 | $ 0 | $ 108 | $ 0 | $ 0 |
Related Party Transactions Related Party (Details) - Corvid Peak - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Feb. 15, 2019 |
|
Strategic Combination Agreement | ||
Related Party Transaction [Line Items] | ||
Investment in funds to be managed | $ 75 | |
Management fee based on percent of net profits | 20.00% | |
Management fee based on net asset value of invested capital | 1.25% | |
Management fee based on commitment, to the extent not invested | 1.25% | |
Total Economic Interest to be Acquired, Percentage | 51.00% | |
Total Economic Interest to be Acquired, Step Acquisition Percentage by Year, Percentage | 10.20% | |
Strategic Combination Agreement | Minimum | ||
Related Party Transaction [Line Items] | ||
Equity Method Investment, Ownership Percentage | 10.00% | |
Transition Service Agreement | Minimum | ||
Related Party Transaction [Line Items] | ||
Termination of services period | 30 days | |
Transition Service Agreement | Maximum | ||
Related Party Transaction [Line Items] | ||
Termination of services period | 150 days |
Subsequent Events (Details) - Common stock - $ / shares |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Aug. 01, 2019 |
Jun. 30, 2019 |
[1] | Mar. 31, 2019 |
Jun. 30, 2019 |
|||
Subsequent Event [Line Items] | |||||||
Dividends declared per share (in usd per share) | $ 0.040 | $ 0.040 | $ 0.080 | ||||
Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Dividends declared per share (in usd per share) | $ 0.04 | ||||||
|
Label | Element | Value | ||
---|---|---|---|---|
Parent [Member] | AOCI Attributable to Parent [Member] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfAdoptionQuantification | $ (99,000) | ||
Parent [Member] | Retained Earnings [Member] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfAdoptionQuantification | $ 99,000 | ||
|
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