Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
| Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||
Capital Market |
ITEM | Page Number | |||||||
F- 1 | ||||||||
Item 1. Financial Statements (Unaudited) | F- 3 | |||||||
F- 3 | ||||||||
F- 4 | ||||||||
F- 5 | ||||||||
F- 6 | ||||||||
F- 8 | ||||||||
F- 9 | ||||||||
F- 9 | ||||||||
F- 9 | ||||||||
F- 10 | ||||||||
F- 11 | ||||||||
F- 12 | ||||||||
F- 14 | ||||||||
F- 20 | ||||||||
F- 21 | ||||||||
F- 24 | ||||||||
F- 25 | ||||||||
F- 26 | ||||||||
F- 27 | ||||||||
F- 34 | ||||||||
F- 35 | ||||||||
F- 36 | ||||||||
F- 37 | ||||||||
F- 38 | ||||||||
F- 39 | ||||||||
F- 40 | ||||||||
F- 43 | ||||||||
F- 44 | ||||||||
F- 45 | ||||||||
F- 45 | ||||||||
F- 46 | ||||||||
As of | |||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||
Assets: | |||||||||||
Investments: | |||||||||||
Available for sale securities, at fair value, net of allowance for credit losses | $ | $ | |||||||||
Loans, at fair value | |||||||||||
Equity securities | |||||||||||
Other investments | |||||||||||
Total investments | |||||||||||
Cash and cash equivalents | |||||||||||
Restricted cash | |||||||||||
Notes and accounts receivable, net | |||||||||||
Reinsurance receivables | |||||||||||
Deferred acquisition costs | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Other assets | |||||||||||
Assets held for sale | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Stockholders’ Equity | |||||||||||
Liabilities: | |||||||||||
Debt, net | $ | $ | |||||||||
Unearned premiums | |||||||||||
Policy liabilities and unpaid claims | |||||||||||
Deferred revenue | |||||||||||
Reinsurance payable | |||||||||||
Other liabilities and accrued expenses | |||||||||||
Liabilities held for sale | |||||||||||
Total liabilities | $ | $ | |||||||||
Stockholders’ Equity: | |||||||||||
Preferred stock: $ | $ | $ | |||||||||
Common stock: $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive income (loss), net of tax | |||||||||||
Retained earnings | |||||||||||
Total Tiptree Inc. stockholders’ equity | |||||||||||
Non-controlling interests | |||||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Earned premiums, net | $ | $ | $ | $ | |||||||||||||||||||
Service and administrative fees | |||||||||||||||||||||||
Ceding commissions | |||||||||||||||||||||||
Net investment income | |||||||||||||||||||||||
Net realized and unrealized gains (losses) | |||||||||||||||||||||||
Other revenue | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Policy and contract benefits | |||||||||||||||||||||||
Commission expense | |||||||||||||||||||||||
Employee compensation and benefits | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Other expenses | |||||||||||||||||||||||
Total expenses | |||||||||||||||||||||||
Income (loss) before taxes | ( | ||||||||||||||||||||||
Less: provision (benefit) for income taxes | ( | ( | |||||||||||||||||||||
Net income (loss) | ( | ||||||||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | |||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | $ | $ | $ | ( | ||||||||||||||||||
Net income (loss) per common share: | |||||||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | ( | ||||||||||||||||||
Diluted earnings per share | $ | $ | $ | $ | ( | ||||||||||||||||||
Weighted average number of common shares: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Dividends declared per common share | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income (loss) | $ | $ | ( | ||||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Unrealized gains (losses) on available for sale securities: | |||||||||||||||||||||||
Unrealized holding gains (losses) arising during the period | ( | ( | ( | ||||||||||||||||||||
Related (provision) benefit for income taxes | ( | ||||||||||||||||||||||
Reclassification of (gains) losses included in net income (loss) | ( | ( | ( | ( | |||||||||||||||||||
Related (provision) benefit for income taxes | |||||||||||||||||||||||
Unrealized gains (losses) on available for sale securities, net of tax | ( | ( | ( | ||||||||||||||||||||
Other comprehensive income (loss), net of tax | ( | ( | ( | ||||||||||||||||||||
Comprehensive income (loss) | ( | ||||||||||||||||||||||
Less: comprehensive income (loss) attributable to non-controlling interests | |||||||||||||||||||||||
Comprehensive income (loss) attributable to common stockholders | $ | $ | $ | $ | ( |
Common stock | |||||||||||||||||||||||||||||||||||||||||||||||
Number of shares | Par value | Additional paid-in capital | Accumulated other comprehensive income (loss) | Retained earnings | Total Tiptree Inc. stockholders’ equity | Non-controlling interests | Total stockholders' equity | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||
Amortization of share-based incentive compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Vesting of share-based incentive compensation | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Shares issued in exchange for vested subsidiary awards (1) | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Shares purchased under stock purchase plan | ( | ( | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Shares issued upon exercise of warrants | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Repurchase of vested subsidiary awards | — | — | ( | — | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Non-controlling interest contributions | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Non-controlling interest distributions | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Net change in non-controlling interest | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | ( | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||
Amortization of share-based incentive compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Vesting of share-based incentive compensation | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Shares issued in exchange for vested subsidiary awards | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||
Repurchase of vested subsidiary awards | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Non-controlling interest distributions | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Net change in non-controlling interests | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | ( | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | $ | $ | $ | $ | $ | $ |
Common stock | |||||||||||||||||||||||||||||||||||||||||||||||
Number of shares | Par value | Additional paid-in capital | Accumulated other comprehensive income (loss) | Retained earnings | Total Tiptree Inc. stockholders’ equity | Non-controlling interests | Total stockholders' equity | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||
— | — | — | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Amortization of share-based incentive compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Vesting of share-based incentive compensation | — | ( | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Shares purchased under stock purchase plan | ( | ( | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Cash settlement for the exchange of vested subsidiary awards | — | — | ( | — | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Net change in non-controlling interest | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||
Amortization of share-based incentive compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Vesting of share-based incentive compensation | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Shares purchased under stock purchase plan | ( | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Non-controlling interest contributions | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Net change in non-controlling interest | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | $ | $ | $ | $ |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Operating Activities: | |||||||||||
Net income (loss) attributable to common stockholders | $ | $ | ( | ||||||||
Net income (loss) attributable to non-controlling interests | |||||||||||
Net income (loss) | ( | ||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | |||||||||||
Net realized and unrealized (gains) losses | ( | ( | |||||||||
Net (gain) loss on sale of businesses | |||||||||||
Non-cash compensation expense | |||||||||||
Amortization/accretion of premiums and discounts | |||||||||||
Depreciation and amortization expense | |||||||||||
Non-cash lease expense | |||||||||||
Dividend reinvestment plan income | ( | ||||||||||
Amortization of deferred financing costs | |||||||||||
Loss on extinguishment of debt | |||||||||||
Deferred provision (benefit) for income taxes | ( | ||||||||||
Other | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Mortgage loans originated for sale | ( | ( | |||||||||
Proceeds from the sale of mortgage loans originated for sale | |||||||||||
(Increase) decrease in notes and accounts receivable | ( | ( | |||||||||
(Increase) decrease in reinsurance receivables | ( | ( | |||||||||
(Increase) decrease in deferred acquisition costs | ( | ( | |||||||||
(Increase) decrease in other assets | ( | ||||||||||
Increase (decrease) in unearned premiums | |||||||||||
Increase (decrease) in policy liabilities and unpaid claims | |||||||||||
Increase (decrease) in deferred revenue | |||||||||||
Increase (decrease) in reinsurance payable | |||||||||||
Increase (decrease) in other liabilities and accrued expenses | |||||||||||
Net cash provided by (used in) operating activities | |||||||||||
Investing Activities: | |||||||||||
Purchases of investments | ( | ( | |||||||||
Proceeds from sales and maturities of investments | |||||||||||
Proceeds from the sale of real estate | |||||||||||
Purchases of property, plant and equipment | ( | ( | |||||||||
Proceeds from the sale of businesses | |||||||||||
Proceeds from notes receivable | |||||||||||
Issuance of notes receivable | ( | ( | |||||||||
Business and asset acquisitions, net of cash, restricted cash and deposits (1) | |||||||||||
Net cash provided by (used in) investing activities | ( | ( | |||||||||
Financing Activities: | |||||||||||
Dividends paid | ( | ( | |||||||||
Non-controlling interest contributions | |||||||||||
Non-controlling interest redemptions | ( | ( | |||||||||
Payment of debt issuance costs | ( | ( | |||||||||
Proceeds from borrowings and mortgage notes payable | |||||||||||
Principal paydowns of borrowings and mortgage notes payable | ( | ( | |||||||||
Repurchases of common stock | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | ( | ||||||||||
Cash, cash equivalents and restricted cash – beginning of period | |||||||||||
Cash, cash equivalents and restricted cash – beginning of period - held for sale | |||||||||||
Cash, cash equivalents and restricted cash – end of period | |||||||||||
Less: Reclassification of cash to assets held for sale | |||||||||||
Cash, cash equivalents and restricted cash – end of period | $ | $ | |||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities: | |||||||||||
Right of use asset obtained in exchange for lease liability | $ | $ | |||||||||
Equity securities acquired as part of a dividend reinvestment plan | $ | $ | |||||||||
Shares issued in exchange for vested subsidiary awards | $ | $ | |||||||||
As of | |||||||||||
Reconciliation of cash, cash equivalents and restricted cash | September 30, 2021 | December 31, 2020 | |||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | $ | $ |
Standard | Description | Adoption Date | Impact on Financial Statements | ||||||||
2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes | The standard eliminates the need for an organization to analyze whether the following apply in a given period: (1) exceptions to the incremental approach for intraperiod tax allocation, (2) exceptions to accounting for basis differences when there are ownership changes in foreign investments and (3) exceptions in interim period income tax accounting for year-to-date losses that exceed anticipated losses. The ASU also is designed to improve financial statement preparers’ application of income tax-related guidance and simplify GAAP for (1) franchise taxes that are partially based on income, (2) transactions with a government that result in a step-up in the tax basis of goodwill, (3) separate financial statements of legal entities that are not subject to tax, and (4) enacted changes in tax laws in interim periods. | January 1, 2021 | The standard makes changes to areas of tax accounting for transactions and situations which do not currently apply to the Company’s activity, so the adoption of the standard does not currently impact the Company’s financial statements. | ||||||||
2020 Acquisition | |||||
Assets: | |||||
Investments: | |||||
Available for sale securities, at fair value | $ | ||||
Total investments | |||||
Cash and cash equivalents | |||||
Restricted cash | |||||
Notes and accounts receivable, net | |||||
Reinsurance receivables | |||||
Intangible assets, net | |||||
Other assets | |||||
Total assets | $ | ||||
Liabilities: | |||||
Policy liabilities and unpaid claims | $ | ||||
Deferred revenue | |||||
Reinsurance payable | |||||
Other liabilities and accrued expenses | |||||
Total liabilities | |||||
Net assets acquired | |||||
Goodwill | |||||
$ | |||||
Acquisition costs | $ |
Intangible Assets | Weighted Average Amortization Period (in Years) | Value as of acquisition date | |||||||||
Customer relationships | $ | ||||||||||
Software licensing | |||||||||||
Trade names | |||||||||||
Total acquired finite-lived intangible assets | $ |
As of | |||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||
Assets: | |||||||||||
Investments: | |||||||||||
Loans, at fair value | $ | $ | |||||||||
Other investments | |||||||||||
Total investments | |||||||||||
Cash, cash equivalents and restricted cash | |||||||||||
Notes and accounts receivable, net | |||||||||||
Other assets | |||||||||||
Assets held for sale | $ | $ | |||||||||
Liabilities: | |||||||||||
Debt, net | $ | $ | |||||||||
Other liabilities and accrued expenses (1) | |||||||||||
Liabilities held for sale | $ | $ |
Three Months Ended September 30, 2021 | |||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||
Insurance | Mortgage | Other | Total | ||||||||||||||||||||
Total revenues | $ | $ | $ | $ | |||||||||||||||||||
Total expenses | ( | ( | ( | ( | |||||||||||||||||||
Corporate expenses | ( | ||||||||||||||||||||||
Income (loss) before taxes | $ | $ | $ | ( | $ | ||||||||||||||||||
Less: provision (benefit) for income taxes | |||||||||||||||||||||||
Net income (loss) | $ | ||||||||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | |||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ |
Three Months Ended September 30, 2020 | |||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||
Insurance | Mortgage | Other | Total | ||||||||||||||||||||
Total revenues | $ | $ | $ | $ | |||||||||||||||||||
Total expenses | ( | ( | ( | ( | |||||||||||||||||||
Corporate expenses | ( | ||||||||||||||||||||||
Income (loss) before taxes | $ | $ | $ | ( | $ | ||||||||||||||||||
Less: provision (benefit) for income taxes | ( | ||||||||||||||||||||||
Net income (loss) | $ | ||||||||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | |||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ |
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||
Insurance | Mortgage | Other | Total | ||||||||||||||||||||
Total revenues | $ | $ | $ | $ | |||||||||||||||||||
Total expenses | ( | ( | ( | ( | |||||||||||||||||||
Corporate expenses | ( | ||||||||||||||||||||||
Income (loss) before taxes | $ | $ | $ | $ | |||||||||||||||||||
Less: provision (benefit) for income taxes | |||||||||||||||||||||||
Net income (loss) | $ | ||||||||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | |||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | ||||||||||||||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||
Insurance | Mortgage | Other | Total | ||||||||||||||||||||
Total revenues | $ | $ | $ | ( | $ | ||||||||||||||||||
Total expenses | ( | ( | ( | ( | |||||||||||||||||||
Corporate expenses | ( | ||||||||||||||||||||||
Income (loss) before taxes | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Less: provision (benefit) for income taxes | ( | ||||||||||||||||||||||
Net income (loss) | $ | ( | |||||||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | |||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | ( |
As of September 30, 2021 | As of December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tiptree Capital | Tiptree Capital | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance | Mortgage | Other | Corporate | Total | Insurance | Mortgage | Other | Corporate | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
As of September 30, 2021 | |||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||
Insurance | Mortgage | Other | Total | ||||||||||||||||||||
Available for sale securities, at fair value, net of allowance for credit losses | $ | $ | $ | $ | |||||||||||||||||||
Loans, at fair value | |||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||
Other investments | |||||||||||||||||||||||
Total investments | $ | $ | $ | $ |
As of December 31, 2020 | |||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||
Insurance | Mortgage | Other | Total | ||||||||||||||||||||
Available for sale securities, at fair value, net of allowance for credit losses | $ | $ | $ | $ | |||||||||||||||||||
Loans, at fair value | |||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||
Other investments | |||||||||||||||||||||||
Total investments | $ | $ | $ | $ |
As of September 30, 2021 | |||||||||||||||||||||||||||||
Amortized cost | Allowance for Credit Losses(1) | Gross unrealized gains | Gross unrealized losses | Fair value | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Obligations of state and political subdivisions | ( | ||||||||||||||||||||||||||||
Corporate securities | ( | ( | |||||||||||||||||||||||||||
Asset backed securities | ( | ||||||||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||||||||
Obligations of foreign governments | ( | ( | |||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||
As of December 31, 2020 | |||||||||||||||||||||||||||||
Amortized cost | Allowance for Credit Losses(1) | Gross unrealized gains | Gross unrealized losses | Fair value | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Obligations of state and political subdivisions | ( | ||||||||||||||||||||||||||||
Corporate securities | ( | ||||||||||||||||||||||||||||
Asset backed securities | ( | ||||||||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||||||||
Obligations of foreign governments | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
(1) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in net realized and unrealized gains (losses) as a credit loss on AFS securities. Amount excludes unrealized losses relating to non-credit factors. |
As of | |||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||
Due in one year or less | $ | $ | $ | $ | |||||||||||||||||||
Due after one year through five years | |||||||||||||||||||||||
Due after five years through ten years | |||||||||||||||||||||||
Due after ten years | |||||||||||||||||||||||
Asset backed securities | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
As of September 30, 2021 | |||||||||||||||||||||||||||||||||||
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 | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||
Obligations of state and political subdivisions | ( | ( | |||||||||||||||||||||||||||||||||
Corporate securities | ( | ||||||||||||||||||||||||||||||||||
Asset backed securities | ( | ( | |||||||||||||||||||||||||||||||||
Obligations of foreign governments | ( | ||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||
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 | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | ( | ||||||||||||||||||||||||||||||||||
Corporate securities | ( | ||||||||||||||||||||||||||||||||||
Asset backed securities | ( | ||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( |
Obligations of state and political subdivisions | Corporate securities | Asset backed securities | Obligations of foreign governments | Total | |||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
(Increase) in allowance for credit losses | ( | ( | ( | ||||||||||||||||||||||||||
Reduction in credit losses due to AFS securities sold during the year | |||||||||||||||||||||||||||||
Gains from recoveries of amounts previously written off | |||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | $ | ( | $ | $ | ( | $ | ( | |||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Increase in the allowance for the initial adoption of ASU 2016-13 | ( | ( | ( | ( | |||||||||||||||||||||||||
Reduction in credit losses due to AFS securities sold during the year | |||||||||||||||||||||||||||||
Gains from recoveries of amounts previously written off | |||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | ( | $ | $ | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net gains from recoveries (credit losses) on AFS securities | ( | ( | ( |
As of | |||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||
Fair value of restricted investments in trust pursuant to reinsurance agreements | $ | $ | |||||||||
Fair value of restricted investments for special deposits required by state insurance departments | |||||||||||
Total fair value of restricted investments | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Purchases of AFS securities | $ | $ | $ | $ | |||||||||||||||||||
Proceeds from maturities, calls and prepayments of AFS securities | $ | $ | $ | $ | |||||||||||||||||||
Gross proceeds from sales of AFS securities | $ | $ | $ | $ | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Gross realized gains | $ | $ | $ | $ | |||||||||||||||||||
Gross realized (losses) | ( | ( | ( | ||||||||||||||||||||
Total net realized gains (losses) from investment sales and redemptions | $ | $ | $ | $ |
As of September 30, 2021 | As of December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||
Insurance: | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate loans (1) | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
Mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale (2) | |||||||||||||||||||||||||||||||||||||||||||||||
Total loans, at fair value | $ | $ | $ | $ | $ | $ | $ | ( | $ |
As of September 30, 2021 | |||||||||||||||||||||||||||||||||||
Insurance | Tiptree Capital - Other | Total | |||||||||||||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||||||||||
Invesque | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Fixed income exchange traded fund | |||||||||||||||||||||||||||||||||||
Other equity securities | |||||||||||||||||||||||||||||||||||
Total equity securities | $ | $ | $ | $ | $ | $ |
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||
Insurance | Tiptree Capital - Other | Total | |||||||||||||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||||||||||
Invesque | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Fixed income exchange traded fund | |||||||||||||||||||||||||||||||||||
Other equity securities | |||||||||||||||||||||||||||||||||||
Total equity securities | $ | $ | $ | $ | $ | $ |
As of September 30, 2021 | |||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||
Insurance | Mortgage | Other | Total | ||||||||||||||||||||
Corporate bonds, at fair value (1) | $ | $ | $ | $ | |||||||||||||||||||
Vessels, net (2) | |||||||||||||||||||||||
Debentures | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total other investments | $ | $ | $ | $ |
As of December 31, 2020 | |||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||
Insurance | Mortgage | Other | Total | ||||||||||||||||||||
Corporate bonds, at fair value (1) | $ | $ | $ | $ | |||||||||||||||||||
Vessels, net (2) | |||||||||||||||||||||||
Debentures | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total other investments | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Interest: | |||||||||||||||||||||||
AFS securities | $ | $ | $ | $ | |||||||||||||||||||
Loans, at fair value | |||||||||||||||||||||||
Other investments | |||||||||||||||||||||||
Dividends from equity securities | |||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||
Less: investment expenses | |||||||||||||||||||||||
Net investment income | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Interest: | |||||||||||||||||||||||
Loans, at fair value (1) | $ | $ | $ | $ | |||||||||||||||||||
Dividends from equity securities | |||||||||||||||||||||||
Loan fee income | |||||||||||||||||||||||
Vessel related revenue | |||||||||||||||||||||||
Other investment income | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net realized gains (losses) | |||||||||||||||||||||||
Insurance: | |||||||||||||||||||||||
Reclass of unrealized gains (losses) on AFS securities from OCI | $ | $ | $ | $ | |||||||||||||||||||
Net gains from recoveries (credit losses) on AFS securities | ( | ( | ( | ||||||||||||||||||||
Net realized gains (losses) on loans | ( | ( | |||||||||||||||||||||
Net realized gains (losses) on equity securities | ( | ( | ( | ( | |||||||||||||||||||
Net realized gains (losses) on corporate bonds | |||||||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||
Mortgage: | |||||||||||||||||||||||
Net realized gains (losses) on loans | |||||||||||||||||||||||
Other | ( | ( | ( |
Other: | |||||||||||||||||||||||
Net realized gains (losses) on loans (1) | |||||||||||||||||||||||
Other | ( | ( | ( | ||||||||||||||||||||
Total net realized gains (losses) | |||||||||||||||||||||||
Net unrealized gains (losses) | |||||||||||||||||||||||
Insurance: | |||||||||||||||||||||||
Net change in unrealized gains (losses) on loans | ( | ( | |||||||||||||||||||||
Net unrealized gains (losses) on equity securities held at period end | ( | ( | ( | ||||||||||||||||||||
Reclass of unrealized (gains) losses from prior periods for equity securities sold | ( | ( | |||||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||
Mortgage: | |||||||||||||||||||||||
Net change in unrealized gains (losses) on loans | ( | ( | |||||||||||||||||||||
Other | ( | ||||||||||||||||||||||
Other: | |||||||||||||||||||||||
Net change in unrealized gains (losses) on loans (1) | ( | ||||||||||||||||||||||
Net unrealized gains (losses) on equity securities held at period end | ( | ( | ( | ||||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||
Total net unrealized gains (losses) | ( | ( | ( | ||||||||||||||||||||
Total net realized and unrealized gains (losses) | $ | $ | $ | $ |
As of | |||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||
Accounts and premiums receivable, net | $ | $ | |||||||||
Retrospective commissions receivable | |||||||||||
Notes receivable, net - premium financing program | |||||||||||
Trust receivables | |||||||||||
Other receivables | |||||||||||
Total notes and accounts receivable, net | $ | $ |
Valuation allowance | Bad Debt Expense | ||||||||||||||||||||||||||||||||||
As of | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Notes receivable, net - premium financing program (1) | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Accounts and premiums receivable, net | $ | $ | $ | $ | $ | $ |
Direct amount | Ceded to other companies | Assumed from other companies | Net amount | Percentage of amount - assumed to net | |||||||||||||||||||||||||
For the Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||
Premiums written: | |||||||||||||||||||||||||||||
Life insurance | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Accident and health insurance | % | ||||||||||||||||||||||||||||
Property and liability insurance | % | ||||||||||||||||||||||||||||
Total premiums written | % | ||||||||||||||||||||||||||||
Premiums earned: | |||||||||||||||||||||||||||||
Life insurance | % | ||||||||||||||||||||||||||||
Accident and health insurance | % | ||||||||||||||||||||||||||||
Property and liability insurance | % | ||||||||||||||||||||||||||||
Total premiums earned | $ | $ | $ | $ | % | ||||||||||||||||||||||||
For the Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
Premiums written: | |||||||||||||||||||||||||||||
Life insurance | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Accident and health insurance | % | ||||||||||||||||||||||||||||
Property and liability insurance | % | ||||||||||||||||||||||||||||
Total premiums written | % | ||||||||||||||||||||||||||||
Premiums earned: | |||||||||||||||||||||||||||||
Life insurance | % | ||||||||||||||||||||||||||||
Accident and health insurance | % | ||||||||||||||||||||||||||||
Property and liability insurance | % | ||||||||||||||||||||||||||||
Total premiums earned | $ | $ | $ | $ | % | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||
Premiums written: | |||||||||||||||||||||||||||||
Life insurance | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Accident and health insurance | % | ||||||||||||||||||||||||||||
Property and liability insurance | % | ||||||||||||||||||||||||||||
Total premiums written | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Premiums earned: | |||||||||||||||||||||||||||||
Life insurance | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Accident and health insurance | % | ||||||||||||||||||||||||||||
Property and liability insurance | % | ||||||||||||||||||||||||||||
Total premiums earned | $ | $ | $ | $ | % | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
Premiums written: | |||||||||||||||||||||||||||||
Life insurance | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Accident and health insurance | % | ||||||||||||||||||||||||||||
Property and liability insurance | % | ||||||||||||||||||||||||||||
Total premiums written | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Premiums earned: | |||||||||||||||||||||||||||||
Life insurance | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Accident and health insurance | % | ||||||||||||||||||||||||||||
Property and liability insurance | % | ||||||||||||||||||||||||||||
Total premiums earned | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Direct amount | Ceded to other companies | Assumed from other companies | Net amount | Percentage of amount - assumed to net | |||||||||||||||||||||||||
For the Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||
Losses and LAE Incurred | |||||||||||||||||||||||||||||
Life insurance | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Accident and health insurance | % | ||||||||||||||||||||||||||||
Property and liability insurance | % | ||||||||||||||||||||||||||||
Total losses and LAE incurred | % | ||||||||||||||||||||||||||||
Member benefit claims (1) | |||||||||||||||||||||||||||||
Total policy and contract benefits | $ | ||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
Losses and LAE Incurred | |||||||||||||||||||||||||||||
Life insurance | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Accident and health insurance | % | ||||||||||||||||||||||||||||
Property and liability insurance | % | ||||||||||||||||||||||||||||
Total losses and LAE incurred | % | ||||||||||||||||||||||||||||
Member benefit claims (1) | |||||||||||||||||||||||||||||
Total policy and contract benefits | $ | ||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||
Losses and LAE Incurred | |||||||||||||||||||||||||||||
Life insurance | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Accident and health insurance | % | ||||||||||||||||||||||||||||
Property and liability insurance | % | ||||||||||||||||||||||||||||
Total losses and LAE incurred | % | ||||||||||||||||||||||||||||
Member benefit claims (1) | |||||||||||||||||||||||||||||
Total policy and contract benefits | $ | ||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
Losses and LAE Incurred | |||||||||||||||||||||||||||||
Life insurance | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Accident and health insurance | % | ||||||||||||||||||||||||||||
Property and liability insurance | % | ||||||||||||||||||||||||||||
Total losses and LAE incurred | % | ||||||||||||||||||||||||||||
Member benefit claims (1) | |||||||||||||||||||||||||||||
Total policy and contract benefits | $ | ||||||||||||||||||||||||||||
As of | |||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||
Prepaid reinsurance premiums: | |||||||||||
Life insurance (1) | $ | $ | |||||||||
Accident and health insurance (1) | |||||||||||
Property and liability insurance | |||||||||||
Total | |||||||||||
Ceded claim reserves: | |||||||||||
Life insurance | |||||||||||
Accident and health insurance | |||||||||||
Property and liability insurance | |||||||||||
Total ceded claim reserves recoverable | |||||||||||
Other reinsurance settlements recoverable | |||||||||||
Reinsurance receivables | $ | $ |
As of | |||||
September 30, 2021 | |||||
Total of the three largest receivable balances from non-affiliated reinsurers | $ |
As of September 30, 2021 | As of December 31, 2020 | ||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets: | Insurance | Other | Total | Insurance | Other | Total | |||||||||||||||||||||||||||||
Customer relationships | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Accumulated amortization | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Trade names | |||||||||||||||||||||||||||||||||||
Accumulated amortization | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Software licensing | |||||||||||||||||||||||||||||||||||
Accumulated amortization | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Insurance policies and contracts acquired | |||||||||||||||||||||||||||||||||||
Accumulated amortization | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Accumulated amortization | ( | ( | |||||||||||||||||||||||||||||||||
Total finite-lived intangible assets | |||||||||||||||||||||||||||||||||||
Indefinite-Lived Intangible Assets: (1) | |||||||||||||||||||||||||||||||||||
Insurance licensing agreements | |||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Total indefinite-lived intangible assets | |||||||||||||||||||||||||||||||||||
Total intangible assets, net | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||||||||
Total goodwill and intangible assets, net | $ | $ | $ | $ | $ | $ |
Insurance | Other | Total | |||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | ||||||||||||||
Purchase accounting adjustment (1) | ( | ( | |||||||||||||||
Balance at September 30, 2021 | $ | $ | $ | ||||||||||||||
Accumulated impairments | $ | $ | $ |
Insurance | Other | Total | |||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | ||||||||||||||
Intangibles acquired | |||||||||||||||||
Less: amortization expense | ( | ( | ( | ||||||||||||||
Balance at September 30, 2021 | $ | $ | $ |
Three Months Ended September 30, 2020 | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Amortization expense on intangible assets | $ | $ | $ | $ |
As of September 30, 2021 | |||||||||||||||||
Insurance | Other | Total | |||||||||||||||
Remainder of 2021 | $ | $ | $ | ||||||||||||||
2022 | |||||||||||||||||
2023 | |||||||||||||||||
2024 | |||||||||||||||||
2025 | |||||||||||||||||
2026 and thereafter | |||||||||||||||||
Total | $ | $ | $ |
As of September 30, 2021 | As of December 31, 2020 | ||||||||||||||||||||||||||||||||||
Notional values | Asset derivatives | Liability derivatives | Notional values | Asset derivatives | Liability derivatives | ||||||||||||||||||||||||||||||
Interest rate lock commitments | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Forward delivery contracts | |||||||||||||||||||||||||||||||||||
TBA mortgage backed securities | |||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Stated maturity date | Stated interest rate or range of rates | Maximum borrowing capacity as of | As of | ||||||||||||||||||||||||||||||||
Debt Type | September 30, 2021 | September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||
Corporate debt | |||||||||||||||||||||||||||||||||||
Secured revolving credit agreements (1) | August 2023 | Base/Swing: | $ | $ | $ | ||||||||||||||||||||||||||||||
Prime + | |||||||||||||||||||||||||||||||||||
LIBOR: | |||||||||||||||||||||||||||||||||||
LIBOR + | |||||||||||||||||||||||||||||||||||
Secured term credit agreements | February 2025 | LIBOR ( | |||||||||||||||||||||||||||||||||
Preferred trust securities | June 2037 | LIBOR + | |||||||||||||||||||||||||||||||||
Junior subordinated notes | October 2057 | ||||||||||||||||||||||||||||||||||
Total corporate debt | |||||||||||||||||||||||||||||||||||
Asset based debt (2) | |||||||||||||||||||||||||||||||||||
Asset based revolving financing | October 2023 | LIBOR + | |||||||||||||||||||||||||||||||||
Residential mortgage warehouse borrowings (3) | April 2022 - | LIBOR ( | |||||||||||||||||||||||||||||||||
August 2022 | to LIBOR ( | ||||||||||||||||||||||||||||||||||
Vessel backed term loan | November 2024 | LIBOR + | |||||||||||||||||||||||||||||||||
Total asset based debt | |||||||||||||||||||||||||||||||||||
Total debt, face value | |||||||||||||||||||||||||||||||||||
Unamortized discount, net | ( | ( | |||||||||||||||||||||||||||||||||
Unamortized deferred financing costs | ( | ( | |||||||||||||||||||||||||||||||||
Total debt, net | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Interest expense - corporate debt | $ | $ | $ | $ | |||||||||||||||||||
Interest expense - asset based debt | |||||||||||||||||||||||
Interest expense on debt | $ | $ | $ | $ |
As of | |||||
September 30, 2021 | |||||
Remainder of 2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 and thereafter | |||||
Total | $ | ||||
As of September 30, 2021 | |||||||||||||||||||||||
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 | $ | $ | $ | $ | |||||||||||||||||||
Obligations of state and political subdivisions | |||||||||||||||||||||||
Obligations of foreign governments | |||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||
Asset backed securities | |||||||||||||||||||||||
Corporate securities | |||||||||||||||||||||||
Total available for sale securities, at fair value | |||||||||||||||||||||||
Loans, at fair value: | |||||||||||||||||||||||
Corporate loans | |||||||||||||||||||||||
Mortgage loans held for sale | |||||||||||||||||||||||
Total loans, at fair value | |||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Invesque | |||||||||||||||||||||||
Fixed income ETFs | |||||||||||||||||||||||
Other equity securities | |||||||||||||||||||||||
Total equity securities | |||||||||||||||||||||||
Other investments, at fair value: | |||||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||
Trade claims | |||||||||||||||||||||||
CLOs | |||||||||||||||||||||||
Total other investments, at fair value | |||||||||||||||||||||||
Mortgage servicing rights (1) | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: (2) | |||||||||||||||||||||||
Securities sold, not yet purchased | $ | $ | $ | $ | |||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||
Contingent consideration payable | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
As of December 31, 2020 | |||||||||||||||||||||||
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 | $ | $ | $ | $ | |||||||||||||||||||
Obligations of state and political subdivisions | |||||||||||||||||||||||
Obligations of foreign governments | |||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||
Asset backed securities | |||||||||||||||||||||||
Corporate securities | |||||||||||||||||||||||
Total available for sale securities, at fair value | |||||||||||||||||||||||
Loans, at fair value: | |||||||||||||||||||||||
Corporate loans | |||||||||||||||||||||||
Mortgage loans held for sale | |||||||||||||||||||||||
Total loans, at fair value | |||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Invesque | |||||||||||||||||||||||
Fixed income ETFs | |||||||||||||||||||||||
Other equity securities | |||||||||||||||||||||||
Total equity securities | |||||||||||||||||||||||
Other investments, at fair value: | |||||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||
CLOs | |||||||||||||||||||||||
Total other investments, at fair value | |||||||||||||||||||||||
Mortgage servicing rights (1) | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: (2) | |||||||||||||||||||||||
Securities sold, not yet purchased | $ | $ | $ | $ | |||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||
Contingent consideration payable | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
(1) Included in other assets. (2) Included in other liabilities and accrued expenses. |
For the Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Balance at January 1, | $ | $ | |||||||||
Net realized and unrealized gains or losses included in: | |||||||||||
Earnings | ( | ||||||||||
OCI | ( | ( | |||||||||
Origination of IRLCs | |||||||||||
Purchases | |||||||||||
Sales | ( | ( | |||||||||
Conversions to mortgage loans held for sale | ( | ( | |||||||||
Balance at September 30, | $ | $ | |||||||||
Changes in unrealized gains (losses) included in earnings related to assets still held at period end | $ | $ | ( | ||||||||
Changes in unrealized gains (losses) included in OCI related to assets still held at period end | $ | ( | $ | ( |
As of | As of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valuation technique | Unobservable input(s) (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Fair Value | Range | WA | Range | WA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
IRLCs | $ | $ | Internal model | Pull through rate | to | to | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | External model | Discount rate | to | to | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost to service | $ | to | $ | $ | $ | to | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||
Prepayment speed | to | to | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingent consideration payable - Smart AutoCare | $ | $ | Cash Flow Model | Forecast Cash EBITDA | $ | to | $ | N/A | $ | to | $ | N/A | |||||||||||||||||||||||||||||||||||||||||||||||
Actuarial Analysis | Assumed Claim Liabilities | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ |
As of September 30, 2021 | As of December 31, 2020 | ||||||||||||||||||||||||||||||||||
Level within fair value hierarchy | Fair value | Carrying value | Level within fair value hierarchy | Fair value | Carrying value | ||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Debentures (1) | 2 | $ | $ | 2 | $ | $ | |||||||||||||||||||||||||||||
Notes receivable, net | 2 | 2 | |||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Debt, net | 3 | $ | $ | 3 | $ | $ | |||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
For the Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Policy liabilities and unpaid claims balance as of January 1, | $ | $ | |||||||||
Less: liabilities of policy-holder account balances, gross | ( | ( | |||||||||
Less: non-insurance warranty benefit claim liabilities | ( | ( | |||||||||
Gross liabilities for unpaid losses and loss adjustment expenses | |||||||||||
Less: reinsurance recoverable on unpaid losses - short duration | ( | ( | |||||||||
Less: other lines, gross | ( | ( | |||||||||
Net balance as of January 1, short duration | |||||||||||
Incurred (short duration) related to: | |||||||||||
Current year | |||||||||||
Prior years | |||||||||||
Total incurred | |||||||||||
Paid (short duration) related to: | |||||||||||
Current year | |||||||||||
Prior years | |||||||||||
Total paid | |||||||||||
Net balance as of September 30, short duration | |||||||||||
Plus: reinsurance recoverable on unpaid losses - short duration | |||||||||||
Plus: other lines, gross | |||||||||||
Gross liabilities for unpaid losses and loss adjustment expenses | |||||||||||
Plus: liabilities of policy-holder account balances, gross | |||||||||||
Plus: non-insurance warranty benefit claim liabilities | |||||||||||
Policy liabilities and unpaid claims balance as of September 30, | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Short duration incurred | $ | $ | $ | $ | |||||||||||||||||||
Other lines incurred | |||||||||||||||||||||||
Unallocated loss adjustment expenses | |||||||||||||||||||||||
Total losses incurred | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Service and Administrative Fees: | |||||||||||||||||||||||
Warranty coverage revenue | $ | $ | $ | $ | |||||||||||||||||||
Motor club revenue | |||||||||||||||||||||||
Vessel related revenue | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Revenue from contracts with customers | $ | $ | $ | $ |
January 1, 2021 | September 30, 2021 | ||||||||||||||||||||||
Beginning balance | Additions | Amortization | Ending balance | ||||||||||||||||||||
Deferred acquisition costs | |||||||||||||||||||||||
Service and Administrative Fees: | |||||||||||||||||||||||
Warranty coverage revenue | $ | $ | $ | $ | |||||||||||||||||||
Motor club revenue | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Deferred revenue | |||||||||||||||||||||||
Service and Administrative Fees: | |||||||||||||||||||||||
Warranty coverage revenue | $ | $ | $ | $ | |||||||||||||||||||
Motor club revenue | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
As of | |||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||
Loans eligible for repurchase | $ | $ | |||||||||
Mortgage servicing rights | |||||||||||
Income tax receivable | |||||||||||
Furniture, fixtures and equipment, net | |||||||||||
Prepaid expenses | |||||||||||
Other | |||||||||||
Total other assets | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Depreciation expense related to furniture, fixtures and equipment | $ | $ | $ | $ |
As of | |||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||
Accounts payable and accrued expenses | $ | $ | |||||||||
Loans eligible for repurchase liability | |||||||||||
Deferred tax liabilities, net | |||||||||||
Due to brokers | |||||||||||
Commissions payable | |||||||||||
Securities sold, not yet purchased | |||||||||||
Other | |||||||||||
Total other liabilities and accrued expenses | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Other investment income (1) | $ | $ | $ | $ | |||||||||||||||||||
Gain (loss) on sale of businesses (2) | ( | ( | |||||||||||||||||||||
Other (3) | |||||||||||||||||||||||
Total other revenue | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
General and administrative | $ | $ | $ | $ | |||||||||||||||||||
Professional fees | |||||||||||||||||||||||
Premium taxes | |||||||||||||||||||||||
Mortgage origination expenses | |||||||||||||||||||||||
Rent and related | |||||||||||||||||||||||
Operating expenses from vessels | |||||||||||||||||||||||
Loss on extinguishment of debt | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total other expenses | $ | $ | $ | $ |
Nine Months Ended September 30, 2021 | |||||||||||
Number of shares purchased | Weighted average price per share | ||||||||||
Share repurchase plan | $ | ||||||||||
Remaining repurchase authorization | $ |
Dividends per share for the | |||||||||||
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
First quarter | $ | $ | |||||||||
Second quarter | |||||||||||
Third quarter (1) | |||||||||||
Total cash dividends declared | $ | $ |
As of | |||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||
Amount available for ordinary dividends of the Company's insurance company subsidiaries | $ | $ |
Total AOCI | Amount attributable to non-controlling interests | Total AOCI to Tiptree Inc. | |||||||||||||||
Balance at December 31, 2019 | $ | $ | ( | $ | |||||||||||||
Other comprehensive income (losses) before reclassifications | ( | ||||||||||||||||
Amounts reclassified from AOCI | ( | ( | |||||||||||||||
OCI | ( | ||||||||||||||||
Adoption of accounting standard (1) | |||||||||||||||||
Balance at September 30, 2020 | $ | $ | ( | $ | |||||||||||||
Balance at December 31, 2020 | $ | $ | ( | $ | |||||||||||||
Other comprehensive income (losses) before reclassifications | ( | ( | |||||||||||||||
Amounts reclassified from AOCI | ( | ( | |||||||||||||||
OCI | ( | ( | |||||||||||||||
Balance at September 30, 2021 | $ | $ | ( | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | Affected line item in condensed consolidated statements of operations | ||||||||||||||||||||||||
Components of AOCI | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Unrealized gains (losses) on available for sale securities | $ | $ | $ | $ | Net realized and unrealized gains (losses) | |||||||||||||||||||||
Related tax (expense) benefit | ( | ( | ( | ( | Provision for income tax | |||||||||||||||||||||
Net of tax | $ | $ | $ | $ | ||||||||||||||||||||||
2017 Equity Plan | Number of shares (1) | ||||
Available for issuance as of December 31, 2020 | |||||
RSU, stock and option awards granted | ( | ||||
Exchanged for vested subsidiary awards | ( | ||||
Available for issuance as of September 30, 2021 |
Number of shares issuable | Weighted average grant date fair value | ||||||||||
Unvested units as of December 31, 2020 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Unvested units as of September 30, 2021 | $ |
Nine Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
Granted | 2021 | 2020 | Vested | 2021 | 2020 | |||||||||||||||||||||
Directors | Directors | |||||||||||||||||||||||||
Employees (1) | Employees | |||||||||||||||||||||||||
Total Granted | Total Vested | |||||||||||||||||||||||||
Taxes | ( | ( | ||||||||||||||||||||||||
Net Vested |
Valuation Input | Nine Months Ended September 30, 2021 | |||||||||||||
Assumption | Average | |||||||||||||
Historical volatility | ||||||||||||||
Risk-free rate | ||||||||||||||
Dividend yield | ||||||||||||||
Cost of Equity | ||||||||||||||
Expected term (years) |
Grant date fair value of equity shares issuable | |||||
Unvested balance as of December 31, 2020 | $ | ||||
Granted | |||||
Vested | ( | ||||
Unvested balance as of September 30, 2021 | $ |
Valuation Input (1) | Nine Months Ended September 30, 2020 | |||||||||||||
Assumption | Average | |||||||||||||
Historical volatility | N/A | |||||||||||||
Risk-free rate | N/A | |||||||||||||
Dividend yield | N/A | |||||||||||||
Expected term (years) |
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, 2020 | $ | $ | |||||||||||||||||||||
Balance, September 30, 2021 | $ | $ | |||||||||||||||||||||
Weighted average remaining contractual term at September 30, 2021 (in years) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Employee compensation and benefits (1) | $ | $ | $ | $ | |||||||||||||||||||
Director compensation | |||||||||||||||||||||||
Income tax benefit | ( | ( | ( | ( | |||||||||||||||||||
Net stock based compensation expense | $ | $ | $ | $ |
As of September 30, 2021 | |||||||||||||||||
Stock options | Restricted stock awards and RSUs | Performance Restricted Stock Units | |||||||||||||||
Unrecognized compensation cost related to non-vested awards | $ | $ | $ | ||||||||||||||
Weighted - average recognition period (in years) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Total income tax expense (benefit) | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||
Effective tax rate (ETR) | % | (1) | ( | % | (2) | % | (3) | % | (4) |
As of | |||||
September 30, 2021 | |||||
Right of use asset - Operating leases | $ | ||||
Operating lease liability | $ | ||||
Weighted-average remaining lease term (years) | |||||
Weighted-average discount rate (1) | % |
September 30, 2021 | |||||
Remainder of 2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 and thereafter | |||||
Total minimum payments | |||||
Less: liabilities held for sale | ( | ||||
Less: present value adjustment | ( | ||||
Total | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Rent expense for office leases (1) | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ||||||||||||||||||
Less: | |||||||||||||||||||||||
Net income (loss) attributable to non-controlling interests | |||||||||||||||||||||||
Net income allocated to participating securities | |||||||||||||||||||||||
Net income (loss) attributable to Tiptree Inc. common shares - basic | ( | ||||||||||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||||||||
Securities of subsidiaries | ( | ( | ( | ||||||||||||||||||||
Adjustments to income relating to exchangeable interests, net of tax | |||||||||||||||||||||||
Net income (loss) attributable to Tiptree Inc. common shares - diluted | $ | $ | $ | $ | ( | ||||||||||||||||||
Weighted average number of shares of common stock outstanding - basic | |||||||||||||||||||||||
Weighted average number of incremental shares of common stock issuable from exchangeable interests and contingent considerations | |||||||||||||||||||||||
Weighted average number of shares of common stock outstanding - diluted | |||||||||||||||||||||||
Basic net income (loss) attributable to common shares | $ | $ | $ | $ | ( | ||||||||||||||||||
Diluted net income (loss) attributable to common shares | $ | $ | $ | $ | ( |
($ in thousands, except per share information) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
GAAP: | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Total revenues | $ | 286,605 | $ | 224,041 | $ | 880,980 | $ | 552,906 | |||||||||||||||
Net income (loss) attributable to common stockholders | $ | 2,008 | $ | 12,763 | $ | 38,558 | $ | (43,428) | |||||||||||||||
Diluted earnings per share | $ | 0.06 | $ | 0.35 | $ | 1.11 | $ | (1.27) | |||||||||||||||
Cash dividends paid per common share | $ | 0.04 | $ | 0.04 | $ | 0.12 | $ | 0.12 | |||||||||||||||
Return on average equity | 3.3 | % | 16.6 | % | 14.8 | % | (14.3) | % | |||||||||||||||
($ in thousands, except per share information) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
GAAP: | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Non-GAAP: (1) | |||||||||||||||||||||||
Adjusted net income | $ | 20,730 | $ | 17,807 | $ | 47,010 | $ | 35,240 | |||||||||||||||
Adjusted return on average equity | 20.5 | % | 20.1 | % | 16.2 | % | 12.2 | % | |||||||||||||||
Adjusted EBITDA | $ | 12,356 | $ | 20,317 | $ | 84,594 | $ | (32,789) | |||||||||||||||
Book value per share | $ | 11.37 | $ | 10.36 | $ | 11.37 | $ | 10.36 |
($ in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net realized and unrealized gains (losses)(1) | $ | (4,267) | $ | 2,310 | $ | 9,345 | $ | (16,270) | |||||||||||||||
Net realized and unrealized gains (losses) - Invesque | $ | (12,566) | $ | (9,170) | $ | 4,246 | $ | (79,774) | |||||||||||||||
($ in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Insurance | $ | 246,706 | $ | 174,005 | $ | 721,524 | $ | 482,299 | |||||||||||||||
Mortgage | 27,425 | 35,879 | 87,191 | 80,911 | |||||||||||||||||||
Tiptree Capital - other | 12,474 | 14,157 | 72,265 | (10,304) | |||||||||||||||||||
Corporate | — | — | — | — | |||||||||||||||||||
Total revenues | $ | 286,605 | $ | 224,041 | $ | 880,980 | $ | 552,906 | |||||||||||||||
Income (loss) before taxes: | |||||||||||||||||||||||
Insurance | $ | 13,337 | $ | 13,447 | $ | 49,569 | $ | 418 | |||||||||||||||
Mortgage | 6,267 | 14,453 | 25,119 | 20,768 | |||||||||||||||||||
Tiptree Capital - other | (4,700) | (4,978) | 12,914 | (59,407) | |||||||||||||||||||
Corporate | (11,320) | (9,025) | (33,151) | (25,199) | |||||||||||||||||||
Total income (loss) before taxes | $ | 3,584 | $ | 13,897 | $ | 54,451 | $ | (63,420) | |||||||||||||||
Non-GAAP - Adjusted net income: | |||||||||||||||||||||||
Insurance | $ | 19,533 | $ | 12,111 | $ | 46,400 | $ | 29,835 | |||||||||||||||
Mortgage | 3,961 | 11,865 | 15,485 | 19,488 | |||||||||||||||||||
Tiptree Capital - other | 5,522 | 495 | 8,153 | 3,565 | |||||||||||||||||||
Corporate | (8,286) | (6,664) | (23,028) | (17,648) | |||||||||||||||||||
Total adjusted net income (1) | $ | 20,730 | $ | 17,807 | $ | 47,010 | $ | 35,240 |
($ in thousands) | Three Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Earned premiums, net | $ | 175,026 | $ | 116,418 | $ | 58,608 | 50.3 | % | |||||||||||||||
Service and administrative fees | 69,664 | 47,701 | 21,963 | 46.0 | % | ||||||||||||||||||
Ceding commissions | 2,722 | 5,157 | (2,435) | (47.2) | % | ||||||||||||||||||
Net investment income | 3,330 | 3,023 | 307 | 10.2 | % | ||||||||||||||||||
Net realized and unrealized gains (losses) | (7,492) | 659 | (8,151) | NM% | |||||||||||||||||||
Other revenue | 3,456 | 1,047 | 2,409 | 230.1 | % | ||||||||||||||||||
Total revenues | $ | 246,706 | $ | 174,005 | $ | 72,701 | 41.8 | % | |||||||||||||||
Expenses: | |||||||||||||||||||||||
Net losses and loss adjustment expenses | $ | 61,252 | $ | 42,920 | $ | 18,332 | 42.7 | % | |||||||||||||||
Member benefit claims | 19,579 | 14,818 | 4,761 | 32.1 | % | ||||||||||||||||||
Commission expense | 104,392 | 68,868 | 35,524 | 51.6 | % | ||||||||||||||||||
Employee compensation and benefits | 19,526 | 15,969 | 3,557 | 22.3 | % | ||||||||||||||||||
Interest expense | 4,268 | 3,988 | 280 | 7.0 | % | ||||||||||||||||||
Depreciation and amortization | 4,307 | 2,329 | 1,978 | 84.9 | % | ||||||||||||||||||
Other expenses | 20,045 | 11,666 | 8,379 | 71.8 | % | ||||||||||||||||||
Total expenses | $ | 233,369 | $ | 160,558 | $ | 72,811 | 45.3 | % | |||||||||||||||
Income (loss) before taxes (1) | $ | 13,337 | $ | 13,447 | $ | (110) | (0.8) | % | |||||||||||||||
Key Performance Metrics: | |||||||||||||||||||||||
Gross written premiums and premium equivalents | $ | 613,113 | $ | 464,669 | $ | 148,444 | 31.9 | % | |||||||||||||||
Return on average equity | 13.7 | % | 15.9 | % | |||||||||||||||||||
Underwriting ratio | 73.8 | % | 74.3 | % | |||||||||||||||||||
Expense ratio | 15.8 | % | 16.3 | % | |||||||||||||||||||
Combined ratio | 89.6 | % | 90.6 | % | |||||||||||||||||||
Non-GAAP Financial Measures (2): | |||||||||||||||||||||||
Adjusted net income | $ | 19,533 | $ | 12,111 | $ | 7,422 | 61.3 | % | |||||||||||||||
Adjusted return on average equity | 26.8 | % | 17.1 | % |
($ in thousands) | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Earned premiums, net | $ | 498,903 | $ | 344,994 | $ | 153,909 | 44.6 | % | |||||||||||||||
Service and administrative fees | 191,414 | 134,290 | 57,124 | 42.5 | % | ||||||||||||||||||
Ceding commissions | 8,827 | 16,217 | (7,390) | (45.6) | % | ||||||||||||||||||
Net investment income | 9,331 | 8,803 | 528 | 6.0 | % | ||||||||||||||||||
Net realized and unrealized gains (losses) | 5,004 | (27,310) | 32,314 | NM% | |||||||||||||||||||
Other revenue | 8,045 | 5,305 | 2,740 | 51.6 | % | ||||||||||||||||||
Total revenues | $ | 721,524 | $ | 482,299 | $ | 239,225 | 49.6 | % | |||||||||||||||
Expenses: | |||||||||||||||||||||||
Net losses and loss adjustment expenses | $ | 181,244 | $ | 125,354 | $ | 55,890 | 44.6 | % | |||||||||||||||
Member benefit claims | 55,954 | 42,407 | 13,547 | 31.9 | % | ||||||||||||||||||
Commission expense | 292,580 | 207,172 | 85,408 | 41.2 | % | ||||||||||||||||||
Employee compensation and benefits | 57,007 | 47,927 | 9,080 | 18.9 | % | ||||||||||||||||||
Interest expense | 13,097 | 11,218 | 1,879 | 16.7 | % | ||||||||||||||||||
Depreciation and amortization | 12,905 | 7,229 | 5,676 | 78.5 | % | ||||||||||||||||||
Other expenses | 59,168 | 40,574 | 18,594 | 45.8 | % | ||||||||||||||||||
Total expenses | $ | 671,955 | $ | 481,881 | $ | 190,074 | 39.4 | % | |||||||||||||||
Income (loss) before taxes (1) | $ | 49,569 | $ | 418 | $ | 49,151 | NM% | ||||||||||||||||
Key Performance Metrics: | |||||||||||||||||||||||
Gross written premiums and premium equivalents | $ | 1,689,592 | $ | 1,176,022 | $ | 513,570 | 43.7 | % | |||||||||||||||
Return on average equity | 17.3 | % | 1.5 | % | |||||||||||||||||||
Underwriting ratio | 74.9 | % | 74.9 | % | |||||||||||||||||||
Expense ratio | 16.1 | % | 17.2 | % | |||||||||||||||||||
Combined ratio | 91.0 | % | 92.1 | % | |||||||||||||||||||
Non-GAAP Financial Measures (2): | |||||||||||||||||||||||
Adjusted net income | $ | 46,400 | $ | 29,835 | $ | 16,565 | 55.5 | % | |||||||||||||||
Adjusted return on average equity | 20.9 | % | 14.2 | % |
($ in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
U.S. Insurance | $ | 392,119 | $ | 301,847 | $ | 1,095,137 | $ | 741,521 | |||||||||||||||
U.S. Warranty Solutions | 190,874 | 149,269 | 524,568 | 399,373 | |||||||||||||||||||
Europe Warranty Solutions | 30,120 | 13,553 | 69,887 | 35,128 | |||||||||||||||||||
Total | $ | 613,113 | $ | 464,669 | $ | 1,689,592 | $ | 1,176,022 | |||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||
($ in thousands) | Underwriting and Fee Revenues (1) | Underwriting and Fee Margin (1) | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
U.S. Insurance | $ | 174,995 | $ | 122,540 | $ | 37,003 | $ | 26,868 | |||||||||||||||
U.S. Warranty Solutions | 61,342 | 41,250 | 23,455 | 15,007 | |||||||||||||||||||
Europe Warranty Solutions | 14,531 | 6,533 | 5,185 | 1,842 | |||||||||||||||||||
Total | $ | 250,868 | $ | 170,323 | $ | 65,643 | $ | 43,717 | |||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||
($ in thousands) | Underwriting and Fee Revenues (1) | Underwriting and Fee Margin (1) | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
U.S. Insurance | $ | 504,038 | $ | 369,230 | $ | 101,810 | $ | 77,045 | |||||||||||||||
U.S. Warranty Solutions | 168,476 | 116,230 | 65,453 | 43,231 | |||||||||||||||||||
Europe Warranty Solutions | 34,675 | 15,345 | 10,146 | 5,596 | |||||||||||||||||||
Total | $ | 707,189 | $ | 500,805 | $ | 177,409 | $ | 125,872 | |||||||||||||||
($ in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Net realized and unrealized gains (losses) | $ | 22,651 | $ | 31,892 | $ | 73,454 | $ | 69,733 | |||||||||||||||
Other revenue | 4,774 | 3,987 | 13,737 | 11,178 | |||||||||||||||||||
Total revenues | $ | 27,425 | $ | 35,879 | $ | 87,191 | $ | 80,911 | |||||||||||||||
Expenses: | |||||||||||||||||||||||
Employee compensation and benefits | $ | 14,382 | $ | 15,893 | $ | 42,849 | $ | 43,240 | |||||||||||||||
Interest expense | 276 | 251 | 837 | 891 | |||||||||||||||||||
Depreciation and amortization | 218 | 239 | 670 | 715 | |||||||||||||||||||
Other expenses | 6,282 | 5,043 | 17,716 | 15,297 | |||||||||||||||||||
Total expenses | $ | 21,158 | $ | 21,426 | $ | 62,072 | $ | 60,143 | |||||||||||||||
Income (loss) before taxes | $ | 6,267 | $ | 14,453 | $ | 25,119 | $ | 20,768 | |||||||||||||||
Key Performance Metrics: | |||||||||||||||||||||||
Return on average equity | 36.5 | % | 101.1 | % | 44.4 | % | 51.8 | % | |||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||
($ in thousands) | Total revenue | Income (loss) before taxes | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Senior living (Invesque) | $ | (10,396) | $ | (7,586) | $ | (10,396) | $ | (7,586) | |||||||||||||||
Maritime transportation | 11,424 | 5,517 | 5,231 | 138 | |||||||||||||||||||
Other (1) | 11,446 | 16,226 | 465 | 2,470 | |||||||||||||||||||
Total | $ | 12,474 | $ | 14,157 | $ | (4,700) | $ | (4,978) |
Nine Months Ended September 30, | |||||||||||||||||||||||
($ in thousands) | Total revenue | Income (loss) before taxes | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Senior living (Invesque) | $ | 3,512 | $ | (63,437) | $ | 3,512 | $ | (63,437) | |||||||||||||||
Maritime transportation | 25,041 | 17,218 | 7,738 | 1,041 | |||||||||||||||||||
Other (1) | 43,712 | 35,915 | 1,664 | 2,989 | |||||||||||||||||||
Total | $ | 72,265 | $ | (10,304) | $ | 12,914 | $ | (59,407) |
($ in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Senior living (Invesque) | $ | — | $ | — | $ | — | $ | 2,001 | |||||||||||||||
Maritime transportation | 5,503 | 475 | 8,074 | 1,536 | |||||||||||||||||||
Other | 19 | 20 | 79 | 28 | |||||||||||||||||||
Total | $ | 5,522 | $ | 495 | $ | 8,153 | $ | 3,565 |
($ in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Employee compensation and benefits | $ | 1,785 | $ | 1,962 | $ | 5,621 | $ | 5,819 | |||||||||||||||
Employee incentive compensation expense | 4,835 | 1,922 | 10,760 | 4,293 | |||||||||||||||||||
Interest expense | 2,553 | 2,684 | 7,675 | 7,365 | |||||||||||||||||||
Depreciation and amortization | 203 | 203 | 602 | 603 | |||||||||||||||||||
Other expenses | 1,944 | 2,254 | 8,493 | 7,119 | |||||||||||||||||||
Total expenses | $ | 11,320 | $ | 9,025 | $ | 33,151 | $ | 25,199 |
As of September 30, 2021 | |||||||||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||||||||
($ in thousands) | Insurance | Mortgage | Other | Corporate | Total | ||||||||||||||||||||||||
Total assets | $ | 2,832,179 | $ | 205,878 | $ | 314,191 | $ | 26,104 | $ | 3,378,352 | |||||||||||||||||||
Corporate debt | $ | 161,740 | $ | — | $ | — | $ | 115,625 | $ | 277,365 | |||||||||||||||||||
Asset based debt | 33,350 | 61,798 | 14,150 | — | 109,298 | ||||||||||||||||||||||||
Tiptree Inc. stockholders’ equity | $ | 283,666 | $ | 62,464 | $ | 112,384 | $ | (73,302) | $ | 385,212 | |||||||||||||||||||
Non-controlling interests - Other | 10,874 | 1,263 | 3,731 | 1,062 | 16,930 | ||||||||||||||||||||||||
Total stockholders’ equity | $ | 294,540 | $ | 63,727 | $ | 116,115 | $ | (72,240) | $ | 402,142 |
($ in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Total revenues | $ | 246,706 | $ | 174,005 | $ | 721,524 | $ | 482,299 | |||||||||||||||
Less: Net investment income | (3,330) | (3,023) | (9,331) | (8,803) | |||||||||||||||||||
Less: Net realized and unrealized gains (losses) | 7,492 | (659) | (5,004) | 27,310 | |||||||||||||||||||
Underwriting and fee revenues | $ | 250,868 | $ | 170,323 | $ | 707,189 | $ | 500,806 |
($ in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Income (loss) before income taxes | $ | 13,337 | $ | 13,447 | $ | 49,569 | $ | 418 | |||||||||||||||
Less: Net investment income | (3,330) | (3,023) | (9,331) | (8,803) | |||||||||||||||||||
Less: Net realized and unrealized gains (losses) | 7,492 | (659) | (5,004) | 27,310 | |||||||||||||||||||
Plus: Depreciation and amortization | 4,307 | 2,329 | 12,905 | 7,229 | |||||||||||||||||||
Plus: Interest expense | 4,268 | 3,988 | 13,097 | 11,218 | |||||||||||||||||||
Plus: Employee compensation and benefits | 19,526 | 15,969 | 57,007 | 47,927 | |||||||||||||||||||
Plus: Other expenses | 20,045 | 11,666 | 59,168 | 40,574 | |||||||||||||||||||
Underwriting and fee margin | $ | 65,645 | $ | 43,717 | $ | 177,411 | $ | 125,873 |
Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||||||||
($ in thousands) | Insurance | Mortgage | Other | Corporate | Total | ||||||||||||||||||||||||
Income (loss) before taxes | $ | 13,337 | $ | 6,267 | $ | (4,700) | $ | (11,320) | $ | 3,584 | |||||||||||||||||||
Less: Income tax (benefit) expense | (3,394) | 14 | 1,591 | 1,552 | (237) | ||||||||||||||||||||||||
Less: Net realized and unrealized gains (losses) | 7,428 | (1,055) | 10,396 | — | 16,769 | ||||||||||||||||||||||||
Plus: Intangibles amortization (1) | 3,830 | — | — | — | 3,830 | ||||||||||||||||||||||||
Plus: Stock-based compensation expense | 475 | — | 197 | 832 | 1,504 | ||||||||||||||||||||||||
Plus: Non-recurring expenses | (28) | — | 448 | — | 420 | ||||||||||||||||||||||||
Plus: Non-cash fair value adjustments | — | — | (815) | — | (815) | ||||||||||||||||||||||||
Less: Tax on adjustments | (2,115) | (1,265) | (1,595) | 650 | (4,325) | ||||||||||||||||||||||||
Adjusted net income | $ | 19,533 | $ | 3,961 | $ | 5,522 | $ | (8,286) | $ | 20,730 | |||||||||||||||||||
Adjusted net income | $ | 19,533 | $ | 3,961 | $ | 5,522 | $ | (8,286) | $ | 20,730 | |||||||||||||||||||
Average stockholders’ equity | $ | 291,281 | $ | 68,925 | $ | 118,729 | $ | (75,340) | $ | 403,595 | |||||||||||||||||||
Adjusted return on average equity | 26.8 | % | 23.0 | % | 18.6 | % | NM% | 20.5 | % |
(1) | Specifically associated with acquisition purchase accounting. See Note (3) Acquisitions. |
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||||||||
($ in thousands) | Insurance | Mortgage | Other | Corporate | Total | ||||||||||||||||||||||||
Income (loss) before taxes | $ | 13,447 | $ | 14,453 | $ | (4,978) | $ | (9,025) | $ | 13,897 | |||||||||||||||||||
Less: Income tax (benefit) expense | (2,167) | (2,830) | 3,011 | 2,830 | 844 | ||||||||||||||||||||||||
Less: Net realized and unrealized gains (losses) | (659) | (66) | 7,586 | — | 6,861 | ||||||||||||||||||||||||
Plus: Intangibles amortization (1) | 2,256 | — | — | — | 2,256 | ||||||||||||||||||||||||
Plus: Stock-based compensation expense | 535 | 1,224 | (3) | 678 | 2,434 | ||||||||||||||||||||||||
Plus: Non-recurring expenses | (53) | — | 340 | (93) | 194 | ||||||||||||||||||||||||
Plus: Non-cash fair value adjustments | — | — | (2,441) | — | (2,441) | ||||||||||||||||||||||||
Less: Tax on adjustments | (1,248) | (916) | (3,020) | (1,054) | (6,238) | ||||||||||||||||||||||||
Adjusted net income | $ | 12,111 | $ | 11,865 | $ | 495 | $ | (6,664) | $ | 17,807 | |||||||||||||||||||
Adjusted net income | $ | 12,111 | $ | 11,865 | $ | 495 | $ | (6,664) | $ | 17,807 | |||||||||||||||||||
Average stockholders’ equity | $ | 283,989 | $ | 45,991 | $ | 94,580 | $ | (70,116) | $ | 354,441 | |||||||||||||||||||
Adjusted return on average equity | 17.1 | % | 103.2 | % | 2.1 | % | NM% | 20.1 | % | ||||||||||||||||||||
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||||||||
($ in thousands) | Insurance | Mortgage | Other | Corporate | Total | ||||||||||||||||||||||||
Income (loss) before taxes | $ | 49,569 | $ | 25,119 | $ | 12,914 | $ | (33,151) | $ | 54,451 | |||||||||||||||||||
Less: Income tax (benefit) expense | (11,157) | (4,448) | (1,350) | 5,539 | (11,416) | ||||||||||||||||||||||||
Less: Net realized and unrealized gains (losses) | (5,004) | (5,075) | (3,512) | — | (13,591) | ||||||||||||||||||||||||
Plus: Intangibles amortization (1) | 11,499 | — | — | — | 11,499 | ||||||||||||||||||||||||
Plus: Stock-based compensation expense | 1,347 | 331 | 209 | 1,831 | 3,718 | ||||||||||||||||||||||||
Plus: Non-recurring expenses | 2,076 | — | 729 | 2,171 | 4,976 | ||||||||||||||||||||||||
Plus: Non-cash fair value adjustments | — | — | (2,167) | — | (2,167) | ||||||||||||||||||||||||
Less: Tax on adjustments | (1,930) | (442) | 1,330 | 582 | (460) | ||||||||||||||||||||||||
Adjusted net income | $ | 46,400 | $ | 15,485 | $ | 8,153 | $ | (23,028) | $ | 47,010 | |||||||||||||||||||
Adjusted net income | $ | 46,400 | $ | 15,485 | $ | 8,153 | $ | (23,028) | $ | 47,010 | |||||||||||||||||||
Average stockholders’ equity | $ | 296,125 | $ | 62,093 | $ | 110,818 | $ | (81,196) | $ | 387,840 | |||||||||||||||||||
Adjusted return on average equity | 20.9 | % | 33.3 | % | 9.8 | % | NM% | 16.2 | % | ||||||||||||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||||||||
($ in thousands) | Insurance | Mortgage | Other | Corporate | Total | ||||||||||||||||||||||||
Income (loss) before taxes | $ | 418 | $ | 20,768 | $ | (59,407) | $ | (25,199) | $ | (63,420) | |||||||||||||||||||
Less: Income tax (benefit) expense | 2,711 | (4,061) | 14,742 | 8,638 | 22,030 | ||||||||||||||||||||||||
Less: Net realized and unrealized gains (losses) | 27,310 | 2,753 | 65,982 | — | 96,045 | ||||||||||||||||||||||||
Plus: Intangibles amortization (1) | 6,958 | — | — | — | 6,958 | ||||||||||||||||||||||||
Plus: Stock-based compensation expense | 1,378 | 2,120 | 155 | 2,504 | 6,157 | ||||||||||||||||||||||||
Plus: Non-recurring expenses | 2,185 | — | 340 | 353 | 2,878 | ||||||||||||||||||||||||
Plus: Non-cash fair value adjustments | — | — | (2,961) | — | (2,961) | ||||||||||||||||||||||||
Less: Tax on adjustments | (11,125) | (2,092) | (15,286) | (3,944) | (32,447) | ||||||||||||||||||||||||
Adjusted net income | $ | 29,835 | $ | 19,488 | $ | 3,565 | $ | (17,648) | $ | 35,240 | |||||||||||||||||||
Adjusted net income | $ | 29,835 | $ | 19,488 | $ | 3,565 | $ | (17,648) | $ | 35,240 | |||||||||||||||||||
Average stockholders’ equity | 279,897 | 43,001 | 122,554 | (58,899) | 386,553 | ||||||||||||||||||||||||
Adjusted return on average equity | 14.2 | % | 60.4 | % | 3.9 | % | NM% | 12.2 | % | ||||||||||||||||||||
(1) | Specifically associated with acquisition purchase accounting. See Note (3) Acquisitions. |
($ in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | 2,008 | $ | 12,763 | $ | 38,558 | $ | (43,428) | |||||||||||||||
Add: net (loss) income attributable to non-controlling interests | 1,339 | 1,978 | 4,477 | 2,038 | |||||||||||||||||||
Income (loss) from continuing operations | $ | 3,347 | $ | 14,741 | $ | 43,035 | $ | (41,390) | |||||||||||||||
Corporate debt related interest expense(1) | 6,038 | 6,110 | 18,402 | 17,278 | |||||||||||||||||||
Consolidated provision (benefit) for income taxes | 237 | (844) | 11,416 | (22,030) | |||||||||||||||||||
Depreciation and amortization | 6,119 | 4,010 | 18,261 | 12,244 | |||||||||||||||||||
Non-cash fair value adjustments(2) | (1,835) | (3,613) | (5,651) | (6,584) | |||||||||||||||||||
Non-recurring expenses(3) | 420 | 128 | 4,976 | 2,642 | |||||||||||||||||||
Unrealized gains (losses) on AFS securities | (1,970) | (215) | (5,845) | 5,051 | |||||||||||||||||||
Adjusted EBITDA | $ | 12,356 | $ | 20,317 | $ | 84,594 | $ | (32,789) | |||||||||||||||
(1) | Corporate debt interest expense includes interest expense from secured corporate credit agreements, junior subordinated notes and preferred trust securities. Interest expense associated with asset-specific debt is not added-back for Adjusted EBITDA. | ||||
(2) | For maritime transportation operations, depreciation and amortization is deducted as a reduction in the value of the vessel. | ||||
(3) | Acquisition, start-up and disposition costs, including debt extinguishment, legal, taxes, banker fees and other costs. |
($ in thousands, except per share information) | As of September 30, | ||||||||||
2021 | 2020 | ||||||||||
Total stockholders’ equity | $ | 402,142 | $ | 361,691 | |||||||
Less: Non-controlling interests | 16,930 | 13,953 | |||||||||
Total stockholders’ equity, net of non-controlling interests | $ | 385,212 | $ | 347,738 | |||||||
Total common shares outstanding | 33,889 | 33,563 | |||||||||
Book value per share | $ | 11.37 | $ | 10.36 |
($ in thousands) | Corporate Debt Outstanding as of September 30, | Interest Expense for the three months ended September 30, | Interest Expense for the nine months ended September 30, | ||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||
Insurance | $ | 161,740 | $ | 160,000 | $ | 3,485 | $ | 3,426 | $ | 10,727 | $ | 9,913 | |||||||||||||||||||||||
Corporate | 115,625 | 121,875 | 2,553 | 2,684 | 7,675 | 7,365 | |||||||||||||||||||||||||||||
Total | $ | 277,365 | $ | 281,875 | $ | 6,038 | $ | 6,110 | $ | 18,402 | $ | 17,278 |
($ in thousands) | Nine Months Ended September 30, | ||||||||||
Total cash provided by (used in): | 2021 | 2020 | |||||||||
Net cash (used in) provided by: | |||||||||||
Operating activities | $ | 186,039 | $ | 68,215 | |||||||
Investing activities | (201,291) | (65,430) | |||||||||
Financing activities | (499) | 33,263 | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | (15,751) | $ | 36,048 |
($ in thousands) | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | Total | ||||||||||||||||||||||||
Corporate debt, including interest (1) | $ | 27,973 | $ | 54,495 | $ | 30,685 | $ | 197,430 | $ | 310,583 | |||||||||||||||||||
Asset based debt | 2,867 | 101,388 | 7,647 | — | 111,902 | ||||||||||||||||||||||||
Total debt (2) | $ | 30,840 | $ | 155,883 | $ | 38,332 | $ | 197,430 | $ | 422,485 | |||||||||||||||||||
Operating lease obligations (3) | 8,314 | 13,510 | 11,202 | 14,469 | 47,495 | ||||||||||||||||||||||||
Total | $ | 39,154 | $ | 169,393 | $ | 49,534 | $ | 211,899 | $ | 469,980 |
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) | ||||||||||||
July 1, 2021 to July 31, 2021 | Tiptree Inc. | — | $ | — | — | ||||||||||||
August 1, 2021 to August 31, 2021 | Tiptree Inc. | — | $ | — | — | ||||||||||||
September 1, 2021 to September 30, 2021 | Tiptree Inc. | — | $ | — | — | ||||||||||||
Total | — | $ | — | — | $ | 13,669 |
The following documents are filed as a part of this Form 10-Q: | |||||
Financial Statements (Unaudited): | |||||
Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020 | F- 3 | ||||
Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020 | F- 4 | ||||
Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2021 and 2020 | F- 5 | ||||
Condensed Consolidated Statements of Changes in Stockholders’ Equity for the periods ended September 30, 2021 and 2020 | F- 6 | ||||
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020 | F- 8 | ||||
Notes to Condensed Consolidated Financial Statements | F- 9 | ||||
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: | November 3, 2021 | By:/s/ Michael Barnes | ||||||||||||
Michael Barnes | ||||||||||||||
Executive Chairman | ||||||||||||||
Date: | November 3, 2021 | By:/s/ Jonathan Ilany | ||||||||||||
Jonathan Ilany | ||||||||||||||
Chief Executive Officer | ||||||||||||||
Date: | November 3, 2021 | By:/s/ Sandra Bell | ||||||||||||
Sandra Bell | ||||||||||||||
Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
Exhibit No. | Description | ||||
10.1 | |||||
10.2 | |||||
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* | ||||
104 | Cover page from Tiptree’s Form 10-Q for the quarter ended September 30, 2021 formatted in iXBRL (included in Exhibit 101). |
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: | November 3, 2021 | /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: | November 3, 2021 | /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: | November 3, 2021 | /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 |
Condensed Consolidated Balance Sheet (Unaudited) (Parenthetical) - $ / shares |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 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, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 33,888,810 | 32,682,462 |
Common stock, shares outstanding | 33,888,810 | 32,682,462 |
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Revenues: | ||||
Earned premiums, net | $ 175,026 | $ 116,418 | $ 498,903 | $ 344,994 |
Service and administrative fees | 69,664 | 47,701 | 191,414 | 134,290 |
Ceding commissions | 2,722 | 5,157 | 8,827 | 16,217 |
Net investment income | 3,330 | 3,023 | 9,331 | 8,803 |
Net realized and unrealized gains (losses) | 14,805 | 38,959 | 120,268 | 6,628 |
Other revenue | 21,058 | 12,783 | 52,237 | 41,974 |
Total revenues | 286,605 | 224,041 | 880,980 | 552,906 |
Expenses: | ||||
Policy and contract benefits | 80,831 | 57,738 | 237,198 | 167,761 |
Commission expense | 104,392 | 68,868 | 292,580 | 207,172 |
Employee compensation and benefits | 48,643 | 45,715 | 147,260 | 124,894 |
Interest expense | 8,657 | 8,321 | 26,890 | 23,518 |
Depreciation and amortization | 6,119 | 4,010 | 18,261 | 12,244 |
Other expenses | 34,379 | 25,492 | 104,340 | 80,737 |
Total expenses | 283,021 | 210,144 | 826,529 | 616,326 |
Income (loss) before taxes | 3,584 | 13,897 | 54,451 | (63,420) |
Less: provision (benefit) for income taxes | 237 | (844) | 11,416 | (22,030) |
Net income (loss) | 3,347 | 14,741 | 43,035 | (41,390) |
Net income (loss) attributable to non-controlling interests | 1,339 | 1,978 | 4,477 | 2,038 |
Net income (loss) attributable to common stockholders | $ 2,008 | $ 12,763 | $ 38,558 | $ (43,428) |
Net income (loss) per common share: | ||||
Basic earnings per share (in dollars per share) | $ 0.06 | $ 0.37 | $ 1.15 | $ (1.27) |
Diluted earnings per share (in dollars per share) | $ 0.06 | $ 0.35 | $ 1.11 | $ (1.27) |
Weighted average number of common shares: | ||||
Basic (in shares) | 33,558,106 | 33,684,301 | 32,963,451 | 34,076,837 |
Diluted (in shares) | 34,132,182 | 33,684,301 | 35,025,211 | 34,076,837 |
Dividends declared per common share (in dollars per share) | $ 0.04 | $ 0.04 | $ 0.12 | $ 0.12 |
Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) (Parenthetical) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2021
USD ($)
| |
Statement of Stockholders' Equity [Abstract] | |
Cash received for vested subsidiary awards | $ 50 |
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|||
Operating Activities: | ||||
Net income (loss) attributable to common stockholders | $ 38,558 | $ (43,428) | ||
Net income (loss) attributable to non-controlling interests | 4,477 | 2,038 | ||
Net income (loss) | 43,035 | (41,390) | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||||
Net realized and unrealized (gains) losses | (120,268) | (6,628) | ||
Net (gain) loss on sale of businesses | 1,175 | 0 | ||
Non-cash compensation expense | 3,717 | 6,158 | ||
Amortization/accretion of premiums and discounts | 2,134 | 1,614 | ||
Depreciation and amortization expense | 18,261 | 12,244 | ||
Non-cash lease expense | 6,520 | 5,196 | ||
Dividend reinvestment plan income | 0 | (953) | ||
Amortization of deferred financing costs | 1,176 | 608 | ||
Loss on extinguishment of debt | 0 | 353 | ||
Deferred provision (benefit) for income taxes | 10,777 | (2,841) | ||
Other | 133 | 192 | ||
Changes in operating assets and liabilities: | ||||
Mortgage loans originated for sale | (2,100,276) | (2,104,377) | ||
Proceeds from the sale of mortgage loans originated for sale | 2,184,852 | 2,164,731 | ||
(Increase) decrease in notes and accounts receivable | (57,859) | (50,399) | ||
(Increase) decrease in reinsurance receivables | (99,190) | (35,401) | ||
(Increase) decrease in deferred acquisition costs | (123,510) | (37,903) | ||
(Increase) decrease in other assets | 337 | (17,773) | ||
Increase (decrease) in unearned premiums | 192,430 | 37,540 | ||
Increase (decrease) in policy liabilities and unpaid claims | 80,176 | 15,528 | ||
Increase (decrease) in deferred revenue | 112,062 | 81,565 | ||
Increase (decrease) in reinsurance payable | 14,839 | 18,556 | ||
Increase (decrease) in other liabilities and accrued expenses | 15,518 | 21,595 | ||
Net cash provided by (used in) operating activities | 186,039 | 68,215 | ||
Investing Activities: | ||||
Purchases of investments | (1,251,741) | (1,053,359) | ||
Proceeds from sales and maturities of investments | 1,064,915 | 988,594 | ||
Proceeds from the sale of real estate | 0 | 1,266 | ||
Purchases of property, plant and equipment | (2,103) | (4,709) | ||
Proceeds from the sale of businesses | 125 | 375 | ||
Proceeds from notes receivable | 40,337 | 30,290 | ||
Issuance of notes receivable | (52,957) | (48,787) | ||
Business and asset acquisitions, net of cash, restricted cash and deposits | [1] | 133 | 20,900 | |
Net cash provided by (used in) investing activities | (201,291) | (65,430) | ||
Financing Activities: | ||||
Dividends paid | (4,020) | (4,199) | ||
Non-controlling interest contributions | 100 | 0 | ||
Non-controlling interest redemptions | (1,484) | (1,907) | ||
Payment of debt issuance costs | (62) | (3,640) | ||
Proceeds from borrowings and mortgage notes payable | 2,265,796 | 2,382,569 | ||
Principal paydowns of borrowings and mortgage notes payable | (2,257,947) | (2,330,395) | ||
Repurchases of common stock | (2,882) | (9,165) | ||
Net cash provided by (used in) financing activities | (499) | 33,263 | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | (15,751) | 36,048 | ||
Cash, cash equivalents and restricted cash – beginning of period | 195,275 | 144,590 | ||
Cash, cash equivalents and restricted cash – beginning of period - held for sale | 4,879 | 7,137 | ||
Cash, cash equivalents and restricted cash – end of period | 184,403 | 187,775 | ||
Less: Reclassification of cash to assets held for sale | 12,319 | 6,178 | ||
Cash, cash equivalents and restricted cash – end of period | 172,084 | 181,597 | ||
Supplemental Schedule of Non-Cash Investing and Financing Activities: | ||||
Right of use asset obtained in exchange for lease liability | 3,046 | 1,109 | ||
Equity securities acquired as part of a dividend reinvestment plan | 0 | 953 | ||
Shares issued in exchange for vested subsidiary awards | 659 | 0 | ||
Reconciliation of cash, cash equivalents and restricted cash | ||||
Cash and cash equivalents | 150,496 | |||
Restricted cash | 21,588 | |||
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | $ 172,084 | $ 181,597 | ||
|
Organization |
9 Months Ended |
---|---|
Sep. 30, 2021 | |
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 two reportable segments: Insurance and Mortgage. We refer to our non-insurance operations, assets and other investments, which is comprised of our Mortgage reportable segment and our non-reportable segments and other business activities, as Tiptree Capital. |
Summary of Significant Accounting Policies |
9 Months Ended | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||
Summary of 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, 2020. 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 nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the full year ending on December 31, 2021. 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. Reclassifications 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, 2020, certain prior period amounts have been reclassified to conform to the current presentation. These reclassifications had no effect on the reported results of operations. Recent Accounting Standards Recently Adopted Accounting Pronouncements
Recently Issued Accounting Pronouncements, Not Yet Adopted During the nine months ended September 30, 2021, there were no accounting standards issued applicable to the Company.
|
Acquisitions |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions Acquisitions during 2020 Acquisition of Smart AutoCare On January 3, 2020, a subsidiary of the Company acquired (the Acquisition) all of the equity interests of Accelerated Service Enterprise LLC, SAC Holdings Inc., Dealer Motor Services, Inc., Independent Dealer Group, Inc., Ownershield, Inc., Freedom Insurance Company, Ltd. (Freedom), SAC Admin, Inc., SAC Insurance Company, Inc., Smart AutoCare, Inc. and Smart AutoCare Administration Solutions, Inc. (together Smart AutoCare), pursuant to the Equity Interest Purchase Agreement (the Purchase Agreement) between Fortegra Warranty Holdings, LLC (Buyer) and Peter Masi (Seller), dated as of December 16, 2019. Concurrent with the Acquisition, Freedom terminated reinsurance agreements with affiliates of Seller (the Commutation Transaction). Tiptree paid Seller $111,804, net of working capital true-ups, in cash at closing, $8,250 of which was held in an escrow account to satisfy indemnity claims and was released on August 3, 2021. Simultaneously, pursuant to the Commutation Transaction, affiliates of Seller paid Freedom $102,000 in cash. Smart AutoCare’s results are included in the Company’s Insurance segment for the three and nine months ended September 30, 2021 and 2020. Management’s allocation of the purchase price to the net assets acquired resulted in the recording of finite-lived intangible assets valued at $93,700, with an estimated amortization period of 5 to 13.5 years. It is expected that the tax basis in intangible assets will be similar to the GAAP values provided above. The residual amount of the purchase price after the allocation to net assets acquired and identifiable intangibles of $60,346 has been allocated to goodwill. This goodwill is included in the Insurance segment. It is expected that $21,127 of this goodwill will be tax deductible over a 15 year period. The following table summarizes the final determination of the fair value amounts for the identifiable assets acquired, liabilities assumed, and goodwill, as described above, for the transactions completed during the nine months ended September 30, 2020:
Supplemental pro forma results of operations have not been presented for the Acquisition as it is not material in relation to the Company’s reported results. The following table shows the values recorded by the Company, as of the acquisition date, for finite-lived intangible assets and the range of their estimated amortization period:
Acquisition of Sky Auto On December 31, 2020, a subsidiary in our insurance business acquired all of the equity interests in Sky Auto for total net cash consideration of approximately $25,200. Sky Auto markets vehicle service contracts to consumers within the United States. Identifiable assets acquired were primarily made up of goodwill and intangible assets. Management’s allocation of the purchase price to the net assets acquired resulted in the recording of goodwill and intangible assets of $19,867 and $5,340, respectively.
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Assets and Liabilities Held for Sale |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Held for Sale | Assets and Liabilities Held for Sale Assets and Liabilities Held for Sale The Company has entered into a definitive agreement to sell Luxury, and it is classified as held for sale at September 30, 2021 and December 31, 2020. The agreement did not meet the requirements to be classified as a discontinued operation. The following table presents detail of Luxury’s assets and liabilities held for sale in the condensed consolidated balance sheets for the following periods:
(1) Includes deferred tax liabilities of $1,796 and $939 as of September 30, 2021 and December 31, 2020, respectively. For the three and nine months ended September 30, 2021, the Company recorded an impairment of $386 and $1,175, respectively, related to assets and liabilities held for sale. For the three and nine months ended September 30, 2020, the Company did not record an impairment related to assets and liabilities held for sale. As of September 30, 2021 and December 31, 2020, accumulated impairment related to assets and liabilities held for sale was $5,603 and $4,428, respectively.
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Segment Data |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Data | Segment Data Tiptree is a holding company that allocates capital across a broad spectrum of businesses, assets and other investments. Tiptree’s principal operating subsidiary, The Fortegra Group, LLC and its subsidiaries (Fortegra), is a leading provider of specialty insurance underwriting, warranty and service contract products and related service solutions. Based on the ASC 280 quantitative analysis performed as of December 31, 2020, our reportable segments are Insurance and Mortgage. We refer to our non-insurance operations, assets and other investments, which is comprised of our Mortgage reportable segment and 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 segments’ income or loss is reported before income taxes and non-controlling interests. Segment results incorporate the revenues and expenses of these subsidiaries since they commenced operations or were acquired. For the three and nine months ended September 30, 2021, Mortgage has been broken out of Tiptree Capital as a reportable segment since it meets the quantitative threshold for disclosure. Prior year segments have been conformed to the current year presentation. Intercompany transactions are eliminated. Descriptions of our Insurance reportable segment and Tiptree Capital, including our Mortgage reportable segment, are as follows: Insurance operations are conducted through Fortegra, which includes Fortegra Financial Corporation and Fortegra Warranty. Fortegra underwrites and administers specialty insurance programs and products, and is a leading provider of credit and asset protection products and administration services. Fortegra’s programs are provided across a diverse range of products and services including credit protection insurance, warranty and service contract products, premium finance, and niche personal and commercial lines of insurance. Tiptree Capital: Mortgage operations are conducted through Reliance. The Company’s mortgage origination business originates loans for sale to institutional investors, including GSEs and FHA/VA and services loans on behalf of Fannie Mae, Freddie Mac, and GNMA. Other includes our asset management, mortgage operations of Luxury, shipping operations, and other investments (including our Invesque shares). The tables below present the components of revenue, expense, income (loss) before taxes, and assets for our reportable segments as well as Tiptree Capital - Other for the following periods:
The Company conducts its operations primarily in the U.S. with 9.0% and 6.3% of total revenues generated overseas for the three months ended September 30, 2021 and 2020, respectively, and 7.1% and 6.5% for the nine months ended September 30, 2021 and 2020, respectively. The following table presents the reportable segments and Tiptree Capital - Other assets for the following periods:
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Investments |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments The following table presents the Company's investments related to insurance operations and other Tiptree investing activities, measured at fair value as of the following periods:
Available for Sale Securities, at fair value, net of allowance for credit losses All of the Company’s investments in Available for Sale Securities, at fair value, net of allowance for credit losses (AFS securities) as of September 30, 2021 and December 31, 2020 are held by subsidiaries in the insurance segment. The following tables present the Company's investments in AFS securities:
The amortized cost and fair values of AFS 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 AFS securities by length of time that individual AFS securities have been in a continuous unrealized loss position for less than twelve months, and twelve months or greater and do not have an allowance for credit losses:
Management believes that it is more likely than not that the Company will be able to hold the fixed maturity AFS securities that were in an unrealized loss position as of September 30, 2021 until full recovery of their amortized cost basis. The table below presents a roll-forward of the activity in the allowance for credit losses on AFS securities by type as of September 30, 2021:
The Company applies a discounted cash flow model, based on assumptions and model outputs provided by an investment management company, in determining its lifetime expected credit losses on AFS securities. This includes determining the present value of expected future cash flows discounted at the book yield of the security. The table below presents the amount of credit losses (gains from recoveries) on AFS securities recorded by the Company for the following period:
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 or replace investments in regulatory deposit 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 AFS securities:
The following table presents additional information on the Company’s AFS securities:
The following table presents the gross realized gains and gross realized losses from sales and redemptions of AFS securities:
Loans, at fair value The following table presents the Company’s investments in loans measured at fair value and the Company’s investments in loans measured at fair value pledged as collateral:
(1) The cost basis of Corporate loans was approximately $4,108 and $11,282 at September 30, 2021 and December 31, 2020, respectively. (2) As of September 30, 2021 and December 31, 2020, there were two mortgage loans held for sale that were 90 days or more past due, respectively, with a fair value of $332 and $534, respectively. Equity Securities Equity securities consist mainly of publicly traded common and preferred stocks and fixed income exchange traded funds. Included within the equity securities balance are 17.0 million shares of Invesque as of September 30, 2021 and December 31, 2020, for which the Company has elected to apply the fair value option. The following table presents information on the cost and fair value of the Company’s equity securities related to insurance operations and other Tiptree investing activity as of the following periods:
Other Investments The following table contains information regarding the Company’s other investments as of the following periods:
(1) The cost basis of corporate bonds was $42,272 and $97,284 as of September 30, 2021 and December 31, 2020, respectively. (2) Net of accumulated depreciation of $11,873 and $8,372 as of September 30, 2021 and December 31, 2020, respectively. Net Investment Income - 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 table presents the components of net investment income by source of income:
Other Investment Income - Tiptree Capital Other investment income represents other revenue from other Tiptree non-insurance activities as disclosed within other revenue on the condensed consolidated statements of operations, see Note (16) Other Revenue and Other Expenses. The following tables present the components of other investment income by type:
(1) Primarily relates to Loans, at fair value classified as Held for Sale. See Note (4) Assets and Liabilities Held for Sale. 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 AFS securities are included within other comprehensive income (loss) (OCI), net of tax, and, as such, are not included in this table. Net realized and unrealized gains (losses) on non-investment related financial assets and liabilities are included below:
(1) Relates to Loans, at fair value classified as Held for Sale. See Note (4) Assets and Liabilities Held for Sale.
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Notes and Accounts Receivable, net |
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes and Accounts Receivable, net | Notes and Accounts Receivable, net The following table presents the total notes and accounts receivable, net:
The following table presents the total valuation allowance and bad debt expense for the following periods:
(1) As of September 30, 2021 and December 31, 2020, there were $1,311 and $215 in balances classified as 90 days plus past due, respectively.
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Reinsurance Receivables |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance Receivables | Reinsurance Receivables The following table presents the effect of reinsurance on premiums written and earned by our insurance business for the following periods:
The following table presents the components of policy and contract benefits, including the effect of reinsurance on losses and loss adjustment expenses (LAE) incurred:
(1) Member benefit claims are not covered by reinsurance. The following table presents the components of the reinsurance receivables:
(1) Including policyholder account balances ceded. The following table presents the aggregate amount included in reinsurance receivables that is comprised of the three largest receivable balances from non-affiliated reinsurers:
As of September 30, 2021, the non-affiliated reinsurers from whom our insurance business has the largest receivable balances were: MFI Insurance Company, LTD (A. M. Best Rating: Not rated), Allianz Global (A. M. Best Rating: Not rated) and Canada Life International Reinsurance (Barbados) Corporation (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 September 30, 2021, 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.
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Goodwill and Intangible Assets, net |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
(1) Impairment tests are performed at least annually on indefinite-lived intangible assets. 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 impairment related charges:
(1) Relates to adjustments during the measurement period as permitted under ASC 805 for the final valuation of acquisition in our insurance business as of December 31, 2020. The Company conducts annual impairment tests of its goodwill as of October 1. For the three and nine months ended September 30, 2021 and 2020, no impairments were recorded on the Company’s goodwill. 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 impairment-related charges:
The following table presents the amortization expense on finite-lived intangible assets for the following periods:
For the three and nine months ended September 30, 2021 and 2020, no impairments were recorded on the Company’s intangible assets. The following table presents the amortization expense on finite-lived intangible assets for the next five years and thereafter by operating segment and/or reporting unit, as appropriate:
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Derivative Financial Instruments and Hedging |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 its counterparties fail to meet the contract terms. The derivative financial instruments 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 to be announced (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 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:
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Debt, net |
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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.
(1) The secured revolving credit agreements provide a two rate structure at the Company’s discretion. (2) Asset based debt is generally recourse only to specific assets and related cash flows. (3) The weighted average coupon rate for residential mortgage warehouse borrowings was 2.25% and 2.75% at September 30, 2021 and December 31, 2020, respectively. The following table presents the amount of interest expense the Company incurred on its debt for the following periods:
The following table presents the contractual principal payments and future maturities of the unpaid principal balance on the Company’s debt for the following periods:
Asset Based Debt Residential Mortgage Warehouse Borrowings In March 2021, a $60,000 warehouse line of credit was renewed and the maturity date was extended from April 2021 to April 2022. In July 2021, a $50,000 warehouse line of credit was renewed and the maturity date was extended from August 2021 to August 2022. As of September 30, 2021, the Company is in compliance with the representations and covenants for its outstanding debt or has obtained waivers for any events of non-compliance.
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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 measurements are 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. 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, at fair value The fair values of AFS securities are based on prices provided by an independent pricing service and a third-party investment manager. The Company obtains an understanding of the methods, models and inputs used by the independent pricing service and the third-party investment manager by analyzing the investment manager-provided pricing report. The following details the methods and assumptions used to estimate the fair value of each class of AFS 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 and third-party investment manager are based on quoted market prices, when available, non-binding broker quotes, or matrix pricing and fall under Level 2 or Level 3 in 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 equity securities and exchange traded funds (“ETFs”) are obtained from market value quotations provided by an independent pricing service and fall under Level 1 in the fair value hierarchy. The fair values of non-publicly traded common and preferred stocks are based on prices obtained from an independent pricing service using unobservable inputs and fall under Level 3 in 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 under 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 under Level 2 in the fair value hierarchy and fair value is based upon forward sales contracts with third-party investors, including estimated loan costs. Derivative Assets and Liabilities Derivatives are primarily comprised of IRLCs, forward delivery contracts and TBA mortgage backed securities. 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 their customers, which are carried at estimated fair value on the Company’s condensed consolidated balance sheets. 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 pull through assumption. The fair values of these commitments generally fall under Level 3 in the fair value hierarchy. 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 fall under Level 2 in the fair value hierarchy. Corporate Bonds Corporate bonds are generally classified under Level 2 in the fair value hierarchy and fair value is provided by a third-party investment manager, based on quoted market prices. We perform internal price verification procedures monthly to ensure that the prices provided are reasonable. Trade Claims Trade claims represent unsecured claims of bankrupt companies and are generally classified under Level 3 in the fair value hierarchy. The fair value is determined using valuation methodologies that consider a range of factors, including but not limited to the price at which the investment was acquired, the nature of the investment, local market conditions, current and projected operating performance, and financing transactions subsequent to the acquisition of the investment. The inputs are intended to reflect the assumptions a market participant would use in pricing the asset or liability. Securities Sold, Not Yet Purchased Securities sold, not yet purchased are generally classified under Level 1 or Level 2 in the fair value hierarchy, based on the leveling of the securities sold short, and fair value is provided by a third-party investment manager, based on quoted market prices. We perform internal price verification procedures monthly to ensure that the prices provided are reasonable. Mortgage Servicing Rights Mortgage servicing rights are classified under Level 3 in the fair value hierarchy and fair value is provided by a third-party valuation service. Various observable and unobservable inputs are used to determine fair value, including discount rate, cost to service and weighted average prepayment speed. The following tables present the Company’s fair value hierarchies for financial assets and liabilities, measured on a recurring basis:
(1) Included in other assets. (2) Included in other liabilities and accrued expenses.
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. 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 table presents the range and weighted average (WA) used to develop significant unobservable inputs for the fair value measurements of Level 3 assets and liabilities.
(1) Unobservable inputs were weighted by the relative fair value of the instruments. 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:
(1) Included in other investments. 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 Receivable, net: 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 under Level 2 in the fair value hierarchy. See Note (7) Notes and Accounts Receivable, net. 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 under Level 3 in 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 under Level 1 in 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 under Level 2 in the fair value hierarchy. See Note (7) 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 under Level 2 in the fair value hierarchy.
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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 statements of operations, excluding the amount for member benefit claims:
During the nine months ended September 30, 2021, the Company experienced an increase in prior year development of $3,866, primarily as a result of higher-than-expected claim severity from business written by a small group of producers of our personal and commercial lines of business. During the nine months ended September 30, 2020, the Company experienced an increase in prior year development of $12,924, primarily from its non-standard auto, light commercial and collateral protection lines of business. Management considers the prior year development for each of the two years to be insignificant in the context of our annual earned premiums, net as well as our net losses and loss adjustment expenses and member benefit claims expenses. We analyze our development on a quarterly basis and given the short duration nature of our products, favorable or adverse development emerges quickly and allows for timely reserve strengthening, if necessary, or modifications to our product pricing or offerings. Based upon our internal analysis, we believe that the amounts recorded for policy liabilities and unpaid claims reasonably represents the amount necessary to pay all claims and related expenses which may arise from incidents that have occurred as of the balance sheet date.
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Revenue From Contracts with Customers |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue From Contracts with Customers | Revenue from Contracts with Customers The Company’s revenues from insurance and warranty operations are primarily accounted for under Financial Services-Insurance (Topic 944) that are not within the scope of Revenue for Contracts with Customers (Topic 606). The Company’s remaining revenues that are within the scope of Topic 606 are primarily comprised of revenues from contracts with customers for monthly membership dues for motor clubs, monthly administration fees for services provided for premiums, claims and reinsurance processing revenues, vehicle service contracts, vessel related revenue and warranty coverage revenues for household goods and appliances (collectively, remaining contracts). The following table presents the disaggregated amounts of revenue from contracts with customers by product type for the following periods:
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. 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 September 30, 2021. 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. Vessel Related Revenue The Company generates its revenues from charterers for the charter hire of its vessels. Vessels are chartered under time or voyage charters, where a contract is entered into for the use of a vessel for a specific voyage or a specific period of time and at a specified daily charter rate. Charter revenues are recognized as earned on the straight-line basis over the term of the charter as service is provided. Revenue is recognized when a charter agreement exists, the vessel is made available to the charterer and collection of the related revenue is reasonably assured. Unearned revenue includes revenue received prior to the balance sheet date relating to services to be rendered after the balance sheet date. The following table presents the activity in the significant deferred assets and liabilities related to revenue from contracts with customers for the following period:
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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:
(1) See Note (21) Commitments and Contingencies for additional information. The following table presents the depreciation expense related to furniture, fixtures and equipment for the following periods:
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:
(1) See Note (21) Commitments and Contingencies for additional information.
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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:
(1) See Note (21) Commitments and Contingencies for additional information. The following table presents the depreciation expense related to furniture, fixtures and equipment for the following periods:
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:
(1) See Note (21) Commitments and Contingencies for additional information.
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Other Revenue and Other Expenses |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Revenue and Other Expenses | Other Revenue and Other Expenses 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’s non-insurance activities except as noted in the footnote to the table.
(1) See Note (6) Investments for the components of Other investment income. (2) Relates to the impairment of Luxury. See Note (4) Assets and Liabilities Held for Sale. (3) Includes $3,458 and $1,047 for the three months ended September 30, 2021 and 2020, respectively, and $8,045 and $5,305 for the nine months ended September 30, 2021 and 2020, respectively, related to Insurance. 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 The Board of Directors authorized the Company to make repurchases of up to $20,000 of shares of the Company’s outstanding common stock in the aggregate, at the discretion of the Company's Executive Committee. The following table presents the Company’s stock repurchase activity and remaining authorization.
Warrants In April 2021, warrants were exercised for 207,445 shares of Tiptree common stock. As of September 30, 2021, there were warrants for 2,016,044 shares of Tiptree common stock outstanding at an exercise price of $6.99. Dividends The Company declared cash dividends per share for the following periods presented below:
(1) See Note (24) Subsequent Events for when the dividend was declared. Statutory Reporting and Insurance Company Subsidiaries Dividend Restrictions The Company’s U.S. insurance subsidiaries prepare financial statements in accordance with Statutory Accounting Principles (SAP) prescribed or permitted by the insurance departments of their states of domicile. Prescribed SAP includes the Accounting Practices and Procedures Manual of the National Association of Insurance Commissioners (the NAIC) as well as state laws, regulations and administrative rules. Statutory Capital and Surplus The Company’s insurance company subsidiaries must maintain minimum amounts of statutory capital and surplus as required by regulatory authorities, including the NAIC; their capital and surplus levels exceeded respective minimum requirements as of September 30, 2021 and December 31, 2020. Statutory Dividends The Company’s U.S. domiciled insurance company subsidiaries may pay dividends to the Company, subject to statutory restrictions. Payments in excess of statutory restrictions (extraordinary dividends) to the Company are permitted only with prior approval of the insurance department of the applicable state of domicile. The Company eliminates all dividends from its subsidiaries in the condensed consolidated financial statements. There were no dividends paid to the Company by its U.S. domiciled insurance company subsidiaries for the nine months ended September 30, 2021 and 2020. The following table presents the combined amount available for ordinary dividends of the Company's U.S. domiciled insurance company subsidiaries for the following periods:
At September 30, 2021, the maximum amount of dividends that our U.S. domiciled regulated insurance company subsidiaries could pay under applicable laws and regulations without regulatory approval was approximately $18,519. 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.
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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 of AFS securities in accumulated other comprehensive income (loss) (AOCI), net of tax, for the following periods:
(1) Amounts reclassified to retained earnings due to adoption of ASU 2016-13. See Note (2) Summary of Significant Accounting Policies of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. 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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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Based Compensation | Stock Based Compensation Equity Plans 2017 Omnibus Incentive Plan The Company adopted the Tiptree 2017 Omnibus Incentive Plan (2017 Equity Plan) on June 6, 2017, which permits the grant of restricted stock units (RSUs), 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:
(1) Excludes awards granted under the Company’s subsidiary incentive plans that are exchangeable for Tiptree common stock. Restricted Stock Units and Stock Awards 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 non-forfeitable with respect to one-third of Tiptree shares granted on each of the first, second and third year anniversaries of the date of the grant, and expensed using the straight-line method over the requisite service period. Stock Awards - Directors’ Compensation The Company values the stock awards at their issuance-date fair value as measured by Tiptree’s common stock price. Upon issuance, the awards are deemed to be granted and immediately vested. The following table presents changes to the issuances of RSUs and stock awards under the 2017 Equity Plan for the periods indicated:
The following tables present the detail of the granted and vested RSUs and stock awards for the periods indicated:
(1) Includes 256,619 shares that vest ratably over three years and 212,638 shares that cliff vest in February 2023 for the nine months ended September 30, 2020. Tiptree Senior Management Incentive Plan On August 4, 2021, a total of 3,500,000 Performance Restricted Stock Units (PRSUs) were awarded to members of the Company’s senior management. The PRSUs have a 10-year term and are subject to the recipient’s continuous service and a market requirement. A portion of the PRSUs will generally vest upon the achievement of each of five Tiptree share price target milestones ranging from $15 to $60, adjusted for dividends paid, within five pre-established determination periods (subject to a catch-up vesting mechanism) occurring on the second, fourth, sixth, eighth and tenth anniversaries of the grant date. Upon vesting, the Company will issue shares or if shares are not available under the 2017 Equity Plan, then the Company may in its sole discretion instead deliver cash equal to the fair market value of the underlying shares. As of September 30, 2021, the Company does not have sufficient shares available in the 2017 Equity Plan to settle the PRSUs awarded; as such, the PRSUs are classified as liability awards and will be remeasured at each reporting date until the date of settlement, and expensed using the straight-line method over the requisite service period. The fair value of the PRSUs are estimated on the date of grant and at each subsequent reporting date 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. The historical volatility is computed based on historical daily returns of the Company’s stock price simulated over the performance period using a lookback period of 10 years. 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 reporting date. The current quarterly dividend rates in effect as of the reporting date are used to calculate a spot dividend yield for use in the model. The following table presents the assumptions used to remeasure the fair value of the PRSUs as of September 30, 2021, which were granted in 2021 and classified as liability awards.
As of September 30, 2021, all PRSUs are unvested. Subsidiary Incentive Plans Certain of the Company’s subsidiaries have established incentive plans under which they are authorized to issue equity of those subsidiaries to certain of their employees. Such awards are accounted for as equity. These awards are subject to performance-vesting criteria based on the performance of the subsidiary (performance vesting awards) and time-vesting subject to continued employment (time vesting awards). Following the service period, such vested awards 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 awards 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 awards under the subsidiary incentive plans for the periods indicated:
During the nine months ended September 30, 2021, vested subsidiary awards were exchanged for 1,158,009 shares of Tiptree common stock and $50 in cash, for a total exchange award value of $12,168. Additionally, vested subsidiary units were repurchased under the subsidiary purchase plan for cash of $1,079. During the nine months ended September 30, 2020, vested subsidiary awards were exchanged for cash, for a total exchange award value of $1,807. The net vested balance of subsidiary awards eligible for exchange as of September 30, 2021 translates to 1,875,284 shares of Tiptree common stock. Stock Option Awards Tiptree Corporate Incentive Plans 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 to the recipient’s continuous service, a market requirement, and vest one third on each of the , , and five year anniversaries of the grant date. The market requirement is the Company's 20-day volume weighted average per share trading price plus actual cash dividends paid following issuance of the option that exceeds the book value on the option grant date. 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 after 2017 include a retirement provision and are amortized over the lesser of the service condition or expected retirement date. There were no options granted during the nine months ended September 30, 2021. Book value targets for grants in 2020, 2019, 2018, 2017 and 2016 are $11.52, $10.79, $9.97, $10.14 and $8.96, respectively. During the nine months ended September 30, 2021, book value targets for all outstanding options were achieved. 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. There were no stock option awards granted in 2021. The following table presents the assumptions used to estimate the fair values of the stock options granted in 2020.
(1) Not applicable for the nine months ended September 30, 2021 as there were no new grants during the period. 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:
(1) Includes $350 related to liability awards recorded in other liabilities as of September 30, 2021. Additional information on total non-vested stock based compensation is as follows:
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The following table presents the Company’s provision (benefit) for income taxes reflected as a component of income (loss):
(1) Lower than the U.S. federal statutory income tax rate of 21% primarily from the impact of the effect of foreign operations and discrete items, partially offset by state taxes. (2) Lower than the U.S. federal statutory income tax rate of 21% due to the effect of discrete items, including expected refunds arising from the CARES Act. (3) Equal to the U.S. federal statutory income tax rate of 21% due to the impact of state taxes offset by other discrete items. (3) Higher than the U.S. federal statutory income tax rate of 21% due to the effect of state rates and other discrete items.
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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 2031. Some of our office leases include the option to extend for up to 5 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 September 30, 2021:
(1) Discount rate was determined by applying available market rates to lease obligations based upon their term. As of September 30, 2021, 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:
(1) Includes lease expense of $134 for the three months ended September 30, 2020, and $306 and $374 for the nine months ended September 30, 2021 and 2020, respectively, for assets held for sale. Litigation The Company is a defendant in Mullins v. Southern Financial Life Insurance Co., which was filed in February 2006, in the Pike County 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 July 2021, the court entered an Order granting Plaintiffs’ Motion for Partial Summary Judgment as to certain disability policies, which the Company intends to challenge. 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.
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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, which includes vested corporate RSUs. Unvested corporate RSUs have a 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 under which the income available to common stockholders is allocated to the unvested corporate RSUs. Diluted net income attributable to common stockholders includes the effect of unvested subsidiaries’ RSUs, when dilutive. The assumed exercise of all potentially dilutive instruments is included in the diluted net income per common share calculation, if dilutive. 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 |
9 Months Ended |
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Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party TransactionsCorvid Peak is a related party of the Company because Corvid Peak is deemed to be controlled by Michael Barnes, the Company’s Executive Chairman. The Company is invested in a fund managed by Corvid Peak (the “Corvid Peak Fund”) and Corvid Peak manages investment portfolio accounts of Fortegra and certain of its subsidiaries under an investment advisory agreement (the “IAA”). With respect to the Corvid Peak Fund, the Company incurred $185 and $230 of management and incentive fees for the three months ended September 30, 2021 and 2020, respectively and $769 and $667 of management and incentive fees for the nine months ended September 30, 2021 and 2020, respectively. Beginning January 1, 2021, Tiptree has been allocated 10.2% of certain profits interests earned by Corvid Peak with an additional 10.2% interest for each of the next consecutive four years, so that, as of January 1, 2025, Tiptree’s percentage interest will be 51%. Pursuant to the Transition Services Agreement, Tiptree and Corvid Peak have mutually agreed to provide certain services to one another. Payments under the Transition Services Agreement in the nine months ended September 30, 2021 and 2020 were not material. Pursuant to the Emeritus Agreement, Tiptree agreed to provide Mr. Inayatullah, a greater than 5% stockholder of the Company, office space and support services, and reimburse Mr. Inayatullah for a portion of benefit expenses in exchange for advice and other consulting services as requested by the Company’s Executive Committee. Transactions related to the Emeritus Agreement in the nine months ended September 30, 2021 and 2020 were not material.
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Subsequent Events |
9 Months Ended |
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Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On October 11, 2021, the Company and Fortegra entered into a Securities Purchase Agreement (the “Purchase Agreement”) with WP Falcon Aggregator, L.P., (“Purchaser”), a Delaware limited partnership affiliated with funds advised or managed by Warburg Pincus LLC, pursuant to which, Fortegra has committed to convert to a Delaware corporation and issue and sell, and the Purchaser agreed to purchase, a combination of (i) shares of common stock, par value $0.01 (“Common Stock”) of Fortegra, (ii) warrants to purchase shares of Common Stock, (iii) shares of Series A Preferred Stock of Fortegra and (iv) additional warrants to acquire Common Stock, for an aggregate purchase price of $200 million, in one or more fundings. Proceeds from the transactions are expected to be used to repay certain indebtedness, and to further capitalize Fortegra. The consummation of the transactions contemplated by the Purchase Agreement is subject to the satisfaction of customary closing conditions, including filings with, and approvals from, insurance and other relevant regulatory agencies. On November 2, 2021, 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 November 22, 2021, and a payment date of November 29, 2021.
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Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||
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, 2020. 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 nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the full year ending on December 31, 2021.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. | ||||||||||||||||||||||||||||||||||||
Reclassifications | 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, 2020, certain prior period amounts have been reclassified to conform to the current presentation. These reclassifications had no effect on the reported results of operations. | ||||||||||||||||||||||||||||||||||||
Recent Accounting Standards | Recently Adopted Accounting Pronouncements
Recently Issued Accounting Pronouncements, Not Yet Adopted During the nine months ended September 30, 2021, there were no accounting standards issued applicable to the Company.
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Segment Data | Tiptree is a holding company that allocates capital across a broad spectrum of businesses, assets and other investments. Tiptree’s principal operating subsidiary, The Fortegra Group, LLC and its subsidiaries (Fortegra), is a leading provider of specialty insurance underwriting, warranty and service contract products and related service solutions. Based on the ASC 280 quantitative analysis performed as of December 31, 2020, our reportable segments are Insurance and Mortgage. We refer to our non-insurance operations, assets and other investments, which is comprised of our Mortgage reportable segment and 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 segments’ income or loss is reported before income taxes and non-controlling interests. Segment results incorporate the revenues and expenses of these subsidiaries since they commenced operations or were acquired. For the three and nine months ended September 30, 2021, Mortgage has been broken out of Tiptree Capital as a reportable segment since it meets the quantitative threshold for disclosure. Prior year segments have been conformed to the current year presentation. Intercompany transactions are eliminated. Descriptions of our Insurance reportable segment and Tiptree Capital, including our Mortgage reportable segment, are as follows: Insurance operations are conducted through Fortegra, which includes Fortegra Financial Corporation and Fortegra Warranty. Fortegra underwrites and administers specialty insurance programs and products, and is a leading provider of credit and asset protection products and administration services. Fortegra’s programs are provided across a diverse range of products and services including credit protection insurance, warranty and service contract products, premium finance, and niche personal and commercial lines of insurance. Tiptree Capital: Mortgage operations are conducted through Reliance. The Company’s mortgage origination business originates loans for sale to institutional investors, including GSEs and FHA/VA and services loans on behalf of Fannie Mae, Freddie Mac, and GNMA. Other includes our asset management, mortgage operations of Luxury, shipping operations, and other investments (including our Invesque shares).
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Derivatives | 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 its counterparties fail to meet the contract terms. The derivative financial instruments 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 to be announced (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 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 | 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 measurements are 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. 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, at fair value The fair values of AFS securities are based on prices provided by an independent pricing service and a third-party investment manager. The Company obtains an understanding of the methods, models and inputs used by the independent pricing service and the third-party investment manager by analyzing the investment manager-provided pricing report. The following details the methods and assumptions used to estimate the fair value of each class of AFS 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 and third-party investment manager are based on quoted market prices, when available, non-binding broker quotes, or matrix pricing and fall under Level 2 or Level 3 in 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 equity securities and exchange traded funds (“ETFs”) are obtained from market value quotations provided by an independent pricing service and fall under Level 1 in the fair value hierarchy. The fair values of non-publicly traded common and preferred stocks are based on prices obtained from an independent pricing service using unobservable inputs and fall under Level 3 in 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 under 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 under Level 2 in the fair value hierarchy and fair value is based upon forward sales contracts with third-party investors, including estimated loan costs. Derivative Assets and Liabilities Derivatives are primarily comprised of IRLCs, forward delivery contracts and TBA mortgage backed securities. 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 their customers, which are carried at estimated fair value on the Company’s condensed consolidated balance sheets. 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 pull through assumption. The fair values of these commitments generally fall under Level 3 in the fair value hierarchy. 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 fall under Level 2 in the fair value hierarchy. Corporate Bonds Corporate bonds are generally classified under Level 2 in the fair value hierarchy and fair value is provided by a third-party investment manager, based on quoted market prices. We perform internal price verification procedures monthly to ensure that the prices provided are reasonable. Trade Claims Trade claims represent unsecured claims of bankrupt companies and are generally classified under Level 3 in the fair value hierarchy. The fair value is determined using valuation methodologies that consider a range of factors, including but not limited to the price at which the investment was acquired, the nature of the investment, local market conditions, current and projected operating performance, and financing transactions subsequent to the acquisition of the investment. The inputs are intended to reflect the assumptions a market participant would use in pricing the asset or liability. Securities Sold, Not Yet Purchased Securities sold, not yet purchased are generally classified under Level 1 or Level 2 in the fair value hierarchy, based on the leveling of the securities sold short, and fair value is provided by a third-party investment manager, based on quoted market prices. We perform internal price verification procedures monthly to ensure that the prices provided are reasonable. Mortgage Servicing Rights Mortgage servicing rights are classified under Level 3 in the fair value hierarchy and fair value is provided by a third-party valuation service. Various observable and unobservable inputs are used to determine fair value, including discount rate, cost to service and weighted average prepayment speed. 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 Receivable, net: 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 under Level 2 in the fair value hierarchy. See Note (7) Notes and Accounts Receivable, net. 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 under Level 3 in 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 under Level 1 in 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 under Level 2 in the fair value hierarchy. See Note (7) 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 under Level 2 in the fair value hierarchy.
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Revenue Recognition | 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. 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 September 30, 2021. 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. Vessel Related Revenue The Company generates its revenues from charterers for the charter hire of its vessels. Vessels are chartered under time or voyage charters, where a contract is entered into for the use of a vessel for a specific voyage or a specific period of time and at a specified daily charter rate. Charter revenues are recognized as earned on the straight-line basis over the term of the charter as service is provided. |
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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, which includes vested corporate RSUs. Unvested corporate RSUs have a 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 under which the income available to common stockholders is allocated to the unvested corporate RSUs. Diluted net income attributable to common stockholders includes the effect of unvested subsidiaries’ RSUs, when dilutive. The assumed exercise of all potentially dilutive instruments is included in the diluted net income per common share calculation, if dilutive.
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Acquisitions (Tables) |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions | The following table summarizes the final determination of the fair value amounts for the identifiable assets acquired, liabilities assumed, and goodwill, as described above, for the transactions completed during the nine months ended September 30, 2020:
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Schedule of Finite-Lived Intangible Assets Acquired | The following table shows the values recorded by the Company, as of the acquisition date, for finite-lived intangible assets and the range of their estimated amortization period:
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Assets and Liabilities Held for Sale (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Held for Sale | The following table presents detail of Luxury’s assets and liabilities held for sale in the condensed consolidated balance sheets for the following periods:
(1) Includes deferred tax liabilities of $1,796 and $939 as of September 30, 2021 and December 31, 2020, respectively.
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Segment Data (Tables) |
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Operating Segments | The tables below present the components of revenue, expense, income (loss) before taxes, and assets for our reportable segments as well as Tiptree Capital - Other for the following periods:
The following table presents the reportable segments and Tiptree Capital - Other assets for the following periods:
The following table presents the Company's investments related to insurance operations and other Tiptree investing activities, measured at fair value as of the following periods:
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Investments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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, income (loss) before taxes, and assets for our reportable segments as well as Tiptree Capital - Other for the following periods:
The following table presents the reportable segments and Tiptree Capital - Other assets for the following periods:
The following table presents the Company's investments related to insurance operations and other Tiptree investing activities, measured at fair value as of the following periods:
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Schedule of available-for-sale securities | The following tables present the Company's investments in AFS securities:
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Schedule of amortized cost and fair value by contractual maturity date | The amortized cost and fair values of AFS 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 AFS securities by length of time that individual AFS securities have been in a continuous unrealized loss position for less than twelve months, and twelve months or greater and do not have an allowance for credit losses:
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Roll forward Activity in the Allowance for Credit Losses for AFS Securities | The table below presents a roll-forward of the activity in the allowance for credit losses on AFS securities by type as of September 30, 2021:
The Company applies a discounted cash flow model, based on assumptions and model outputs provided by an investment management company, in determining its lifetime expected credit losses on AFS securities. This includes determining the present value of expected future cash flows discounted at the book yield of the security. The table below presents the amount of credit losses (gains from recoveries) on AFS securities recorded by the Company for the following period:
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Restricted Investments | The following table presents the Company's restricted investments included in the Company's AFS securities:
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Available-for-sale Securities additional information | The following table presents additional information on the Company’s AFS securities:
The following table presents the gross realized gains and gross realized losses from sales and redemptions of AFS securities:
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Schedule of Investments in Loans Measured at Fair Value | The following table presents the Company’s investments in loans measured at fair value and the Company’s investments in loans measured at fair value pledged as collateral:
(1) The cost basis of Corporate loans was approximately $4,108 and $11,282 at September 30, 2021 and December 31, 2020, respectively. (2) As of September 30, 2021 and December 31, 2020, there were two mortgage loans held for sale that were 90 days or more past due, respectively, with a fair value of $332 and $534, respectively. The following table presents the total notes and accounts receivable, net:
The following table presents the total valuation allowance and bad debt expense for the following periods:
(1) As of September 30, 2021 and December 31, 2020, there were $1,311 and $215 in balances classified as 90 days plus past due, respectively.
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Debt Securities, Trading, and Equity Securities | The following table presents information on the cost and fair value of the Company’s equity securities related to insurance operations and other Tiptree investing activity as of the following periods:
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Schedule of Other Investments | The following table contains information regarding the Company’s other investments as of the following periods:
(1) The cost basis of corporate bonds was $42,272 and $97,284 as of September 30, 2021 and December 31, 2020, respectively. (2) Net of accumulated depreciation of $11,873 and $8,372 as of September 30, 2021 and December 31, 2020, respectively.
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Components of Investment Income | The following table presents the components of net investment income by source of income:
Other Investment Income - Tiptree Capital Other investment income represents other revenue from other Tiptree non-insurance activities as disclosed within other revenue on the condensed consolidated statements of operations, see Note (16) Other Revenue and Other Expenses. The following tables present the components of other investment income by type:
(1) Primarily relates to Loans, at fair value classified as Held for Sale. See Note (4) Assets and Liabilities Held for Sale.
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Components of Net Realized and Unrealized Gain (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 AFS securities are included within other comprehensive income (loss) (OCI), net of tax, and, as such, are not included in this table. Net realized and unrealized gains (losses) on non-investment related financial assets and liabilities are included below:
(1) Relates to Loans, at fair value classified as Held for Sale. See Note (4) Assets and Liabilities Held for Sale.
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Notes and Accounts Receivable, net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notes and Accounts Receivable | The following table presents the Company’s investments in loans measured at fair value and the Company’s investments in loans measured at fair value pledged as collateral:
(1) The cost basis of Corporate loans was approximately $4,108 and $11,282 at September 30, 2021 and December 31, 2020, respectively. (2) As of September 30, 2021 and December 31, 2020, there were two mortgage loans held for sale that were 90 days or more past due, respectively, with a fair value of $332 and $534, respectively. The following table presents the total notes and accounts receivable, net:
The following table presents the total valuation allowance and bad debt expense for the following periods:
(1) As of September 30, 2021 and December 31, 2020, there were $1,311 and $215 in balances classified as 90 days plus past due, respectively.
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Reinsurance Receivables (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effects of Reinsurance | The following table presents the effect of reinsurance on premiums written and earned by our insurance business for the following periods:
The following table presents the components of policy and contract benefits, including the effect of reinsurance on losses and loss adjustment expenses (LAE) incurred:
(1) Member benefit claims are not covered by reinsurance. The following table presents the components of the reinsurance receivables:
(1) Including policyholder account balances ceded.
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Components of Reinsurance Receivable | 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) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
(1) Impairment tests are performed at least annually on indefinite-lived intangible assets.
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Schedule of 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 impairment related charges:
(1) Relates to adjustments during the measurement period as permitted under ASC 805 for the final valuation of acquisition in our insurance business as of December 31, 2020.
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Schedule of identifiable intangible assets | The following table presents the activity, by operating segment and/or reporting unit, as appropriate, in finite and indefinite-lived other intangible assets and includes the adjustments made to the balance to reflect the effect of any final valuation adjustments made for acquisitions, as well as any reduction attributable to 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 and thereafter by operating segment and/or reporting unit, as appropriate:
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Derivative Financial Instruments and Hedging (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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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Debt, net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
(1) The secured revolving credit agreements provide a two rate structure at the Company’s discretion. (2) Asset based debt is generally recourse only to specific assets and related cash flows. (3) The weighted average coupon rate for residential mortgage warehouse borrowings was 2.25% and 2.75% at September 30, 2021 and December 31, 2020, respectively.
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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 contractual principal payments and future maturities of the unpaid principal balance on the Company’s debt for the following periods:
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Fair Value of Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
(1) Included in other assets. (2) Included in other liabilities and accrued expenses.
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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 the range and weighted average (WA) used to develop significant unobservable inputs for the fair value measurements of Level 3 assets and liabilities.
(1) Unobservable inputs were weighted by the relative fair value of the instruments.
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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) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 statements of operations, excluding the amount for member benefit claims:
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Revenue From Contracts with Customers (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [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 following period:
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Other Assets and Other Liabilities and Accrued Expenses (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
(1) See Note (21) Commitments and Contingencies for additional information.
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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:
The following table presents the components of other expenses as reported in the condensed consolidated statement of operations:
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Components of 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:
(1) See Note (21) Commitments and Contingencies for additional information.
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Other Revenue and Other Expenses (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of 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’s non-insurance activities except as noted in the footnote to the table.
(1) See Note (6) Investments for the components of Other investment income. (2) Relates to the impairment of Luxury. See Note (4) Assets and Liabilities Held for Sale. (3) Includes $3,458 and $1,047 for the three months ended September 30, 2021 and 2020, respectively, and $8,045 and $5,305 for the nine months ended September 30, 2021 and 2020, respectively, related to Insurance.
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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:
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) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares Repurchased | The following table presents the Company’s stock repurchase activity and remaining authorization.
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Dividends Declared | The Company declared cash dividends per share for the following periods presented below:
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Statutory Accounting Practices Disclosure | The following table presents the combined amount available for ordinary dividends of the Company's U.S. domiciled insurance company subsidiaries for the following periods:
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Accumulated Other Comprehensive Income (Loss) (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the activity of AFS securities in accumulated other comprehensive income (loss) (AOCI), net of tax, for the following periods:
(1) Amounts reclassified to retained earnings due to adoption of ASU 2016-13. See Note (2) Summary of Significant Accounting Policies of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
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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) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [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:
(1) Excludes 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 and stock awards under the 2017 Equity Plan for the periods indicated:
The following tables present the detail of the granted and vested RSUs and stock awards for the periods indicated:
(1) Includes 256,619 shares that vest ratably over three years and 212,638 shares that cliff vest in February 2023 for the nine months ended September 30, 2020. The following table presents the Company's stock option activity for the current period:
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Schedule of Assumptions Used to Estimate the Fair Values of the PRSUs Granted | The following table presents the assumptions used to remeasure the fair value of the PRSUs as of September 30, 2021, which were granted in 2021 and classified as liability awards.
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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 awards under the subsidiary incentive plans for the periods indicated:
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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 in 2020.
(1) Not applicable for the nine months ended September 30, 2021 as there were no new grants during the period.
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Schedule of Stock-based Compensation Expense and Related Income Tax Benefit | The following table presents total stock based compensation expense and the related income tax benefit recognized on the condensed consolidated statements of operations:
(1) Includes $350 related to liability awards recorded in other liabilities as of September 30, 2021.
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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 (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The following table presents the Company’s provision (benefit) for income taxes reflected as a component of income (loss):
(1) Lower than the U.S. federal statutory income tax rate of 21% primarily from the impact of the effect of foreign operations and discrete items, partially offset by state taxes. (2) Lower than the U.S. federal statutory income tax rate of 21% due to the effect of discrete items, including expected refunds arising from the CARES Act. (3) Equal to the U.S. federal statutory income tax rate of 21% due to the impact of state taxes offset by other discrete items. (3) Higher than the U.S. federal statutory income tax rate of 21% due to the effect of state rates and other discrete items.
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Commitments and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Operating Leases | Below is a summary of our right of use asset and lease liability as of September 30, 2021:
(1) Discount rate was determined by applying available market rates to lease obligations based upon their term. The following table presents rent expense for the Company’s office leases recorded on the condensed consolidated statements of operations for the following periods:
(1) Includes lease expense of $134 for the three months ended September 30, 2020, and $306 and $374 for the nine months ended September 30, 2021 and 2020, respectively, for assets held for sale.
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Schedule of Operating Lease Liability Maturity | As of September 30, 2021, the approximate aggregate minimum future lease payments required for our lease liability over the remaining lease periods are as follows:
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of reconciliation of basic and diluted net income per common share | The following table presents a reconciliation of basic and diluted net income per common share for the following periods:
|
Organization (Details) |
9 Months Ended |
---|---|
Sep. 30, 2021
segment
| |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 2 |
Acquisitions - Narrative (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Jan. 03, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
---|---|---|---|---|
Business Acquisition [Line Items] | ||||
Total intangible assets, net | $ 138,215 | $ 126,649 | ||
Smart AutoCare | ||||
Business Acquisition [Line Items] | ||||
Payments to acquire businesses | $ 111,804 | |||
Escrow deposit | 8,250 | |||
Consideration transferred | 102,000 | |||
Total intangible assets, net | 93,700 | $ 93,700 | ||
Goodwill acquired | 60,346 | |||
Acquisition, goodwill, expected tax deductible amount | $ 21,127 | |||
Sky Auto | ||||
Business Acquisition [Line Items] | ||||
Payments to acquire businesses | 25,200 | |||
Total intangible assets, net | 5,340 | |||
Goodwill acquired | $ 19,867 | |||
Minimum | Smart AutoCare | ||||
Business Acquisition [Line Items] | ||||
Useful life | 5 years | |||
Maximum | Smart AutoCare | ||||
Business Acquisition [Line Items] | ||||
Useful life | 13 years 6 months | |||
Acquisition, goodwill, expected tax deductible, amortization period | 15 years |
Acquisitions - Schedule of Business Combination, Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
Jan. 03, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|---|
Business Acquisition [Line Items] | |||||
Available for sale securities, at fair value, net of allowance for credit losses | $ 541,121 | $ 377,133 | |||
Total investments | 938,694 | 811,404 | |||
Cash and cash equivalents | 150,496 | 136,920 | |||
Restricted cash | 21,588 | 58,355 | |||
Notes and accounts receivable, net | 443,150 | 370,452 | |||
Reinsurance receivables | 827,199 | 728,009 | |||
Intangible assets, net | 126,649 | 138,215 | |||
Other assets | 152,938 | 162,034 | |||
Total assets | 3,378,352 | 2,995,760 | |||
Policy liabilities and unpaid claims | 296,811 | 197,355 | $ 171,990 | $ 132,710 | |
Reinsurance payable | 239,499 | 224,660 | |||
Other liabilities and accrued expenses | 305,519 | 362,865 | |||
Total liabilities | 2,976,210 | 2,622,222 | |||
Goodwill | $ 179,103 | $ 179,236 | |||
Smart AutoCare | |||||
Business Acquisition [Line Items] | |||||
Available for sale securities, at fair value, net of allowance for credit losses | 110 | ||||
Total investments | 110 | ||||
Cash and cash equivalents | 120,934 | ||||
Restricted cash | 764 | ||||
Notes and accounts receivable, net | 6,214 | ||||
Reinsurance receivables | 71,337 | ||||
Intangible assets, net | 93,700 | $ 93,700 | |||
Other assets | 34,053 | ||||
Total assets | 327,112 | ||||
Policy liabilities and unpaid claims | 55,151 | ||||
Deferred revenue | 182,568 | ||||
Reinsurance payable | 27,075 | ||||
Other liabilities and accrued expenses | 10,860 | ||||
Total liabilities | 275,654 | ||||
Net assets acquired | 51,458 | ||||
Goodwill | 60,346 | ||||
Net assets acquired, including goodwill | 111,804 | ||||
Acquisition costs | $ 3,539 |
Acquisitions - Schedule of Finite-lived Intangible Assets and Range of Estimated Amortization Periods (Details) - USD ($) $ in Thousands |
Jan. 03, 2020 |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Customer relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Value as of acquisition date | $ 143,300 | $ 143,300 | |
Software licensing | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Value as of acquisition date | 9,940 | 9,940 | |
Trade names | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Value as of acquisition date | $ 15,550 | $ 15,550 | |
Smart AutoCare | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period (in Years) | 7 years 8 months 12 days | ||
Value as of acquisition date | $ 93,700 | ||
Smart AutoCare | Customer relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period (in Years) | 7 years 2 months 12 days | ||
Value as of acquisition date | $ 86,000 | ||
Smart AutoCare | Software licensing | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period (in Years) | 5 years | ||
Value as of acquisition date | $ 600 | ||
Smart AutoCare | Trade names | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period (in Years) | 13 years 6 months | ||
Value as of acquisition date | $ 7,100 |
Assets and Liabilities Held for Sale - Schedule of Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
---|---|---|---|
Assets: | |||
Loans, at fair value | $ 89,326 | $ 90,732 | |
Other investments | 168,829 | 219,701 | |
Total investments | 938,694 | 811,404 | |
Cash, cash equivalents and restricted cash | 12,319 | $ 6,178 | |
Other assets | 152,938 | 162,034 | |
Assets held for sale | 185,595 | 181,705 | |
Liabilities: | |||
Debt, net | 374,842 | 366,246 | |
Liabilities held for sale | 178,343 | 175,112 | |
Held for sale | Luxury Disposition | |||
Assets: | |||
Loans, at fair value | 168,307 | 164,802 | |
Other investments | 2,410 | 4,345 | |
Total investments | 170,717 | 169,147 | |
Cash, cash equivalents and restricted cash | 12,319 | 4,879 | |
Notes and accounts receivable, net | 136 | 1,760 | |
Other assets | 2,423 | 5,919 | |
Assets held for sale | 185,595 | 181,705 | |
Liabilities: | |||
Debt, net | 163,701 | 162,072 | |
Other liabilities and accrued expenses | 14,642 | 13,040 | |
Liabilities held for sale | 178,343 | 175,112 | |
Deferred tax liabilities | $ 1,796 | $ 939 |
Assets and Liabilities Held for Sale - Narrative (Details) - Held for sale - Luxury Disposition - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2021 |
Dec. 31, 2020 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairment of assets held for sale | $ 386 | $ 1,175 | |
Impairment of assets held for sale, accumulated | $ 5,603 | $ 5,603 | $ 4,428 |
Segment Data - Schedule of Segment Results (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 286,605 | $ 224,041 | $ 880,980 | $ 552,906 |
Total expenses | (271,701) | (201,119) | (793,378) | (591,127) |
Corporate expenses | (11,320) | (9,025) | (33,151) | (25,199) |
Income (loss) before taxes | 3,584 | 13,897 | 54,451 | (63,420) |
Less: provision (benefit) for income taxes | 237 | (844) | 11,416 | (22,030) |
Net income (loss) | 3,347 | 14,741 | 43,035 | (41,390) |
Less: net income (loss) attributable to non-controlling interests | 1,339 | 1,978 | 4,477 | 2,038 |
Net income (loss) attributable to common stockholders | $ 2,008 | $ 12,763 | $ 38,558 | $ (43,428) |
Revenues, non-US sources | 9.00% | 6.30% | 7.10% | 6.50% |
Tiptree Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 246,706 | $ 174,005 | $ 721,524 | $ 482,299 |
Total expenses | (233,369) | (160,558) | (671,955) | (481,881) |
Corporate expenses | 0 | 0 | 0 | 0 |
Income (loss) before taxes | 13,337 | 13,447 | 49,569 | 418 |
Tiptree Capital - Mortgage | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 27,425 | 35,879 | 87,191 | 80,911 |
Total expenses | (21,158) | (21,426) | (62,072) | (60,143) |
Corporate expenses | 0 | 0 | 0 | 0 |
Income (loss) before taxes | 6,267 | 14,453 | 25,119 | 20,768 |
Tiptree Capital - Other | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 12,474 | 14,157 | 72,265 | (10,304) |
Total expenses | (17,174) | (19,135) | (59,351) | (49,103) |
Corporate expenses | 0 | 0 | 0 | 0 |
Income (loss) before taxes | $ (4,700) | $ (4,978) | $ 12,914 | $ (59,407) |
Segment Data - Schedule of Segment Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Total assets | $ 3,378,352 | $ 2,995,760 |
Tiptree Insurance | ||
Segment Reporting Information [Line Items] | ||
Total assets | 2,832,179 | 2,452,798 |
Tiptree Capital - Mortgage | ||
Segment Reporting Information [Line Items] | ||
Total assets | 205,878 | 217,138 |
Tiptree Capital - Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | 314,191 | 302,068 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 26,104 | $ 23,756 |
Investments - Schedule of Investments by Segment (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Available for sale securities, at fair value, net of allowance for credit losses | $ 541,121 | $ 377,133 |
Loans, at fair value | 89,326 | 90,732 |
Equity securities | 139,418 | 123,838 |
Other investments | 168,829 | 219,701 |
Total investments | 938,694 | 811,404 |
Tiptree Insurance | ||
Segment Reporting Information [Line Items] | ||
Available for sale securities, at fair value, net of allowance for credit losses | 541,121 | 377,133 |
Loans, at fair value | 2,099 | 7,795 |
Equity securities | 110,198 | 98,130 |
Other investments | 76,166 | 125,833 |
Total investments | 729,584 | 608,891 |
Tiptree Capital - Mortgage | ||
Segment Reporting Information [Line Items] | ||
Available for sale securities, at fair value, net of allowance for credit losses | 0 | 0 |
Loans, at fair value | 87,227 | 82,937 |
Equity securities | 0 | 0 |
Other investments | 10,645 | 9,439 |
Total investments | 97,872 | 92,376 |
Tiptree Capital - Other | ||
Segment Reporting Information [Line Items] | ||
Available for sale securities, at fair value, net of allowance for credit losses | 0 | 0 |
Loans, at fair value | 0 | 0 |
Equity securities | 29,220 | 25,708 |
Other investments | 82,018 | 84,429 |
Total investments | $ 111,238 | $ 110,137 |
Investments - Schedule of Available-for-sale Securities, at Fair Value (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized cost | $ 539,678 | $ 369,751 | ||
Allowance for Credit Losses | (84) | 0 | $ (10) | $ 0 |
Gross unrealized gains | 5,526 | 9,541 | ||
Gross unrealized losses | (3,999) | (2,159) | ||
Fair value | 541,121 | 377,133 | ||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized cost | 303,340 | 191,116 | ||
Allowance for Credit Losses | 0 | 0 | ||
Gross unrealized gains | 3,128 | 5,245 | ||
Gross unrealized losses | (1,221) | (58) | ||
Fair value | 305,247 | 196,303 | ||
Obligations of state and political subdivisions | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized cost | 54,524 | 42,583 | ||
Allowance for Credit Losses | 0 | 0 | 0 | 0 |
Gross unrealized gains | 1,308 | 1,768 | ||
Gross unrealized losses | (214) | (1) | ||
Fair value | 55,618 | 44,350 | ||
Corporate securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized cost | 142,153 | 92,761 | ||
Allowance for Credit Losses | (80) | 0 | (10) | 0 |
Gross unrealized gains | 946 | 2,181 | ||
Gross unrealized losses | (483) | (1) | ||
Fair value | 142,536 | 94,941 | ||
Asset backed securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized cost | 36,151 | 37,975 | ||
Allowance for Credit Losses | 0 | 0 | 0 | 0 |
Gross unrealized gains | 138 | 316 | ||
Gross unrealized losses | (2,047) | (2,099) | ||
Fair value | 34,242 | 36,192 | ||
Certificates of deposit | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized cost | 856 | 1,355 | ||
Allowance for Credit Losses | 0 | 0 | ||
Gross unrealized gains | 0 | 0 | ||
Gross unrealized losses | 0 | 0 | ||
Fair value | 856 | 1,355 | ||
Obligations of foreign governments | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized cost | 2,654 | 3,961 | ||
Allowance for Credit Losses | (4) | 0 | $ 0 | $ 0 |
Gross unrealized gains | 6 | 31 | ||
Gross unrealized losses | (34) | 0 | ||
Fair value | $ 2,622 | $ 3,992 |
Investments - Schedule of Amortized Cost and Fair Value by Contractual Maturity (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Amortized Cost | ||
Due in one year or less | $ 23,768 | $ 30,306 |
Due after one year through five years | 227,073 | 149,378 |
Due after five years through ten years | 55,470 | 26,621 |
Due after ten years | 197,216 | 125,471 |
Asset-backed securities | 36,151 | 37,975 |
Amortized cost | 539,678 | 369,751 |
Fair Value | ||
Due in one year or less | 23,984 | 30,602 |
Due after one year through five years | 228,476 | 153,406 |
Due after five years through ten years | 55,445 | 27,479 |
Due after ten years | 198,974 | 129,454 |
Asset-backed securities | 34,242 | 36,192 |
Fair Value | $ 541,121 | $ 377,133 |
Investments - Schedule of Available-for-sale Securities in Continuous Unrealized Loss Position (Details) $ in Thousands |
Sep. 30, 2021
USD ($)
security
|
Dec. 31, 2020
USD ($)
security
|
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Less than or equal to One Year, Fair value | $ 282,828 | $ 16,603 |
Less than or equal to One Year, Gross unrealized losses | $ (1,790) | $ (60) |
Less than or Equal to One Year, Number of Securities | security | 577 | 49 |
More Than One Year, Fair value | $ 9,764 | $ 18,929 |
More than One Year, Gross unrealized loss | $ (2,209) | $ (2,099) |
More than One Year, Number of securities | security | 28 | 11 |
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 | $ 188,046 | $ 15,323 |
Less than or equal to One Year, Gross unrealized losses | $ (1,059) | $ (58) |
Less than or Equal to One Year, Number of Securities | security | 267 | 41 |
More Than One Year, Fair value | $ 6,094 | $ 2 |
More than One Year, Gross unrealized loss | $ (162) | $ 0 |
More than One Year, Number of securities | security | 20 | 2 |
Obligations of state and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than or equal to One Year, Fair value | $ 12,303 | $ 379 |
Less than or equal to One Year, Gross unrealized losses | $ (203) | $ (1) |
Less than or Equal to One Year, Number of Securities | security | 41 | 5 |
More Than One Year, Fair value | $ 279 | $ 0 |
More than One Year, Gross unrealized loss | $ (11) | $ 0 |
More than One Year, Number of securities | security | 3 | 0 |
Corporate securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than or equal to One Year, Fair value | $ 76,400 | $ 901 |
Less than or equal to One Year, Gross unrealized losses | $ (483) | $ (1) |
Less than or Equal to One Year, Number of Securities | security | 240 | 3 |
More Than One Year, Fair value | $ 0 | $ 0 |
More than One Year, Gross unrealized loss | $ 0 | $ 0 |
More than One Year, Number of securities | security | 0 | 0 |
Asset backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than or equal to One Year, Fair value | $ 4,195 | $ 0 |
Less than or equal to One Year, Gross unrealized losses | $ (11) | $ 0 |
Less than or Equal to One Year, Number of Securities | security | 23 | 0 |
More Than One Year, Fair value | $ 3,391 | $ 18,927 |
More than One Year, Gross unrealized loss | $ (2,036) | $ (2,099) |
More than One Year, Number of securities | security | 5 | 9 |
Obligations of foreign governments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than or equal to One Year, Fair value | $ 1,884 | |
Less than or equal to One Year, Gross unrealized losses | $ (34) | |
Less than or Equal to One Year, Number of Securities | security | 6 | |
More Than One Year, Fair value | $ 0 | |
More than One Year, Gross unrealized loss | $ 0 | |
More than One Year, Number of securities | security | 0 |
Investments -Schedule of the Allowance for Credit Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 0 | $ 0 | ||
(Increase) in allowance for credit losses | (135) | |||
Reduction in credit losses due to AFS securities sold during the year | 4 | 3 | ||
Gains from recoveries of amounts previously written off | 47 | 40 | ||
Ending balance | $ (84) | $ (10) | (84) | (10) |
Tiptree Insurance | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Net gains from recoveries (credit losses) on AFS securities | (1) | (8) | (84) | 43 |
Adoption of accounting standard | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | (53) | |||
Obligations of state and political subdivisions | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 0 | 0 | ||
(Increase) in allowance for credit losses | 0 | |||
Reduction in credit losses due to AFS securities sold during the year | 0 | 0 | ||
Gains from recoveries of amounts previously written off | 0 | 1 | ||
Ending balance | 0 | 0 | 0 | 0 |
Obligations of state and political subdivisions | Adoption of accounting standard | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | (1) | |||
Corporate securities | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 0 | 0 | ||
(Increase) in allowance for credit losses | (129) | |||
Reduction in credit losses due to AFS securities sold during the year | 3 | 3 | ||
Gains from recoveries of amounts previously written off | 46 | 37 | ||
Ending balance | (80) | (10) | (80) | (10) |
Corporate securities | Adoption of accounting standard | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | (50) | |||
Asset backed securities | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 0 | 0 | ||
(Increase) in allowance for credit losses | 0 | |||
Reduction in credit losses due to AFS securities sold during the year | 0 | 0 | ||
Gains from recoveries of amounts previously written off | 0 | 2 | ||
Ending balance | 0 | 0 | 0 | 0 |
Asset backed securities | Adoption of accounting standard | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | (2) | |||
Obligations of foreign governments | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 0 | 0 | ||
(Increase) in allowance for credit losses | (6) | |||
Reduction in credit losses due to AFS securities sold during the year | 1 | 0 | ||
Gains from recoveries of amounts previously written off | 1 | 0 | ||
Ending balance | $ (4) | $ 0 | $ (4) | 0 |
Obligations of foreign governments | Adoption of accounting standard | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 0 |
Investments - Schedule of Restricted Investments (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Fair value of restricted investments in trust pursuant to reinsurance agreements | $ 44,082 | $ 44,349 |
Fair value of restricted investments for special deposits required by state insurance departments | 9,143 | 9,447 |
Total fair value of restricted investments | $ 53,225 | $ 53,796 |
Investments - Schedule of Available for Sale Investment Purchases, Proceeds and Gains & Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Investments, Debt and Equity Securities [Abstract] | ||||
Purchases of AFS securities | $ 142,420 | $ 49,285 | $ 285,151 | $ 111,280 |
Proceeds from maturities, calls and prepayments of AFS securities | 16,616 | 21,643 | 51,245 | 65,492 |
Gross proceeds from sales of AFS securities | 29,713 | 2,873 | 62,902 | 15,249 |
Gross realized gains | 303 | 115 | 625 | 274 |
Gross realized (losses) | (7) | 0 | (9) | (63) |
Total net realized gains (losses) from investment sales and redemptions | $ 296 | $ 115 | $ 616 | $ 211 |
Investments - Loans, at fair value - Schedule of the Company's Investment in Loans Measured at Fair Value (Details) $ in Thousands |
Sep. 30, 2021
USD ($)
loan
|
Dec. 31, 2020
USD ($)
loan
|
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at fair value | $ 89,326 | $ 90,732 |
Unpaid principal balance (UPB) | 89,157 | 90,871 |
Fair value exceeds / (below) UPB | 169 | (139) |
Loans Pledged as Collateral | $ 84,823 | $ 81,630 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Mortgage loans held for sale | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans past due | loan | 2 | 2 |
Tiptree Insurance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at fair value | $ 2,099 | $ 7,795 |
Tiptree Insurance | Corporate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at fair value | 2,099 | 7,795 |
Unpaid principal balance (UPB) | 5,197 | 12,281 |
Fair value exceeds / (below) UPB | (3,098) | (4,486) |
Loans Pledged as Collateral | 0 | 0 |
Cost basis of NPLs | 4,108 | 11,282 |
Tiptree Capital - Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at fair value | 87,227 | 82,937 |
Tiptree Capital - Mortgage | Mortgage loans held for sale | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans held for sale | 87,227 | 82,937 |
Unpaid principal balance (UPB) | 83,960 | 78,590 |
Fair value exceeds / (below) UPB | 3,267 | 4,347 |
Loans Pledged as Collateral | 84,823 | 81,630 |
Tiptree Capital - Mortgage | Financing Receivables, Equal to Greater than 90 Days Past Due | Mortgage loans held for sale | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans held for sale | $ 332 | $ 534 |
Investments - Equity securities - Debt Securities, Trading, and Equity Securities (Details) - USD ($) $ in Thousands, shares in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | $ 235,706 | $ 235,337 |
Fair Value | 139,418 | 123,838 |
Tiptree Insurance | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | 124,215 | 123,846 |
Fair Value | 110,198 | 98,130 |
Tiptree Capital - Other | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | 111,491 | 111,491 |
Fair Value | 29,220 | 25,708 |
Fixed income ETFs | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | 38,682 | 62,438 |
Fair Value | 39,694 | 63,875 |
Fixed income ETFs | Tiptree Insurance | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | 38,682 | 62,438 |
Fair Value | 39,694 | 63,875 |
Fixed income ETFs | Tiptree Capital - Other | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | 0 | 0 |
Fair Value | 0 | 0 |
Other equity securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | 62,194 | 38,069 |
Fair Value | 64,401 | 28,885 |
Other equity securities | Tiptree Insurance | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | 62,194 | 38,069 |
Fair Value | 64,401 | 28,885 |
Other equity securities | Tiptree Capital - Other | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | 0 | 0 |
Fair Value | $ 0 | $ 0 |
Invesque | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities, shares held | 17.0 | 17.0 |
Cost | $ 134,830 | $ 134,830 |
Fair Value | 35,323 | 31,078 |
Invesque | Tiptree Insurance | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | 23,339 | 23,339 |
Fair Value | 6,103 | 5,370 |
Invesque | Tiptree Capital - Other | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | 111,491 | 111,491 |
Fair Value | $ 29,220 | $ 25,708 |
Investments - Other investments - Schedule of Other Investments (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | $ 168,829 | $ 219,701 |
Tiptree Insurance | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 76,166 | 125,833 |
Tiptree Capital - Mortgage | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 10,645 | 9,439 |
Tiptree Capital - Other | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 82,018 | 84,429 |
Corporate bonds, at fair value | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 44,217 | 105,777 |
Corporate bonds, at fair value | Tiptree Insurance | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 44,217 | 105,777 |
Investment owned, at cost | 42,272 | 97,284 |
Corporate bonds, at fair value | Tiptree Capital - Mortgage | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 0 | 0 |
Corporate bonds, at fair value | Tiptree Capital - Other | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 0 | 0 |
Vessels | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 80,558 | 83,028 |
Vessels | Tiptree Insurance | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 0 | 0 |
Accumulated depreciation, vessels | 11,873 | 8,372 |
Vessels | Tiptree Capital - Mortgage | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 0 | 0 |
Vessels | Tiptree Capital - Other | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 80,558 | 83,028 |
Debentures | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 20,753 | 17,703 |
Debentures | Tiptree Insurance | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 20,753 | 17,703 |
Debentures | Tiptree Capital - Mortgage | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 0 | 0 |
Debentures | Tiptree Capital - Other | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 0 | 0 |
Other investments | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 23,301 | 13,193 |
Other investments | Tiptree Insurance | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 11,196 | 2,353 |
Other investments | Tiptree Capital - Mortgage | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 10,645 | 9,439 |
Other investments | Tiptree Capital - Other | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | $ 1,460 | $ 1,401 |
Investments - Net Investment Income - Insurance - Components of Investment Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Schedule of Investments [Line Items] | ||||
Net investment income | $ 3,330 | $ 3,023 | $ 9,331 | $ 8,803 |
Other revenue | 21,058 | 12,783 | 52,237 | 41,974 |
Vessel related revenue | 68,814 | 41,466 | 182,296 | 117,451 |
Vessel related revenue | ||||
Schedule of Investments [Line Items] | ||||
Vessel related revenue | 11,426 | 5,517 | 25,043 | 17,218 |
Tiptree Insurance | ||||
Schedule of Investments [Line Items] | ||||
Subtotal | 3,894 | 3,653 | 10,999 | 10,522 |
Less: investment expenses | 564 | 630 | 1,668 | 1,719 |
Net investment income | 3,330 | 3,023 | 9,331 | 8,803 |
Tiptree Insurance | AFS securities | ||||
Schedule of Investments [Line Items] | ||||
Investment income, gross | 1,840 | 1,748 | 5,246 | 6,003 |
Tiptree Insurance | Loans, at fair value | ||||
Schedule of Investments [Line Items] | ||||
Investment income, gross | 181 | 113 | 680 | 509 |
Tiptree Insurance | Other investments | ||||
Schedule of Investments [Line Items] | ||||
Investment income, gross | 1,597 | 1,718 | 4,593 | 2,868 |
Tiptree Insurance | Dividends from equity securities | ||||
Schedule of Investments [Line Items] | ||||
Investment income, gross | 276 | 74 | 480 | 1,142 |
Tiptree Capital - Mortgage | ||||
Schedule of Investments [Line Items] | ||||
Other revenue | 17,890 | 11,667 | 45,060 | 36,414 |
Tiptree Capital - Mortgage | Loans, at fair value | ||||
Schedule of Investments [Line Items] | ||||
Other revenue | 1,450 | 1,333 | 4,506 | 4,020 |
Tiptree Capital - Mortgage | Loans, at fair value | Loan fee income | ||||
Schedule of Investments [Line Items] | ||||
Other revenue | 5,014 | 4,817 | 15,511 | 12,643 |
Tiptree Capital - Mortgage | Dividends from equity securities | ||||
Schedule of Investments [Line Items] | ||||
Other revenue | $ 0 | $ 0 | $ 0 | $ 2,533 |
Investments - Components of Net Realized and Unrealized Gain (Losses) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Segment Reporting Information [Line Items] | ||||
Net realized gains (losses) | $ 39,995 | $ 40,768 | $ 114,501 | $ 72,835 |
Net unrealized gains (losses) | (25,190) | (1,809) | 5,767 | (66,207) |
Net realized and unrealized gains (losses) | 14,805 | 38,959 | 120,268 | 6,628 |
Tiptree - Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Net gains from recoveries (credit losses) on AFS securities | (1) | (8) | (84) | 43 |
AFS securities | Tiptree - Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Net realized gains (losses) | 296 | 115 | 616 | 211 |
Corporate loans | Tiptree - Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Net realized gains (losses) | 90 | 202 | (389) | (1,305) |
Net unrealized gains (losses) | (174) | 157 | 1,313 | (2,063) |
Corporate loans | Tiptree Capital - Mortgage | ||||
Segment Reporting Information [Line Items] | ||||
Net realized gains (losses) | 23,992 | 31,463 | 70,306 | 77,478 |
Net unrealized gains (losses) | (255) | 1,238 | (1,080) | 2,359 |
Dividends from equity securities | Tiptree - Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Net realized gains (losses) | (310) | (1,540) | (4,874) | (22,429) |
Net unrealized gains (losses) | (779) | (2,135) | 14,511 | (26,875) |
Dividends from equity securities | Tiptree Capital - Other | ||||
Segment Reporting Information [Line Items] | ||||
Net unrealized gains (losses) | (10,396) | (7,586) | 3,512 | (65,970) |
Dividends from equity securities | Dividends from equity securities | Tiptree - Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Net unrealized gains (losses) | (1,766) | 281 | (1,362) | 17,290 |
Other Corporate Bonds | Tiptree - Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Net realized gains (losses) | 1,676 | 2,443 | 3,174 | 4,073 |
Other investments | Tiptree - Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Net realized gains (losses) | (509) | (673) | 1,401 | 1,004 |
Net unrealized gains (losses) | (6,015) | 1,817 | (9,302) | 2,741 |
Other investments | Tiptree Capital - Mortgage | ||||
Segment Reporting Information [Line Items] | ||||
Net realized gains (losses) | (1,652) | (1,766) | 596 | (9,196) |
Net unrealized gains (losses) | 566 | 957 | 3,632 | (908) |
Other investments | Tiptree Capital - Other | ||||
Segment Reporting Information [Line Items] | ||||
Net realized gains (losses) | (231) | (1,351) | 1,523 | (3,510) |
Net unrealized gains (losses) | (8,172) | 2,098 | (5,143) | 6,001 |
Mortgage loans held for sale | Tiptree Capital - Other | ||||
Segment Reporting Information [Line Items] | ||||
Net realized gains (losses) | 16,644 | 11,883 | 42,232 | 26,466 |
Net unrealized gains (losses) | $ 1,801 | $ 1,364 | $ (314) | $ 1,218 |
Notes and Accounts Receivable, net (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts and premiums receivable, net | $ 150,412 | $ 150,412 | $ 95,269 | ||
Retrospective commissions receivable | 145,904 | 145,904 | 131,760 | ||
Notes receivable, net - premium financing program | 75,448 | 75,448 | 62,075 | ||
Trust receivables | 47,682 | 47,682 | 54,393 | ||
Other receivables | 23,704 | 23,704 | 26,955 | ||
Total notes and accounts receivable, net | 443,150 | 443,150 | 370,452 | ||
Notes receivable, valuation allowance | 129 | 129 | 101 | ||
Notes receivable, bad debt expense | 68 | $ 54 | 210 | $ 165 | |
Accounts receivable, valuation allowance | 164 | 164 | 169 | ||
Accounts receivable, bad debt expense | 10 | $ 6 | 20 | $ 19 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, 90 days plus past due | $ 1,311 | $ 1,311 | $ 215 |
Reinsurance Receivables - Schedule of Direct, Assumed and Ceded (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Premiums written: | ||||
Direct amount | $ 381,528 | $ 281,094 | $ 1,008,701 | $ 712,144 |
Ceded to other companies | 192,102 | 187,501 | 521,650 | 439,449 |
Assumed from other companies | 35,925 | 52,883 | 173,992 | 106,776 |
Net amount | $ 225,351 | $ 146,476 | $ 661,043 | $ 379,471 |
Percentage of amount - assumed to net | 15.90% | 36.10% | 26.30% | 28.10% |
Premiums earned: | ||||
Direct amount | $ 278,006 | $ 215,665 | $ 816,112 | $ 640,120 |
Ceded to other companies | 152,998 | 131,057 | 478,207 | 374,831 |
Assumed from other companies | 50,018 | 31,810 | 160,998 | 79,705 |
Net amount | $ 175,026 | $ 116,418 | $ 498,903 | $ 344,994 |
Percentage of amount - assumed to net | 28.60% | 27.30% | 32.30% | 23.10% |
Life insurance | ||||
Premiums written: | ||||
Direct amount | $ 26,805 | $ 19,268 | $ 66,109 | $ 46,695 |
Ceded to other companies | 12,640 | 11,551 | 34,218 | 25,905 |
Assumed from other companies | 70 | 414 | 757 | 1,104 |
Net amount | $ 14,235 | $ 8,131 | $ 32,648 | $ 21,894 |
Percentage of amount - assumed to net | 0.50% | 5.10% | 2.30% | 5.00% |
Premiums earned: | ||||
Direct amount | $ 19,268 | $ 16,725 | $ 54,242 | $ 51,015 |
Ceded to other companies | 9,994 | 9,073 | 29,405 | 27,369 |
Assumed from other companies | 295 | 348 | 970 | 1,087 |
Net amount | $ 9,569 | $ 8,000 | $ 25,807 | $ 24,733 |
Percentage of amount - assumed to net | 3.10% | 4.40% | 3.80% | 4.40% |
Accident and health insurance | ||||
Premiums written: | ||||
Direct amount | $ 41,735 | $ 32,308 | $ 103,321 | $ 80,466 |
Ceded to other companies | 28,701 | 21,749 | 71,384 | 52,449 |
Assumed from other companies | 81 | 748 | 5,509 | 8,989 |
Net amount | $ 13,115 | $ 11,307 | $ 37,446 | $ 37,006 |
Percentage of amount - assumed to net | 0.60% | 6.60% | 14.70% | 24.30% |
Premiums earned: | ||||
Direct amount | $ 32,292 | $ 28,134 | $ 91,793 | $ 88,640 |
Ceded to other companies | 21,655 | 18,502 | 61,755 | 58,599 |
Assumed from other companies | 1,329 | 2,413 | 6,803 | 9,008 |
Net amount | $ 11,966 | $ 12,045 | $ 36,841 | $ 39,049 |
Percentage of amount - assumed to net | 11.10% | 20.00% | 18.50% | 23.10% |
Property and liability insurance | ||||
Premiums written: | ||||
Direct amount | $ 312,988 | $ 229,518 | $ 839,271 | $ 584,983 |
Ceded to other companies | 150,761 | 154,201 | 416,048 | 361,095 |
Assumed from other companies | 35,774 | 51,721 | 167,726 | 96,683 |
Net amount | $ 198,001 | $ 127,038 | $ 590,949 | $ 320,571 |
Percentage of amount - assumed to net | 18.10% | 40.70% | 28.40% | 30.20% |
Premiums earned: | ||||
Direct amount | $ 226,446 | $ 170,806 | $ 670,077 | $ 500,465 |
Ceded to other companies | 121,349 | 103,482 | 387,047 | 288,863 |
Assumed from other companies | 48,394 | 29,049 | 153,225 | 69,610 |
Net amount | $ 153,491 | $ 96,373 | $ 436,255 | $ 281,212 |
Percentage of amount - assumed to net | 31.50% | 30.10% | 35.10% | 24.80% |
Reinsurance Receivables - Schedule of Losses and LAE Incurred (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Effects of Reinsurance [Line Items] | ||||
Direct amount | $ 110,181 | $ 97,005 | $ 319,995 | $ 251,988 |
Ceded to other companies | 70,869 | 68,927 | 218,585 | 164,516 |
Assumed from other companies | 21,940 | 14,842 | 79,834 | 37,882 |
Total losses incurred | 61,252 | 42,920 | 181,244 | 125,354 |
Member benefit claims | 19,579 | 14,818 | 55,954 | 42,407 |
Total policy and contract benefits | $ 80,831 | $ 57,738 | $ 237,198 | $ 167,761 |
Percentage of amount - assumed to net | 35.80% | 34.60% | 44.00% | 30.20% |
Life insurance | ||||
Effects of Reinsurance [Line Items] | ||||
Direct amount | $ 13,398 | $ 12,945 | $ 40,940 | $ 33,600 |
Ceded to other companies | 7,610 | 7,505 | 23,987 | 19,493 |
Assumed from other companies | 116 | 135 | 481 | 416 |
Total losses incurred | $ 5,904 | $ 5,575 | $ 17,434 | $ 14,523 |
Percentage of amount - assumed to net | 2.00% | 2.40% | 2.80% | 2.90% |
Accident and health insurance | ||||
Effects of Reinsurance [Line Items] | ||||
Direct amount | $ 6,689 | $ 5,854 | $ 16,608 | $ 13,471 |
Ceded to other companies | 5,691 | 4,922 | 13,607 | 11,225 |
Assumed from other companies | 913 | 1,436 | 2,232 | 5,458 |
Total losses incurred | $ 1,911 | $ 2,368 | $ 5,233 | $ 7,704 |
Percentage of amount - assumed to net | 47.80% | 60.60% | 42.70% | 70.80% |
Property and liability insurance | ||||
Effects of Reinsurance [Line Items] | ||||
Direct amount | $ 90,094 | $ 78,206 | $ 262,447 | $ 204,917 |
Ceded to other companies | 57,568 | 56,500 | 180,991 | 133,798 |
Assumed from other companies | 20,911 | 13,271 | 77,121 | 32,008 |
Total losses incurred | $ 53,437 | $ 34,977 | $ 158,577 | $ 103,127 |
Percentage of amount - assumed to net | 39.10% | 37.90% | 48.60% | 31.00% |
Reinsurance Receivables - Schedule of the Components of Reinsurance Receivables (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Effects of Reinsurance [Line Items] | ||
Prepaid reinsurance premiums | $ 603,441 | $ 560,195 |
Reinsurance receivables | 827,199 | 728,009 |
Life insurance | ||
Effects of Reinsurance [Line Items] | ||
Prepaid reinsurance premiums | 72,056 | 70,066 |
Ceded claim reserves | 4,215 | 4,133 |
Accident and health insurance | ||
Effects of Reinsurance [Line Items] | ||
Prepaid reinsurance premiums | 75,890 | 66,261 |
Ceded claim reserves | 12,596 | 11,118 |
Property and liability insurance | ||
Effects of Reinsurance [Line Items] | ||
Prepaid reinsurance premiums | 455,495 | 423,868 |
Ceded claim reserves | 138,289 | 98,092 |
Total ceded claim reserves recoverable | ||
Effects of Reinsurance [Line Items] | ||
Ceded claim reserves | 155,100 | 113,343 |
Other reinsurance settlements recoverable | ||
Effects of Reinsurance [Line Items] | ||
Other reinsurance settlements recoverable | $ 68,658 | $ 54,471 |
Reinsurance Receivables - Schedule of Reinsurance Receivables - Aggregate of Three Largest Reinsurers (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Concentration Risk [Line Items] | ||
Total of the three largest receivable balances from non-affiliated reinsurers | $ 827,199 | $ 728,009 |
Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Total of the three largest receivable balances from non-affiliated reinsurers | $ 110,756 |
Goodwill and Intangible Assets, net - Schedule of Finite and Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Schedule of Intangible Assets, Net [Line Items] | ||
Total | $ 111,764 | $ 123,454 |
Total indefinite-lived intangible assets | 14,885 | 14,761 |
Total intangible assets, net | 126,649 | 138,215 |
Goodwill | 179,103 | 179,236 |
Total goodwill and intangible assets, net | 305,752 | 317,451 |
Insurance licensing agreements | ||
Schedule of Intangible Assets, Net [Line Items] | ||
Total indefinite-lived intangible assets | 13,761 | 13,761 |
Other | ||
Schedule of Intangible Assets, Net [Line Items] | ||
Total indefinite-lived intangible assets | 1,124 | 1,000 |
Customer relationships | ||
Schedule of Intangible Assets, Net [Line Items] | ||
Finite-lived intangible assets, gross | 143,300 | 143,300 |
Accumulated amortization | (42,566) | (32,263) |
Trade names | ||
Schedule of Intangible Assets, Net [Line Items] | ||
Finite-lived intangible assets, gross | 15,550 | 15,550 |
Accumulated amortization | (5,826) | (4,822) |
Software licensing | ||
Schedule of Intangible Assets, Net [Line Items] | ||
Finite-lived intangible assets, gross | 9,940 | 9,940 |
Accumulated amortization | (9,326) | (9,153) |
Insurance policies and contracts acquired | ||
Schedule of Intangible Assets, Net [Line Items] | ||
Finite-lived intangible assets, gross | 36,500 | 36,500 |
Accumulated amortization | (36,302) | (36,238) |
Other | ||
Schedule of Intangible Assets, Net [Line Items] | ||
Finite-lived intangible assets, gross | 640 | 640 |
Accumulated amortization | (146) | 0 |
Tiptree Insurance | ||
Schedule of Intangible Assets, Net [Line Items] | ||
Total | 111,393 | 122,957 |
Total indefinite-lived intangible assets | 13,761 | 13,761 |
Total intangible assets, net | 125,154 | 136,718 |
Goodwill | 177,395 | 177,528 |
Total goodwill and intangible assets, net | 302,549 | 314,246 |
Tiptree Insurance | Insurance licensing agreements | ||
Schedule of Intangible Assets, Net [Line Items] | ||
Total indefinite-lived intangible assets | 13,761 | 13,761 |
Tiptree Insurance | Other | ||
Schedule of Intangible Assets, Net [Line Items] | ||
Total indefinite-lived intangible assets | 0 | 0 |
Tiptree Insurance | Customer relationships | ||
Schedule of Intangible Assets, Net [Line Items] | ||
Finite-lived intangible assets, gross | 143,300 | 143,300 |
Accumulated amortization | (42,566) | (32,263) |
Tiptree Insurance | Trade names | ||
Schedule of Intangible Assets, Net [Line Items] | ||
Finite-lived intangible assets, gross | 14,750 | 14,750 |
Accumulated amortization | (5,326) | (4,382) |
Tiptree Insurance | Software licensing | ||
Schedule of Intangible Assets, Net [Line Items] | ||
Finite-lived intangible assets, gross | 9,300 | 9,300 |
Accumulated amortization | (8,757) | (8,650) |
Tiptree Insurance | Insurance policies and contracts acquired | ||
Schedule of Intangible Assets, Net [Line Items] | ||
Finite-lived intangible assets, gross | 36,500 | 36,500 |
Accumulated amortization | (36,302) | (36,238) |
Tiptree Insurance | Other | ||
Schedule of Intangible Assets, Net [Line Items] | ||
Finite-lived intangible assets, gross | 640 | 640 |
Accumulated amortization | (146) | 0 |
Other Segments | ||
Schedule of Intangible Assets, Net [Line Items] | ||
Total | 371 | 497 |
Total indefinite-lived intangible assets | 1,124 | 1,000 |
Total intangible assets, net | 1,495 | 1,497 |
Goodwill | 1,708 | 1,708 |
Total goodwill and intangible assets, net | 3,203 | 3,205 |
Other Segments | Insurance licensing agreements | ||
Schedule of Intangible Assets, Net [Line Items] | ||
Total indefinite-lived intangible assets | 0 | 0 |
Other Segments | Other | ||
Schedule of Intangible Assets, Net [Line Items] | ||
Total indefinite-lived intangible assets | 1,124 | 1,000 |
Other Segments | Customer relationships | ||
Schedule of Intangible Assets, Net [Line Items] | ||
Finite-lived intangible assets, gross | 0 | 0 |
Accumulated amortization | 0 | 0 |
Other Segments | Trade names | ||
Schedule of Intangible Assets, Net [Line Items] | ||
Finite-lived intangible assets, gross | 800 | 800 |
Accumulated amortization | (500) | (440) |
Other Segments | Software licensing | ||
Schedule of Intangible Assets, Net [Line Items] | ||
Finite-lived intangible assets, gross | 640 | 640 |
Accumulated amortization | (569) | (503) |
Other Segments | Insurance policies and contracts acquired | ||
Schedule of Intangible Assets, Net [Line Items] | ||
Finite-lived intangible assets, gross | 0 | 0 |
Accumulated amortization | 0 | 0 |
Other Segments | Other | ||
Schedule of Intangible Assets, Net [Line Items] | ||
Finite-lived intangible assets, gross | 0 | 0 |
Accumulated amortization | $ 0 | $ 0 |
Goodwill and Intangible Assets, net - Schedule of Goodwill Rollforward (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Goodwill [Roll Forward] | ||||
Balance, beginning of period | $ 179,236,000 | |||
Purchase accounting adjustments | (133,000) | |||
Balance, end of period | $ 179,103,000 | 179,103,000 | ||
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||||
Accumulated impairments | 699,000 | 699,000 | ||
Goodwill impairment loss | 0 | $ 0 | 0 | $ 0 |
Tiptree Insurance | ||||
Goodwill [Roll Forward] | ||||
Balance, beginning of period | 177,528,000 | |||
Purchase accounting adjustments | (133,000) | |||
Balance, end of period | 177,395,000 | 177,395,000 | ||
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||||
Accumulated impairments | 0 | 0 | ||
Other Segments | ||||
Goodwill [Roll Forward] | ||||
Balance, beginning of period | 1,708,000 | |||
Purchase accounting adjustments | 0 | |||
Balance, end of period | 1,708,000 | 1,708,000 | ||
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||||
Accumulated impairments | $ 699,000 | $ 699,000 |
Goodwill and Intangible Assets, net - Schedule of Intangible Assets, Net Rollforward (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Finite-lived Intangible Assets [Roll Forward] | ||||
Balance, Beginning of Period | $ 138,215 | |||
Intangibles acquired | 124 | |||
Less: amortization expense | $ (3,892) | $ (2,326) | (11,690) | $ (7,175) |
Balance, End of Period | 126,649 | 126,649 | ||
Tiptree Insurance | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Balance, Beginning of Period | 136,718 | |||
Intangibles acquired | 0 | |||
Less: amortization expense | (11,564) | |||
Balance, End of Period | 125,154 | 125,154 | ||
Other Segments | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Balance, Beginning of Period | 1,497 | |||
Intangibles acquired | 124 | |||
Less: amortization expense | (126) | |||
Balance, End of Period | $ 1,495 | $ 1,495 |
Goodwill and Intangible Assets, net - Schedule of Amortization Expense on Intangibles (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense on intangible assets | $ 3,892,000 | $ 2,326,000 | $ 11,690,000 | $ 7,175,000 |
Impairment of intangible assets | $ 0 | $ 0 | $ 0 | $ 0 |
Goodwill and Intangible Assets, net - Schedule of Future Amortization Expense on Intangibles by Segment (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Remainder of 2021 | $ 3,886 | |
2022 | 15,979 | |
2023 | 15,111 | |
2024 | 13,424 | |
2025 | 11,269 | |
2026 and thereafter | 52,095 | |
Total | 111,764 | $ 123,454 |
Tiptree Insurance | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remainder of 2021 | 3,842 | |
2022 | 15,852 | |
2023 | 15,031 | |
2024 | 13,344 | |
2025 | 11,229 | |
2026 and thereafter | 52,095 | |
Total | 111,393 | 122,957 |
Other Segments | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remainder of 2021 | 44 | |
2022 | 127 | |
2023 | 80 | |
2024 | 80 | |
2025 | 40 | |
2026 and thereafter | 0 | |
Total | $ 371 | $ 497 |
Derivative Financial Instruments and Hedging (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Derivative [Line Items] | ||
Notional values | $ 729,500 | $ 549,966 |
Derivative assets | 10,866 | 11,529 |
Liability derivatives | 2,907 | 2,090 |
Interest rate lock commitments | ||
Derivative [Line Items] | ||
Notional values | 329,115 | 219,929 |
Derivative assets | 9,265 | 9,207 |
Liability derivatives | 0 | 0 |
Forward delivery contracts | ||
Derivative [Line Items] | ||
Notional values | 61,782 | 35,979 |
Derivative assets | 112 | 0 |
Liability derivatives | 19 | 22 |
TBA mortgage backed securities | ||
Derivative [Line Items] | ||
Notional values | 331,000 | 291,000 |
Derivative assets | 1,267 | 232 |
Liability derivatives | 321 | 1,508 |
Other | ||
Derivative [Line Items] | ||
Notional values | 7,603 | 3,058 |
Derivative assets | 222 | 2,090 |
Liability derivatives | $ 2,567 | $ 560 |
Debt, net - Schedule of Debt Obligations, Net of Discounts and Deferred Financing Costs (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Dec. 31, 2020 |
|
Debt Instrument [Line Items] | ||
Long-term debt | $ 386,663 | $ 379,617 |
Unamortized discount, net | (1,599) | (2,035) |
Unamortized deferred financing costs | (10,222) | (11,336) |
Debt, net | 374,842 | 366,246 |
Total corporate debt | ||
Debt Instrument [Line Items] | ||
Long-term debt | 277,365 | 280,313 |
Asset based revolving financing | ||
Debt Instrument [Line Items] | ||
Debt instrument, maximum borrowing capacity | 200,000 | |
Long-term debt | $ 1,740 | 0 |
Asset based revolving financing | Prime Rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.25% | |
Asset based revolving financing | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.25% | |
Secured term credit agreements | ||
Debt Instrument [Line Items] | ||
Debt instrument, maximum borrowing capacity | $ 115,625 | |
Long-term debt | $ 115,625 | 120,313 |
Secured term credit agreements | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 6.75% | |
Floor rate | 1.00% | |
Preferred trust securities | ||
Debt Instrument [Line Items] | ||
Debt instrument, maximum borrowing capacity | $ 35,000 | |
Long-term debt | $ 35,000 | 35,000 |
Preferred trust securities | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 4.10% | |
Junior subordinated notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate, percentage | 8.50% | |
Debt instrument, maximum borrowing capacity | $ 125,000 | |
Long-term debt | 125,000 | 125,000 |
Total asset based debt | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 109,298 | $ 99,304 |
Residential mortgage warehouse borrowings | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 2.25% | 2.75% |
Asset Backed Revolving Line of Credit | Asset based revolving financing | ||
Debt Instrument [Line Items] | ||
Debt instrument, maximum borrowing capacity | $ 75,000 | |
Long-term debt | $ 33,350 | $ 27,510 |
Asset Backed Revolving Line of Credit | Asset based revolving financing | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.75% | |
Warehouse Agreement Borrowings | Residential mortgage warehouse borrowings | ||
Debt Instrument [Line Items] | ||
Debt instrument, maximum borrowing capacity | $ 110,000 | |
Long-term debt | $ 61,798 | 55,994 |
Warehouse Agreement Borrowings | Minimum | Residential mortgage warehouse borrowings | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.88% | |
Floor rate | 0.50% | |
Warehouse Agreement Borrowings | Maximum | Residential mortgage warehouse borrowings | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 0.03% | |
Floor rate | 1.00% | |
Asset Backed Term Loan - Vessels | Vessel backed term loan | ||
Debt Instrument [Line Items] | ||
Debt instrument, maximum borrowing capacity | $ 14,150 | |
Long-term debt | $ 14,150 | $ 15,800 |
Asset Backed Term Loan - Vessels | Vessel backed term loan | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 4.75% |
Debt, net - Schedule of Interest Expense Incurred on Debt (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Debt Instrument [Line Items] | ||||
Interest expense on debt | $ 8,611 | $ 8,321 | $ 26,664 | $ 23,518 |
Interest expense - corporate debt | ||||
Debt Instrument [Line Items] | ||||
Interest expense on debt | 6,038 | 6,110 | 18,402 | 17,278 |
Interest expense - asset based debt | ||||
Debt Instrument [Line Items] | ||||
Interest expense on debt | $ 2,573 | $ 2,211 | $ 8,262 | $ 6,240 |
Debt, net - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Disclosure [Abstract] | ||
Remainder of 2021 | $ 2,112 | |
2022 | 70,248 | |
2023 | 43,540 | |
2024 | 15,450 | |
2025 | 95,313 | |
2026 and thereafter | 160,000 | |
Total | $ 386,663 | $ 379,617 |
Debt, net - Narrative (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Debt Instrument [Line Items] | |||
Long-term debt | $ 386,663 | $ 379,617 | |
Warehouse Borrowings due April 2022 | Residential mortgage warehouse borrowings | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 60,000 | ||
Warehouse Borrowings due August 2022 | Residential mortgage warehouse borrowings | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 50,000 |
Fair Value of Financial Instruments - Schedule of Fair Value Hierarchies for Financial Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | $ 541,121 | $ 377,133 |
Loans, at fair value | 89,326 | 90,732 |
Equity securities | 139,418 | 123,838 |
Derivative assets | 10,866 | 11,529 |
Total other investments, at fair value | 168,829 | 219,701 |
Mortgage servicing rights | 26,361 | 14,758 |
Liabilities | ||
Securities sold, not yet purchased | 6,266 | 46,637 |
Derivative liabilities | 2,907 | 2,090 |
Fixed income ETFs | ||
Assets | ||
Equity securities | 39,694 | 63,875 |
Other equity securities | ||
Assets | ||
Equity securities | 64,401 | 28,885 |
Invesque | ||
Assets | ||
Equity securities | 35,323 | 31,078 |
Significant unobservable inputs Level 3 | ||
Assets | ||
Total assets | 35,626 | 23,965 |
Liabilities | ||
Contingent consideration payable | 200 | 200 |
Recurring | Quoted prices in active markets Level 1 | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 856 | 1,355 |
Loans, at fair value | 0 | 0 |
Derivative assets | 222 | 2,090 |
Total other investments, at fair value | 222 | 2,090 |
Mortgage servicing rights | 0 | 0 |
Total assets | 140,461 | 127,248 |
Liabilities | ||
Securities sold, not yet purchased | 6,266 | 16,479 |
Derivative liabilities | 0 | |
Contingent consideration payable | 0 | 0 |
Total liabilities | 6,266 | 16,479 |
Recurring | Quoted prices in active markets Level 1 | U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 0 | 0 |
Recurring | Quoted prices in active markets Level 1 | Obligations of state and political subdivisions | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 0 | 0 |
Recurring | Quoted prices in active markets Level 1 | Obligations of foreign governments | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 0 | 0 |
Recurring | Quoted prices in active markets Level 1 | Certificates of deposit | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 856 | 1,355 |
Recurring | Quoted prices in active markets Level 1 | Asset backed securities | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 0 | 0 |
Recurring | Quoted prices in active markets Level 1 | Corporate securities | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 0 | 0 |
Recurring | Quoted prices in active markets Level 1 | Corporate loans | ||
Assets | ||
Loans, at fair value | 0 | 0 |
Recurring | Quoted prices in active markets Level 1 | Mortgage loans held for sale | ||
Assets | ||
Mortgage loans held for sale | 0 | 0 |
Recurring | Quoted prices in active markets Level 1 | Dividends from equity securities | ||
Assets | ||
Equity securities | 139,383 | 123,803 |
Recurring | Quoted prices in active markets Level 1 | Dividends from equity securities | Fixed income ETFs | ||
Assets | ||
Equity securities | 39,694 | 63,875 |
Recurring | Quoted prices in active markets Level 1 | Dividends from equity securities | Other equity securities | ||
Assets | ||
Equity securities | 64,366 | 28,850 |
Recurring | Quoted prices in active markets Level 1 | Dividends from equity securities | Invesque | ||
Assets | ||
Equity securities | 35,323 | 31,078 |
Recurring | Quoted prices in active markets Level 1 | Corporate bonds | ||
Assets | ||
Corporate bonds | 0 | 0 |
Recurring | Quoted prices in active markets Level 1 | Trade claims | ||
Assets | ||
Trade claims | 0 | |
Recurring | Quoted prices in active markets Level 1 | CLOs | ||
Assets | ||
Other investments | 0 | 0 |
Recurring | Other significant observable inputs Level 2 | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 539,585 | 374,920 |
Loans, at fair value | 87,227 | 82,937 |
Derivative assets | 1,379 | 232 |
Total other investments, at fair value | 45,596 | 106,009 |
Mortgage servicing rights | 0 | 0 |
Total assets | 672,408 | 563,866 |
Liabilities | ||
Securities sold, not yet purchased | 0 | 30,158 |
Derivative liabilities | 2,907 | 2,090 |
Contingent consideration payable | 0 | 0 |
Total liabilities | 2,907 | 32,248 |
Recurring | Other significant observable inputs Level 2 | U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 305,247 | 196,303 |
Recurring | Other significant observable inputs Level 2 | Obligations of state and political subdivisions | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 55,618 | 44,350 |
Recurring | Other significant observable inputs Level 2 | Obligations of foreign governments | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 2,622 | 3,992 |
Recurring | Other significant observable inputs Level 2 | Certificates of deposit | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 0 | 0 |
Recurring | Other significant observable inputs Level 2 | Asset backed securities | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 33,562 | 35,334 |
Recurring | Other significant observable inputs Level 2 | Corporate securities | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 142,536 | 94,941 |
Recurring | Other significant observable inputs Level 2 | Corporate loans | ||
Assets | ||
Loans, at fair value | 0 | 0 |
Recurring | Other significant observable inputs Level 2 | Mortgage loans held for sale | ||
Assets | ||
Mortgage loans held for sale | 87,227 | 82,937 |
Recurring | Other significant observable inputs Level 2 | Dividends from equity securities | ||
Assets | ||
Equity securities | 0 | 0 |
Recurring | Other significant observable inputs Level 2 | Dividends from equity securities | Fixed income ETFs | ||
Assets | ||
Equity securities | 0 | 0 |
Recurring | Other significant observable inputs Level 2 | Dividends from equity securities | Other equity securities | ||
Assets | ||
Equity securities | 0 | 0 |
Recurring | Other significant observable inputs Level 2 | Dividends from equity securities | Invesque | ||
Assets | ||
Equity securities | 0 | 0 |
Recurring | Other significant observable inputs Level 2 | Corporate bonds | ||
Assets | ||
Corporate bonds | 44,217 | 105,777 |
Recurring | Other significant observable inputs Level 2 | Trade claims | ||
Assets | ||
Trade claims | 0 | |
Recurring | Other significant observable inputs Level 2 | CLOs | ||
Assets | ||
Other investments | 0 | 0 |
Recurring | Significant unobservable inputs Level 3 | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 680 | 858 |
Loans, at fair value | 2,099 | 7,795 |
Derivative assets | 9,265 | 9,207 |
Total other investments, at fair value | 20,778 | 10,009 |
Mortgage servicing rights | 26,361 | 14,758 |
Total assets | 49,953 | 33,455 |
Liabilities | ||
Securities sold, not yet purchased | 0 | 0 |
Derivative liabilities | 0 | 0 |
Contingent consideration payable | 200 | 200 |
Total liabilities | 200 | 200 |
Recurring | Significant unobservable inputs Level 3 | U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 0 | 0 |
Recurring | Significant unobservable inputs Level 3 | Obligations of state and political subdivisions | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 0 | 0 |
Recurring | Significant unobservable inputs Level 3 | Obligations of foreign governments | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 0 | 0 |
Recurring | Significant unobservable inputs Level 3 | Certificates of deposit | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 0 | 0 |
Recurring | Significant unobservable inputs Level 3 | Asset backed securities | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 680 | 858 |
Recurring | Significant unobservable inputs Level 3 | Corporate securities | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 0 | 0 |
Recurring | Significant unobservable inputs Level 3 | Corporate loans | ||
Assets | ||
Loans, at fair value | 2,099 | 7,795 |
Recurring | Significant unobservable inputs Level 3 | Mortgage loans held for sale | ||
Assets | ||
Mortgage loans held for sale | 0 | 0 |
Recurring | Significant unobservable inputs Level 3 | Dividends from equity securities | ||
Assets | ||
Equity securities | 35 | 35 |
Recurring | Significant unobservable inputs Level 3 | Dividends from equity securities | Fixed income ETFs | ||
Assets | ||
Equity securities | 0 | 0 |
Recurring | Significant unobservable inputs Level 3 | Dividends from equity securities | Other equity securities | ||
Assets | ||
Equity securities | 35 | 35 |
Recurring | Significant unobservable inputs Level 3 | Dividends from equity securities | Invesque | ||
Assets | ||
Equity securities | 0 | 0 |
Recurring | Significant unobservable inputs Level 3 | Corporate bonds | ||
Assets | ||
Corporate bonds | 0 | 0 |
Recurring | Significant unobservable inputs Level 3 | Trade claims | ||
Assets | ||
Trade claims | 10,974 | |
Recurring | Significant unobservable inputs Level 3 | CLOs | ||
Assets | ||
Other investments | 539 | 802 |
Fair Value | Other significant observable inputs Level 2 | ||
Assets | ||
Total assets | 96,201 | 79,778 |
Fair Value | Significant unobservable inputs Level 3 | ||
Liabilities | ||
Total liabilities | 404,564 | 392,951 |
Fair Value | Recurring | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 541,121 | 377,133 |
Loans, at fair value | 89,326 | 90,732 |
Derivative assets | 10,866 | 11,529 |
Total other investments, at fair value | 66,596 | 118,108 |
Mortgage servicing rights | 26,361 | 14,758 |
Total assets | 862,822 | 724,569 |
Liabilities | ||
Securities sold, not yet purchased | 6,266 | 46,637 |
Derivative liabilities | 2,907 | 2,090 |
Contingent consideration payable | 200 | 200 |
Total liabilities | 9,373 | 48,927 |
Fair Value | Recurring | U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 305,247 | 196,303 |
Fair Value | Recurring | Obligations of state and political subdivisions | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 55,618 | 44,350 |
Fair Value | Recurring | Obligations of foreign governments | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 2,622 | 3,992 |
Fair Value | Recurring | Certificates of deposit | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 856 | 1,355 |
Fair Value | Recurring | Asset backed securities | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 34,242 | 36,192 |
Fair Value | Recurring | Corporate securities | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 142,536 | 94,941 |
Fair Value | Recurring | Corporate loans | ||
Assets | ||
Loans, at fair value | 2,099 | 7,795 |
Fair Value | Recurring | Mortgage loans held for sale | ||
Assets | ||
Mortgage loans held for sale | 87,227 | 82,937 |
Fair Value | Recurring | Dividends from equity securities | ||
Assets | ||
Equity securities | 139,418 | 123,838 |
Fair Value | Recurring | Dividends from equity securities | Fixed income ETFs | ||
Assets | ||
Equity securities | 39,694 | 63,875 |
Fair Value | Recurring | Dividends from equity securities | Other equity securities | ||
Assets | ||
Equity securities | 64,401 | 28,885 |
Fair Value | Recurring | Dividends from equity securities | Invesque | ||
Assets | ||
Equity securities | 35,323 | 31,078 |
Fair Value | Recurring | Corporate bonds | ||
Assets | ||
Corporate bonds | 44,217 | 105,777 |
Fair Value | Recurring | Trade claims | ||
Assets | ||
Trade claims | 10,974 | |
Fair Value | Recurring | CLOs | ||
Assets | ||
Other investments | $ 539 | $ 802 |
Fair Value of Financial Instruments - Schedule of Level 3 Rollforward, Assets Measured on Recurring Basis Utilizing Level 3 Inputs (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at January 1, | $ 33,455 | $ 32,470 |
Net realized and unrealized gains or losses included in earnings | 12,664 | (500) |
Net realized and unrealized gains or losses included in OCI | (178) | (683) |
Sales | (11,382) | (4,960) |
Balance at September 30, | 49,953 | 31,160 |
Changes in unrealized gains (losses) included in earnings related to assets still held at period end | 2,298 | (7,056) |
Changes in unrealized gains (losses) included in OCI related to assets still held at period end | (178) | (683) |
Conversion to mortgage held for sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Conversions to mortgage loans held for sale | (83,976) | (86,325) |
Interest rate lock commitments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Origination of IRLCs | 84,034 | 90,474 |
Purchases | $ 15,336 | $ 684 |
Fair Value of Financial Instruments - Schedule of Significant Inputs used in the Valuation of Level 3 Assets (Details) $ in Thousands |
Sep. 30, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
---|---|---|
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative assets | $ 10,866 | $ 11,529 |
Mortgage servicing rights | 26,361 | 14,758 |
Fair Value, Inputs, Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total assets | 35,626 | 23,965 |
Contingent consideration payable | 200 | 200 |
Fair Value, Inputs, Level 3 | Interest rate lock commitments | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative assets | 9,265 | 9,207 |
Fair Value, Inputs, Level 3 | Residential Mortgage | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Mortgage servicing rights | $ 26,361 | $ 14,758 |
Pull through rate | Fair Value, Inputs, Level 3 | Interest rate lock commitments | Internal Model | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Pull through rate | 0.55 | 0.50 |
Pull through rate | Fair Value, Inputs, Level 3 | Interest rate lock commitments | Internal Model | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Pull through rate | 0.95 | 0.95 |
Pull through rate | Fair Value, Inputs, Level 3 | Interest rate lock commitments | Internal Model | Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Pull through rate | 0.67 | 0.68 |
Discount rate | Fair Value, Inputs, Level 3 | Residential Mortgage | External model | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | 0.10 | 0.10 |
Discount rate | Fair Value, Inputs, Level 3 | Residential Mortgage | External model | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | 0.13 | 0.13 |
Discount rate | Fair Value, Inputs, Level 3 | Residential Mortgage | External model | Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | 0.10 | 0.11 |
Cost to service | Fair Value, Inputs, Level 3 | Residential Mortgage | External model | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | 75 | 75 |
Cost to service | Fair Value, Inputs, Level 3 | Residential Mortgage | External model | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | 90 | 90 |
Cost to service | Fair Value, Inputs, Level 3 | Residential Mortgage | External model | Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | 81 | 82 |
Prepayment speed | Fair Value, Inputs, Level 3 | Residential Mortgage | External model | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | 0.04 | 0.08 |
Prepayment speed | Fair Value, Inputs, Level 3 | Residential Mortgage | External model | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | 0.69 | 0.60 |
Prepayment speed | Fair Value, Inputs, Level 3 | Residential Mortgage | External model | Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | 0.15 | 0.22 |
Contingent Consideration, Possible Earnout Amount, Cash | Fair Value, Inputs, Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Contingent consideration payable | $ 200 | $ 200 |
Contingent Consideration, Possible Earnout Amount, Cash | Forecast Cash EBITDA | Fair Value, Inputs, Level 3 | Cash Flow Model | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Contingent consideration payable | 20,000 | 20,000 |
Contingent Consideration, Possible Earnout Amount, Cash | Forecast Cash EBITDA | Fair Value, Inputs, Level 3 | Cash Flow Model | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Contingent consideration payable | 30,000 | 30,000 |
Contingent Consideration, Possible Earnout Amount, Cash | Assumed Claim Liabilities | Fair Value, Inputs, Level 3 | Actuarial Analysis | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Contingent consideration payable | $ 55,000 | $ 55,000 |
Fair Value of Financial Instruments - Schedule of Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Assets | ||
Notes receivable, net | $ 75,448 | $ 62,075 |
Fair Value, Inputs, Level 2 | Fair Value | ||
Assets | ||
Total assets | 96,201 | 79,778 |
Fair Value, Inputs, Level 2 | Carrying value | ||
Assets | ||
Total assets | 96,201 | 79,778 |
Fair Value, Inputs, Level 3 | ||
Assets | ||
Total assets | 35,626 | 23,965 |
Fair Value, Inputs, Level 3 | Fair Value | ||
Liabilities | ||
Debt, net | 404,564 | 392,951 |
Total liabilities | 404,564 | 392,951 |
Fair Value, Inputs, Level 3 | Carrying value | ||
Liabilities | ||
Debt, net | 385,064 | 377,582 |
Total liabilities | 385,064 | 377,582 |
Debentures | Fair Value, Inputs, Level 2 | Fair Value | ||
Assets | ||
Notes receivable, net | 20,753 | 17,703 |
Debentures | Fair Value, Inputs, Level 2 | Carrying value | ||
Assets | ||
Notes receivable, net | 20,753 | 17,703 |
Notes Receivable | Fair Value, Inputs, Level 2 | Fair Value | ||
Assets | ||
Notes receivable, net | 75,448 | 62,075 |
Notes Receivable | Fair Value, Inputs, Level 2 | Carrying value | ||
Assets | ||
Notes receivable, net | $ 75,448 | $ 62,075 |
Liability for Unpaid Claims and Claim Adjustment Expenses - Rollforward of Claims Liability (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Policy liabilities and unpaid claims balance as of January 1, | $ 233,438 | $ 144,384 | ||
Less: liabilities of policy-holder account balances, gross | (5,419) | (11,589) | ||
Less: non-insurance warranty benefit claim liabilities | (30,664) | (85) | ||
Gross liabilities for unpaid losses and loss adjustment expenses | 197,355 | 132,710 | ||
Net balance as of January 1, short duration | 83,945 | 43,881 | ||
Incurred (short duration) related to: | ||||
Current year | 176,644 | 111,979 | ||
Prior years | 3,866 | 12,924 | ||
Total incurred | $ 61,061 | $ 42,559 | 180,510 | 124,903 |
Paid (short duration) related to: | ||||
Current year | 116,175 | 92,541 | ||
Prior years | 6,379 | 8,206 | ||
Total paid | 122,554 | 100,747 | ||
Gross liabilities for unpaid losses and loss adjustment expenses | 296,811 | 171,990 | 296,811 | 171,990 |
Plus: liabilities of policy-holder account balances, gross | 1,690 | 6,806 | 1,690 | 6,806 |
Plus: non-insurance warranty benefit claim liabilities | 15,113 | 32,402 | 15,113 | 32,402 |
Policy liabilities and unpaid claims balance as of September 30, | 313,614 | 211,198 | 313,614 | 211,198 |
Other Short-duration Insurance Product Line | ||||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Reinsurance recoverable for unpaid claims and claims adjustments, beginning balance | (113,163) | (88,599) | ||
Paid (short duration) related to: | ||||
Net balance as of September 30, short duration | 141,901 | 68,037 | 141,901 | 68,037 |
Reinsurance recoverable for unpaid claims and claims adjustments, ending balance | 154,513 | 103,372 | 154,513 | 103,372 |
Other Insurance Product Line | ||||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Reinsurance recoverable for unpaid claims and claims adjustments, beginning balance | (247) | (230) | ||
Paid (short duration) related to: | ||||
Reinsurance recoverable for unpaid claims and claims adjustments, ending balance | $ 397 | $ 581 | $ 397 | $ 581 |
Liability for Unpaid Claims and Claim Adjustment Expenses - Schedule Showing the Reconciliation of Short Duration Contracts to Total Losses Incurred (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Insurance [Abstract] | ||||
Short duration incurred | $ 61,061 | $ 42,559 | $ 180,510 | $ 124,903 |
Other lines incurred | 10 | 1 | 55 | 1 |
Unallocated loss adjustment expenses | 181 | 360 | 679 | 450 |
Total losses incurred | $ 61,252 | $ 42,920 | $ 181,244 | $ 125,354 |
Liability for Unpaid Claims and Claim Adjustment Expenses - Narrative (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Insurance [Abstract] | ||
Prior year expense, increase (decrease) | $ 3,866 | $ 12,924 |
Revenue From Contracts with Customers - Schedule of Disaggregated Revenue From Contracts With Customers By Product Type (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Revenue from External Customer [Line Items] | ||||
Revenue from contracts with customers | $ 68,814 | $ 41,466 | $ 182,296 | $ 117,451 |
Warranty coverage revenue | ||||
Revenue from External Customer [Line Items] | ||||
Revenue from contracts with customers | 43,094 | 25,888 | 111,970 | 68,318 |
Motor club revenue | ||||
Revenue from External Customer [Line Items] | ||||
Revenue from contracts with customers | 11,038 | 8,566 | 29,694 | 27,329 |
Vessel related revenue | ||||
Revenue from External Customer [Line Items] | ||||
Revenue from contracts with customers | 11,426 | 5,517 | 25,043 | 17,218 |
Other | ||||
Revenue from External Customer [Line Items] | ||||
Revenue from contracts with customers | $ 3,256 | $ 1,495 | $ 15,589 | $ 4,586 |
Revenue From Contracts with Customers - Schedule of Deferred Assets Related to Revenue From Contracts with Customers (Rollforward) (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2021
USD ($)
| |
Table of Deferred Assets Related to Revenue From Contracts with Customers [Roll Forward] | |
Deferred acquisition costs, beginning balance | $ 229,430 |
Deferred acquisition costs, ending balance | 352,940 |
Customer Contracts | |
Table of Deferred Assets Related to Revenue From Contracts with Customers [Roll Forward] | |
Deferred acquisition costs, beginning balance | 61,815 |
Additions | 95,956 |
Amortization | 44,086 |
Deferred acquisition costs, ending balance | 113,685 |
Customer Contracts | Warranty coverage revenue | |
Table of Deferred Assets Related to Revenue From Contracts with Customers [Roll Forward] | |
Deferred acquisition costs, beginning balance | 48,734 |
Additions | 68,905 |
Amortization | 21,060 |
Deferred acquisition costs, ending balance | 96,579 |
Customer Contracts | Motor club revenue | |
Table of Deferred Assets Related to Revenue From Contracts with Customers [Roll Forward] | |
Deferred acquisition costs, beginning balance | 13,081 |
Additions | 27,051 |
Amortization | 23,026 |
Deferred acquisition costs, ending balance | $ 17,106 |
Revenue From Contracts with Customers - Schedule of Deferred Revenue Liabilities From Contracts with Customers (Rollforward) (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2021
USD ($)
| |
Deferred revenue | |
Beginning balance | $ 399,211 |
Ending balance | 511,273 |
Customer Contracts | |
Deferred revenue | |
Beginning balance | 365,360 |
Additions | 248,269 |
Amortization | 141,664 |
Ending balance | 471,965 |
Customer Contracts | Warranty coverage revenue | |
Deferred revenue | |
Beginning balance | 348,391 |
Additions | 213,795 |
Amortization | 111,970 |
Ending balance | 450,216 |
Customer Contracts | Motor club revenue | |
Deferred revenue | |
Beginning balance | 16,969 |
Additions | 34,474 |
Amortization | 29,694 |
Ending balance | $ 21,749 |
Other Assets and Other Liabilities and Accrued Expenses - Schedule of Other Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Loans eligible for repurchase | $ 48,452 | $ 70,593 |
Mortgage servicing rights | 26,361 | 14,758 |
Right of use asset - Operating leases | 24,838 | 27,291 |
Income taxes receivable | 21,048 | 19,513 |
Furniture, fixtures and equipment, net | 15,213 | 15,798 |
Prepaid expenses | 9,184 | 8,159 |
Other | 7,842 | 5,922 |
Total other assets | $ 152,938 | $ 162,034 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total other assets | Total other assets |
Other Assets and Other Liabilities and Accrued Expenses - Schedule of Depreciation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Furniture and Fixtures | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense related to furniture, fixtures and equipment | $ 893 | $ 743 | $ 2,666 | $ 2,254 |
Other Assets and Other Liabilities and Accrued Expenses - Schedule of Other Liabilities and Accrued Expenses (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Accounts payable and accrued expenses | $ 130,273 | $ 106,142 |
Loans eligible for repurchase liability | 48,452 | 70,593 |
Deferred tax liabilities, net | 32,801 | 24,183 |
Operating lease liability | 30,407 | 32,914 |
Due to brokers | 18,819 | 45,047 |
Commissions payable | 15,640 | 18,678 |
Securities sold, not yet purchased | 6,266 | 46,637 |
Other | 22,861 | 18,671 |
Total other liabilities and accrued expenses | $ 305,519 | $ 362,865 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Total other liabilities and accrued expenses | Total other liabilities and accrued expenses |
Other Revenue and Other Expenses - Schedule of Other Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Segment Reporting Information [Line Items] | ||||
Other revenue | $ 21,058 | $ 12,783 | $ 52,237 | $ 41,974 |
Gain (Loss) on sale of business | (386) | 0 | (1,175) | 0 |
Other | 3,554 | 1,116 | 8,352 | 5,560 |
Tiptree Capital - Mortgage | ||||
Segment Reporting Information [Line Items] | ||||
Other revenue | 17,890 | 11,667 | 45,060 | 36,414 |
Tiptree Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Other | $ 3,458 | $ 1,047 | $ 8,045 | $ 5,305 |
Other Revenue, Other Expenses and Other Income - Schedule of Other Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Other Income and Expenses [Abstract] | ||||
General and administrative | $ 9,334 | $ 5,523 | $ 27,397 | $ 16,376 |
Professional fees | 5,656 | 3,837 | 20,649 | 15,709 |
Premium taxes | 4,892 | 4,201 | 14,754 | 11,746 |
Mortgage origination expenses | 4,366 | 3,673 | 12,821 | 10,811 |
Rent and related | 4,170 | 3,529 | 12,556 | 10,326 |
Operating expenses from vessels | 3,444 | 3,318 | 9,770 | 10,226 |
Loss on extinguishment of debt | 0 | 0 | 0 | 353 |
Other | 2,517 | 1,411 | 6,393 | 5,190 |
Total other expenses | $ 34,379 | $ 25,492 | $ 104,340 | $ 80,737 |
Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | ||
---|---|---|---|
Apr. 30, 2021 |
Sep. 30, 2021 |
Dec. 31, 2020 |
|
Class of Warrant or Right [Line Items] | |||
Amount available for ordinary dividends of the Company's insurance company subsidiaries | $ 18,519 | $ 13,418 | |
Common stock | |||
Class of Warrant or Right [Line Items] | |||
Stock repurchase program, authorized amount | $ 20,000 | ||
Common Class A | |||
Class of Warrant or Right [Line Items] | |||
Shares issued upon exercise of warrants (in shares) | 207,445 | ||
Warrants outstanding (in shares) | 2,016,044 | ||
Warrants, exercise price (in dollars per share) | $ 6.99 |
Stockholders' Equity - Schedule of Share Repurchases (Details) - Common stock $ / shares in Units, $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2021
USD ($)
$ / shares
shares
| |
Class of Stock [Line Items] | |
Remaining repurchase authorization | $ | $ 13,669 |
Share repurchase program | |
Class of Stock [Line Items] | |
Number of shares purchased | shares | 528,662 |
Average price per share (in dollars per share) | $ / shares | $ 5.45 |
Stockholders' Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Equity [Abstract] | |||||||||
Dividends declared per common share (in dollars per share) | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.12 | $ 0.12 | |
Amount available for ordinary dividends of the Company's insurance company subsidiaries | $ 18,519 | $ 18,519 | $ 13,418 |
Accumulated Other Comprehensive Income (Loss) - Schedule of Activity in AOCI (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning balance | $ 405,049 | $ 347,189 | $ 373,538 | $ 411,415 | ||
Other comprehensive income (losses) before reclassifications | (4,054) | 4,108 | ||||
Amounts reclassified from AOCI | (481) | (165) | ||||
Other comprehensive income (loss), net of tax | (1,538) | (165) | (4,535) | 3,943 | ||
Ending balance | 402,142 | 361,691 | 402,142 | 361,691 | ||
Accumulated other comprehensive income (loss) | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning balance | 5,702 | 1,711 | ||||
Ending balance | 1,167 | 5,696 | 1,167 | 5,696 | ||
Non-controlling interests | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning balance | 18,031 | 11,368 | 17,394 | 13,353 | ||
Other comprehensive income (losses) before reclassifications | (18) | 21 | ||||
Amounts reclassified from AOCI | 0 | 0 | ||||
Other comprehensive income (loss), net of tax | (6) | 0 | (18) | 21 | ||
Ending balance | 16,930 | 13,953 | 16,930 | 13,953 | ||
AOCI non-controlling interest | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning balance | 28 | 13 | ||||
Ending balance | 10 | 34 | 10 | 34 | ||
Total AOCI | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning balance | 2,689 | 5,827 | 5,674 | 1,698 | ||
Other comprehensive income (losses) before reclassifications | (4,036) | 4,087 | ||||
Amounts reclassified from AOCI | (481) | (165) | ||||
Other comprehensive income (loss), net of tax | (1,532) | (165) | (4,517) | 3,922 | ||
Ending balance | $ 1,157 | $ 5,662 | $ 1,157 | 5,662 | ||
Adoption of accounting standard | Accumulated other comprehensive income (loss) | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning balance | 42 | |||||
Adoption of accounting standard | Non-controlling interests | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning balance | 0 | |||||
Adoption of accounting standard | Total AOCI | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning balance | [1] | $ 42 | ||||
|
Accumulated Other Comprehensive Income (Loss) - Schedule of Reclassifications Out of AOCI into Net Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income (loss) before taxes | $ 3,584 | $ 13,897 | $ 54,451 | $ (63,420) |
Less: provision (benefit) for income taxes | (237) | 844 | (11,416) | 22,030 |
Net income (loss) | 3,347 | 14,741 | 43,035 | (41,390) |
Unrealized gains (losses) on available for sale securities | Amount reclassified from AOCI | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income (loss) before taxes | 296 | 115 | 616 | 211 |
Less: provision (benefit) for income taxes | (62) | (20) | (135) | (46) |
Net income (loss) | $ 234 | $ 95 | $ 481 | $ 165 |
Stock Based Compensation - Summary of Equity Plan (Details) - Tiptree Inc. 2017 Omnibus Incentive Plan - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Jun. 06, 2017 |
|
Stock Compensation Plan | ||
Options outstanding | ||
Available for issuance, beginning of period (in shares) | 3,788,417 | |
RSU and option awards granted (in shares) | (50,251) | |
Exchanged for vested subsidiary awards (in shares) | (1,158,009) | |
Available for issuance, end of period (in shares) | 2,580,157 | |
Common stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares authorized | 6,100,000 |
Stock Based Compensation - Restricted Stock Units and Restricted Stock (Details) - $ / shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 3 years | |
Employee Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 3 years | |
Vesting - first tranche | Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting rights, percentage | 33.33% | |
Vesting - first tranche | Employee Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting rights, percentage | 33.33% | |
Award vesting period | 3 years | |
Vesting - second tranche | Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting rights, percentage | 33.33% | |
Vesting - second tranche | Employee Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting rights, percentage | 33.33% | |
Award vesting period | 4 years | |
Vesting - third tranche | Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting rights, percentage | 33.33% | |
Vesting - third tranche | Employee Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting rights, percentage | 33.33% | |
Award vesting period | 5 years | |
Common stock | Tiptree Inc. 2017 Omnibus Incentive Plan | Restricted Stock Units (RSUs) | ||
Number of shares issuable | ||
Unvested units, beginning of period (in shares) | 953,145 | |
Granted (in shares) | 50,251 | 525,742 |
Vested (in shares) | (404,384) | (531,206) |
Unvested units, end of period (in shares) | 599,012 | |
Weighted average grant date fair value | ||
Unvested units, beginning of period (in dollars per share) | $ 6.52 | |
Granted (in dollars per share) | 7.21 | |
Vested (in dollars per share) | 6.51 | |
Unvested units, end of period (in dollars per share) | $ 6.59 |
Stock Based Compensation - Executive Committee Incentive Plan (Details) - PRSUs - $ / shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Aug. 04, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Historical volatility, assumption | 34.29% | |
Risk-free rate | 1.55% | |
Dividend yield | 1.59% | |
Expected term (years) | 10 years | |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share price (in dollars per share) | $ 15 | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share price (in dollars per share) | $ 60 |
Stock Based Compensation - Schedule of Granted and Vested RSUs (Details) - Restricted Stock Units (RSUs) - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 3 years | |
Tiptree Inc. 2017 Omnibus Incentive Plan | Common stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 50,251 | 525,742 |
Vested (in shares) | 404,384 | 531,206 |
Taxes (in shares) | (34,828) | (53,438) |
Net Vested (in shares) | 369,556 | 477,768 |
Director | Tiptree Inc. 2017 Omnibus Incentive Plan | Common stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 50,251 | 56,485 |
Vested (in shares) | 50,251 | 56,485 |
Employees | Tiptree Inc. 2017 Omnibus Incentive Plan | Three year vesting period | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 256,619 | |
Award vesting period | 3 years | |
Employees | Tiptree Inc. 2017 Omnibus Incentive Plan | Cliff vest | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 212,638 | |
Employees | Tiptree Inc. 2017 Omnibus Incentive Plan | Common stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 0 | 469,257 |
Vested (in shares) | 354,133 | 474,721 |
Stock Based Compensation - Tiptree Senior Management Incentive Plan (Details) - PRSUs - $ / shares |
9 Months Ended | |
---|---|---|
Aug. 04, 2021 |
Sep. 30, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award term | 10-year | 10 years |
Valuation Input | ||
Historical volatility, assumption | 34.29% | |
Historical volatility, average | 34.43% | |
Risk-free rate | 1.55% | |
Dividend yield | 1.59% | |
Cost of Equity | 9.84% | |
Expected term (years) | 10 years | |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share price (in dollars per share) | $ 15 | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share price (in dollars per share) | $ 60 | |
Average | ||
Valuation Input | ||
Risk-free rate | 1.38% | |
Dividend yield | 1.40% | |
Cost of Equity | 9.88% | |
Expected term (years) | 10 years | |
Chief Executive Officer | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 3,500,000 |
Stock Based Compensation - Subsidiary Incentive Plans (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2021 |
Sep. 30, 2020 |
||||
Number of shares issuable | ||||||
Cash received for vested subsidiary awards | $ 50 | |||||
Repurchase of vested subsidiary awards | $ 23 | $ 1,079 | ||||
Common stock | ||||||
Number of shares issuable | ||||||
Shares issued in exchange for vested subsidiary awards (in shares) | 481,829 | 1,158,009 | [1] | |||
Subsidiary Incentive Plan | Common stock | ||||||
Number of shares issuable | ||||||
Shares issued in exchange for vested subsidiary awards (in shares) | 1,158,009 | |||||
Cash received for vested subsidiary awards | $ 50 | |||||
Conversion of subsidiary awards, consideration received on transaction | 12,168 | $ 1,807 | ||||
Repurchase of vested subsidiary awards | 1,079 | |||||
Subsidiary Incentive Plan | Restricted Stock Units (RSUs) | ||||||
Number of shares issuable | ||||||
Unvested balance, beginning of period | 4,305 | |||||
Granted | 1,278 | |||||
Vested | (3,466) | |||||
Unvested balance, end of period | $ 2,117 | $ 2,117 | ||||
Vested shares, if converted (in shares) | 1,875,284 | 1,875,284 | ||||
|
Stock Based Compensation - Stock Options Awards (Details) - $ / shares |
9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted in period (in shares) | 0 | ||||||
Employee Stock Option | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expiration period | 10 years | ||||||
Award vesting period | 3 years | ||||||
Book value target (in dollars per share) | $ 11.52 | $ 10.79 | $ 9.97 | $ 10.14 | $ 8.96 | ||
Valuation Input | |||||||
Historical volatility, assumption | 27.60% | ||||||
Risk-free rate | 1.51% | ||||||
Dividend yield | 2.20% | ||||||
Expected term (years) | 7 years | ||||||
Vesting - first tranche | Employee Stock Option | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 3 years | ||||||
Vesting - second tranche | Employee Stock Option | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 4 years | ||||||
Vesting - third tranche | Employee Stock Option | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 5 years |
Stock Based Compensation - Schedule of Stock Option Activity Rollforward (Details) - Employee Stock Option |
9 Months Ended |
---|---|
Sep. 30, 2021
$ / shares
shares
| |
Options outstanding | |
Balance, beginning of period (in shares) | shares | 1,715,619 |
Balance, end of period (in shares) | shares | 1,715,619 |
Weighted average exercise price (in dollars per stock option) | |
Balance, beginning of period (in dollars per share) | $ / shares | $ 6.49 |
Balance, end of period (in dollars per share) | $ / shares | 6.49 |
Weighted average grant date value (in dollars per stock option) | |
Balance, beginning of period (in dollars per share) | $ / shares | 2.29 |
Balance, end of period (in dollars per share) | $ / shares | $ 2.29 |
Options Exercisable | |
Balance, beginning of period (in shares) | shares | 0 |
Balance, end of period (in shares) | shares | 712,542 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Weighted average remaining contractual term at September 30, 2021 (in years) | 6 years 4 months 24 days |
Stock Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Income tax benefit | $ (316) | $ (538) | $ (781) | $ (1,330) |
Net stock based compensation expense | 1,188 | 1,951 | 2,936 | 4,828 |
Deferred stock based compensation liability | 350 | 350 | ||
Employee compensation and benefits | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Employee compensation and benefits | 1,401 | 2,287 | 3,372 | 5,750 |
Other Expense | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Employee compensation and benefits | $ 103 | $ 202 | $ 345 | $ 408 |
Stock Based Compensation - Unrecognized Compensation Costs Related to Non-vested Awards (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2021
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 | $ 297 |
Weighted - average recognition period (in years) | 1 year 7 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 | $ 2,988 |
Weighted - average recognition period (in years) | 8 months 4 days |
PRSUs | |
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 | $ 10,191 |
Weighted - average recognition period (in years) | 3 years 2 months 23 days |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Income Tax Disclosure [Abstract] | ||||
Total income tax expense (benefit) | $ 237 | $ (844) | $ 11,416 | $ (22,030) |
Effective tax rate (ETR) | 6.60% | (6.10%) | 21.00% | 34.70% |
Commitments and Contingencies - Summary Operating Lease Information (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease, renewal term | 5 years | |
Operating lease, right-of-use asset | $ 24,838 | $ 27,291 |
Operating lease liability | $ 30,407 | $ 32,914 |
Weighted-average remaining lease term (years) | 7 years | |
Weighted-average discount rate | 7.50% |
Commitments and Contingencies - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Remainder of 2021 | $ 2,195 | |
2022 | 7,855 | |
2023 | 7,074 | |
2024 | 6,170 | |
2025 | 5,557 | |
2026 and thereafter | 18,645 | |
Total minimum payments | 47,496 | |
Less: present value adjustment | (16,439) | |
Total | 30,407 | $ 32,914 |
Luxury Disposition | Held for sale | ||
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Less: liabilities held for sale | $ (650) |
Commitments and Contingencies - Rent Expense for the Company's Office Leases (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Rent expense for office leases | $ 2,074 | $ 959 | $ 6,520 | $ 5,196 |
Held for sale | Luxury Disposition | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Rent expense for office leases | $ 134 | $ 306 | $ 374 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ 3,347 | $ 14,741 | $ 43,035 | $ (41,390) |
Net income (loss) attributable to non-controlling interests | 1,339 | 1,978 | 4,477 | 2,038 |
Net income allocated to participating securities | 35 | 351 | 725 | 0 |
Net income (loss) attributable to Tiptree Inc. common shares - basic | 1,973 | 12,412 | 37,833 | (43,428) |
Effect of Dilutive Securities: | ||||
Securities of subsidiaries | (73) | (461) | (905) | 0 |
Adjustments to income relating to exchangeable interests, net of tax | 1 | 0 | 1,820 | 0 |
Net income (loss) attributable to Tiptree Inc. common shares - diluted | $ 1,901 | $ 11,951 | $ 38,748 | $ (43,428) |
Weighted average number of shares of common stock outstanding - basic | 33,558,106 | 33,684,301 | 32,963,451 | 34,076,837 |
Weighted average number of incremental shares of common stock issuable from exchangeable interests and contingent considerations | 574,076 | 0 | 2,061,760 | 0 |
Weighted average number of shares of common stock outstanding - diluted | 34,132,182 | 33,684,301 | 35,025,211 | 34,076,837 |
Basic earnings per share (in dollars per share) | $ 0.06 | $ 0.37 | $ 1.15 | $ (1.27) |
Diluted earnings per share (in dollars per share) | $ 0.06 | $ 0.35 | $ 1.11 | $ (1.27) |
Related Party Transactions (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jan. 01, 2025 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Jan. 01, 2024 |
Jan. 01, 2023 |
Jan. 01, 2022 |
Jan. 01, 2021 |
|
Related Party Transaction [Line Items] | |||||||||
Related party, greater than 5% shareholder | 5.00% | ||||||||
Forecast | Subsequent Event | Corvid Peak | |||||||||
Related Party Transaction [Line Items] | |||||||||
Ownership after all transactions | 51.00% | ||||||||
Corvid Peak | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party, ownership percentage | 10.20% | ||||||||
Corvid Peak | Forecast | Subsequent Event | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party, additional ownership percentage | 10.20% | 10.20% | 10.20% | 10.20% | |||||
Corvid Peak | Strategic Combination Agreement | |||||||||
Related Party Transaction [Line Items] | |||||||||
Investment expense | $ 185 | $ 230 | $ 769 | $ 667 |
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 02, 2021 |
Oct. 11, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Subsequent Event [Line Items] | |||||||||||
Dividends declared per share (in usd per share) | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.12 | $ 0.12 | |||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||
Subsequent Event | Private Placement | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Common stock, par value (in dollars per share) | $ 0.01 | ||||||||||
Subsequent Event | Private Placement | WP Falcon Aggregator, L.P. | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Sale of Stock, Consideration Received on Transaction | $ 200 | ||||||||||
Subsequent Event | Common stock | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Dividends declared per share (in usd per share) | $ 0.04 |
Label | Element | Value |
---|---|---|
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |
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