(Mark One) | |||||
Annual 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 |
(State or Other Jurisdiction of Incorporation) | (I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||
Capital Market |
ITEM | Page Number | |||||||
PART I | ||||||||
PART II | ||||||||
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F- 20 | ||||||||
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F- 31 | ||||||||
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F- 62 | ||||||||
PART III | ||||||||
ITEM | Page Number | |||||||
PART IV | ||||||||
Period | Purchaser | Total Number of Shares Purchased(1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | Approximate Dollar Value ($ in thousands) of Shares That May Yet Be Purchased Under the Program(1) | ||||||||||||
October 1, 2022 to October 31, 2022 | Tiptree Inc. | 6,878 | $ | 10.58 | 6,878 | ||||||||||||
November 1, 2022 to November 30, 2022 | Tiptree Inc. | — | $ | — | — | ||||||||||||
December 1, 2022 to December 31, 2022 | Tiptree Inc. | — | $ | — | — | ||||||||||||
Total | 6,878 | $ | 10.58 | 6,878 | $ | 11,945 |
($ in thousands, except per share information) | For the Year Ended December 31, | |||||||||||||
GAAP: | 2022 | 2021 | ||||||||||||
Total revenues | $ | 1,397,752 | $ | 1,200,514 | ||||||||||
Net income (loss) attributable to common stockholders | $ | (8,274) | $ | 38,132 | ||||||||||
Diluted earnings per share | $ | (0.23) | $ | 1.09 | ||||||||||
Cash dividends paid per common share | $ | 0.16 | $ | 0.16 | ||||||||||
Return on average equity | (2.1) | % | 11.4 | % | ||||||||||
Non-GAAP: (1) | ||||||||||||||
Adjusted net income | $ | 63,401 | $ | 63,869 | ||||||||||
Adjusted return on average equity | 13.6 | % | 16.5 | % | ||||||||||
Adjusted EBITDA | $ | 81,124 | $ | 100,776 | ||||||||||
Book value per share | $ | 10.92 | $ | 11.22 |
($ in thousands) | For the Year Ended December 31, | |||||||||||||
2022 | 2021 | |||||||||||||
Net realized gains - Maritime transportation | $ | 34,803 | $ | — | ||||||||||
Net realized and unrealized gains (losses) - Invesque | $ | (19,360) | $ | 3,736 | ||||||||||
Net realized and unrealized gains (losses)(1) | $ | (9,999) | $ | 8,885 |
($ in thousands) | For the Year Ended December 31, | |||||||||||||
2022 | 2021 | |||||||||||||
Revenues: | ||||||||||||||
Insurance | $ | 1,248,796 | $ | 984,130 | ||||||||||
Mortgage | 70,246 | 111,295 | ||||||||||||
Tiptree Capital - other | 78,710 | 105,089 | ||||||||||||
Corporate | — | — | ||||||||||||
Total revenues | $ | 1,397,752 | $ | 1,200,514 | ||||||||||
Income (loss) before taxes: | ||||||||||||||
Insurance | $ | 68,150 | $ | 69,857 | ||||||||||
Mortgage | 874 | 28,407 | ||||||||||||
Tiptree Capital - other | 31,403 | 17,210 | ||||||||||||
Corporate | (46,416) | (50,132) | ||||||||||||
Total income (loss) before taxes | $ | 54,011 | $ | 65,342 | ||||||||||
Non-GAAP - Adjusted net income (1): | ||||||||||||||
Insurance | $ | 83,832 | $ | 66,782 | ||||||||||
Mortgage | (4,658) | 17,434 | ||||||||||||
Tiptree Capital - other | 13,627 | 10,763 | ||||||||||||
Corporate | (29,400) | (31,110) | ||||||||||||
Total adjusted net income | $ | 63,401 | $ | 63,869 |
($ in thousands) | For the Year Ended December 31, | ||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Earned premiums, net | $ | 904,765 | $ | 685,552 | $ | 219,213 | 32.0 | % | |||||||||||||||
Service and administrative fees | 320,720 | 260,525 | 60,195 | 23.1 | % | ||||||||||||||||||
Ceding commissions | 13,880 | 11,784 | 2,096 | 17.8 | % | ||||||||||||||||||
Net investment income | 12,219 | 17,896 | (5,677) | (31.7) | % | ||||||||||||||||||
Net realized and unrealized gains (losses) | (20,347) | (2,006) | (18,341) | NM% | |||||||||||||||||||
Other revenue | 17,559 | 10,379 | 7,180 | 69.2 | % | ||||||||||||||||||
Total revenues | $ | 1,248,796 | $ | 984,130 | $ | 264,666 | 26.9 | % | |||||||||||||||
Expenses: | |||||||||||||||||||||||
Net losses and loss adjustment expenses | 361,601 | 253,473 | 108,128 | 42.7 | % | ||||||||||||||||||
Member benefit claims | 91,004 | 73,539 | 17,465 | 23.7 | % | ||||||||||||||||||
Commission expense | 522,686 | 396,683 | 126,003 | 31.8 | % | ||||||||||||||||||
Employee compensation and benefits | 87,918 | 76,552 | 11,366 | 14.8 | % | ||||||||||||||||||
Interest expense | 20,054 | 17,576 | 2,478 | 14.1 | % | ||||||||||||||||||
Depreciation and amortization | 18,551 | 17,223 | 1,328 | 7.7 | % | ||||||||||||||||||
Other expenses | 78,832 | 79,227 | (395) | (0.5) | % | ||||||||||||||||||
Total expenses | $ | 1,180,646 | $ | 914,273 | $ | 266,373 | 29.1 | % | |||||||||||||||
Income (loss) before taxes (1) | $ | 68,150 | $ | 69,857 | $ | (1,707) | (2.4) | % | |||||||||||||||
Key Performance Metrics: | |||||||||||||||||||||||
Gross written premiums and premium equivalents | $ | 2,680,771 | $ | 2,194,024 | $ | 486,747 | 22.2 | % | |||||||||||||||
Return on average equity | 14.6 | % | 17.1 | % | |||||||||||||||||||
Underwriting ratio | 77.6 | % | 74.7 | % | |||||||||||||||||||
Expense ratio | 13.1 | % | 15.9 | % | |||||||||||||||||||
Combined ratio | 90.7 | % | 90.6 | % | |||||||||||||||||||
Non-GAAP Financial Measures (2): | |||||||||||||||||||||||
Adjusted net income | $ | 83,832 | $ | 66,782 | $ | 17,050 | 25.5 | % | |||||||||||||||
Adjusted return on average equity | 26.1 | % | 22.2 | % |
For the Year Ended December 31, | |||||||||||
($ in thousands) | Gross Written Premiums and Premium Equivalents | ||||||||||
2022 | 2021 | ||||||||||
U.S. Insurance | $ | 1,690,072 | $ | 1,438,393 | |||||||
U.S. Warranty Solutions | 852,839 | 652,052 | |||||||||
Europe | 137,860 | 103,579 | |||||||||
Total | $ | 2,680,771 | $ | 2,194,024 |
For the Year Ended December 31, | |||||||||||||||||||||||
($ in thousands) | Underwriting and Fee Revenues (1) | Underwriting and Fee Margin (1) | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
U.S. Insurance | $ | 922,293 | $ | 690,154 | $ | 172,046 | $ | 141,258 | |||||||||||||||
U.S. Warranty Solutions | 274,923 | 230,942 | 88,264 | 90,255 | |||||||||||||||||||
Europe | 59,708 | 47,144 | 21,323 | 13,032 | |||||||||||||||||||
Total | $ | 1,256,924 | $ | 968,240 | $ | 281,633 | $ | 244,545 | |||||||||||||||
($ in thousands) | For the Year Ended December 31, | |||||||||||||
2022 | 2021 | |||||||||||||
Revenues: | ||||||||||||||
Net realized and unrealized gains (losses) | $ | 51,345 | $ | 92,307 | ||||||||||
Other revenue | 18,901 | 18,988 | ||||||||||||
Total revenues | $ | 70,246 | $ | 111,295 | ||||||||||
Expenses: | ||||||||||||||
Employee compensation and benefits | $ | 41,637 | $ | 56,819 | ||||||||||
Interest expense | 1,631 | 1,168 | ||||||||||||
Depreciation and amortization | 799 | 885 | ||||||||||||
Other expenses | 25,305 | 24,016 | ||||||||||||
Total expenses | $ | 69,372 | $ | 82,888 | ||||||||||
Income (loss) before taxes | $ | 874 | $ | 28,407 | ||||||||||
Key Performance Metrics: | ||||||||||||||
Origination volumes | $ | 1,134,351 | $ | 1,608,311 | ||||||||||
Gain on sale margins | 4.7 | % | 5.6 | % | ||||||||||
Return on average equity | 0.9 | % | 38.9 | % | ||||||||||
Non-GAAP Financial Measures (1): | ||||||||||||||
Adjusted net income | $ | (4,658) | $ | 17,434 | ||||||||||
Adjusted return on average equity | (8.1) | % | 28.8 | % |
For the Year Ended December 31, | |||||||||||||||||||||||
($ in thousands) | Total revenue | Income (loss) before taxes | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Senior living (Invesque) | $ | (16,015) | $ | 3,091 | $ | (16,015) | $ | 3,091 | |||||||||||||||
Maritime transportation(1) | 64,947 | 35,562 | 49,809 | 11,635 | |||||||||||||||||||
Other (2) | 29,778 | 66,436 | (2,391) | 2,484 | |||||||||||||||||||
Total | $ | 78,710 | $ | 105,089 | $ | 31,403 | $ | 17,210 |
($ in thousands) | For the Year Ended December 31, | ||||||||||
2022 | 2021 | ||||||||||
Senior living (Invesque) | $ | — | $ | — | |||||||
Maritime transportation | 12,707 | 10,713 | |||||||||
Other | 920 | 50 | |||||||||
Total | $ | 13,627 | $ | 10,763 |
($ in thousands) | For the Year Ended December 31, | ||||||||||
2022 | 2021 | ||||||||||
Employee compensation and benefits | $ | 7,948 | $ | 7,406 | |||||||
Employee incentive compensation expense | 19,240 | 20,654 | |||||||||
Interest expense | 4,225 | 10,032 | |||||||||
Depreciation and amortization | 807 | 805 | |||||||||
Other expenses | 14,196 | 11,235 | |||||||||
Total expenses | $ | 46,416 | $ | 50,132 |
As of December 31, 2022 | |||||||||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||||||||
($ in thousands) | Insurance | Mortgage | Other | Corporate | Total | ||||||||||||||||||||||||
Total assets | $ | 3,702,577 | $ | 156,122 | $ | 86,402 | $ | 94,462 | $ | 4,039,563 | |||||||||||||||||||
Corporate debt | $ | 160,000 | $ | — | $ | — | $ | — | $ | 160,000 | |||||||||||||||||||
Asset based debt | 60,628 | 47,454 | — | — | 108,082 | ||||||||||||||||||||||||
Tiptree Inc. stockholders’ equity | $ | 205,666 | $ | 54,743 | $ | 71,666 | $ | 65,290 | $ | 397,365 | |||||||||||||||||||
Non-controlling interests: | |||||||||||||||||||||||||||||
Fortegra preferred interests | 77,679 | — | — | — | 77,679 | ||||||||||||||||||||||||
Common interests | 55,364 | — | 3,165 | — | 58,529 | ||||||||||||||||||||||||
Total stockholders’ equity | $ | 338,709 | $ | 54,743 | $ | 74,831 | $ | 65,290 | $ | 533,573 |
($ in thousands) | For the Year Ended December 31, | ||||||||||
2022 | 2021 | ||||||||||
Total revenues | $ | 1,248,796 | $ | 984,130 | |||||||
Less: Net investment income | (12,219) | (17,896) | |||||||||
Less: Net realized and unrealized gains (losses) | 20,347 | 2,006 | |||||||||
Underwriting and fee revenues | $ | 1,256,924 | $ | 968,240 |
($ in thousands) | For the Year Ended December 31, | ||||||||||
2022 | 2021 | ||||||||||
Income (loss) before income taxes | $ | 68,150 | $ | 69,857 | |||||||
Less: Net investment income | (12,219) | (17,896) | |||||||||
Less: Net realized and unrealized gains (losses) | 20,347 | 2,006 | |||||||||
Plus: Depreciation and amortization | 18,551 | 17,223 | |||||||||
Plus: Interest expense | 20,054 | 17,576 | |||||||||
Plus: Employee compensation and benefits | 87,918 | 76,552 | |||||||||
Plus: Other expenses | 78,832 | 79,227 | |||||||||
Underwriting and fee margin | $ | 281,633 | $ | 244,545 |
For the Year Ended December 31, 2022 | |||||||||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||||||||
($ in thousands) | Insurance | Mortgage | Other | Corporate | Total | ||||||||||||||||||||||||
Income (loss) before taxes | $ | 68,150 | $ | 874 | $ | 31,403 | $ | (46,416) | $ | 54,011 | |||||||||||||||||||
Less: Income tax (benefit) expense | (21,251) | (363) | (5,545) | (23,291) | (50,450) | ||||||||||||||||||||||||
Less: Net realized and unrealized gains (losses) | 20,347 | (7,003) | (18,788) | — | (5,444) | ||||||||||||||||||||||||
Plus: Intangibles amortization (1) | 16,229 | — | — | — | 16,229 | ||||||||||||||||||||||||
Plus: Stock-based compensation expense | 2,423 | — | — | 7,093 | 9,516 | ||||||||||||||||||||||||
Plus: Non-recurring expenses | 3,374 | — | (729) | 2,108 | 4,753 | ||||||||||||||||||||||||
Plus: Non-cash fair value adjustments | (939) | — | 3,555 | — | 2,616 | ||||||||||||||||||||||||
Less: Tax on adjustments (2) | (4,501) | 1,834 | 3,731 | 31,106 | 32,170 | ||||||||||||||||||||||||
Adjusted net income | $ | 83,832 | $ | (4,658) | $ | 13,627 | $ | (29,400) | $ | 63,401 | |||||||||||||||||||
Adjusted net income | $ | 83,832 | $ | (4,658) | $ | 13,627 | $ | (29,400) | $ | 63,401 | |||||||||||||||||||
Average stockholders’ equity | $ | 321,320 | $ | 57,575 | $ | 98,373 | $ | (10,390) | $ | 466,878 | |||||||||||||||||||
Adjusted return on average equity | 26.1 | % | (8.1) | % | 13.9 | % | NM % | 13.6 | % | ||||||||||||||||||||
For the Year ended December 31, 2021 | |||||||||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||||||||
($ in thousands) | Insurance | Mortgage | Other | Corporate | Total | ||||||||||||||||||||||||
Income (loss) before taxes | $ | 69,857 | $ | 28,407 | $ | 17,210 | $ | (50,132) | $ | 65,342 | |||||||||||||||||||
Less: Income tax (benefit) expense | (18,438) | (4,882) | (1,992) | 4,021 | (21,291) | ||||||||||||||||||||||||
Less: Net realized and unrealized gains (losses) | (3,732) | (5,798) | (3,091) | — | (12,621) | ||||||||||||||||||||||||
Plus: Intangibles amortization (1) | 15,329 | — | — | — | 15,329 | ||||||||||||||||||||||||
Plus: Stock-based compensation expense | 2,006 | 331 | 213 | 8,581 | 11,131 | ||||||||||||||||||||||||
Plus: Non-recurring expenses | 2,158 | — | 938 | 2,171 | 5,267 | ||||||||||||||||||||||||
Plus: Non-cash fair value adjustments | — | — | (3,170) | — | (3,170) | ||||||||||||||||||||||||
Less: Tax on adjustments (2) | (398) | (624) | 655 | 4,249 | 3,882 | ||||||||||||||||||||||||
Adjusted net income | $ | 66,782 | $ | 17,434 | $ | 10,763 | $ | (31,110) | $ | 63,869 | |||||||||||||||||||
Adjusted net income | $ | 66,782 | $ | 17,434 | $ | 10,763 | $ | (31,110) | $ | 63,869 | |||||||||||||||||||
Average stockholders’ equity | $ | 300,820 | $ | 60,433 | $ | 113,717 | $ | (88,111) | $ | 386,859 | |||||||||||||||||||
Adjusted return on average equity | 22.2 | % | 28.8 | % | 9.5 | % | NM% | 16.5 | % | ||||||||||||||||||||
($ in thousands) | For the Year Ended December 31, | |||||||||||||
2022 | 2021 | |||||||||||||
Net income (loss) attributable to common stockholders | $ | (8,274) | $ | 38,132 | ||||||||||
Add: net (loss) income attributable to non-controlling interests | 11,835 | 5,919 | ||||||||||||
Corporate debt related interest expense(1) | 19,290 | 24,426 | ||||||||||||
Consolidated provision (benefit) for income taxes | 50,450 | 21,291 | ||||||||||||
Depreciation and amortization | 22,973 | 24,437 | ||||||||||||
Non-cash fair value adjustments(2) | (200) | (7,945) | ||||||||||||
Non-recurring expenses(3) | 2,556 | 5,267 | ||||||||||||
Other comprehensive income (loss), pre-tax | (62,536) | (10,751) | ||||||||||||
Warburg gain to book value(4) | 54,013 | — | ||||||||||||
Third party non-controlling interests(5) | (8,983) | — | ||||||||||||
Adjusted EBITDA | $ | 81,124 | $ | 100,776 | ||||||||||
(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. From insurance operations, changes in the fair value of the Fortegra Additional Warrant liability is added back. | ||||
(3) | Acquisition, start-up and disposition costs, including debt extinguishment, legal, taxes, banker fees and other costs. | ||||
(4) | The pre-tax gain recorded directly to Tiptree Inc. stockholders’ equity was included in Adjusted EBITDA, net of add-backs included in prior period Adjusted EBITDA. | ||||
(5) | Adjusts for the comprehensive income (loss) (including EBITDA and AOCI impacts) for the non-controlling interests of The Fortegra Group. |
($ in thousands, except per share information) | As of December 31, | ||||||||||
2022 | 2021 | ||||||||||
Total stockholders’ equity | $ | 533,573 | $ | 400,181 | |||||||
Less: Non-controlling interests | 136,208 | 17,227 | |||||||||
Total stockholders’ equity, net of non-controlling interests | $ | 397,365 | $ | 382,954 | |||||||
Total common shares outstanding | 36,385 | 34,124 | |||||||||
Book value per share | $ | 10.92 | $ | 11.22 |
($ in thousands) | Corporate Debt Outstanding as of December 31, | Interest Expense for the year ended December 31, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Insurance | $ | 160,000 | $ | 162,160 | $ | 14,675 | $ | 14,232 | |||||||||||||||
Corporate | — | 114,063 | 4,615 | 10,193 | |||||||||||||||||||
Total | $ | 160,000 | $ | 276,223 | $ | 19,290 | $ | 24,425 |
($ in thousands) | For the Year Ended December 31, | ||||||||||
Total cash provided by (used in): | 2022 | 2021 | |||||||||
Net cash (used in) provided by: | |||||||||||
Operating activities | $ | 463,073 | $ | 204,316 | |||||||
Investing activities | 9,514 | (273,759) | |||||||||
Financing activities | (115,186) | 73,735 | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | 357,401 | $ | 4,292 |
Accident Year 2022 Sensitivity Test Change in Loss & Frequency & Severity on Ultimate | ||||||||
($ in thousands) | ||||||||
Scenario | Ultimate Cost | Change | ||||||
5% higher | $ | 380 | $ | 18,073 | ||||
3% higher | $ | 372 | $ | 10,844 | ||||
1% higher | $ | 365 | $ | 3,615 | ||||
Base scenario | $ | 361 | $ | — | ||||
1% lower | $ | 358 | $ | (3,615) | ||||
3% lower | $ | 351 | $ | (10,844) | ||||
5% lower | $ | 343 | $ | (18,073) |
($ in thousands) | As of December 31, | |||||||||||||
2022 | 2021 | |||||||||||||
Available for sale securities, at fair value (1) | ||||||||||||||
Obligations of state and political subdivisions | $ | 49,454 | $ | 58,660 | ||||||||||
Corporate securities | 161,999 | 144,877 | ||||||||||||
Asset backed securities | 15,349 | 17,447 | ||||||||||||
Certificates of deposit | 756 | 2,696 | ||||||||||||
Obligations of foreign governments | 2,362 | 2,590 | ||||||||||||
Loans, at fair value(2) | ||||||||||||||
Corporate loans | 14,312 | 7,099 | ||||||||||||
Other investments(3) | ||||||||||||||
Corporate bonds, at fair value | 42,080 | 38,965 | ||||||||||||
Debentures | 23,853 | 21,057 | ||||||||||||
Trade Claims | — | 19,737 | ||||||||||||
Other | 230 | 216 | ||||||||||||
Total | $ | 310,395 | $ | 313,344 |
($ in thousands) | As of December 31, 2022 | As of December 31, 2021 | |||||||||||||||||||||||||||||||||
Insurance | Tiptree Capital - Other | Total | Insurance | Tiptree Capital - Other | Total | ||||||||||||||||||||||||||||||
Invesque | $ | 2,670 | $ | 12,784 | $ | 15,454 | $ | 6,015 | $ | 28,799 | $ | 34,814 | |||||||||||||||||||||||
Fixed income exchange traded fund | 56,256 | — | 56,256 | 53,154 | — | 53,154 | |||||||||||||||||||||||||||||
Other equity securities | 14,066 | — | 14,066 | 50,515 | — | 50,515 | |||||||||||||||||||||||||||||
Total equity securities | $ | 72,992 | $ | 12,784 | $ | 85,776 | $ | 109,684 | $ | 28,799 | $ | 138,483 |
Page | |||||
Report of Independent Registered Public Accounting Firm (PCAOB ID No. | F- 2 | ||||
F- 1 | |||||
F- 2 | |||||
F- 3 | |||||
F- 4 | |||||
F- 6 | |||||
F- 8 |
As of December 31, | |||||||||||
2022 | 2021 | ||||||||||
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: | |||||||||||
Fortegra preferred interests | |||||||||||
Common interests | |||||||||||
Total non-controlling interests | |||||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
For the Year Ended December 31, | |||||||||||||||||
2022 | 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 | $ | $ | $ |
For the Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Net income (loss) | $ | $ | $ | ( | |||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||
Change in unrealized gains (losses) on available for sale securities | ( | ( | |||||||||||||||
Change in unrealized currency translation adjustments | ( | ||||||||||||||||
Related (provision) benefit for income taxes | ( | ||||||||||||||||
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 | Non-controlling interests | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares | Par value | Additional paid-in capital | Accumulated other comprehensive income (loss) | Retained earnings | Total Tiptree Inc. stockholders’ equity | Fortegra preferred interests | Common interests | Total stockholders' equity | |||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
— | — | — | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Amortization of share-based incentive compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of share-based incentive compensation(2) | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Shares purchased under stock purchase plan | ( | ( | ( | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interest distributions | — | — | ( | — | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Net change in non-controlling interests and other | — | — | ( | — | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends declared | — | — | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
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 (3) | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
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 interests and other | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends declared | — | — | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | ( | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | ( | $ | $ | $ | $ | $ |
Common stock | Non-controlling interests | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares | Par value | Additional paid-in capital | Accumulated other comprehensive income (loss) | Retained earnings | Total Tiptree Inc. stockholders’ equity | Fortegra preferred interests | Common interests | Total stockholders' equity | |||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of share-based incentive compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of share-based incentive compensation | — | ( | — | — | ( | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Shares issued in exchange for vested subsidiary awards (4) | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Shares purchased under stock purchase plan | ( | — | ( | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Shares issued upon exercise of warrants | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued upon exercise of options | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Transfer of liability awards | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
WP Transaction | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interest contributions | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interest distributions | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Net change in non-controlling interests and other | — | — | ( | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends declared | — | — | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | ( | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Subsidiary preferred dividends declared | — | — | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | ( | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | ( | $ | $ | $ | $ | $ |
For the Year Ended December 31, | |||||||||||||||||
2022 | 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 held for sale of business | ( | ||||||||||||||||
Non-cash compensation expense | |||||||||||||||||
Amortization/accretion of premiums and discounts | |||||||||||||||||
Depreciation and amortization expense | |||||||||||||||||
Non-cash lease expense | |||||||||||||||||
Deferred provision (benefit) for income taxes | |||||||||||||||||
Amortization of deferred financing costs | |||||||||||||||||
Change in fair value of liability classified warrants | ( | ||||||||||||||||
Net loss on extinguishment of debt | |||||||||||||||||
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, businesses and other assets | |||||||||||||||||
Purchases of property, plant and equipment | ( | ( | ( | ||||||||||||||
Proceeds from notes receivable | |||||||||||||||||
Issuance of notes receivable | ( | ( | ( | ||||||||||||||
Business and asset acquisitions, net of cash and deposits | ( | ( | |||||||||||||||
Net cash provided by (used in) investing activities | ( | ( | |||||||||||||||
Financing Activities: | |||||||||||||||||
Dividends paid | ( | ( | ( | ||||||||||||||
Cash received for the exercise of warrants | |||||||||||||||||
Net non-controlling interest (redemptions) contributions | ( | ( | ( | ||||||||||||||
Issuance of Fortegra Common Stock | |||||||||||||||||
Issuance of Fortegra Warrants | |||||||||||||||||
Issuance of Fortegra Additional Warrants (Warburg) | |||||||||||||||||
Issuance of Fortegra Preferred Stock | |||||||||||||||||
Payment of WP Transaction costs | ( | ||||||||||||||||
Payment of debt issuance costs | ( | ( | ( | ||||||||||||||
Proceeds from borrowings and mortgage notes payable | |||||||||||||||||
Principal paydowns of borrowings and mortgage notes payable | ( | ( | ( | ||||||||||||||
Repurchases of common stock and other changes in additional paid-in capital | ( | ( | ( | ||||||||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||||||||
Effect of exchange rate changes on cash | ( | ||||||||||||||||
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 held for sale / deconsolidation of cash previously held for sale | |||||||||||||||||
Cash, cash equivalents and restricted cash – end of period | $ | $ | $ |
For the Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Supplemental Disclosure of Cash Flow Information: | |||||||||||||||||
Cash paid during the period for interest expense | $ | $ | $ | ||||||||||||||
Cash (received) paid during the period for income taxes | $ | $ | $ | ||||||||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities: | |||||||||||||||||
Right of use asset obtained in exchange for lease liability | $ | $ | $ | ||||||||||||||
Bonds and trade receivables exchanged for corporate loans and equity securities | $ | $ | $ | ||||||||||||||
Shares issued in exchange for vested subsidiary awards | $ | $ | $ | ||||||||||||||
Equity securities acquired as part of a dividend reinvestment plan | $ | $ | $ | ||||||||||||||
As of December 31, | |||||||||||||||||
Reconciliation of cash, cash equivalents and restricted cash | 2022 | 2021 | 2020 | ||||||||||||||
Cash and cash equivalents | $ | $ | $ | ||||||||||||||
Restricted cash | |||||||||||||||||
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | $ | $ | $ |
Accounting Standard Update | Description | Adoption Date | Impact on Financial Statements | ||||||||
2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) | The standard simplifies the accounting for certain financial instruments. The guidance reduces the number of accounting models for convertible debt instruments by eliminating the cash conversion and beneficial conversion models and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. This standard amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. Either a full or modified retrospective method of transition is permissible for the adoption of this standard. | January 1, 2022 | The adoption of the standard did not materially impact the Company’s consolidated financial statements. | ||||||||
2021-08, Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers | This standard addresses diversity in practice and inconsistency related to recognition of an acquired contract liability, and payment terms and their effect on subsequent revenue recognized by the acquirer. This standard is effective for annual periods beginning after December 15, 2023, including interim periods within those fiscal years. Entities should apply the provisions of the new standard prospectively to business combinations occurring on or after the effective date of the standard. Early adoption is permitted, including in an interim period. We early adopted this standard and applied it to all 2022 business combinations. | January 1, 2022 | The adoption of the standard did not materially impact the Company’s consolidated 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) exception 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. | ||||||||
2016-13 Financial Instruments -Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments | Topic 326 amended guidance on reporting credit losses for assets held on an amortized cost basis and AFS debt securities. For assets held on an amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in previous GAAP and instead requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For AFS debt securities, credit losses should be measured in a manner similar to previous GAAP; however, Topic 326 will require that credit losses be presented as an allowance rather than as a write-down. Changes in the allowance account are recorded in the period of change as a credit loss expense or reversal of credit loss expense. The measurement of credit losses is not impacted, except that credit losses recognized are limited to the amount by which fair value is below amortized cost. | January 1, 2020 | The adoption of this guidance resulted in an immaterial reclassification from AOCI to retained earnings in the Company’s consolidated financial statements. | ||||||||
Standard | Description | Adoption Date | Impact on Financial Statements | ||||||||
2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and 2022-06 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 | The amendments in these updates provide optional guidance for a limited period to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform if certain criteria are met. | The standard is effective for all entities as of March 12, 2020, through December 31, 2024. | The Company is evaluating its option to adopt the guidance when it is applicable. |
As of | |||||
December 31, 2021 | |||||
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 | $ | ||||
For the Year Ended December 31, 2022 | |||||||||||||||||||||||
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 | $ | ( |
For the Year Ended December 31, 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 | $ |
For the Year Ended December 31, 2020 | |||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||
Insurance | Mortgage | Other | Total | ||||||||||||||||||||
Total revenue | $ | $ | $ | $ | |||||||||||||||||||
Total expense | ( | ( | ( | ( | |||||||||||||||||||
Corporate expense | — | — | — | ( | |||||||||||||||||||
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 December 31, 2022 | As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tiptree Capital | Tiptree Capital | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance | Mortgage | Other | Corporate | Total | Insurance | Mortgage | Other | Corporate | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
As of December 31, 2022 | |||||||||||||||||||||||
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, 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, 2022 | |||||||||||||||||||||||||||||
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, 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, 2022 | December 31, 2021 | ||||||||||||||||||||||
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 December 31, 2022 | |||||||||||||||||||||||||||||||||||
Less Than or Equal to One Year | More Than One Year | ||||||||||||||||||||||||||||||||||
Fair value | Gross unrealized losses | # of Securities(1) | Fair value | Gross unrealized losses | # of Securities(1) | ||||||||||||||||||||||||||||||
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, 2021 | |||||||||||||||||||||||||||||||||||
Less Than or Equal to One Year | More Than One Year | ||||||||||||||||||||||||||||||||||
Fair value | Gross unrealized losses | # of Securities(1) | Fair value | Gross unrealized losses | # of Securities(1) | ||||||||||||||||||||||||||||||
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 | $ | $ | ( | $ | $ | ( |
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 December 31, 2021 | $ | $ | ( | $ | $ | ( | $ | ( | |||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | ( | $ | $ | ( | $ | ( | |||||||||||||||||||||
(Increase) in allowance for credit losses | ( | ( | ( | ( | ( | ||||||||||||||||||||||||
Gains from recoveries of amounts previously written off | |||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( |
For the Year Ended December 31, | |||||||||||
2022 | 2021 | ||||||||||
Net gains from recoveries (credit losses) on AFS securities | ( |
As of December 31, | |||||||||||
2022 | 2021 | ||||||||||
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 | $ | $ |
For the Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Purchases of AFS securities | $ | $ | $ | ||||||||||||||
Proceeds from maturities, calls and prepayments of AFS securities | $ | $ | $ | ||||||||||||||
Gross proceeds from sales of AFS securities | $ | $ | $ | ||||||||||||||
For the Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Gross realized gains | $ | $ | $ | ||||||||||||||
Gross realized (losses) | ( | ( | ( | ||||||||||||||
Total net realized gains (losses) from investment sales and redemptions | $ | $ | $ |
As of December 31, 2022 | As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
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 December 31, 2022 | |||||||||||||||||||||||||||||||||||
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, 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, 2022 | |||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||
Insurance | Mortgage | Other | Total | ||||||||||||||||||||
Corporate bonds, at fair value (1) | $ | $ | $ | $ | |||||||||||||||||||
Vessels, net (2) | |||||||||||||||||||||||
Debentures | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total other investments | $ | $ | $ | $ |
As of December 31, 2021 | |||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||
Insurance | Mortgage | Other | Total | ||||||||||||||||||||
Corporate bonds, at fair value (1) | $ | $ | $ | $ | |||||||||||||||||||
Vessels, net (2) | |||||||||||||||||||||||
Debentures | |||||||||||||||||||||||
Trade claims | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total other investments | $ | $ | $ | $ |
For the Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Interest: | |||||||||||||||||
AFS securities | $ | $ | $ | ||||||||||||||
Loans, at fair value | |||||||||||||||||
Other investments | |||||||||||||||||
Dividends from equity securities | |||||||||||||||||
Subtotal | |||||||||||||||||
Less: investment expenses | |||||||||||||||||
Net investment income | $ | $ | $ |
For the Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Interest: | |||||||||||||||||
Loans, at fair value (1) | $ | $ | $ | ||||||||||||||
Dividends from equity securities | |||||||||||||||||
Loan fee income | |||||||||||||||||
Vessel related revenue | |||||||||||||||||
Other investment income | $ | $ | $ |
For the Year Ended December 31, | |||||||||||||||||
2022 | 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) | |||||||||||||||||
Net realized gains on vessel sales | |||||||||||||||||
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 December 31, | |||||||||||
2022 | 2021 | ||||||||||
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 December 31, | For the Year Ended December 31, | ||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 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 | |||||||||||||||||||||||||
As of December 31, 2022 | |||||||||||||||||||||||||||||
Life insurance in force | $ | $ | $ | $ | |||||||||||||||||||||||||
For the Year Ended December 31, 2022 | |||||||||||||||||||||||||||||
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 | $ | $ | $ | $ | % | ||||||||||||||||||||||||
As of December 31, 2021 | |||||||||||||||||||||||||||||
Life insurance in force | $ | $ | $ | $ | |||||||||||||||||||||||||
For the Year Ended December 31, 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 | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Direct amount | Ceded to other companies | Assumed from other companies | Net amount | Percentage of amount - assumed to net | |||||||||||||||||||||||||
For the Year Ended December 31, 2022 | |||||||||||||||||||||||||||||
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 Year Ended December 31, 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 Year Ended December 31, 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 December 31, | |||||||||||
2022 | 2021 | ||||||||||
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 | |||||
December 31, 2022 | |||||
Total of the three largest receivable balances from non-affiliated reinsurers | $ |
As of December 31, 2022 | As of December 31, 2021 | ||||||||||||||||||||||||||||||||||
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 adjustments | ( | ( | |||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | ||||||||||||||
Goodwill acquired (1) | |||||||||||||||||
Foreign currency translation and other | ( | ( | |||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | ||||||||||||||
Insurance | Other | Total | |||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | ||||||||||||||
Intangible assets acquired | |||||||||||||||||
Less: amortization expense | ( | ( | ( | ||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | ||||||||||||||
Intangible assets acquired (1) | |||||||||||||||||
Amortization expense | ( | ( | ( | ||||||||||||||
Foreign currency translation and other | ( | ( | |||||||||||||||
Balance at December 31, 2022 | $ | $ | $ |
For the Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Amortization expense on intangible assets | $ | $ | $ |
As of December 31, 2022 | |||||||||||||||||
Insurance | Other | Total | |||||||||||||||
2023 | $ | $ | $ | ||||||||||||||
2024 | |||||||||||||||||
2025 | |||||||||||||||||
2026 | |||||||||||||||||
2027 | |||||||||||||||||
2028 and thereafter | |||||||||||||||||
Total (1) | $ | $ | $ |
As of December 31, 2022 | As of December 31, 2021 | ||||||||||||||||||||||||||||||||||
Notional values | Asset derivatives | Liability derivatives | Notional values | Asset derivatives | Liability derivatives | ||||||||||||||||||||||||||||||
Interest rate lock commitments | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Forward delivery contracts | |||||||||||||||||||||||||||||||||||
TBA mortgage backed securities | |||||||||||||||||||||||||||||||||||
Fortegra Additional Warrants (Warburg)(1) | |||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
As of December 31, 2022 | |||||||||||||||||||||||
Corporate debt | Insurance | Other | Corporate | Total | |||||||||||||||||||
Secured revolving credit agreements (1) | $ | $ | $ | $ | |||||||||||||||||||
Secured term credit agreement | |||||||||||||||||||||||
Preferred trust securities (LIBOR + | |||||||||||||||||||||||
Total corporate debt | |||||||||||||||||||||||
Asset based debt | |||||||||||||||||||||||
Asset based revolving financing (LIBOR + | |||||||||||||||||||||||
Residential mortgage warehouse borrowings ( | |||||||||||||||||||||||
Total asset based debt | |||||||||||||||||||||||
Total debt, face value | |||||||||||||||||||||||
Unamortized discount, net | |||||||||||||||||||||||
Unamortized deferred financing costs | ( | ( | ( | ||||||||||||||||||||
Total debt, net | $ | $ | $ | $ | |||||||||||||||||||
As of December 31, 2021 | |||||||||||||||||||||||
Corporate debt | Insurance | Other | Corporate | Total | |||||||||||||||||||
Secured revolving credit agreements (1) | $ | $ | $ | $ | |||||||||||||||||||
Secured term credit agreement (LIBOR + | |||||||||||||||||||||||
Preferred trust securities (LIBOR + | |||||||||||||||||||||||
Total corporate debt | |||||||||||||||||||||||
Asset based debt | |||||||||||||||||||||||
Asset based revolving financing (LIBOR + | |||||||||||||||||||||||
Residential mortgage warehouse borrowings (LIBOR + | |||||||||||||||||||||||
Vessel backed term loan (LIBOR + | |||||||||||||||||||||||
Total asset based debt | |||||||||||||||||||||||
Total debt, face value | |||||||||||||||||||||||
Unamortized discount, net | ( | ( | |||||||||||||||||||||
Unamortized deferred financing costs | ( | ( | ( | ( | |||||||||||||||||||
Total debt, net | $ | $ | $ | $ |
For the Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Total Interest expense - corporate debt | $ | $ | $ | ||||||||||||||
Total Interest expense - asset based debt | |||||||||||||||||
Interest expense on debt | $ | $ | $ |
As of | |||||
December 31, 2022 | |||||
2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 and thereafter | |||||
Total | $ |
As of December 31, 2022 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total other investments, at fair value | |||||||||||||||||||||||
Mortgage servicing rights (1) | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: (2) | |||||||||||||||||||||||
Securities sold, not yet purchased | $ | $ | $ | $ | |||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||
Fortegra Additional Warrants (Warburg) | |||||||||||||||||||||||
Contingent consideration payable | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
As of December 31, 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 | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
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 Year Ended December 31, | |||||||||||
2022 | 2021 | ||||||||||
Balance at January 1, | $ | $ | |||||||||
Net realized and unrealized gains or losses included in: | |||||||||||
( | ( | ||||||||||
Origination of IRLCs | |||||||||||
Purchases | |||||||||||
Sales and repayments | ( | ( | |||||||||
Conversions to mortgage loans held for sale | ( | ( | |||||||||
Settlement of trade claims | ( | ||||||||||
Exchange of bonds for term loans | |||||||||||
Exchange of trade receivables for equity securities | |||||||||||
Balance at December 31, | $ | $ | |||||||||
( | $ | ( | |||||||||
Changes in unrealized gains (losses) included in OCI related to assets still held at period end | $ | ( | $ | ( |
As of December 31, | As of December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Valuation technique | Unobservable input(s) | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Fair value | Range | WA (1) | Range | WA (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade claims | Internal model | Plan projected recovery rate | N/A | to | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | Internal model | Forecast EBITDAR | $ | to | $ | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate loans and related receivables | Internal model | EBITDA | $ | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fortegra Additional Warrants (Warburg) | $ | $ | External model | Discount rate | to | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Implied Equity Volatility | to | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingent consideration payable | Cash Flow model | Forecast Cash EBITDA | $ | to | $ | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flow model | Forecast Underwriting EBITDA | $ | to | $ | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ |
As of December 31, 2022 | As of December 31, 2021 | ||||||||||||||||||||||||||||||||||
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 Year Ended December 31, | |||||||||||
2022 | 2021 | ||||||||||
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 December 31, 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 December 31, | $ | $ |
For the Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Short duration incurred | $ | $ | $ | ||||||||||||||
Other lines incurred | ( | ||||||||||||||||
Unallocated loss adjustment expenses | |||||||||||||||||
Total losses incurred | $ | $ | $ |
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
For the Years Ended December 31, | Total of IBNR Liabilities Plus Expected Development of Reported Claims | Cumulative Number of Reported Claims | |||||||||||||||||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||||||||||||||||||
Accident Year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | ||||||||||||||||||||||||||||||||
2014 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
2015 | $ | ||||||||||||||||||||||||||||||||||||||||
2016 | $ | ||||||||||||||||||||||||||||||||||||||||
2017 | $ | ||||||||||||||||||||||||||||||||||||||||
2018 | $ | ||||||||||||||||||||||||||||||||||||||||
2019 | $ | ||||||||||||||||||||||||||||||||||||||||
2020 | $ | ||||||||||||||||||||||||||||||||||||||||
2021 | $ | ||||||||||||||||||||||||||||||||||||||||
2022 | $ | ||||||||||||||||||||||||||||||||||||||||
Total | $ | ||||||||||||||||||||||||||||||||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | |||||||||||||||||||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||||||||||||||||||
Accident Year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | ||||||||||||||||||||||||||||||||
2014 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||||||||||||||||||
2016 | |||||||||||||||||||||||||||||||||||||||||
2017 | |||||||||||||||||||||||||||||||||||||||||
2018 | |||||||||||||||||||||||||||||||||||||||||
2019 | |||||||||||||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | ||||||||||||||||||||||||||||||||||||||||
All outstanding liabilities before 2014, net of reinsurance | |||||||||||||||||||||||||||||||||||||||||
Liabilities for loss and loss adjustment expenses, net of reinsurance | $ |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Unaudited) | |||||||||||||||||||||||||||||
Years | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | ||||||||||||||||||||
Short duration |
As of December 31, 2022 | |||||
Net outstanding liabilities: | |||||
Short duration | $ | ||||
Insurance lines other than short duration | ( | ||||
Total liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | |||||
Reinsurance recoverable on unpaid losses and loss adjustment expenses: | |||||
Short duration | |||||
Other insurance lines | |||||
Total reinsurance recoverable on unpaid losses and loss adjustment expenses | |||||
Total gross liability for unpaid losses and loss adjustment expenses | |||||
Liabilities of policy-holder account balances, gross | |||||
Non-insurance warranty benefit claim liabilities | |||||
Total policy liabilities and unpaid claims | $ |
For the Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Service and Administrative Fees: | |||||||||||||||||
Service contract revenue | $ | $ | $ | ||||||||||||||
Motor club revenue | |||||||||||||||||
Vessel related revenue | |||||||||||||||||
Other | |||||||||||||||||
Revenue from contracts with customers | $ | $ | $ |
January 1, 2022 | December 31, 2022 | ||||||||||||||||||||||
Beginning balance | Additions | Amortization | Ending balance | ||||||||||||||||||||
Deferred acquisition costs | |||||||||||||||||||||||
Service and Administrative Fees: | |||||||||||||||||||||||
Service contract revenue | $ | $ | $ | $ | |||||||||||||||||||
Motor club revenue | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Deferred revenue | |||||||||||||||||||||||
Service and Administrative Fees: | |||||||||||||||||||||||
Service contract revenue | $ | $ | $ | $ | |||||||||||||||||||
Motor club revenue | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
As of December 31, | |||||||||||
2022 | 2021 | ||||||||||
Loans eligible for repurchase | $ | $ | |||||||||
Mortgage servicing rights | |||||||||||
Income tax receivable | |||||||||||
Furniture, fixtures and equipment, net | |||||||||||
Prepaid expenses | |||||||||||
Other | |||||||||||
Total other assets | $ | $ |
For the Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Depreciation expense related to furniture, fixtures and equipment | $ | $ | $ |
As of December 31, | |||||||||||
2022 | 2021 | ||||||||||
Accounts payable and accrued expenses | $ | $ | |||||||||
Loans eligible for repurchase liability | |||||||||||
Deferred tax liabilities, net | |||||||||||
Commissions payable | |||||||||||
Securities sold, not yet purchased | |||||||||||
Other | |||||||||||
Total other liabilities and accrued expenses | $ | $ |
For the Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Other investment income (1) | $ | $ | $ | ||||||||||||||
Other (2) | |||||||||||||||||
Total other revenue | $ | $ | $ |
For the Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
General and administrative | $ | $ | $ | ||||||||||||||
Professional fees | |||||||||||||||||
Premium taxes | |||||||||||||||||
Mortgage origination expenses | |||||||||||||||||
Rent and related | |||||||||||||||||
Operating expenses from vessels | |||||||||||||||||
Other | |||||||||||||||||
Total other expenses | $ | $ | $ |
Dividends per share for the | |||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
First quarter | $ | $ | $ | ||||||||||||||
Second quarter | |||||||||||||||||
Third quarter | |||||||||||||||||
Fourth quarter | |||||||||||||||||
Total cash dividends declared | $ | $ | $ |
As of December 31, | |||||||||||
2022 | 2021 | ||||||||||
Fortegra preferred interests | $ | $ | |||||||||
Fortegra common interests | |||||||||||
Other third-party common interests | |||||||||||
Total non-controlling interests | $ | $ |
As of December 31, | |||||||||||
2022 | 2021 | ||||||||||
Combined statutory capital and surplus of the Company's insurance company subsidiaries | $ | $ | |||||||||
Required minimum statutory capital and surplus | $ | $ | |||||||||
For the Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Net income of statutory insurance companies | $ | $ | $ |
As of December 31, | |||||||||||
2022 | 2021 | ||||||||||
Amount available for ordinary dividends of the Company's insurance company subsidiaries | $ | $ |
Unrealized gains (losses) on available for sale securities | Foreign currency translation adjustment | Total AOCI | Amount attributable to non-controlling interests | Total AOCI to Tiptree Inc. | |||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Other comprehensive income (losses) before reclassifications | ( | ( | ( | ||||||||||||||||||||||||||
Amounts reclassified from AOCI | ( | ( | ( | ||||||||||||||||||||||||||
OCI | ( | ( | ( | ||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||
Balance at December 31, 2021 | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||
Other comprehensive income (losses) before reclassifications | ( | ( | ( | ( | |||||||||||||||||||||||||
Amounts reclassified from AOCI | ( | ( | ( | ||||||||||||||||||||||||||
WP Transaction | |||||||||||||||||||||||||||||
OCI | ( | ( | ( | ( | |||||||||||||||||||||||||
Balance at December 31, 2022 | $ | ( | $ | ( | $ | ( | $ | $ | ( |
For the Year Ended December 31, | Affected line item in consolidated statements of operations | |||||||||||||||||||||||||
Components of AOCI | 2022 | 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, 2019 | |||||
RSU, stock and option awards granted | ( | ||||
Available for issuance as of December 31, 2020 | |||||
RSU, stock and option awards granted | ( | ||||
PRSU awards vested | ( | ||||
Exchanged for vested subsidiary awards | ( | ||||
Available for issuance as of December 31, 2021 | |||||
RSU, stock and option awards granted | ( | ||||
Forfeited | |||||
Amendment to 2017 Equity Plan | |||||
PRSU awards granted | ( | ||||
Exchanged for vested subsidiary awards | ( | ||||
Available for issuance as of December 31, 2022 |
Number of shares issuable | Weighted average grant date fair value | ||||||||||
Unvested units as of December 31, 2019 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Unvested units as of December 31, 2020 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Unvested units as of December 31, 2021 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Unvested units as of December 31, 2022 | $ |
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||||
Granted | 2022 | 2021 | 2020 | Vested | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||
Directors | Directors | |||||||||||||||||||||||||||||||||||||
Employees (1) | Employees | |||||||||||||||||||||||||||||||||||||
Total Granted | Total Vested | |||||||||||||||||||||||||||||||||||||
Taxes | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Net Vested |
Original Tiptree Share Price Target | Number of PRSUs that Vest | |||||||
$ | ||||||||
$ | ||||||||
$ | ||||||||
$ |
Valuation Input | Assumption | |||||||
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, 2019 | $ | ||||
Granted | |||||
Vested | ( | ||||
Performance assumption adjustment | |||||
Unvested balance as of December 31, 2020 | $ | ||||
Granted | |||||
Vested | ( | ||||
Performance assumption adjustment | |||||
Unvested balance as of December 31, 2021 | $ | ||||
Granted | |||||
Vested | ( | ||||
Performance assumption adjustment | |||||
Unvested balance as of December 31, 2022 | $ |
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, 2021 | $ | $ | |||||||||||||||||||||
Balance, December 31, 2022 | $ | $ | |||||||||||||||||||||
Weighted average remaining contractual term at December 31, 2022 (in years) |
For the Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Employee compensation and benefits | $ | $ | $ | ||||||||||||||
Director compensation | |||||||||||||||||
Income tax benefit | ( | ( | ( | ||||||||||||||
Net stock based compensation expense | $ | $ | $ |
As of December 31, 2022 | |||||||||||||||||
Stock options | Restricted stock awards and RSUs | Performance Restricted Stock Units | |||||||||||||||
Unrecognized compensation cost related to non-vested awards (1) | $ | $ | $ | ||||||||||||||
Weighted - average recognition period (in years) |
For the Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Current provision (benefit) for income taxes: | |||||||||||||||||
Federal | $ | $ | $ | ( | |||||||||||||
State | |||||||||||||||||
Foreign | |||||||||||||||||
Total current provision (benefit) for income taxes | ( | ||||||||||||||||
Deferred provision (benefit) for income taxes: | |||||||||||||||||
Federal | |||||||||||||||||
State | |||||||||||||||||
Foreign | ( | ( | |||||||||||||||
Total deferred provision (benefit) for income taxes | |||||||||||||||||
Total provision (benefit) for income taxes | $ | $ | $ | ( |
For the Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Income (loss) before income taxes | $ | $ | $ | ( | |||||||||||||
Federal statutory income tax rate | % | % | % | ||||||||||||||
Expected federal provision (benefit) for income taxes at the federal statutory income tax rate | ( | ||||||||||||||||
Effect of state provision (benefit) for income taxes, net of federal benefit | |||||||||||||||||
Effect of non-deductible compensation | |||||||||||||||||
Effect of CARES Act refund claims | ( | ||||||||||||||||
Effect of tax deconsolidation of subsidiaries | |||||||||||||||||
Effect of change in valuation allowance | |||||||||||||||||
Effect of foreign operations | ( | ( | ( | ||||||||||||||
Effect of stock-based compensation | ( | ( | ( | ||||||||||||||
Effect of return-to-accrual | ( | ||||||||||||||||
Effect of other items | ( | ||||||||||||||||
Tax (benefit) on income | $ | $ | $ | ( | |||||||||||||
Effective tax rate | % | % | % |
As of December 31, | |||||||||||
2022 | 2021 | ||||||||||
Deferred tax assets: | |||||||||||
Net operating loss carryforwards | $ | $ | |||||||||
Unrealized losses | |||||||||||
Accrued expenses | |||||||||||
Unearned premiums | |||||||||||
Deferred revenue | |||||||||||
Other deferred tax assets | |||||||||||
Total deferred tax assets | |||||||||||
Less: Valuation allowance | ( | ( | |||||||||
Total net deferred tax assets | |||||||||||
Deferred tax liabilities: | |||||||||||
Property | |||||||||||
Unrealized gains | |||||||||||
Other deferred tax liabilities | |||||||||||
Deferred acquisition cost | |||||||||||
Advanced commissions | |||||||||||
Intangibles | |||||||||||
Investment in Fortegra | |||||||||||
Total deferred tax liabilities | |||||||||||
Net deferred tax liability (1) | $ | $ | |||||||||
(1) Includes $ | |||||||||||
As of December 31, 2022 | |||||
Tax Year of Expiration | |||||
2026 | $ | ||||
2027 | |||||
2028 | |||||
2029 | |||||
2030 | |||||
2031 | |||||
2032 | |||||
2033 | |||||
2034 | |||||
2035 | |||||
2036 | |||||
2037 | |||||
2038 | |||||
2039 | |||||
2040 | |||||
2041 | |||||
Indefinite | |||||
Total | $ |
As of | |||||
December 31, 2022 | |||||
Right of use asset - Operating leases | $ | ||||
Operating lease liability | $ | ||||
Weighted-average remaining lease term (years) | |||||
Weighted-average discount rate (1) |
As of | |||||
December 31, 2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 and thereafter | |||||
Total minimum payments | |||||
Less: present value adjustment | |||||
Total (1) | $ |
For the Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Rent expense for office leases (1) | $ | $ | $ |
For the Year Ended December 31, | |||||||||||||||||
2022 | 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 and contingent considerations, 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 | $ | ( | $ | $ | ( |
The following documents are filed as a part of this Form 10-K: | |||||
(a)(1) All Financial Statements | |||||
Index to Financial Statements: | Page | ||||
F- 1 | |||||
F- 2 | |||||
F- 3 | |||||
F- 4 | |||||
F- 6 | |||||
F- 8 |
Exhibit No. | Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
Exhibit No. | Description | |||||||
10.20 | ||||||||
10.21 | ||||||||
10.22 | Registration Rights Agreement between and among Tiptree Holdings LLC, The Fortegra Group Inc., WP Falcon Aggregator, L.P. and the other holders set forth therein (previously filed as Exhibit 10.6 to the Registrant’s Current Report on Form 8-K (File No. 001-33549) filed on June 21, 2022 and herein incorporated by reference). | |||||||
10.23 | ||||||||
10.24 | ||||||||
10.25 | ||||||||
21.1 | ||||||||
23.1 | ||||||||
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 Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, formatted in iXBRL (included in Exhibit 101). |
Tiptree Inc. | ||||||||||||||
Date: | March 8, 2023 | By:/s/ Jonathan Ilany | ||||||||||||
Jonathan Ilany | ||||||||||||||
Chief Executive Officer |
Signature | Title | Date | ||||||||||||
/s/ Jonathan Ilany Jonathan Ilany | Chief Executive Officer and Director (Principal Executive Officer) | March 8, 2023 | ||||||||||||
/s/ Sandra Bell Sandra Bell | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | March 8, 2023 | ||||||||||||
/s/ Michael G. Barnes Michael G. Barnes | Executive Chairman and Director | March 8, 2023 | ||||||||||||
/s/ Randy S. Maultsby Randy S. Maultsby | President and Director | March 8, 2023 | ||||||||||||
/s/ Paul M. Friedman Paul M. Friedman | Director | March 8, 2023 | ||||||||||||
/s/ Lesley Goldwasser Lesley Goldwasser | Director | March 8, 2023 | ||||||||||||
/s/ Bradley E. Smith Bradley E. Smith | Director | March 8, 2023 | ||||||||||||
/s/ Dominique Mielle Dominique Mielle | Director | March 8, 2023 |
TIPTREE INC. | |||||||||||||||||
PARENT COMPANY ONLY CONDENSED STATEMENTS OF INCOME | |||||||||||||||||
(All amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Revenues | |||||||||||||||||
Interest income | $ | $ | $ | ||||||||||||||
Other revenue | |||||||||||||||||
Total revenues | |||||||||||||||||
Expenses | |||||||||||||||||
Employee compensation and benefits | |||||||||||||||||
Interest expense (2) | |||||||||||||||||
Professional fees | |||||||||||||||||
Rent and facilities | |||||||||||||||||
General and administrative | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Loss on extinguishment of debt | |||||||||||||||||
Other expenses | |||||||||||||||||
Total expenses | |||||||||||||||||
Equity in earnings (losses) of subsidiaries, net of tax (1) | ( | ||||||||||||||||
Income (loss) before taxes | ( | ( | |||||||||||||||
Less: provision (benefit) for income taxes | ( | ( | ( | ||||||||||||||
Net income (loss) attributable to Tiptree Inc. common stockholders | $ | ( | $ | $ | ( |
TIPTREE INC. | |||||||||||
PARENT COMPANY ONLY CONDENSED BALANCE SHEETS | |||||||||||
(All amounts in thousands, except share data) | As of December 31, | ||||||||||
2022 | 2021 | ||||||||||
Assets | |||||||||||
Investment in subsidiaries (1) | $ | $ | |||||||||
Cash and cash equivalents | |||||||||||
Notes and accounts receivable, net | |||||||||||
Income taxes receivable | |||||||||||
Deferred tax assets | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Stockholders’ Equity | |||||||||||
Liabilities | |||||||||||
Operating lease liability | $ | $ | |||||||||
Intercompany payables, net (1) | |||||||||||
Accrued expenses | |||||||||||
Other liabilities | |||||||||||
Total liabilities | $ | $ | |||||||||
Stockholders' Equity | |||||||||||
Preferred stock: $ | $ | $ | |||||||||
Common stock: $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive income (loss), net of tax | ( | ( | |||||||||
Retained earnings | |||||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders' equity | $ | $ |
TIPTREE INC. | |||||||||||||||||
PARENT COMPANY ONLY CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||||||
(All amounts in thousands) | For the Year Ended December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Operating Activities: | |||||||||||||||||
Net income (loss) attributable to Tiptree Inc. common stockholders | $ | ( | $ | $ | ( | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||||||||
Equity in earnings of subsidiaries(1) | ( | ( | |||||||||||||||
Depreciation expense | |||||||||||||||||
Deferred provision (benefit) for income taxes | ( | ( | |||||||||||||||
Non-cash lease expense | |||||||||||||||||
Non-cash compensation expense | |||||||||||||||||
Amortization of deferred financing costs | |||||||||||||||||
Changes in operating assets and liabilities | |||||||||||||||||
Net changes in other operating assets and liabilities | ( | ||||||||||||||||
Net cash provided by (used in) operating activities | ( | ( | ( | ||||||||||||||
Investing Activities: | |||||||||||||||||
Proceeds from the sale of businesses | |||||||||||||||||
Proceeds from notes receivable | |||||||||||||||||
Issuance of notes receivable | ( | ||||||||||||||||
Asset acquisitions due to merger with Operating Co. | |||||||||||||||||
Net cash flows provided by (used in) provided by investing activities | ( | ||||||||||||||||
Financing Activities: | |||||||||||||||||
Distributions from subsidiaries (1) | |||||||||||||||||
Proceeds from intercompany notes payable (1) | |||||||||||||||||
Cash received for the exercise of warrants | |||||||||||||||||
Dividends paid | ( | ( | ( | ||||||||||||||
Repurchases of common stock | ( | ( | ( | ||||||||||||||
Subsidiary RSU exchanges | ( | ( | ( | ||||||||||||||
Cash paid in connection with the vesting of units | ( | ( | |||||||||||||||
Net cash provided by (used in) financing activities | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | |||||||||||||||||
Cash and cash equivalents at beginning of period | |||||||||||||||||
Cash and cash equivalents at end of period | $ | $ | $ | ||||||||||||||
Cash (received) paid for income taxes | $ | ( | $ | $ | ( |
ARTICLE I DEFINITIONS; CONSTRUCTION | |||||
Section 1.1. Definitions | |||||
Section 1.2. Accounting Terms and Determination | |||||
Section 1.3. Terms Generally | |||||
Section 1.4. Rounding | |||||
Section 1.5. Rates | |||||
Section 1.6. Divisions | |||||
ARTICLE II AMOUNT AND TERMS OF THE COMMITMENTS | |||||
Section 2.1. Revolving Loans | |||||
Section 2.2. Swing Loans | |||||
Section 2.3. Protective Advances | |||||
Section 2.4. Procedure for Borrowings | |||||
Section 2.5. Funding of Borrowings | |||||
Section 2.6. Minimum Borrowing Amounts | |||||
Section 2.7. Optional Reduction and Termination of Revolving Commitments | |||||
Section 2.8. Repayment of Loans | |||||
Section 2.9. Evidence of Indebtedness | |||||
Section 2.10 Optional Prepayments | |||||
Section 2.11. Mandatory Prepayments | |||||
Section 2.12. Interest on Loans | |||||
Section 2.13. Fees | |||||
Section 2.14. Computation of Interest and Fees | |||||
Section 2.15. Illegality | |||||
Section 2.16. Inability to Determine Rates | |||||
Section 2.17. Increased Cost | |||||
Section 2.18. Reserved | |||||
Section 2.19. Taxes | |||||
Section 2.20. Payments Generally; Pro Rata Treatment; Sharing of Set-offs | |||||
Section 2.21. Payments to Defaulting Lenders | |||||
Section 2.22. Increase of Commitments; Additional Lenders | |||||
Section 2.23. Mitigation of Obligations | |||||
Section 2.24. Replacement of Lenders | |||||
Section 2.25. Cash Collateral | |||||
Section 2.26. Option Conversion to Term Loan | |||||
Section 2.27. Settlement | |||||
ARTICLE III RESERVED | |||||
ARTICLE IV CONDITIONS PRECEDENT TO CLOSING AND BORROWING | |||||
Section 4.1 Conditions to Closing and Initial Extensions of Credit |
Section 4.2. Each Credit Event | |||||
Section 4.3. Delivery of Documents | |||||
ARTICLE V REPRESENTATIONS AND WARRANTIES | |||||
Section 5.1. Organization, Etc. | |||||
Section 5.2. Authorization of Loan | |||||
Section 5.3. Material Agreements | |||||
Section 5.4. Litigation, Etc. | |||||
Section 5.5. Priority of Security Interest | |||||
Section 5.6. Ownership of Business Assets | |||||
Section 5.7. Solvency | |||||
Section 5.8. Places of Business | |||||
Section 5.9. Taxes | |||||
Section 5.10 Licenses; Compliance with Laws | |||||
Section 5.11. No Investment Company or Margin Stock | |||||
Section 5.12. ERISA | |||||
Section 5.13. Conditions Affecting Business or Properties | |||||
Section 5.14. Environmental and Safety Matters | |||||
Section 5.15. Subsidiaries | |||||
Section 5.16. Ownership Interests | |||||
Section 5.17. Accuracy of Information | |||||
Section 5.18. Franchises, Patents, Copyrights, Tradenames, Etc. | |||||
Section 5.22. Insurance Agreements | |||||
Section 5.20. Compliance with Sanctions Programs | |||||
Section 5.21. Patriot Act, etc | |||||
Section 5.22. Security Documents | |||||
Section 5.23. No Default | |||||
Section 5.24. Beneficial Owner Certification | |||||
ARTICLE VI AFFIRMATIVE COVENANTS | |||||
Section 6.1. Compliance with Laws | |||||
Section 6.2. Reserved | |||||
Section 6.3. Accounting; Financial Statements; Etc. | |||||
Section 6.4. Field Examinations | |||||
Section 6.5. Use of Proceeds of Loans | |||||
Section 6.6. Organization Existence, Etc. | |||||
Section 6.7. Inspection | |||||
Section 6.8. Maintenance of Properties | |||||
Section 6.9. Notice of Suit, Proceedings, Adverse Change | |||||
Section 6.10 Hazard and Public General Liability Insurance | |||||
Section 6.11. Debts, Taxes and Liabilities | |||||
Section 6.12. Notification of Change of Name, Jurisdiction or Business Location | |||||
Section 6.13. Financial Projections and Budgets |
Section 6.14. Required Principal Payments | |||||
Section 6.15. Maintenance of Bank Accounts | |||||
Section 6.16. Reserved | |||||
Section 6.17. Financial Covenants | |||||
Section 6.18. Additional Subsidiaries | |||||
Section 6.19. Compliance with Sanctions | |||||
Section 6.20. Beneficial Owner Certification and Additional Information | |||||
Section 6.21. Minimum Insurance Company Rating | |||||
Section 6.22. Post-Closing Matters | |||||
ARTICLE VII [RESERVED] | |||||
ARTICLE VIII NEGATIVE COVENANTS | |||||
Section 8.1. Merger or Consolidation, Sale of Assets | |||||
Section 8.2. Additional Indebtedness | |||||
Section 8.3. Extension of Credit | |||||
Section 8.4. Liens | |||||
Section 8.5. Other Agreements | |||||
Section 8.6. Dividends; Distributions by SBAC | |||||
ARTICLE IX EVENTS OF DEFAULT | |||||
Section 9.1. Events of Default | |||||
Section 9.2. Application of Proceeds from Collateral | |||||
ARTICLE X THE ADMINISTRATIVE AGENT | |||||
Section 10.1. Appointment and Authority | |||||
Section 10.2. Exculpatory Provisions | |||||
Section 10.3. Non-Reliance on Administrative Agent and Other Lenders | |||||
Section 10.4. Reliance by the Administrative Agent | |||||
Section 10.5. Delegation of Duties | |||||
Section 10.6. Rights as a Lender | |||||
Section 10.7.Enforcement | |||||
Section 10.8.Resignation of Administrative Agent | |||||
Section 10.9.Reserved | |||||
Section 10.10.Collateral and Guaranty Matters | |||||
Section 10.11.Acknowledgments Regarding Erroneous Payments | |||||
ARTICLE XI MISCELLANEOUS | |||||
Section 11.1.Notices | |||||
Section 11.2.Waiver; Amendments | |||||
Section 11.3.Expenses; Indemnification | |||||
Section 11.4.Successors and Assigns | |||||
Section 11.5.Governing Law; Jurisdiction; Consent to Service of Process | |||||
Section 11.6.WAIVER OF JURY TRIAL | |||||
Section 11.7.Right of Setoff | |||||
Section 11.8.Electronic Execution; Electronic Records; Counterparts |
Section 11.9.Survival | |||||
Section 11.10.Severability | |||||
Section 11.11.Confidentiality | |||||
Section 11.12.Interest Rate Limitation | |||||
Section 11.13.Waiver of Effect of Corporate Seal | |||||
Section 11.14.Patriot Act | |||||
Section 11.15.Independence of Covenants | |||||
Section 11.16.All Obligations to Constitute Joint and Several Obligations | |||||
Section 11.17.Reserved | |||||
Section 11.18.Acknowledgment and Consent to Bail-In of Affected Financial Institutions | |||||
Section 11.19.Certain ERISA Matters | |||||
Section 11.20.Acknowledgment Regarding any Supported QFCs | |||||
ARTICLE XII THE GUARANTEES | |||||
Section 12.1.The Guarantees | |||||
Section 12.2.Guarantee Unconditional | |||||
Section 12.3.Discharge Only upon Termination Conditions; Reinstatement of Certain Circumstances | |||||
Section 12.4.Subrogation | |||||
Section 12.5.Subordination | |||||
Section 12.6.Waivers | |||||
Section 12.7.Limit on Recovery | |||||
Section 12.8.Stay of Acceleration | |||||
Section 12.9.Benefit of Guarantors | |||||
Section 12.10 Keepwell | |||||
Section 12.11.Guarantor Covenants |
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Date: 2/28/2023 | /s/Sandra Bell | ||||
Sandra Bell | |||||
Second Execution | |||||
Date: | ____________________________ | ||||
Sandra Bell |
Page 11 |
Tiptree Inc. | |||||
Date: 2/28/2023 | |||||
By:/s/Jonathan Ilany | |||||
Name: Jonathan Ilany | |||||
Title: Chief Executive Officer |
Name(1) | Jurisdiction of Incorporation or Organization | |||||||
4Warranty Corporation | Florida | |||||||
Accelerated Service Enterprise, LLC | New Jersey | |||||||
Fortegra Europe Limited | England & Wales (UK) | |||||||
Fortegra Financial Corporation | Delaware | |||||||
Fortegra Indemnity Insurance Company, Ltd. | Turks & Caicos Islands, BWI | |||||||
Fortegra Specialty Insurance Company | Arizona | |||||||
Fortegra Warranty Holdings, LLC | Delaware | |||||||
Freedom Insurance Company, Ltd. | Turks & Caicos Islands, BWI | |||||||
Insurance Company of the South | Georgia | |||||||
Life of the South Insurance Company | Georgia | |||||||
LOTSolutions, Inc. | Georgia | |||||||
Lyndon Southern Insurance Company | Delaware | |||||||
Nebraska Harvest Shipping Inc. | Republic of the Marshall Islands | |||||||
Osios David Shipping Inc. | Republic of the Marshall Islands | |||||||
Response Indemnity Company of California | California | |||||||
South Bay Funding LLC | Florida | |||||||
Stilianos K Shipping Inc. | Republic of the Marshall Islands | |||||||
Thestelia K Shipping Inc. | Republic of the Marshall Islands | |||||||
Tiptree Holdings LLC | Delaware | |||||||
Tiptree Marine Holdings LLC | Republic of the Marshall Islands | |||||||
Winchester Shipping Inc. | Republic of the Marshall Islands |
1. | I have reviewed this Annual Report on Form 10-K 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: | March 8, 2023 | /s/ Michael Barnes | |||||||||
Michael Barnes | |||||||||||
Executive Chairman |
1. | I have reviewed this Annual Report on Form 10-K 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: | March 8, 2023 | /s/ Jonathan Ilany | |||||||||
Jonathan Ilany | |||||||||||
Chief Executive Officer |
1. | I have reviewed this Annual Report on Form 10-K 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: | March 8, 2023 | /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 |
Audit Information |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | New York, New York |
Auditor Firm ID | 34 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
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 | 36,385,299 | 34,124,153 |
Common stock, shares outstanding | 36,385,299 | 34,124,153 |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 3,561 | $ 44,051 | $ (25,225) |
Other comprehensive income (loss), net of tax: | |||
Change in unrealized gains (losses) on available for sale securities | (55,290) | (10,750) | 5,125 |
Change in unrealized currency translation adjustments | (7,351) | 0 | 0 |
Related (provision) benefit for income taxes | 14,973 | 2,362 | (1,176) |
Other comprehensive income (loss), net of tax | (47,668) | (8,388) | 3,949 |
Comprehensive income (loss) | (44,107) | 35,663 | (21,276) |
Less: comprehensive income (loss) attributable to non-controlling interests | 8,104 | 5,890 | 3,948 |
Comprehensive income (loss) attributable to common stockholders | $ (52,211) | $ 29,773 | $ (25,224) |
Consolidated Statements of Changes in Stockholders’ Equity (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Statement of Stockholders' Equity [Abstract] | ||
Cash received for vested subsidiary awards | $ 181 | $ 1,458 |
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | ||
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Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
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Operating Activities: | |||
Net income (loss) attributable to common stockholders | $ (8,274) | $ 38,132 | $ (29,158) |
Net income (loss) attributable to non-controlling interests | 11,835 | 5,919 | 3,933 |
Net income (loss) | 3,561 | 44,051 | (25,225) |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | |||
Net realized and unrealized (gains) losses | (69,983) | (151,350) | (62,410) |
Net (gain) loss on held for sale of business | (3,825) | 1,928 | 4,428 |
Non-cash compensation expense | 9,705 | 11,130 | 8,117 |
Amortization/accretion of premiums and discounts | 976 | 2,947 | 2,229 |
Depreciation and amortization expense | 22,973 | 24,437 | 17,578 |
Non-cash lease expense | 9,301 | 8,924 | 7,374 |
Deferred provision (benefit) for income taxes | 47,548 | 17,730 | 10,733 |
Amortization of deferred financing costs | 1,341 | 1,607 | 1,015 |
Change in fair value of liability classified warrants | (939) | 0 | 0 |
Loss on extinguishment of debt | 940 | 0 | 353 |
Other | 197 | 291 | (686) |
Changes in operating assets and liabilities: | |||
Mortgage loans originated for sale | (2,136,005) | (3,884,533) | (3,064,003) |
Proceeds from the sale of mortgage loans originated for sale | 2,403,223 | 3,925,984 | 3,152,104 |
(Increase) decrease in notes and accounts receivable | (13,227) | (54,378) | (48,527) |
(Increase) decrease in reinsurance receivables | (295,254) | (152,827) | (116,839) |
(Increase) decrease in deferred acquisition costs | (119,552) | (149,943) | (62,937) |
(Increase) decrease in other assets | 7,463 | (7,065) | (22,417) |
Increase (decrease) in unearned premiums | 233,484 | 263,262 | 105,697 |
Increase (decrease) in policy liabilities and unpaid claims | 235,490 | 98,265 | 33,968 |
Increase (decrease) in deferred revenue | 113,899 | 135,652 | 122,042 |
Increase (decrease) in reinsurance payable | 39,528 | 40,909 | 53,716 |
Increase (decrease) in other liabilities and accrued expenses | (27,771) | 27,295 | 23,859 |
Net cash provided by (used in) operating activities | 463,073 | 204,316 | 140,169 |
Investing Activities: | |||
Purchases of investments | (1,197,383) | (1,430,879) | (1,494,688) |
Proceeds from sales and maturities of investments | 1,260,594 | 1,172,044 | 1,400,229 |
Proceeds from the sale of real estate, businesses and other assets | 742 | 8,729 | 3,481 |
Purchases of property, plant and equipment | (10,727) | (2,764) | (6,694) |
Proceeds from notes receivable | 85,435 | 56,055 | 41,582 |
Issuance of notes receivable | (114,187) | (77,077) | (62,088) |
Business and asset acquisitions, net of cash and deposits | (14,960) | 133 | (5,313) |
Net cash provided by (used in) investing activities | 9,514 | (273,759) | (123,491) |
Financing Activities: | |||
Dividends paid | (7,775) | (5,409) | (5,566) |
Cash received for the exercise of warrants | 13,724 | 0 | |
Net non-controlling interest (redemptions) contributions | (5,590) | (3,532) | (2,134) |
Payment of WP Transaction costs | (12,910) | 0 | 0 |
Payment of debt issuance costs | (1,380) | (114) | (4,571) |
Proceeds from borrowings and mortgage notes payable | 2,365,320 | 4,084,299 | 3,379,688 |
Principal paydowns of borrowings and mortgage notes payable | (2,666,098) | (3,993,364) | (3,321,779) |
Repurchases of common stock and other changes in additional paid-in capital | (1,727) | (8,145) | (13,889) |
Net cash provided by (used in) financing activities | (115,186) | 73,735 | 31,749 |
Effect of exchange rate changes on cash | (1,828) | 0 | 0 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 355,573 | 4,292 | 48,427 |
Cash, cash equivalents and restricted cash – beginning of period | 195,086 | 195,275 | 144,590 |
Cash, cash equivalents and restricted cash – beginning of period - held for sale | 9,360 | 4,879 | 7,137 |
Cash, cash equivalents and restricted cash – end of period | 560,019 | 204,446 | 200,154 |
Less: Reclassification of cash to held for sale / deconsolidation of cash previously held for sale | 9,172 | 9,360 | 4,879 |
Cash, cash equivalents and restricted cash – end of period | 550,847 | 195,086 | 195,275 |
Supplemental Disclosure of Cash Flow Information: | |||
Cash paid during the period for interest expense | 29,442 | 36,885 | 29,538 |
Cash (received) paid during the period for income taxes | 2,259 | 2,079 | 1,066 |
Right of use asset obtained in exchange for lease liability | 14,698 | 4,281 | 9,989 |
Bonds and trade receivables exchanged for corporate loans and equity securities | 19,846 | 0 | 0 |
Shares issued in exchange for vested subsidiary awards | 866 | 107 | 0 |
Equity securities acquired as part of a dividend reinvestment plan | 0 | 0 | 953 |
Reconciliation of cash, cash equivalents and restricted cash | |||
Cash and cash equivalents | 538,065 | 175,718 | 136,920 |
Restricted cash | 12,782 | 19,368 | 58,355 |
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | 550,847 | 195,086 | 195,275 |
Fortegra Common Interest | |||
Financing Activities: | |||
Issuance of stock, noncontrolling interests | 98,433 | 0 | 0 |
Fortegra preferred interests | |||
Financing Activities: | |||
Issuance of stock, noncontrolling interests | 83,486 | 0 | 0 |
Fortegra Warrants | |||
Financing Activities: | |||
Issuance of warrants | 13,101 | 0 | 0 |
Additional Warrants | |||
Financing Activities: | |||
Issuance of warrants | $ 6,230 | $ 0 | $ 0 |
Organization |
12 Months Ended |
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Dec. 31, 2022 | |
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 allocates capital across a broad spectrum of businesses, assets 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. On June 21, 2022, the Company closed the WP Transaction whereby Warburg invested $200,000 in Fortegra in exchange for Fortegra Common Stock, Fortegra Preferred Stock, Fortegra Warrants and Fortegra Additional Warrants. See Note (17) Stockholders’ Equity for additional information regarding the terms of the securities issued in connection with the closing of the WP Transaction. As of December 31, 2022, Fortegra was owned approximately 79.5% by Tiptree Holdings, 17.4% by Warburg and 3.1% by management and directors of Fortegra, before giving effect to the exercise of outstanding warrants and the conversion of outstanding preferred stock.
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Summary of Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements of Tiptree have been prepared in accordance with GAAP and include the accounts of the Company and its subsidiaries. The consolidated financial statements are presented in U.S. dollars, the main operating currency of the Company. Non-controlling interests on the consolidated financial statements 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, certain prior year amounts have been reclassified to conform to the current presentation. These reclassifications had no effect on the reported results of operations. Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s consolidated financial statements and accompanying notes. Management makes estimates and assumptions that include, but are not limited to, the determination of the following significant items: •Fair value of financial assets and liabilities, including, but not limited to, securities, loans and derivatives •Value of acquired assets and liabilities; •Carrying value of goodwill and other intangibles, including estimated amortization period and useful lives; •Reserves for unpaid losses and loss adjustment expenses, estimated future claims and losses, potential litigation and other claims; •Revenue recognition including, but not limited to, the timing and amount of insurance premiums, service and administration fees, and loan origination fees; •Deferred acquisition costs •The realization of deferred tax assets, and recognition and measurement of uncertain tax positions; and •Other matters that affect the reported amounts and disclosure of contingencies in the consolidated financial statements Although these and other estimates and assumptions are based on the best available estimates, actual results could differ materially from management’s estimates. Business Combination Accounting The Company accounts for business combinations by applying the acquisition method of accounting. The acquisition method requires, among other things, that the assets acquired and liabilities assumed in a business combination be measured at fair value as of the closing date of the acquisition. The net assets acquired may consist of tangible and intangible assets and the excess of purchase price over the fair value of identifiable net assets acquired, or goodwill. The determination of estimated useful lives and the allocation of the purchase price to the intangible assets requires significant judgment and affects the amount of future amortization and possible impairment charges. Contingent consideration, if any, is measured at fair value on the date of acquisition. The fair value of any contingent consideration liability is remeasured at each reporting date with any change recorded in other expense in the consolidated statements of operations. Acquisition and transaction costs are expensed as incurred. In certain instances, the Company may acquire less than 100% ownership of an entity, resulting in the recording of a non-controlling interest. The measurement of assets and liabilities acquired and non-controlling interest is initially established at a preliminary estimate of fair value, which may be adjusted during the measurement period, primarily due to the results of valuation studies applicable to the business combination. Acquisitions that do not meet the criteria for the acquisition method of accounting are accounted for as acquisitions of assets. Dispositions and Assets and Liabilities Held for Sale The results of operations of a business that has either been disposed of or are classified as held for sale are reported in discontinued operations if the disposal of the business represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The Company carries assets and liabilities held for sale at the lower of carrying value on the date the asset is initially classified as held for sale or fair value less costs to sell. At the time of reclassification to held for sale, the Company ceases the recording of depreciation and amortization on assets transferred. Accounting policies specific to our dispositions and assets and liabilities held for sale are described in more detail in Note (4) Dispositions and Assets and Liabilities Held for Sale. Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels, from highest to lowest, are defined as follows: •Level 1 – Unadjusted, quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. •Level 2 – Significant inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly through corroboration with observable market data. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. The types of financial assets and liabilities carried at Level 2 are valued based on one or more of the following: a) Quoted prices for similar assets or liabilities in active markets; b) Quoted prices for identical or similar assets or liabilities in nonactive markets; c) Pricing models whose inputs are observable for substantially the full term of the asset or liability; d) Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. •Level 3 – Significant inputs that are unobservable inputs for the asset or liability, including the Company’s own data and assumptions that are used in pricing the asset or liability. The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market, and the 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. 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. 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 is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Tiptree’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and the consideration of factors specific to the instrument. From time to time, Tiptree’s assets and liabilities will transfer between one level to another level. It is Tiptree’s policy to recognize transfers between different levels at the end of each reporting period. Tiptree utilizes both observable and unobservable inputs in its valuation methodologies. Observable inputs 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. For broker quotes, 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. Fair Value Option In addition to the financial instruments that the Company is required to measure at fair value, the Company has elected to make an irrevocable election to utilize fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. Unrealized gains and losses on items for which the fair value option has been elected are reported in Net realized and unrealized gains (losses) within the consolidated statements of operations. The decision to elect the fair value option is determined on an instrument-by-instrument basis and must be applied to an entire instrument and is irrevocable once elected. 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 entered into in order to manage underlying credit risk, market risk, interest rate risk and currency exchange rate risk. As a matter of policy, derivatives are not used for speculative purposes. Derivative instruments are measured at fair value on a recurring basis and are included in other investments or other liabilities and accrued expenses on the consolidated balance sheets. See Note (10) Derivative Financial Instruments and Hedging. The Fortegra Additional Warrants (Warburg) are classified as a derivative liability given that (i) the holder can exercise the warrant for a variable number of shares and (ii) and the value of the warrant varies inversely with the value of Fortegra’s common stock. As such, the derivative liability is marked to fair value at each reporting period and its change in fair value is recorded in other expenses. See Note (10) Derivative Financial Instruments and Hedging, Note (12) Fair Value of Financial Instruments and Note (17) Stockholders’ Equity for additional information. Derivative Instruments Designated as Cash Flow Hedging Instruments The Company uses cash flow hedges from time to time to reduce the exposure to variability of cash flows from floating rate borrowings. If a derivative instrument meets certain cash flow hedge accounting criteria, it is recorded on the consolidated balance sheet at its fair value, as either an asset or a liability, with offsetting changes in fair value recognized in AOCI. The effective portion of the changes in fair value of derivatives are reported in AOCI and amounts previously recorded in AOCI are recognized in earnings in the period in which the hedged transaction affects earnings. Any ineffective portions of the change in fair value of the derivative are recognized in current earnings. Stock Based Compensation The Company accounts for share‑based compensation issued to employees, directors, and affiliates of the Company using the current fair value methodology based on the type of vesting condition – time based, performance based or market based or combination. See Note (19) Stock Based Compensation. The Company initially measures the cost of all share-based compensation incentive awards at fair value on the date of grant, whether accounted for as an equity or liability award. The compensation cost is recognized over the required service period, generally defined as the vesting period using the straight-line method. When the share-based compensation awards are accounted for as equity awards, the compensation cost is charged to expense with a corresponding credit to additional paid-in capital. If the share-based compensation awards are accounted for as liability awards, their fair value is remeasured at each reporting period, with the compensation cost charged to expense with a corresponding credit to other liabilities. Grants of subsidiary restricted stock units (RSUs) exchangeable into common stock of the Company are accounted for as equity based upon their expected settlement method. The Company recognizes the cost of such awards over the vesting period using the straight-line method and uses the graded-vesting method to recognize compensation expense for the performance vesting RSUs. Compensation expense will be recognized to the extent that it is probable that the performance condition will be achieved. The Company reassesses the probability of satisfaction of the performance condition for the performance vesting RSUs for each reporting period. Income Taxes Deferred tax assets and liabilities are determined using the asset and liability method. Under this method, deferred tax assets and liabilities are established for future tax consequences of temporary differences between the financial statement carrying amounts of assets and liabilities and their tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to reverse. A valuation allowance is established when necessary to reduce a deferred tax asset to the amount expected to be realized. Several of the Company’s subsidiaries file state tax returns on a standalone basis. As of June 21, 2022, Fortegra began filing federal and state tax returns on a stand-alone basis. These U.S. federal and state income tax returns, when filed, will be subject to examination by the Internal Revenue Service and state departments of revenue. See Note (20) Income Taxes. The Company evaluates tax positions taken or expected to be taken in the course of preparing its tax returns to determine whether the tax positions are “more likely than not” of being sustained by the applicable tax authority. The Company’s provision or benefit for income taxes is adjusted accordingly for tax positions not deemed to meet the more likely than not threshold. The Company’s policy is to account for interest as a component of interest expense and penalties as a component of other expenses. Earnings Per Share The Company presents both basic and diluted earnings per Common Share in its consolidated financial statements and footnotes thereto. Basic earnings per Common Share (Basic EPS) excludes dilution and is computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding, which includes vested RSUs, for the period. Diluted earnings per Common Share (Diluted EPS) reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares where such exercise or conversion would result in a lower earnings per share amount. The Company calculates EPS using the two-class method, which is an earnings allocation formula that determines EPS for common shares and participating securities. Unvested RSUs contain non-forfeitable rights to distributions or distribution equivalents (whether paid or unpaid) and are participating securities that are included in the computation of EPS using the two-class method. Accordingly, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive distributions. The participating securities do not have a contractual obligation to absorb losses and are only allocated in periods where there is income. See Note (22) Earnings Per Share, for EPS computations. Investments The Company records all investment transactions on a trade‑date basis. Realized gains (losses) are determined using the specific-identification method. The Company classifies its investments in debt securities as available for sale, trading or held-to-maturity based on the Company’s intent and ability to hold the debt security to maturity. The Company did not have any held-to-maturity securities at December 31, 2022 and 2021. See Note (6) Investments. Available for Sale Securities, at Fair Value (AFS) AFS are securities that are not classified as trading or held-to-maturity and are intended to be held for indefinite periods of time. AFS securities include those debt securities that management may sell as part of its asset/liability management strategy or in response to changes in interest rates, resultant prepayment risk or other factors. AFS securities are held at fair value on the consolidated balance sheet with changes in fair value including non-credit related losses, net of related tax effects, recorded in the AOCI component of stockholders’ equity in the period of change. Upon the disposition of an AFS security, the Company reclassifies the gain or loss on the security from AOCI to net realized and unrealized gains (losses) on the consolidated statements of operations. For AFS securities, the Company reviews its securities portfolio for impairment and determines if impairment is related to credit loss or non-credit loss. In making the assessment of whether a loss is from credit or other factors, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows is less than the amortized cost basis, a credit loss exists and an allowance is created, limited by the amount that the fair value is less than the amortized cost basis. Subsequent activity related to the credit loss component (e.g. write-offs, recoveries) is recognized as part of the allowance for credit losses on AFS securities. For AFS securities which have an expectation of zero risk of nonpayment of the amortized cost basis (e.g. U.S. Treasury securities or agency securities), the expected credit loss is zero. Loans, at Fair Value Loans, at fair value is substantially comprised of (i) corporate loans and (ii) loans originated by the Company’s mortgage finance business. Changes in their fair value are reported within net realized and unrealized gains (losses) in our consolidated statements of operations. Corporate Loans Corporate loans are comprised of middle market loans and bank loans which are carried at fair value. In general, the fair value is obtained from an independent pricing service which provides coverage of secondary market participants. The values represent a composite of mark-to-market bid/offer prices. In certain circumstances, the Company will make its own determination of fair value of loans based on internal models and other unobservable inputs. Mortgage Loans Held for Sale Mortgage loans held for sale represent loans originated and held until sold to secondary market investors. Such loans are typically warehoused for a period after origination or purchase before sale into the secondary market. Loans are sold either servicing released, or in select instances, servicing retained into the secondary loan market. The Company has elected to measure all mortgage loans held for sale at fair value. These loans are considered sold when the Company surrenders control to the purchaser. The gains or losses on sales of such loans, net of any accrual for standard representations and warranties, are reported in operating results as a component of net realized and unrealized gains (losses) in the consolidated statements of operations in the period when the sale occurs. Equity Securities Equity securities are investments consisting of equity securities that are purchased principally for the purpose of selling them in the near term. Changes in fair value are recorded in net realized and unrealized gains (losses) on investments on the consolidated statements of operations in the period of change. Other Investments Vessels, net Investments in vessels, net are carried at cost (inclusive of capitalized acquisition costs, where applicable) less accumulated depreciation. Subsequent expenditures are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise, these amounts are expensed as incurred. Vessels acquired are recognized at their fair value as of the date of the acquisition. Depreciation is computed using the straight-line method over the vessel’s estimated remaining useful life, after considering the estimated salvage value. A vessel’s salvage value is equal to the product of its lightweight tonnage and estimated scrap rate. Vessels are depreciated from the date of their acquisition through their remaining estimated useful life. Upon transferring the vessels and related assets to held for sale on the consolidated balance sheets, the vessels are no longer depreciated. Vessels are reviewed for potential impairment when events or changes in circumstances indicate that the carrying amount of a particular vessel may not be fully recoverable. Potential impairment indicators are primarily based upon a comparison of the market value of a vessel to its carrying value. Market values are based upon quoted prices from industry-recognized sources. The Company evaluates market quotes of vessels for reasonableness by comparison to available market transactions or internal valuation models. An impairment charge would be recognized if the estimated undiscounted future net cash flows expected to result from the operation and subsequent disposal of the vessel are less than the vessel’s carrying amount. The Company’s estimate of future revenue is based upon time charter equivalent (TCE) rates using current market rates. The Company uses average historical rates for periods beyond those for which rates are available. Estimated cash flows are net of brokerage and address commissions, vessel operating expenses, and estimated costs of drydocking and include an inflation factor, as appropriate. The projected undiscounted future cash flows are comprised of the net of these inflows and outflows, plus an estimated salvage value. There were no impairments recognized for the years ended December 31, 2022 or 2021. As of December 31, 2022, all remaining tanker and dry-bulk vessels had been sold. See Note (4) Dispositions and Assets and Liabilities Held for Sale. Cash and Cash Equivalents The Company considers all highly liquid investments of sufficient credit quality purchased with an initial maturity of three months or less to be cash equivalents. Cash and cash equivalents consist of U.S. denominated cash on hand, cash held in banks and investments in money market funds. Restricted Cash The Company’s restricted cash primarily consists of cash for unremitted premiums received from agents and insurers, fiduciary cash for reinsurers and pledged assets for the protection of policy holders in various state jurisdictions. Restricted cash also includes cash posted as collateral under credit facilities to maintain borrowing base sufficiency, borrower escrow funds for taxes, insurance, rate-lock fees and servicing related escrow funds and collateral on warehouse borrowings. Notes and Accounts Receivable, Net Notes Receivable, Net The Company’s notes receivable, net includes receivables related to the insurance business for its premium financing programs. The Company accrues interest income on its notes receivable based on the contractual terms of the respective note. The Company monitors all notes receivable for delinquency and provides for estimated losses for specific receivables that are not likely to be collected. In addition to allowances for bad debt for specific notes receivable, a general provision for bad debt is estimated for the Company’s notes receivable based on history. Account balances are generally charged against the allowance when the Company believes it is probable that the note receivable will not be recovered and has exhausted its contractual and legal remedies. Generally, receivables overdue more than 120 days are written off when the Company determines it has exhausted reasonable collection efforts and remedies, see Note (7) Notes and Accounts Receivable, net. Accounts and Premiums Receivable, Net Accounts and premiums receivable, net are primarily trade receivables from the insurance business that are carried at their approximate fair value. Accounts and premiums receivable from the Company’s insurance business consist primarily of advance commissions and agents' balances in course of collection and billed but not collected policy premiums, presented net of the allowance for doubtful accounts. For policy premiums that have been billed but not collected, the Company records a receivable on its consolidated balance sheets for the full amount of the premium billed, with a corresponding liability, net of its commission, to insurance carriers. The Company earns interest on the premium cash during the period of time between receipt of the funds and payment of these funds to insurance carriers. The Company maintains an allowance for doubtful accounts based on an estimate of uncollectible accounts. Retrospective commissions receivable, Trust receivables and Other receivables Retrospective commissions receivable, trust receivables and other receivables are primarily trade receivables from the insurance business that are carried net of allowance at their approximate fair value. Reinsurance Receivables Through the insurance business, the Company has various reinsurance agreements in place whereby the amount of risk in excess of its retention goals is reinsured by unrelated domestic and foreign insurance companies. The Company is required to pay losses even if a reinsurer fails to meet its obligations under the applicable reinsurance agreement. Reinsurance receivables include amounts related to paid benefits, unpaid benefits and prepaid reinsurance premiums. Reinsurance receivables are based upon estimates and are reported on the consolidated balance sheets separately as assets, as reinsurance does not relieve the Company of its legal liability to policyholders. Management continually monitors the financial condition and agency ratings of the Company’s reinsurers and believes that the reinsurance receivables accrued are collectible. Balances recoverable from reinsurers and amounts ceded to reinsurers relating to the unexpired portion of reinsured policies are presented as assets. Experience refunds from reinsurers are recognized based on the underwriting experience of the underlying contracts. Deferred Acquisition Costs The Company defers certain costs of acquiring new and renewal insurance policies and other products as follows within the Company’s insurance business. Amortization of deferred acquisition costs was $479,125, $375,052, and $265,781 for the years ended December 31, 2022, 2021 and 2020, respectively. Insurance policy related deferred acquisition costs are limited to direct costs that resulted from successful contract transactions and would not have been incurred by the Company’s insurance company subsidiaries had the transactions not occurred. These capitalized costs are amortized as the related premium is earned. Other deferred acquisition costs are limited to prepaid direct costs, typically commissions and contract transaction fees, that resulted from successful contract transactions and would not have been incurred by the Company had the transactions not occurred. These capitalized costs are amortized as the related service and administrative fees are earned. The Company evaluates whether all deferred acquisition costs are recoverable at year end, and considers investment income in the recoverability analysis for insurance policy related deferred acquisition costs. As a result of the Company’s evaluations, no write-offs for unrecoverable deferred acquisition costs were recognized during the years ended December 31, 2022, 2021 and 2020. Goodwill and Intangible Assets, net The initial measurement of goodwill and intangibles requires judgment concerning estimates of the fair value of the acquired assets and liabilities. Goodwill and indefinite-lived intangible assets are not amortized but subject to tests for impairment annually or if events or circumstances indicate it is more likely than not they may be impaired. Finite-lived intangible assets are amortized over their estimated useful lives principally using a pattern of economic benefit for customer relationships and a straight-line method for other intangible assets. Finite-lived intangible assets are subject to impairment if events or circumstances indicate a possible inability to realize the carrying amount. The Company carries intangible assets, which represent customer and agent relationships, trade names, insurance licenses (certificates of authority granted by individual state departments of insurance), the value of in-force insurance policies acquired, software acquired or internally developed and fishing licenses. Management has deemed the insurance licenses to have an indefinite useful life. Costs incurred to renew or maintain insurance licenses are recorded as operating costs in the period in which they arise. See Note (9) Goodwill and Intangible Assets, net. Other Assets Other assets primarily consist of mortgage servicing rights, loans eligible for repurchase, right of use assets, prepaid expenses, and furniture, fixtures and equipment, net. See Note (15) Other Assets and Other Liabilities and Accrued Expenses. Mortgage Servicing Rights Mortgage servicing rights represent the fair value of the right to service the underlying mortgage loans. The estimated fair value is provided by a third-party valuation service and represents the price that a willing buyer would currently pay for the Company’s mortgage servicing rights. Changes in fair value are recorded in net realized and unrealized gains (losses) on the consolidated statements of operations in the period of change. Debt, net Debt is carried on the consolidated balance sheets at an amount equal to the unpaid principal balance, net of any remaining unamortized discount or premium and direct and any incremental costs attributable to issuance. Discounts, premiums and direct and incremental costs are amortized as a component of interest expense in the consolidated statements of operations over the life of the debt. See Note (11) Debt, net. Unearned Premiums Premiums written are earned over the life of the respective policy using the Rule of 78's, pro rata, or other actuarial methods as appropriate for the type of business. Unearned premiums represent the portion of premiums that will be earned in the future. A premium deficiency reserve is recorded if anticipated losses, loss adjustment expenses, deferred acquisition costs and policy maintenance costs exceed the recorded unearned premium reserve and anticipated investment income. As of December 31, 2022 and 2021, no deficiency reserves were recorded. Policy Liabilities and Unpaid Claims Policyholder account balances relate to investment-type individual annuity contracts in the accumulation phase. Policyholder account balances are carried at accumulated account values, which consist of deposits received, plus interest credited, less withdrawals and assessments. Minimum guaranteed interest credited to these contracts ranges from 3.0% to 4.0%. The Company’s claims are generally reported and settled quickly, resulting in consistent historical loss development patterns. The Company’s actuaries apply a variety of generally accepted actuarial methods to the historical loss development patterns, to derive cumulative development factors. These cumulative development factors are applied to reported losses for each accident quarter to compute ultimate losses. The indicated required reserve is the difference between the ultimate losses and the reported losses. The actuarial methods used include but are not limited to the chain ladder method, the Bornhuetter-Ferguson method, and the expected loss ratio method. The actuarial analyses are performed on a basis gross of ceded reinsurance, and the resulting factors and estimates are then used in calculating the net loss reserves which take into account the impact of reinsurance. The Company has not made any changes to its methodologies for determining claim reserves in the periods presented. Credit life and accidental death and dismemberment (AD&D) unpaid claims reserves include claims in the course of settlement and incurred but not reported (IBNR). Credit disability unpaid claims reserves also include continuing claim reserves for open disability claims. For all other product lines, unpaid claims reserves include case reserves for reported claims and bulk reserves for IBNR claims. The Company uses a number of algorithms in establishing its unpaid claims reserves. These algorithms are used to calculate unpaid claims as a function of paid losses, earned premium, reported incurred losses, target loss ratios, and in-force amounts or a combination of these factors. Anticipated future loss development patterns form a key assumption underlying these analyses. Generally, unpaid claims reserves, and associated incurred losses, are impacted by loss frequency, which is the measure of the number of claims per unit of insured exposure, and loss severity, which is based on the average size of claims. Factors affecting loss frequency and loss severity may include changes in claims reporting patterns, claims settlement patterns, judicial decisions, legislation, economic conditions, morbidity patterns and the attitudes of claimants towards settlements. The unpaid claims reserves represent the Company’s best estimates at a given time, based on the projections and analyses discussed above. Actual claim costs are dependent upon a number of complex factors such as changes in doctrines of legal liabilities and damage awards. These factors are not directly quantifiable, particularly on a prospective basis. The Company periodically reviews and updates its methods of making such unpaid claims reserve estimates and establishing the related liabilities based on our actual experience. The Company has not made any changes to its methodologies for determining unpaid claims reserves in the periods presented. In accordance with applicable statutory insurance company regulations, the Company’s recorded unpaid claims reserves are evaluated by appointed independent third-party actuaries, who perform this function in compliance with the Standards of Practice and Codes of Conduct of the American Academy of Actuaries. The independent actuaries perform their actuarial analyses annually and prepare opinions, statements, and reports documenting their determinations. For December 31, 2022 and 2021, our appointed independent third-party actuaries found the Company’s reserves to be adequate. Deferred Revenue Deferred revenues represent the portion of income that will be earned in the future attributable to motor club memberships, mobile device protection plans, and other non-insurance service contracts that are earned over the respective contract periods using the Rule of 78's, modified Rule of 78's, pro rata, or other methods as appropriate for the contract. A deficiency reserve would be recorded if anticipated contract benefits, deferred acquisition costs and contract service costs exceed the recorded deferred revenues and anticipated investment income. As of December 31, 2022 and 2021, no deficiency reserves were recorded. Other Liabilities and Accrued Expenses Other liabilities and accrued expenses primarily consist of lease liabilities, accounts payable and accrued expenses, deferred tax liabilities, net, securities sold, not yet purchased, commissions payable and accrued interest payable. See Note (15) Other Assets and Other Liabilities and Accrued Expenses. Revenue Recognition The Company earns revenues from a variety of sources: Earned Premiums, Net Net earned premium is from direct and assumed earned premium consisting of revenue generated from the direct sale of insurance policies by the Company’s distributors and premiums written for insurance policies by another carrier and assumed by the Company. Whether direct or assumed, the premium is earned over the life of the respective policy using methods appropriate to the pattern of losses for the type of business. Methods used include the Rule of 78's, pro rata, and other actuarial methods. Management selects the appropriate method based on available information, and periodically reviews the selections as additional information becomes available. Direct and assumed premiums are offset by premiums ceded to the Company’s reinsurers, including producer owned reinsurance companies (PORCs), earned in the same manner. The amount ceded is proportional to the amount of risk assumed by the reinsurer. Service and Administrative Fees The Company earns service and administrative fees from a variety of activities. Such fees are typically positively correlated with transaction volume and are recognized as revenue as they become both realized and earned. Service Fees. Service fee revenue is recognized as the services are performed. These services include fulfillment, software development, and claims handling for our customers. Collateral tracking fee income is recognized when the service is performed and billed. 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. During the years ended December 31, 2022, 2021 and 2020, respectively, the Company did not incur a loss with respect to a specific significant service fee contract. Administrative Fees. Administrative fee revenue includes the administration of premium associated with our producers and their PORCs. In addition, we also earn fee revenue from debt cancellation, motor club, and service contract products. Related administrative fee revenue is recognized consistent with the earnings recognition pattern of the underlying insurance policies, debt cancellation contracts, auto and consumer goods service contracts, and motor club memberships being administered, using Rule of 78's, modified Rule of 78's, pro rata, or other actuarial 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. Ceding Commissions Ceding commissions earned under reinsurance agreements are based on contractual formulas that take into account, in part, underwriting performance and investment returns experienced by the assuming companies. As experience changes, adjustments to the ceding commissions are reflected in the period incurred and are based on the claim experience of the related policy. The adjustment is calculated by adding the earned premium and investment income from the assets held in trust for the Company’s benefit less earned commissions, incurred claims and the reinsurer's fee for the coverage. 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 a 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. Vessel related revenue is recorded in other investment income as a part of other revenue. See Note (16) Other Revenue and Other Expenses. Policy and Contract Benefits Member Benefit Claims Member benefit claims represent claims paid on behalf of contract holders directly to third-party providers for roadside assistance and for the repair or replacement of covered products. Claims can also be paid directly to contract holders as a reimbursement payment, provided supporting documentation of loss is submitted to the Company. Claims are recognized as expense when incurred. Net Losses and Loss Adjustment Expenses Net losses and loss adjustment expenses represent losses and related claim adjudication and processing costs on insurance contract claims, net of amounts ceded. Net losses include actual claims paid and the change in unpaid claim reserves. Commissions Payable and Expense Commissions are paid to distributors and retailers selling credit insurance policies, motor club memberships, mobile device protection, and vehicle service contracts, and are generally deferred and expensed in proportion to the earning of related revenue. Credit insurance commission rates, in many instances, are set by state regulators and are also impacted by market conditions. In certain instances, credit insurance commissions are subject to retrospective adjustment based on the profitability of the related policies. Under these retrospective commission arrangements, the producer of the credit insurance policies receives a retrospective commission if the premium generated by that producer in the accounting period exceeds the costs associated with those policies, which includes the Company’s administrative fees, claims, reserves, and premium taxes. The Company analyzes the retrospective commission calculation periodically for each producer and, based on the analysis associated with each such producer, the Company records a liability for any positive net retrospective commission earned and due to the producer or, conversely, records a receivable, net of allowance, for amounts due from such producer for instances where the net result of the retrospective commission calculation is negative. Commissions payable are included in other liabilities and accrued expenses. See Note (15) Other Assets and Other Liabilities and Accrued Expenses. Recent Accounting Standards Recently Adopted Accounting Pronouncements
Recently Issued Accounting Pronouncements, Not Yet Adopted
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Acquisitions |
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Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions Acquisition of ITC Compliance GRP Limited On April 1, 2022, a subsidiary in our insurance business acquired all of the equity interests in ITC for total cash consideration of approximately $15,000, net of cash acquired of $6,123, plus earn out payments based on achievement of specific performance metrics. ITC is a provider of regulatory support and compliance services to the retail automotive sector in the United Kingdom. The preliminary purchase price allocation below has been developed based on preliminary estimates of fair value using the historical financial statements of ITC as of the acquisition date and is subject to the completion of management’s final analysis. Identifiable assets acquired were primarily made up of goodwill and intangible assets. Management’s preliminary allocation of the purchase price to the net assets acquired resulted in the recording of goodwill and intangible assets of $8,122 and $10,964, respectively, which the Company may modify during the one year period allowed for purchase accounting adjustments during the measurement period. See Note (9) Goodwill and Intangible Assets, net.
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Dispositions and Assets and Liabilities Held for Sale |
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Dispositions and Assets and Liabilities Held for Sale | Dispositions and Assets and Liabilities Held for Sale Dispositions During the year ended December 31, 2022, the Company completed the sale of three dry bulk vessels and two product tankers from its maritime shipping operations. The Company recognized a net gain of $34,803, based on proceeds of $116,678 plus final settlement of assets. The transactions did not meet the requirements to be classified as discontinued operations. Assets and Liabilities Held for Sale The Company entered into a definitive agreement to sell Luxury, which was classified as held for sale at December 31, 2021. The Company deconsolidated Luxury effective as of July 1, 2022 due to the execution of an amendment to the definitive agreement to sell Luxury on that date. As of that date, Tiptree no longer had a variable interest in Luxury and all of the risks and rewards associated with Luxury were transferred to the buyer. The transaction 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 consolidated balance sheets for the following periods:
(1) Includes deferred tax liabilities of $659 as of December 31, 2021. Luxury’s earnings had no impact to net income (loss) attributable to common stockholders for the years ended December 31, 2022 and 2021.
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Operating Segment Data |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Segment Data | Operating Segment Data Tiptree is a holding company that allocates capital across a broad spectrum of businesses, assets and other investments. Tiptree’s principal operating subsidiary, Fortegra, is a leading provider of specialty insurance, service contract products and related service solutions. Based on the ASC 280, Segment Reporting, quantitative analysis performed as of December 31, 2022, our reportable segments are Insurance and Mortgage. We refer to our non-insurance operations, assets and other investments, 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. 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 is a leading provider of specialty insurance products and related services. Fortegra designs, markets and underwrites specialty property and casualty insurance products incorporating value-added coverages and services for select target markets or niches. Fortegra’s products and services include niche commercial and personal lines, service contracts, and other insurance services. Tiptree Capital: Mortgage operations are conducted through Reliance. The Company’s mortgage business originates loans for sale to institutional investors, including GSEs and FHA/VA and services loans on behalf of Fannie Mae, Freddie Mac, and Ginnie Mae. Other includes our maritime shipping operations, asset management, other investments (including our Invesque shares), and Luxury mortgage operations (deconsolidated effective as of July 1, 2022). 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 8.8%, 7.2% and 5.2% of total revenues generated overseas for the years ended December 31, 2022, 2021 and 2020, respectively. The following table presents the reportable segments. Tiptree Capital - Other and Corporate 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 All of the Company’s investments in Available for Sale Securities, at fair value, net of allowance for credit losses (AFS securities) as of December 31, 2022 and 2021 are held by subsidiaries in the insurance segment. The following tables present the Company's investments in AFS securities:
(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. 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:
(1) Presented in whole numbers. 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 December 31, 2022 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 December 31, 2022:
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 gains from recoveries (credit losses) 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 $16,032 and $9,094 at December 31, 2022 and 2021, respectively. (2) As of December 31, 2022, there were no mortgage loans held for sale that were 90 days or more past due. As of December 31, 2021, there was one mortgage loan held for sale that was 90 days or more past due, with a fair value of $136. 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 December 31, 2022 and 2021, 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 $45,630 and $36,436 as of December 31, 2022 and 2021, respectively. (2) Net of accumulated depreciation of $118 and $13,059 as of December 31, 2022 and 2021, 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 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 revenue from non-insurance activities as disclosed within other revenue on the 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) Includes income related to loans at fair value classified as Held for Sale for the periods prior to July 1, 2022. See Note (4) Dispositions and 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 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:
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Notes and Accounts Receivable, net |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes and Accounts Receivable, net | Notes and Accounts Receivable, netThe 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 December 31, 2022 and 2021, there were $168 and $1,311 in balances classified as 90 days plus past due, respectively.
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Reinsurance Receivables |
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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:
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Goodwill and Intangible Assets, net |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets, net | Goodwill and Intangible Assets, net The following table presents identifiable finite and indefinite-lived intangible assets, accumulated amortization, and goodwill by operating segment and/or reporting unit, as appropriate:
(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) See Note (3) Acquisitions for more information. The Company conducts annual impairment tests of its goodwill as of October 1. For the years ended December 31, 2022, 2021 and 2020, no impairments were recorded on the Company’s goodwill. There is no accumulated impairment recorded in the goodwill balance as of December 31, 2022 or 2021. 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:
(1) See Note (3) Acquisitions for more information. The following table presents the amortization expense on finite-lived intangible assets for the following periods:
For the years ended December 31, 2022, 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:
(1) Does not include foreign currency translation adjustment of ($917) as of December 31, 2022.
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Derivative Financial Instruments and Hedging |
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 entered into in order to manage underlying credit risk, market risk, interest rate risk and currency exchange rate risk. In addition, the Company is also subject to counterparty risk should its counterparties fail to meet the contract terms. Derivative assets are reported in other investments. Derivative liabilities are reported within . Interest Rate Lock Commitments Derivatives for our mortgage business are primarily comprised of interest rate lock commitments (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 subsidiary issues IRLCs to their customers, which are carried at estimated fair value on the Company’s 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. Forward Delivery Contracts and TBA Mortgage Backed Securities Our mortgage origination subsidiary manages 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. The remaining derivatives are generally comprised of a combination of swaps and options, which are generally classified as Level 2 in the fair value hierarchy. In addition, the Fortegra Additional Warrant (Warburg) is a derivative liability and classified as Level 3 in the fair value hierarchy. See Note (17) Stockholders’ Equity for additional information regarding the Fortegra Additional Warrant. The following table presents the gross notional and fair value amounts of derivatives (on a gross basis) categorized by underlying risk:
(1) See Note (17) Stockholders’ Equity for additional information.
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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 for our corporate and asset based debt. Asset based debt is generally recourse only to specific assets and related cash flows.
(1) The secured credit agreements include separate tranches with multiple rate structures which are adjustable based on Fortegra’s senior leverage ratio, which as of December 31, 2022 was SOFR + 1.50%. (2) On January 31, 2023, the borrowing was amended to use SOFR as the reference rate. See Note (24) Subsequent Events. (3) Includes SOFR floor and BSBY floor of 0.25% and 0.50%, respectively, as of December 31, 2022. (4) The weighted average coupon rate for residential mortgage warehouse borrowings was 6.31% and 2.76% at December 31, 2022 and 2021, respectively. (5) Includes LIBOR floor of 1%. 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:
The following narrative is a summary of certain terms of our debt agreements for the year ended December 31, 2022: Corporate Debt Secured Revolving Credit Agreements As of December 31, 2022 and 2021, a total of $0 and $2,160, respectively, was outstanding under the revolving line of credit in our insurance business. The maximum borrowing capacity under the agreements as of December 31, 2022 was $200,000. On October 21, 2022, Fortegra entered into a Second Amended and Restated Credit Agreement by and among Fortegra Financial and its subsidiary, LOTS Intermediate Co., as borrowers, the lenders from time to time party thereto, certain of Fortegra’s subsidiaries, as guarantors, and Fifth Third Bank, National Association, as the administrative agent and issuing lender (the Fortegra Credit Agreement). The Fortegra Credit Agreement provides for a $200,000 revolving credit facility, all of which is available for the issuance of letters of credit, with a sub-limit of $25,000 for swing loans and matures on October 1, 2027. Secured Term Credit Agreement The remaining balance of the corporate secured term credit agreement was fully repaid during June 2022 in connection with the WP Transaction. As of December 31, 2021, the maximum borrowing capacity and borrowings outstanding were $114,063. Junior Subordinated Notes On October 16, 2017, a subsidiary of Fortegra issued $125,000 of 8.50% Fixed Rate Resetting Junior Subordinated Notes due October 2057. Substantially all of the net proceeds were used to repay the existing secured credit agreement at that time, which was terminated thereafter. The notes are unsecured obligations of the subsidiary and rank in right of payment and upon liquidation, junior to all of the Fortegra subsidiary’s current and future senior indebtedness. The notes are not obligations of or guaranteed by any other subsidiaries of Fortegra, or any other Tiptree entities. So long as no event of default has occurred and is continuing, all or part of the interest payments on the notes can be deferred on one or more occasions for up to consecutive years per deferral period. This credit agreement contains customary financial covenants that require, among other items, maximum leverage and limitations on restricted payments under certain circumstances. Preferred Trust Securities On June 20, 2007, a subsidiary of Fortegra issued $35,000 of preferred trust securities due June 15, 2037. Interest is payable quarterly at an interest rate of LIBOR plus 4.10%. The Company may redeem the preferred trust securities, in whole or in part, at a price equal to the full outstanding principal amount of such preferred trust securities outstanding plus accrued and unpaid interest. Asset Based Debt Asset Based Revolving Financing On October 16, 2020, subsidiaries of Fortegra entered into a three year $75,000 secured credit agreement, which replaced the individual agreements in its premium finance and service contract finance businesses. The borrowers can select from various borrowing and rate options under the agreement, as well the option to convert certain borrowings to term loans, if no default or event of default exists. The obligations under the agreement are non-recourse to Fortegra and its other subsidiaries (other than borrowers and their subsidiaries). As of December 31, 2022 and 2021, a total of $60,628 and $42,310, respectively, was outstanding under the borrowing related to our premium finance and service contract finance offerings in our insurance business. Residential Mortgage Warehouse Borrowings In March 2021, the $60,000 warehouse line of credit was renewed and the maturity date was extended from April 2021 to April 2022. In April 2022, the $60,000 warehouse line of credit was renewed and the maturity date was extended from April 2022 to April 2023. In January 2023, the $60,000 warehouse line of credit was renewed and the maturity date was extended from January 2023 to January 2024. In July 2021, the $50,000 warehouse line of credit was renewed and the maturity date was extended from August 2021 to August 2022. In August 2022, the $50,000 warehouse line of credit was renewed and the maturity date was extended from August 2022 to August 2023. As of December 31, 2022 and 2021, a total of $47,454 and $72,518, respectively, was outstanding under such financing agreements. Vessel-Backed Term Loan The remaining balance of the vessel backed term loan was fully repaid at a discount during May 2022, for a net gain of $1,168. As of December 31, 2021, the maximum borrowing capacity and borrowings outstanding were $13,600. Debt Covenants As of December 31, 2022, the Company was in compliance with the representations and covenants for its outstanding debt or 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 derived from multiples of comparable public companies and fall under Level 3 in the fair value hierarchy. Loans, at fair value Corporate Loans: These loans are comprised of middle market loans and bank 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, including those provided from pricing vendors, which provide coverage of secondary market participants, where available. The values represent a composite of mark-to-market bid/offer prices. In certain circumstances, the Company will make its own determination of fair value of loans based on internal models and other unobservable inputs. 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 for our mortgage business 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 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. The remaining derivatives are generally comprised of a combination of swaps and options, which are generally classified as Level 2 in the fair value hierarchy. In addition, the Fortegra Additional Warrants (Warburg) are a derivative liability and classified as Level 3 in the fair value hierarchy. See Note (17) Stockholders’ Equity for additional information regarding the Fortegra Additional Warrant. 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. See Note (15) Other Assets and Other Liabilities and Accrued Expenses. (2) Included in other liabilities and accrued expenses. See Note (15) Other Assets and 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 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 consolidated statements of operations, excluding the amount for member benefit claims:
During the year ended December 31, 2022, the Company experienced favorable prior year development of $858, primarily as a result of lower-than-expected claim severity in our commercial lines business. During the year ended December 31, 2021, the Company experienced unfavorable prior year development of $2,606, 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. Management considers the prior year development for each of these years to be insignificant when considered 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. The favorable prior year development of $858 in 2022 represented 1.3% of our insurance business pre-tax income of $68,150 and 0.6% of the opening net liability for losses and loss adjustment expenses of $154,412, as of January 1, 2022. The unfavorable prior year development of $2,606 in 2021 represented 3.7% of our insurance business pretax income of $69,857, and 3.1% of the opening net liability for losses and loss adjustment expenses of $83,945, as of January 1, 2021. Based upon our internal analysis and our review of the statement of actuarial opinions provided by our actuarial consultants, we believe that the amounts recorded for policy liabilities and unpaid claims reasonably represent the amount necessary to pay all claims and related expenses which may arise from incidents that have occurred as of the balance sheet date. Incurred and Paid Development The following table presents information about incurred and paid loss development and average claim duration as of December 31, 2022, net of reinsurance, as well as cumulative claim frequency and the total of IBNR liabilities plus expected development on reported claims included within the net incurred claims amounts. The cumulative number of reported claims represents open claims, claims closed with payment, and claims closed without payment. It does not include an estimated count of unreported claims. The number of claims is measured by claim event. The Company considers a claim that does not result in a liability as a claim closed without payment.
Duration The following table presents supplementary information about average historical claims duration as of December 31, 2022 for short duration contracts:
Reconciliation of Reserves to Balance Sheet The following table presents a reconciliation of net outstanding liabilities for unpaid loss and loss adjustment expenses of short-duration contracts to the consolidated balance sheets value of policy liabilities and unpaid claims:
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Revenue from Contracts with Customers |
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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 contractual and liability insurance 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 revenues for household goods and appliances service contracts (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 PORCs. In addition, we also earn fee revenue from debt cancellation, motor club, and auto and consumer goods service contracts. 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 as of December 31, 2022. 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:
For the periods presented, no write-offs for unrecoverable deferred acquisition costs and deferred revenue were recognized.
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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 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 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 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 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 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) Includes $17,559, $10,384, and $7,025 for the years ended December 31, 2022, 2021, and 2020, respectively, related to Insurance. Other Expenses The following table presents the components of other expenses as reported in the 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. During the year ended December 31, 2022, 165,040 shares were repurchased for a weighted average price per share of $10.44. As of December 31, 2022, the remaining repurchase authorization was $11,945. Tiptree Warrants In the year ended December 31, 2022, warrants were exercised for 1,999,989 shares of Tiptree common stock, with 1,979,325 warrants exercised for $13,724 in cash, and 20,664 exercised cashless. As of December 31, 2022, there were no warrants for shares of Tiptree common stock outstanding. Dividends The Company declared cash dividends per share for the following periods presented below:
Fortegra Non-Controlling Interests On June 21, 2022, the Company closed the WP Transaction. On that date, Fortegra converted to a Delaware corporation and Warburg made a $200,000 investment in Fortegra in exchange for Fortegra Common Stock, Fortegra Preferred Stock, Fortegra Warrants and Fortegra Additional Warrants. Also, in connection with the closing of the Warburg Transaction, Tiptree was issued Fortegra Additional Warrants, and management’s interests in LOTS Intermediate were exchanged for interests in Fortegra. As of December 31, 2022, Fortegra was owned approximately 79.5% by Tiptree Holdings, 17.4% by Warburg and 3.1% by management and directors of Fortegra. As a result of the WP Transaction, the Company recorded an increase of $167,008 to total stockholders’ equity of which $48,285 impacted Tiptree Inc. stockholders’ equity and $118,723 impacted non-controlling interests. Of the increase to Tiptree Inc. stockholders’ equity, $41,092 impacted additional paid in capital and $7,193 impacted accumulated other comprehensive income (loss). Additionally, the Company recognized $9,059 of net income attributable to non-controlling interests during the year ended December 31, 2022 due to the increase in non-controlling interest. Fortegra Preferred Stock The face amount of the Fortegra Preferred Stock is $80,000. Dividends are cumulative and accrue at a rate of 8% per annum, compounding quarterly. Any quarterly dividend may be paid in cash, at Fortegra’s option. For the year ended December 31, 2022, the Company declared $3,384 of cash dividends, of which $2,016 was paid in cash and $1,368 was accrued in other liabilities and accrued expenses. See Note (15) Other Assets and Other Liabilities and Accrued Expenses. Warburg has the option to convert, at any time, its shares of Fortegra Preferred Stock into shares of Fortegra Common Stock at an initial conversion premium of 33% to Warburg’s initial investment valuation (the “Fortegra Preferred Stock Conversion Price”). The Fortegra Preferred Stock Conversion Price is adjusted for any Fortegra Common Stock splits, dividends, extraordinary dividends and similar transactions. All of the Fortegra Preferred Stock will automatically convert into shares of Fortegra Common Stock at the Fortegra Preferred Stock Conversion Price upon the closing of a qualifying initial public offering, subject to a five year make-whole provision. Upon conversion, the Fortegra Preferred Stock would result in Warburg owning an additional 6.6% interest in Fortegra, for a total as converted ownership of 24.0% (including its ownership of Fortegra Common Stock). Fortegra Warrants The Fortegra Warrants have a seven-year term and an exercise premium of 33% to Warburg’s initial investment valuation (the “Fortegra Warrant Exercise Price”). The Fortegra Warrant Exercise Price will be reduced by any Fortegra Common Stock cash dividends made by Fortegra and adjusted for stock splits, common stock dividends, extraordinary dividends and similar transactions. The Fortegra Warrants, if exercised with cash, would result in Warburg owning an additional 3.8% interest in Fortegra. Fortegra Additional Warrants The Fortegra Additional Warrants issued to both Warburg and Tiptree have a seven-year term and an exercise price of $0.01 per share of Fortegra Common Stock. The Fortegra Additional Warrants issued to Warburg will be forfeited based on Warburg achieving an all-in return on its investment in excess of 23%, as measured primarily by Fortegra’s Common Stock price. The Fortegra Additional Warrants issued to Warburg are classified as liabilities, at fair value. The Fortegra Additional Warrants issued to Tiptree will vest based on Warburg achieving an all-in return on its investment in excess of 30%, as measured primarily by Fortegra’s Common Stock price. The number of shares of Fortegra Common Stock issuable to Warburg or Tiptree with respect to the Fortegra Additional Warrants is subject to adjustment for Fortegra Common Stock splits, stock or cash dividends and similar transactions. The Fortegra Additional Warrants are exercisable from the earlier of a transaction that results in Warburg having sold 50% of its Fortegra Common Stock or the fifth anniversary of the closing date. The maximum number of shares issued to Warburg or Tiptree, if exercised with cash, would be an additional 1.7% interest in Fortegra on an as converted basis (including its ownership of Fortegra Common and Preferred Stock). The following table presents the components of non-controlling interests as reported in the consolidated balance sheets:
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 December 31, 2022 and 2021.
Under the National Association of Insurance Commissioners Risk-Based Capital Act of 1995, a company's Risk-Based Capital (RBC) is calculated by applying certain risk factors to various asset, claim and reserve items. If a company's adjusted surplus falls below calculated RBC thresholds, regulatory intervention or oversight is required. The Company's U.S. domiciled insurance company subsidiaries' RBC levels, as calculated in accordance with the NAIC’s RBC instructions, exceeded all RBC thresholds as of December 31, 2022 and 2021. The following table presents the statutory net income of the Company’s U.S. domiciled statutory insurance companies for the following periods:
The Company also has a foreign insurance subsidiary that is not subject to SAP. The statutory capital and surplus amounts and statutory net income presented above do not include the foreign insurance subsidiary in accordance with SAP. 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 consolidated financial statements. There were no dividends paid to the Company by its U.S. domiciled insurance company subsidiaries for the years ended December 31, 2022 and 2021. 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 December 31, 2022, the maximum amount of dividends that our U.S. domiciled insurance company subsidiaries could pay under applicable laws and regulations without regulatory approval was approximately $35,145. 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 AOCI, net of tax, for the following periods:
The following table presents the reclassification adjustments out of AOCI included in net income and the impacted line items on the 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. Amendment No. 1 to the 2017 Equity Plan, to increase the aggregate shares issuable under the plan by 4,000,000 shares, was approved by stockholders on June 7, 2022. 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 either (i) after the third anniversary, or (ii) 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. RSU awards are expensed using the straight-line method over the requisite service period. The RSUs granted after 2019 include a retirement provision and are amortized over the lesser of the service condition or expected retirement date. 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 94,410 shares that vest ratably over three years and 113,166 shares that cliff vest in 2025 for the year ended December 31, 2022. 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. An additional 350,000 PRSUs were awarded on October 14, 2022. 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. In November 2021, the first tranche of the PRSUs vested, resulting in a net issuance of 215,583 shares of Tiptree common stock. As of December 31, 2022, 3,616,667 PRSUs are unvested. The below table illustrates the aggregate number of PRSUs that will vest upon the achievement of each Tiptree share price target. Such price targets are adjusted down for cumulative dividends paid by the Company since grant (e.g., the next share price target is $19.76 as adjusted for cumulative dividends paid to 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 December 31, 2021, the Company did not have sufficient shares available in the 2017 Equity Plan to settle the PRSUs awarded; as such, the PRSUs were classified as liability awards and were remeasured at each subsequent reporting date, and expensed using the straight-line method over the requisite service period. On June 7, 2022, the Board of Directors authorized additional shares, and the Company now has sufficient shares available in the 2017 Equity Plan to settle the PRSUs awarded. As such, the PRSUs were valued on June 7, 2022, and converted to equity awards on that date, and will be expensed using the straight-line method over the remaining derived service period. The fair value of the PRSUs was estimated 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 was 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 was 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 issued in 2021 as of June 7, 2022, when they were converted to equity awards.
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, certain 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:
The net vested balance of subsidiary awards eligible for exchange as of December 31, 2022 translates to 87,052 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. During the year ended December 31, 2021, the market requirement for all outstanding options was achieved. There were no stock option awards granted in 2022 or 2021. The following table presents the Company's stock option activity for the current period:
Fortegra Equity Incentive Plan Fortegra adopted the 2022 Equity Incentive Plan (“Fortegra Plan”) on June 21, 2022, which permits the grant of RSUs, stock based awards and options up to approximately 7% of Fortegra Common Stock (assuming conversion of the Fortegra Preferred Stock), of which the substantial majority is expected to be delivered in options. The general purpose of the Fortegra Plan is to attract, motivate and retain selected employees of Fortegra, to provide them with incentives and rewards for performance and to better align their interests with those of Fortegra’s stockholders. Unless otherwise extended, the Fortegra Plan terminates automatically on June 21, 2032. The awards under the Fortegra Plan are not exchangeable for Tiptree common stock. As of December 31, 2022, time vesting RSUs and options equal to approximately 0.4% of Fortegra Common Stock (assuming conversion of the Fortegra Preferred Stock) have been granted under the Fortegra Plan. The unvested RSUs were exchanged for prior RSUs granted to management of Fortegra under the LOTS Intermediate Co. Restricted Stock Unit Program. Stock Based Compensation Expense The following table presents total stock based compensation expense and the related income tax benefit recognized on the consolidated statements of operations:
Additional information on total non-vested stock based compensation is as follows:
(1) Includes $105 of unrecognized compensation cost related to stock options at The Fortegra Group that vest ratably over three years.
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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):
On June 21, 2022, the WP Transaction was completed, in which Warburg invested $200,000 in Tiptree’s insurance subsidiary, Fortegra. The WP Transaction, along with Fortegra management’s ownership, reduced Tiptree’s ownership in Fortegra below 80% such that, while still consolidated for GAAP financial reporting purposes, Fortegra will no longer be included in the consolidated tax return group with Tiptree. Tiptree has recorded deferred tax liabilities related to the basis difference in Tiptree’s investment in Fortegra as of December 31, 2022. This deferred tax liability represents the tax that would be due, before consideration of loss carryforwards, if Tiptree were to sell any of its Fortegra stock at its carrying value on the Company’s balance sheet. The deferred tax liability as of December 31, 2022 relating to the WP Transaction is $39,970, of which $14,064 was recorded directly in stockholders’ equity, a benefit of $2,424 in other comprehensive income and $28,330 as a provision for income taxes in the consolidated statements of operations for the year ended December 31, 2022. Additional one time impacts from the transaction caused $4,803 of expense, leading to $33,133 of expense in the statement of operations. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted, implementing numerous changes to tax law including temporary changes regarding the prior and future utilization of net operating losses. During the year ended December 31, 2020, the Company recorded a $7,293 tax benefit related to the ability to carryback net operating losses to prior periods under the CARES Act, resulting in a decrease of our deferred tax asset of $16,795 and an increase to our current receivable of $24,088. The U.S. federal rate is before the consideration of rate reconciling items. A reconciliation of the expected federal provision (benefit) for income taxes on income using the federal statutory income tax rate to the actual provision (benefit) for income taxes and resulting effective income tax rate is as follows for the periods indicated below:
For the year ended December 31, 2022, the Company’s effective tax rate on income was equal to 93.4%. The effective tax rate for the year ended December 31, 2022 is higher than the U.S. statutory income tax rate of 21.0% primarily from the impact of the tax deconsolidation of Fortegra and non-deductible compensation. For the year ended December 31, 2021, the Company’s effective tax rate on income was equal to 32.6%. The effective tax rate for the year ended December 31, 2021 is higher than the U.S. statutory income tax rate of 21.0% primarily from the impact of expected refunds arising from the CARES Act. For the year ended December 31, 2020, the Company’s effective tax rate on losses was equal to 35.1%. The effective tax rate for the year ended December 31, 2020 is higher than the U.S. statutory income tax rate of 21.0% primarily due to the return-to-provision, as well as ongoing state and foreign taxes. The table below presents the components of the Company’s net deferred tax assets and liabilities as of the respective balance sheet dates:
As of January 2016, Tiptree established a U.S. federal consolidated income tax group and files on a consolidated basis, with limited exceptions. As of June 2022, Fortegra and its subsidiaries are no longer part of Tiptree’s consolidated income tax group and formed their own tax consolidation group. Tiptree’s consolidated group, and certain subsidiaries on a separate basis, file returns in various state jurisdictions, and as such may have state tax obligations. Additionally, as needed the Company will take all necessary steps to comply with any income tax withholding requirements. As of December 31, 2022, the Company had total U.S. Federal net operating loss carryforwards (NOLs) of $98,605. The following table presents the U.S. Federal NOLs by tax year of expiration:
In addition to the U.S. Federal NOL, Tiptree and its subsidiaries have NOLs in various state jurisdictions totaling $17,110 as of December 31, 2022. Valuation allowances of $11,848 have been established for primarily state deferred tax assets, which are primarily state NOLs, since management has concluded it is more likely than not they will expire unutilized based on existing positive and negative evidence. Management believes it is more likely than not the remaining NOLs and deferred tax assets will be utilized prior to their expiration dates. As of December 31, 2022, the consolidated valuation allowance for the Company was $11,848. In 2022, the Company recorded a net increase in its valuation allowances equal to $3,285, compared to a net increase in its valuation allowance of $1,692 in 2021. As of December 31, 2022 and 2021, the Company had no material unrecognized tax benefits or accrued interest and penalties. Federal tax years 2017 and onward are open for examination as of December 31, 2022.
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Commitments and Contingencies |
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Commitments and Contingencies | Commitments and Contingencies Operating Leases All leases are office space leases and are classified as operating leases that expire through 2033. Some of our office leases include the option to extend for up to five years or less at management’s discretion. Such extension options were not included in the measurement of the lease liability. Below is a summary of our right of use asset and lease liability as of December 31, 2022:
(1) Discount rate was determined by applying available market rates to lease obligations based upon their term. As of December 31, 2022, the approximate aggregate minimum future lease payments required for our lease liability over the remaining lease periods are as follows:
(1) Does not include lease incentive receivable of $2,866 as of December 31, 2022 The following table presents rent expense for the Company’s office leases recorded on the consolidated statements of operations for the following periods:
(1) Includes lease expense of $202, $609 and $509 for the year ended December 31, 2022, 2021 and 2020, respectively, for assets held for sale. The Company entered into a sublease of their former corporate office space in December 2022. As a result of the sublease, future lease payments will be offset by $1,842 annually beginning July 2023 through and August 2029. Litigation The Company is a defendant in Mullins v. Southern Financial Life Insurance Co., a class action filed in February 2006, in Pike County Circuit Court in the Commonwealth of Kentucky on behalf of Kentucky consumers that purchased certain credit life and disability insurance coverage between 1997-2007. The action alleges violations of the Kentucky Consumer Protection Act (“KCPA”) and certain insurance statutes, common law fraud and breach of contract and the covenant of good faith and fair dealing. The plaintiffs seek compensatory and punitive damages, attorneys’ fees and interest. Two classes were certified in June 2010: Subclass A includes class members who suffered a disability during the coverage period but allegedly received less than full disability benefits; Subclass B includes all class members whose loan termination date extended beyond the termination date of the credit disability coverage period. In a series of orders issued in October 2022 on competing motions for partial summary judgment, the court found in favor of the plaintiffs as to the Subclass A breach of contract claim (the “Subclass A Order”) and, as to Subclass B, found that the Company was unjustly enriched to the extent the premium it collected exceeded the proportion of the premium for which the Company provided benefits coverage (the “Subclass B Order”). The court found in favor of the Company as to the plaintiffs’ claims for common law fraud and violation of Kentucky’s insurance statutes and ordered the plaintiffs’ Motion for Sanctions for Spoliation of Evidence held in abeyance. The Company has appealed the Subclass A Order and Subclass B Order and all interlocutory orders made final by entry of the Subclass A Order and Subclass B Order. In December 2022, the court dismissed the plaintiffs’ KCPA claims as to both Subclass A and Subclass B. The court also dismissed the plaintiffs’ breach of covenant of good faith and fair dealing claim as to Subclass B but declined to dismiss such claim as to Subclass A pending resolution of the Company’s appeal. A trial has been scheduled for December 2023. 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 |
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Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Corvid Peak is a related party of the Company because Corvid Peak is deemed to be controlled by Michael Barnes, the Company’s Executive Chairman. The Company is invested in funds managed by Corvid Peak (the “Corvid Peak Funds”) 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 Funds and IAA, the Company incurred $3,808, $1,988 and $2,792 of management and incentive fees for the years ended December 31, 2022, 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. Beginning on January 1, 2023, Tiptree’s percentage interest increased to 31.84% (including interests acquired from former Corvid Peak equity holders). On November 10, 2022, the Company contributed $505 of cash (representing its pro rata share) to Corvid Peak to fund an escrow account for the repurchase of a revenue share by a third party effective as of January 1, 2025. 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 year ended December 31, 2022 and 2021 were not material. Pursuant to a Partner Emeritus Agreement, Tiptree agreed to provide Mr. Inayatullah, a greater than 5% stockholder of the Company, 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 Partner Emeritus Agreement in the year ended December 31, 2022 and 2021 were not material. In 2022, Michael Barnes, the Company’s Executive Chairman, exercised warrants for 979,146 shares of Tiptree common stock for $6,783 and Mr. Inayatullah exercised warrants for 440,318 shares of Tiptree common stock for $3,050.
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Subsequent Events |
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Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On January 31, 2023, subsidiaries of Fortegra amended the asset backed revolving financing to increase the revolving commitment to $100,000 and transition to SOFR. On March 7, 2023, the Company’s board of directors declared a quarterly cash dividend of $0.05 per share to holders of common stock with a record date of March 20, 2023, and a payment date of March 27, 2022.
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Schedule II- Condensed Financial Information of Registrant |
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Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II- Condensed Financial Information of Registrant | Schedule II — Condensed Financial Information of Registrant
(1) Eliminated in consolidation. (2) Eliminated in consolidation for the year ended December 31, 2022.
(1) Eliminated in consolidation.
(1) Eliminated in consolidation. Note 1. Basis of Presentation 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. Pursuant to the terms discussed in Note—(11) Debt, net in the notes to consolidated financial statements, indebtedness of subsidiaries of Tiptree limits that subsidiary’s ability to pay dividends or make distribution to Tiptree Inc. In addition, certain other subsidiaries’ activities are regulated, or subject to specific restriction on transfers as a result of financing arrangements. As a result of these restrictions, these condensed financial statements of the Registrant have been prepared in accordance with Rule 12-04 of Regulation S-X, as restricted net assets of the Company's subsidiaries (as defined in Rule 4-08(e)(3) of Regulation S-X) exceed 25% of the Company's consolidated net assets as of December 31, 2022. For the period ending December 31, 2019, the Company was a holding company without any operations of its own. On July 17, 2020, Operating Company merged into Tiptree, with Tiptree as the surviving entity (the Reorganization). In connection with the Reorganization, Operating Company contributed substantially all of its assets to Caroline Holdings LLC, a wholly owned subsidiary of Operating Company, which was renamed Tiptree Holdings LLC. Prior to the Reorganization, the Company was allocated itemized expenses of $2,000 related to operating as a public company from Operating Company for the six months ended June 30, 2020. These condensed financial statements have been prepared on a "parent-only" basis. Under a parent-only presentation, the Parent Company's investments in subsidiaries are presented under the equity method of accounting. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. The accompanying condensed financial information should be read in conjunction with the Tiptree Inc. consolidated financial statements and related Notes thereto. Note 2. Dividends Received The Company received distributions of $99,965, $30,996 and $35,092 for the years ended December 31, 2022, 2021 and 2020, respectively.
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Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements of Tiptree have been prepared in accordance with GAAP and include the accounts of the Company and its subsidiaries. The consolidated financial statements are presented in U.S. dollars, the main operating currency of the Company. Non-controlling interests on the consolidated financial statements represent the ownership interests in certain consolidated subsidiaries held by entities or persons other than Tiptree. Accounts and transactions between consolidated entities have been eliminated.
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Reclassifications | Reclassifications As a result of changes in presentation, certain prior year amounts have been reclassified to conform to the current presentation. These reclassifications had no effect on the reported results of operations.
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Use of Estimates | Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s consolidated financial statements and accompanying notes. Management makes estimates and assumptions that include, but are not limited to, the determination of the following significant items: •Fair value of financial assets and liabilities, including, but not limited to, securities, loans and derivatives •Value of acquired assets and liabilities; •Carrying value of goodwill and other intangibles, including estimated amortization period and useful lives; •Reserves for unpaid losses and loss adjustment expenses, estimated future claims and losses, potential litigation and other claims; •Revenue recognition including, but not limited to, the timing and amount of insurance premiums, service and administration fees, and loan origination fees; •Deferred acquisition costs •The realization of deferred tax assets, and recognition and measurement of uncertain tax positions; and •Other matters that affect the reported amounts and disclosure of contingencies in the consolidated financial statements Although these and other estimates and assumptions are based on the best available estimates, actual results could differ materially from management’s estimates.
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Business Combination Accounting | Business Combination Accounting The Company accounts for business combinations by applying the acquisition method of accounting. The acquisition method requires, among other things, that the assets acquired and liabilities assumed in a business combination be measured at fair value as of the closing date of the acquisition. The net assets acquired may consist of tangible and intangible assets and the excess of purchase price over the fair value of identifiable net assets acquired, or goodwill. The determination of estimated useful lives and the allocation of the purchase price to the intangible assets requires significant judgment and affects the amount of future amortization and possible impairment charges. Contingent consideration, if any, is measured at fair value on the date of acquisition. The fair value of any contingent consideration liability is remeasured at each reporting date with any change recorded in other expense in the consolidated statements of operations. Acquisition and transaction costs are expensed as incurred. In certain instances, the Company may acquire less than 100% ownership of an entity, resulting in the recording of a non-controlling interest. The measurement of assets and liabilities acquired and non-controlling interest is initially established at a preliminary estimate of fair value, which may be adjusted during the measurement period, primarily due to the results of valuation studies applicable to the business combination. Acquisitions that do not meet the criteria for the acquisition method of accounting are accounted for as acquisitions of assets.
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Dispositions and Assets and Liabilities Held for Sale | Dispositions and Assets and Liabilities Held for Sale The results of operations of a business that has either been disposed of or are classified as held for sale are reported in discontinued operations if the disposal of the business represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The Company carries assets and liabilities held for sale at the lower of carrying value on the date the asset is initially classified as held for sale or fair value less costs to sell. At the time of reclassification to held for sale, the Company ceases the recording of depreciation and amortization on assets transferred.
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Fair Value Measurement and Fair Value Option | Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels, from highest to lowest, are defined as follows: •Level 1 – Unadjusted, quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. •Level 2 – Significant inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly through corroboration with observable market data. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. The types of financial assets and liabilities carried at Level 2 are valued based on one or more of the following: a) Quoted prices for similar assets or liabilities in active markets; b) Quoted prices for identical or similar assets or liabilities in nonactive markets; c) Pricing models whose inputs are observable for substantially the full term of the asset or liability; d) Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. •Level 3 – Significant inputs that are unobservable inputs for the asset or liability, including the Company’s own data and assumptions that are used in pricing the asset or liability. The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market, and the 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. 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. 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 is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Tiptree’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and the consideration of factors specific to the instrument. From time to time, Tiptree’s assets and liabilities will transfer between one level to another level. It is Tiptree’s policy to recognize transfers between different levels at the end of each reporting period. Tiptree utilizes both observable and unobservable inputs in its valuation methodologies. Observable inputs 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. For broker quotes, 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. Fair Value Option In addition to the financial instruments that the Company is required to measure at fair value, the Company has elected to make an irrevocable election to utilize fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. Unrealized gains and losses on items for which the fair value option has been elected are reported in Net realized and unrealized gains (losses) within the consolidated statements of operations. The decision to elect the fair value option is determined on an instrument-by-instrument basis and must be applied to an entire instrument and is irrevocable once elected.
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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 entered into in order to manage underlying credit risk, market risk, interest rate risk and currency exchange rate risk. As a matter of policy, derivatives are not used for speculative purposes. Derivative instruments are measured at fair value on a recurring basis and are included in other investments or other liabilities and accrued expenses on the consolidated balance sheets. See Note (10) Derivative Financial Instruments and Hedging. The Fortegra Additional Warrants (Warburg) are classified as a derivative liability given that (i) the holder can exercise the warrant for a variable number of shares and (ii) and the value of the warrant varies inversely with the value of Fortegra’s common stock. As such, the derivative liability is marked to fair value at each reporting period and its change in fair value is recorded in other expenses. See Note (10) Derivative Financial Instruments and Hedging, Note (12) Fair Value of Financial Instruments and Note (17) Stockholders’ Equity for additional information. Derivative Instruments Designated as Cash Flow Hedging Instruments The Company uses cash flow hedges from time to time to reduce the exposure to variability of cash flows from floating rate borrowings. If a derivative instrument meets certain cash flow hedge accounting criteria, it is recorded on the consolidated balance sheet at its fair value, as either an asset or a liability, with offsetting changes in fair value recognized in AOCI. The effective portion of the changes in fair value of derivatives are reported in AOCI and amounts previously recorded in AOCI are recognized in earnings in the period in which the hedged transaction affects earnings. Any ineffective portions of the change in fair value of the derivative are recognized in current earnings. 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 entered into in order to manage underlying credit risk, market risk, interest rate risk and currency exchange rate risk. In addition, the Company is also subject to counterparty risk should its counterparties fail to meet the contract terms. Derivative assets are reported in other investments. Derivative liabilities are reported within . Interest Rate Lock Commitments Derivatives for our mortgage business are primarily comprised of interest rate lock commitments (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 subsidiary issues IRLCs to their customers, which are carried at estimated fair value on the Company’s 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. Forward Delivery Contracts and TBA Mortgage Backed Securities Our mortgage origination subsidiary manages 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. The remaining derivatives are generally comprised of a combination of swaps and options, which are generally classified as Level 2 in the fair value hierarchy. In addition, the Fortegra Additional Warrant (Warburg) is a derivative liability and classified as Level 3 in the fair value hierarchy. See Note (17) Stockholders’ Equity for additional information regarding the Fortegra Additional Warrant.
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Stock Based Compensation | Stock Based Compensation The Company accounts for share‑based compensation issued to employees, directors, and affiliates of the Company using the current fair value methodology based on the type of vesting condition – time based, performance based or market based or combination. See Note (19) Stock Based Compensation. The Company initially measures the cost of all share-based compensation incentive awards at fair value on the date of grant, whether accounted for as an equity or liability award. The compensation cost is recognized over the required service period, generally defined as the vesting period using the straight-line method. When the share-based compensation awards are accounted for as equity awards, the compensation cost is charged to expense with a corresponding credit to additional paid-in capital. If the share-based compensation awards are accounted for as liability awards, their fair value is remeasured at each reporting period, with the compensation cost charged to expense with a corresponding credit to other liabilities. Grants of subsidiary restricted stock units (RSUs) exchangeable into common stock of the Company are accounted for as equity based upon their expected settlement method. The Company recognizes the cost of such awards over the vesting period using the straight-line method and uses the graded-vesting method to recognize compensation expense for the performance vesting RSUs. Compensation expense will be recognized to the extent that it is probable that the performance condition will be achieved. The Company reassesses the probability of satisfaction of the performance condition for the performance vesting RSUs for each reporting period.
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Income Taxes | Income Taxes Deferred tax assets and liabilities are determined using the asset and liability method. Under this method, deferred tax assets and liabilities are established for future tax consequences of temporary differences between the financial statement carrying amounts of assets and liabilities and their tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to reverse. A valuation allowance is established when necessary to reduce a deferred tax asset to the amount expected to be realized. Several of the Company’s subsidiaries file state tax returns on a standalone basis. As of June 21, 2022, Fortegra began filing federal and state tax returns on a stand-alone basis. These U.S. federal and state income tax returns, when filed, will be subject to examination by the Internal Revenue Service and state departments of revenue. See Note (20) Income Taxes. The Company evaluates tax positions taken or expected to be taken in the course of preparing its tax returns to determine whether the tax positions are “more likely than not” of being sustained by the applicable tax authority. The Company’s provision or benefit for income taxes is adjusted accordingly for tax positions not deemed to meet the more likely than not threshold. The Company’s policy is to account for interest as a component of interest expense and penalties as a component of other expenses.
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Earnings Per Share | Earnings Per Share The Company presents both basic and diluted earnings per Common Share in its consolidated financial statements and footnotes thereto. Basic earnings per Common Share (Basic EPS) excludes dilution and is computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding, which includes vested RSUs, for the period. Diluted earnings per Common Share (Diluted EPS) reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares where such exercise or conversion would result in a lower earnings per share amount. The Company calculates EPS using the two-class method, which is an earnings allocation formula that determines EPS for common shares and participating securities. Unvested RSUs contain non-forfeitable rights to distributions or distribution equivalents (whether paid or unpaid) and are participating securities that are included in the computation of EPS using the two-class method. Accordingly, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive distributions. The participating securities do not have a contractual obligation to absorb losses and are only allocated in periods where there is income.
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Investments | Investments The Company records all investment transactions on a trade‑date basis. Realized gains (losses) are determined using the specific-identification method. The Company classifies its investments in debt securities as available for sale, trading or held-to-maturity based on the Company’s intent and ability to hold the debt security to maturity. The Company did not have any held-to-maturity securities at December 31, 2022 and 2021. See Note (6) Investments. Available for Sale Securities, at Fair Value (AFS) AFS are securities that are not classified as trading or held-to-maturity and are intended to be held for indefinite periods of time. AFS securities include those debt securities that management may sell as part of its asset/liability management strategy or in response to changes in interest rates, resultant prepayment risk or other factors. AFS securities are held at fair value on the consolidated balance sheet with changes in fair value including non-credit related losses, net of related tax effects, recorded in the AOCI component of stockholders’ equity in the period of change. Upon the disposition of an AFS security, the Company reclassifies the gain or loss on the security from AOCI to net realized and unrealized gains (losses) on the consolidated statements of operations. For AFS securities, the Company reviews its securities portfolio for impairment and determines if impairment is related to credit loss or non-credit loss. In making the assessment of whether a loss is from credit or other factors, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows is less than the amortized cost basis, a credit loss exists and an allowance is created, limited by the amount that the fair value is less than the amortized cost basis. Subsequent activity related to the credit loss component (e.g. write-offs, recoveries) is recognized as part of the allowance for credit losses on AFS securities. For AFS securities which have an expectation of zero risk of nonpayment of the amortized cost basis (e.g. U.S. Treasury securities or agency securities), the expected credit loss is zero. Loans, at Fair Value Loans, at fair value is substantially comprised of (i) corporate loans and (ii) loans originated by the Company’s mortgage finance business. Changes in their fair value are reported within net realized and unrealized gains (losses) in our consolidated statements of operations. Corporate Loans Corporate loans are comprised of middle market loans and bank loans which are carried at fair value. In general, the fair value is obtained from an independent pricing service which provides coverage of secondary market participants. The values represent a composite of mark-to-market bid/offer prices. In certain circumstances, the Company will make its own determination of fair value of loans based on internal models and other unobservable inputs. Mortgage Loans Held for Sale Mortgage loans held for sale represent loans originated and held until sold to secondary market investors. Such loans are typically warehoused for a period after origination or purchase before sale into the secondary market. Loans are sold either servicing released, or in select instances, servicing retained into the secondary loan market. The Company has elected to measure all mortgage loans held for sale at fair value. These loans are considered sold when the Company surrenders control to the purchaser. The gains or losses on sales of such loans, net of any accrual for standard representations and warranties, are reported in operating results as a component of net realized and unrealized gains (losses) in the consolidated statements of operations in the period when the sale occurs. Equity Securities Equity securities are investments consisting of equity securities that are purchased principally for the purpose of selling them in the near term. Changes in fair value are recorded in net realized and unrealized gains (losses) on investments on the consolidated statements of operations in the period of change. Other Investments Vessels, net Investments in vessels, net are carried at cost (inclusive of capitalized acquisition costs, where applicable) less accumulated depreciation. Subsequent expenditures are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise, these amounts are expensed as incurred. Vessels acquired are recognized at their fair value as of the date of the acquisition. Depreciation is computed using the straight-line method over the vessel’s estimated remaining useful life, after considering the estimated salvage value. A vessel’s salvage value is equal to the product of its lightweight tonnage and estimated scrap rate. Vessels are depreciated from the date of their acquisition through their remaining estimated useful life. Upon transferring the vessels and related assets to held for sale on the consolidated balance sheets, the vessels are no longer depreciated. Vessels are reviewed for potential impairment when events or changes in circumstances indicate that the carrying amount of a particular vessel may not be fully recoverable. Potential impairment indicators are primarily based upon a comparison of the market value of a vessel to its carrying value. Market values are based upon quoted prices from industry-recognized sources. The Company evaluates market quotes of vessels for reasonableness by comparison to available market transactions or internal valuation models. An impairment charge would be recognized if the estimated undiscounted future net cash flows expected to result from the operation and subsequent disposal of the vessel are less than the vessel’s carrying amount. The Company’s estimate of future revenue is based upon time charter equivalent (TCE) rates using current market rates. The Company uses average historical rates for periods beyond those for which rates are available. Estimated cash flows are net of brokerage and address commissions, vessel operating expenses, and estimated costs of drydocking and include an inflation factor, as appropriate. The projected undiscounted future cash flows are comprised of the net of these inflows and outflows, plus an estimated salvage value.
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Cash and Cash Equivalents | Cash and Cash EquivalentsThe Company considers all highly liquid investments of sufficient credit quality purchased with an initial maturity of three months or less to be cash equivalents. Cash and cash equivalents consist of U.S. denominated cash on hand, cash held in banks and investments in money market funds. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Cash | Restricted Cash The Company’s restricted cash primarily consists of cash for unremitted premiums received from agents and insurers, fiduciary cash for reinsurers and pledged assets for the protection of policy holders in various state jurisdictions. Restricted cash also includes cash posted as collateral under credit facilities to maintain borrowing base sufficiency, borrower escrow funds for taxes, insurance, rate-lock fees and servicing related escrow funds and collateral on warehouse borrowings.
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Notes and Accounts Receivable, Net | Notes and Accounts Receivable, Net Notes Receivable, Net The Company’s notes receivable, net includes receivables related to the insurance business for its premium financing programs. The Company accrues interest income on its notes receivable based on the contractual terms of the respective note. The Company monitors all notes receivable for delinquency and provides for estimated losses for specific receivables that are not likely to be collected. In addition to allowances for bad debt for specific notes receivable, a general provision for bad debt is estimated for the Company’s notes receivable based on history. Account balances are generally charged against the allowance when the Company believes it is probable that the note receivable will not be recovered and has exhausted its contractual and legal remedies. Generally, receivables overdue more than 120 days are written off when the Company determines it has exhausted reasonable collection efforts and remedies, see Note (7) Notes and Accounts Receivable, net. Accounts and Premiums Receivable, Net Accounts and premiums receivable, net are primarily trade receivables from the insurance business that are carried at their approximate fair value. Accounts and premiums receivable from the Company’s insurance business consist primarily of advance commissions and agents' balances in course of collection and billed but not collected policy premiums, presented net of the allowance for doubtful accounts. For policy premiums that have been billed but not collected, the Company records a receivable on its consolidated balance sheets for the full amount of the premium billed, with a corresponding liability, net of its commission, to insurance carriers. The Company earns interest on the premium cash during the period of time between receipt of the funds and payment of these funds to insurance carriers. The Company maintains an allowance for doubtful accounts based on an estimate of uncollectible accounts. Retrospective commissions receivable, Trust receivables and Other receivables Retrospective commissions receivable, trust receivables and other receivables are primarily trade receivables from the insurance business that are carried net of allowance at their approximate fair value.
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Reinsurance Receivables | Reinsurance Receivables Through the insurance business, the Company has various reinsurance agreements in place whereby the amount of risk in excess of its retention goals is reinsured by unrelated domestic and foreign insurance companies. The Company is required to pay losses even if a reinsurer fails to meet its obligations under the applicable reinsurance agreement. Reinsurance receivables include amounts related to paid benefits, unpaid benefits and prepaid reinsurance premiums. Reinsurance receivables are based upon estimates and are reported on the consolidated balance sheets separately as assets, as reinsurance does not relieve the Company of its legal liability to policyholders. Management continually monitors the financial condition and agency ratings of the Company’s reinsurers and believes that the reinsurance receivables accrued are collectible. Balances recoverable from reinsurers and amounts ceded to reinsurers relating to the unexpired portion of reinsured policies are presented as assets. Experience refunds from reinsurers are recognized based on the underwriting experience of the underlying contracts.
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Deferred Acquisition Costs | Deferred Acquisition Costs The Company defers certain costs of acquiring new and renewal insurance policies and other products as follows within the Company’s insurance business. Amortization of deferred acquisition costs was $479,125, $375,052, and $265,781 for the years ended December 31, 2022, 2021 and 2020, respectively. Insurance policy related deferred acquisition costs are limited to direct costs that resulted from successful contract transactions and would not have been incurred by the Company’s insurance company subsidiaries had the transactions not occurred. These capitalized costs are amortized as the related premium is earned. Other deferred acquisition costs are limited to prepaid direct costs, typically commissions and contract transaction fees, that resulted from successful contract transactions and would not have been incurred by the Company had the transactions not occurred. These capitalized costs are amortized as the related service and administrative fees are earned. The Company evaluates whether all deferred acquisition costs are recoverable at year end, and considers investment income in the recoverability analysis for insurance policy related deferred acquisition costs.
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Goodwill and Intangible Assets, net | Goodwill and Intangible Assets, netThe initial measurement of goodwill and intangibles requires judgment concerning estimates of the fair value of the acquired assets and liabilities. Goodwill and indefinite-lived intangible assets are not amortized but subject to tests for impairment annually or if events or circumstances indicate it is more likely than not they may be impaired. Finite-lived intangible assets are amortized over their estimated useful lives principally using a pattern of economic benefit for customer relationships and a straight-line method for other intangible assets. Finite-lived intangible assets are subject to impairment if events or circumstances indicate a possible inability to realize the carrying amount. The Company carries intangible assets, which represent customer and agent relationships, trade names, insurance licenses (certificates of authority granted by individual state departments of insurance), the value of in-force insurance policies acquired, software acquired or internally developed and fishing licenses. Management has deemed the insurance licenses to have an indefinite useful life. Costs incurred to renew or maintain insurance licenses are recorded as operating costs in the period in which they arise. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets | Other AssetsOther assets primarily consist of mortgage servicing rights, loans eligible for repurchase, right of use assets, prepaid expenses, and furniture, fixtures and equipment, net. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Servicing Rights | Mortgage Servicing Rights Mortgage servicing rights represent the fair value of the right to service the underlying mortgage loans. The estimated fair value is provided by a third-party valuation service and represents the price that a willing buyer would currently pay for the Company’s mortgage servicing rights. Changes in fair value are recorded in net realized and unrealized gains (losses) on the consolidated statements of operations in the period of change.
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Debt, net | Debt, netDebt is carried on the consolidated balance sheets at an amount equal to the unpaid principal balance, net of any remaining unamortized discount or premium and direct and any incremental costs attributable to issuance. Discounts, premiums and direct and incremental costs are amortized as a component of interest expense in the consolidated statements of operations over the life of the debt. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unearned Premiums | Unearned PremiumsPremiums written are earned over the life of the respective policy using the Rule of 78's, pro rata, or other actuarial methods as appropriate for the type of business. Unearned premiums represent the portion of premiums that will be earned in the future. A premium deficiency reserve is recorded if anticipated losses, loss adjustment expenses, deferred acquisition costs and policy maintenance costs exceed the recorded unearned premium reserve and anticipated investment income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Policy Liabilities and Unpaid Claims | Policy Liabilities and Unpaid Claims Policyholder account balances relate to investment-type individual annuity contracts in the accumulation phase. Policyholder account balances are carried at accumulated account values, which consist of deposits received, plus interest credited, less withdrawals and assessments. Minimum guaranteed interest credited to these contracts ranges from 3.0% to 4.0%. The Company’s claims are generally reported and settled quickly, resulting in consistent historical loss development patterns. The Company’s actuaries apply a variety of generally accepted actuarial methods to the historical loss development patterns, to derive cumulative development factors. These cumulative development factors are applied to reported losses for each accident quarter to compute ultimate losses. The indicated required reserve is the difference between the ultimate losses and the reported losses. The actuarial methods used include but are not limited to the chain ladder method, the Bornhuetter-Ferguson method, and the expected loss ratio method. The actuarial analyses are performed on a basis gross of ceded reinsurance, and the resulting factors and estimates are then used in calculating the net loss reserves which take into account the impact of reinsurance. The Company has not made any changes to its methodologies for determining claim reserves in the periods presented. Credit life and accidental death and dismemberment (AD&D) unpaid claims reserves include claims in the course of settlement and incurred but not reported (IBNR). Credit disability unpaid claims reserves also include continuing claim reserves for open disability claims. For all other product lines, unpaid claims reserves include case reserves for reported claims and bulk reserves for IBNR claims. The Company uses a number of algorithms in establishing its unpaid claims reserves. These algorithms are used to calculate unpaid claims as a function of paid losses, earned premium, reported incurred losses, target loss ratios, and in-force amounts or a combination of these factors. Anticipated future loss development patterns form a key assumption underlying these analyses. Generally, unpaid claims reserves, and associated incurred losses, are impacted by loss frequency, which is the measure of the number of claims per unit of insured exposure, and loss severity, which is based on the average size of claims. Factors affecting loss frequency and loss severity may include changes in claims reporting patterns, claims settlement patterns, judicial decisions, legislation, economic conditions, morbidity patterns and the attitudes of claimants towards settlements. The unpaid claims reserves represent the Company’s best estimates at a given time, based on the projections and analyses discussed above. Actual claim costs are dependent upon a number of complex factors such as changes in doctrines of legal liabilities and damage awards. These factors are not directly quantifiable, particularly on a prospective basis. The Company periodically reviews and updates its methods of making such unpaid claims reserve estimates and establishing the related liabilities based on our actual experience. The Company has not made any changes to its methodologies for determining unpaid claims reserves in the periods presented. In accordance with applicable statutory insurance company regulations, the Company’s recorded unpaid claims reserves are evaluated by appointed independent third-party actuaries, who perform this function in compliance with the Standards of Practice and Codes of Conduct of the American Academy of Actuaries. The independent actuaries perform their actuarial analyses annually and prepare opinions, statements, and reports documenting their determinations. For December 31, 2022 and 2021, our appointed independent third-party actuaries found the Company’s reserves to be adequate.
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Deferred Revenue and Revenue Recognition | Deferred RevenueDeferred revenues represent the portion of income that will be earned in the future attributable to motor club memberships, mobile device protection plans, and other non-insurance service contracts that are earned over the respective contract periods using the Rule of 78's, modified Rule of 78's, pro rata, or other methods as appropriate for the contract. A deficiency reserve would be recorded if anticipated contract benefits, deferred acquisition costs and contract service costs exceed the recorded deferred revenues and anticipated investment income. Revenue Recognition The Company earns revenues from a variety of sources: Earned Premiums, Net Net earned premium is from direct and assumed earned premium consisting of revenue generated from the direct sale of insurance policies by the Company’s distributors and premiums written for insurance policies by another carrier and assumed by the Company. Whether direct or assumed, the premium is earned over the life of the respective policy using methods appropriate to the pattern of losses for the type of business. Methods used include the Rule of 78's, pro rata, and other actuarial methods. Management selects the appropriate method based on available information, and periodically reviews the selections as additional information becomes available. Direct and assumed premiums are offset by premiums ceded to the Company’s reinsurers, including producer owned reinsurance companies (PORCs), earned in the same manner. The amount ceded is proportional to the amount of risk assumed by the reinsurer. Service and Administrative Fees The Company earns service and administrative fees from a variety of activities. Such fees are typically positively correlated with transaction volume and are recognized as revenue as they become both realized and earned. Service Fees. Service fee revenue is recognized as the services are performed. These services include fulfillment, software development, and claims handling for our customers. Collateral tracking fee income is recognized when the service is performed and billed. 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. During the years ended December 31, 2022, 2021 and 2020, respectively, the Company did not incur a loss with respect to a specific significant service fee contract. Administrative Fees. Administrative fee revenue includes the administration of premium associated with our producers and their PORCs. In addition, we also earn fee revenue from debt cancellation, motor club, and service contract products. Related administrative fee revenue is recognized consistent with the earnings recognition pattern of the underlying insurance policies, debt cancellation contracts, auto and consumer goods service contracts, and motor club memberships being administered, using Rule of 78's, modified Rule of 78's, pro rata, or other actuarial 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. Ceding Commissions Ceding commissions earned under reinsurance agreements are based on contractual formulas that take into account, in part, underwriting performance and investment returns experienced by the assuming companies. As experience changes, adjustments to the ceding commissions are reflected in the period incurred and are based on the claim experience of the related policy. The adjustment is calculated by adding the earned premium and investment income from the assets held in trust for the Company’s benefit less earned commissions, incurred claims and the reinsurer's fee for the coverage. 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 a 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. Vessel related revenue is recorded in other investment income as a part of other revenue.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 PORCs. In addition, we also earn fee revenue from debt cancellation, motor club, and auto and consumer goods service contracts. 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 as of December 31, 2022. 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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Other Liabilities and Accrued Expenses | Other Liabilities and Accrued ExpensesOther liabilities and accrued expenses primarily consist of lease liabilities, accounts payable and accrued expenses, deferred tax liabilities, net, securities sold, not yet purchased, commissions payable and accrued interest payable. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Member Benefit Claims | Member Benefit Claims Member benefit claims represent claims paid on behalf of contract holders directly to third-party providers for roadside assistance and for the repair or replacement of covered products. Claims can also be paid directly to contract holders as a reimbursement payment, provided supporting documentation of loss is submitted to the Company. Claims are recognized as expense when incurred.
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Net Losses and Loss Adjustment Expenses | Net Losses and Loss Adjustment Expenses Net losses and loss adjustment expenses represent losses and related claim adjudication and processing costs on insurance contract claims, net of amounts ceded. Net losses include actual claims paid and the change in unpaid claim reserves.
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Commissions Payable and Expense | Commissions Payable and ExpenseCommissions are paid to distributors and retailers selling credit insurance policies, motor club memberships, mobile device protection, and vehicle service contracts, and are generally deferred and expensed in proportion to the earning of related revenue. Credit insurance commission rates, in many instances, are set by state regulators and are also impacted by market conditions. In certain instances, credit insurance commissions are subject to retrospective adjustment based on the profitability of the related policies. Under these retrospective commission arrangements, the producer of the credit insurance policies receives a retrospective commission if the premium generated by that producer in the accounting period exceeds the costs associated with those policies, which includes the Company’s administrative fees, claims, reserves, and premium taxes. The Company analyzes the retrospective commission calculation periodically for each producer and, based on the analysis associated with each such producer, the Company records a liability for any positive net retrospective commission earned and due to the producer or, conversely, records a receivable, net of allowance, for amounts due from such producer for instances where the net result of the retrospective commission calculation is negative. Commissions payable are included in other liabilities and accrued expenses. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recent Accounting Standards | Recent Accounting Standards Recently Adopted Accounting Pronouncements
Recently Issued Accounting Pronouncements, Not Yet Adopted
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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, Fortegra, is a leading provider of specialty insurance, service contract products and related service solutions. Based on the ASC 280, Segment Reporting, quantitative analysis performed as of December 31, 2022, our reportable segments are Insurance and Mortgage. We refer to our non-insurance operations, assets and other investments, 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. 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 is a leading provider of specialty insurance products and related services. Fortegra designs, markets and underwrites specialty property and casualty insurance products incorporating value-added coverages and services for select target markets or niches. Fortegra’s products and services include niche commercial and personal lines, service contracts, and other insurance services. Tiptree Capital: Mortgage operations are conducted through Reliance. The Company’s mortgage business originates loans for sale to institutional investors, including GSEs and FHA/VA and services loans on behalf of Fannie Mae, Freddie Mac, and Ginnie Mae. Other includes our maritime shipping operations, asset management, other investments (including our Invesque shares), and Luxury mortgage operations (deconsolidated effective as of July 1, 2022).
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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 derived from multiples of comparable public companies and fall under Level 3 in the fair value hierarchy. Loans, at fair value Corporate Loans: These loans are comprised of middle market loans and bank 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, including those provided from pricing vendors, which provide coverage of secondary market participants, where available. The values represent a composite of mark-to-market bid/offer prices. In certain circumstances, the Company will make its own determination of fair value of loans based on internal models and other unobservable inputs. 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 for our mortgage business 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 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. The remaining derivatives are generally comprised of a combination of swaps and options, which are generally classified as Level 2 in the fair value hierarchy. In addition, the Fortegra Additional Warrants (Warburg) are a derivative liability and classified as Level 3 in the fair value hierarchy. See Note (17) Stockholders’ Equity for additional information regarding the Fortegra Additional Warrant. 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 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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Dispositions and Assets and Liabilities Held for Sale (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 consolidated balance sheets for the following periods:
(1) Includes deferred tax liabilities of $659 as of December 31, 2021.
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Operating Segment Data (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. Tiptree Capital - Other and Corporate 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) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of investments by operating segment | 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. Tiptree Capital - Other and Corporate 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:
(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.
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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:
(1) Presented in whole numbers.
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Roll forward activity in allowance for credit losses, 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 December 31, 2022:
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 gains from recoveries (credit losses) on AFS securities recorded by the Company for the following period:
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Schedule of restricted investments | The following table presents the Company's restricted investments included in the Company's AFS securities:
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Schedule of AFS 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 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 $16,032 and $9,094 at December 31, 2022 and 2021, respectively. (2) As of December 31, 2022, there were no mortgage loans held for sale that were 90 days or more past due. As of December 31, 2021, there was one mortgage loan held for sale that was 90 days or more past due, with a fair value of $136. 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 December 31, 2022 and 2021, there were $168 and $1,311 in balances classified as 90 days plus past due, respectively.
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Schedule of debt 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 $45,630 and $36,436 as of December 31, 2022 and 2021, respectively. (2) Net of accumulated depreciation of $118 and $13,059 as of December 31, 2022 and 2021, respectively.
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Components of investment income | The following table presents the components of net investment income by source of income:
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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 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:
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Notes and Accounts Receivable, net (Tables) |
12 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 $16,032 and $9,094 at December 31, 2022 and 2021, respectively. (2) As of December 31, 2022, there were no mortgage loans held for sale that were 90 days or more past due. As of December 31, 2021, there was one mortgage loan held for sale that was 90 days or more past due, with a fair value of $136. 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 December 31, 2022 and 2021, there were $168 and $1,311 in balances classified as 90 days plus past due, respectively.
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Reinsurance Receivables (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) See Note (3) Acquisitions for more information.
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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:
(1) See Note (3) Acquisitions for more information.
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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:
(1) Does not include foreign currency translation adjustment of ($917) as of December 31, 2022.
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Derivative Financial Instruments and Hedging (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
(1) See Note (17) Stockholders’ Equity for additional information.
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Debt, net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 for our corporate and asset based debt. Asset based debt is generally recourse only to specific assets and related cash flows.
(1) The secured credit agreements include separate tranches with multiple rate structures which are adjustable based on Fortegra’s senior leverage ratio, which as of December 31, 2022 was SOFR + 1.50%. (2) On January 31, 2023, the borrowing was amended to use SOFR as the reference rate. See Note (24) Subsequent Events. (3) Includes SOFR floor and BSBY floor of 0.25% and 0.50%, respectively, as of December 31, 2022. (4) The weighted average coupon rate for residential mortgage warehouse borrowings was 6.31% and 2.76% at December 31, 2022 and 2021, respectively. (5) Includes LIBOR floor of 1%.
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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) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. See Note (15) Other Assets and Other Liabilities and Accrued Expenses. (2) Included in other liabilities and accrued expenses. See Note (15) Other Assets and 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) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense | 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 consolidated statements of operations, excluding the amount for member benefit claims:
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Short-duration Insurance Contracts, Claims Development | The following table presents information about incurred and paid loss development and average claim duration as of December 31, 2022, net of reinsurance, as well as cumulative claim frequency and the total of IBNR liabilities plus expected development on reported claims included within the net incurred claims amounts. The cumulative number of reported claims represents open claims, claims closed with payment, and claims closed without payment. It does not include an estimated count of unreported claims. The number of claims is measured by claim event. The Company considers a claim that does not result in a liability as a claim closed without payment.
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Short-duration Insurance Contracts, Schedule of Historical Claims Duration | The following table presents supplementary information about average historical claims duration as of December 31, 2022 for short duration contracts:
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Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability | The following table presents a reconciliation of net outstanding liabilities for unpaid loss and loss adjustment expenses of short-duration contracts to the consolidated balance sheets value of policy liabilities and unpaid claims:
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Revenue from Contracts with Customers (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 consolidated balance sheets:
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Schedule of Depreciation Expense | The following table presents the depreciation expense related to furniture, fixtures and equipment for the following periods:
The following table presents the components of other expenses as reported in the 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 consolidated balance sheets:
(1) See Note (21) Commitments and Contingencies for additional information.
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Other Revenue and Other Expenses (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Other Revenue | The following table presents the components of other revenue as reported in the 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) Includes $17,559, $10,384, and $7,025 for the years ended December 31, 2022, 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 consolidated statement of operations:
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Stockholders' Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Declared | The Company declared cash dividends per share for the following periods presented below:
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Schedule of Noncontrolling Interest | The following table presents the components of non-controlling interests as reported in the consolidated balance sheets:
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Statutory Accounting Practices Disclosure | 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 December 31, 2022 and 2021.
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) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the activity of AFS securities in AOCI, net of tax, for the following periods:
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Reclassification out of Accumulated Other Comprehensive Income | The following table presents the reclassification adjustments out of AOCI included in net income and the impacted line items on the consolidated statement of operations for the following periods:
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Stock Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 RSUs and Option Activity | 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 94,410 shares that vest ratably over three years and 113,166 shares that cliff vest in 2025 for the year ended December 31, 2022. The following table presents the Company's stock option activity for the current period:
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Schedule of Performance Restricted Stock Units, Share Price Target | The below table illustrates the aggregate number of PRSUs that will vest upon the achievement of each Tiptree share price target. Such price targets are adjusted down for cumulative dividends paid by the Company since grant (e.g., the next share price target is $19.76 as adjusted for cumulative dividends paid to date).
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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 issued in 2021 as of June 7, 2022, when they were converted to equity 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 consolidated statements of operations:
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Schedule of Additional Information on Total Non-vested Stock-based Compensation | Additional information on total non-vested stock based compensation is as follows:
(1) Includes $105 of unrecognized compensation cost related to stock options at The Fortegra Group that vest ratably over three years.
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Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
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Schedule of effective income tax rate reconciliation | The U.S. federal rate is before the consideration of rate reconciling items. A reconciliation of the expected federal provision (benefit) for income taxes on income using the federal statutory income tax rate to the actual provision (benefit) for income taxes and resulting effective income tax rate is as follows for the periods indicated below:
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Schedule of deferred tax assets and liabilities | The table below presents the components of the Company’s net deferred tax assets and liabilities as of the respective balance sheet dates:
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Summary of operating loss carryforwards | As of December 31, 2022, the Company had total U.S. Federal net operating loss carryforwards (NOLs) of $98,605. The following table presents the U.S. Federal NOLs by tax year of expiration:
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Commitments and Contingencies (Tables) |
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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 December 31, 2022:
(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 consolidated statements of operations for the following periods:
(1) Includes lease expense of $202, $609 and $509 for the year ended December 31, 2022, 2021 and 2020, respectively, for assets held for sale.
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Schedule of operating lease liability maturity | As of December 31, 2022, the approximate aggregate minimum future lease payments required for our lease liability over the remaining lease periods are as follows:
(1) Does not include lease incentive receivable of $2,866 as of December 31, 2022
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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:
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Organization (Details) $ in Thousands |
12 Months Ended | |
---|---|---|
Jun. 21, 2022
USD ($)
|
Dec. 31, 2022
segment
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Number of reportable segments | segment | 2 | |
Warburg | Fortegra | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
WP transaction, issuance of equity value | $ | $ 200,000 | |
Ownership percentage by noncontrolling owners | 17.40% | |
Tiptree Holdings | Fortegra | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Ownership percentage by parent | 79.50% | |
Fortegra Management and Directors | Fortegra | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Ownership percentage by noncontrolling owners | 3.10% |
Summary of Significant Accounting Policies (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
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Liability for Future Policy Benefit, Activity [Line Items] | |||
Impairment of assets held for sale | $ 0 | $ 0 | |
Amortization | 479,125,000 | 375,052,000 | $ 265,781,000 |
Deferred acquisition costs, impairment | $ 0 | $ 0 | $ 0 |
Minimum | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Liability for policyholder contract deposits, interest rate | 3.00% | ||
Maximum | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Liability for policyholder contract deposits, interest rate | 4.00% |
Acquisitions (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Apr. 01, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
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Business Acquisition [Line Items] | ||||
Payment to acquire businesses, net | $ 14,960 | $ (133) | $ 5,313 | |
Goodwill acquired | 8,112 | |||
Total intangible assets, net | $ 117,015 | $ 122,758 | $ 138,215 | |
ITC | ||||
Business Acquisition [Line Items] | ||||
Payment to acquire businesses, net | $ 15,000 | |||
Cash acquired from acquisition | 6,123 | |||
Goodwill acquired | 8,122 | |||
Total intangible assets, net | $ 10,964 |
Dispositions and Assets and Liabilities Held for Sale - Narrative (Details) $ in Thousands |
12 Months Ended |
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Dec. 31, 2022
USD ($)
vessel
tanker
| |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Gain on disposal, statement of income location not disclosed | net gain |
Disposed of by sale | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal, gain on sale | $ 34,803 |
Disposal, proceeds from sale | $ 116,678 |
Disposed of by sale | Marine vessel disposition | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal, number of units sold | vessel | 3 |
Disposed of by sale | Marine tankers disposition | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal, number of units sold | tanker | 2 |
Dispositions and Assets and Liabilities Held for Sale - Schedule of Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Assets: | |||
Cash, cash equivalents and restricted cash | $ 9,172 | $ 9,360 | $ 4,879 |
Assets held for sale | 0 | 250,608 | |
Liabilities: | |||
Liabilities held for sale | $ 0 | 242,994 | |
Held for sale | Luxury disposition | |||
Assets: | |||
Loans, at fair value | 236,810 | ||
Other investments | 2,071 | ||
Total investments | 238,881 | ||
Cash, cash equivalents and restricted cash | 9,360 | ||
Notes and accounts receivable, net | 157 | ||
Other assets | 2,210 | ||
Assets held for sale | 250,608 | ||
Liabilities: | |||
Debt, net | 227,973 | ||
Other liabilities and accrued expenses | 15,021 | ||
Liabilities held for sale | 242,994 | ||
Deferred tax liabilities | $ 659 |
Operating Segment Data - Schedule of Segment Results (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
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Segment Reporting Information [Line Items] | |||
Total revenues | $ 1,397,752 | $ 1,200,514 | $ 810,301 |
Total expenses | (1,343,741) | (1,135,172) | (849,153) |
Income (loss) before taxes | 54,011 | 65,342 | (38,852) |
Less: provision (benefit) for income taxes | 50,450 | 21,291 | (13,627) |
Net income (loss) | 3,561 | 44,051 | (25,225) |
Less: net income (loss) attributable to non-controlling interests | 11,835 | 5,919 | 3,933 |
Net income (loss) attributable to common stockholders | (8,274) | 38,132 | (29,158) |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 1,397,752 | 1,200,514 | 810,301 |
Total expenses | (1,297,325) | (1,085,040) | (813,493) |
Other | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 78,710 | 105,089 | 7,075 |
Total expenses | (47,307) | (87,879) | (68,317) |
Income (loss) before taxes | 31,403 | 17,210 | (61,242) |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Total expenses | (46,416) | (50,132) | (35,660) |
Insurance | Operating segments | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 1,248,796 | 984,130 | 691,061 |
Total expenses | (1,180,646) | (914,273) | (664,113) |
Income (loss) before taxes | 68,150 | 69,857 | 26,948 |
Mortgage | Operating segments | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 70,246 | 111,295 | 112,165 |
Total expenses | (69,372) | (82,888) | (81,063) |
Income (loss) before taxes | $ 874 | $ 28,407 | $ 31,102 |
Operating Segment Data - Narrative (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Segment Reporting [Abstract] | |||
Revenues, non-US sources | 8.80% | 7.20% | 5.20% |
Operating Segment Data - Schedule of Segment Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Total assets | $ 4,039,563 | $ 3,599,147 |
Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | 86,402 | 384,564 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Total assets | 94,462 | 11,297 |
Insurance | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 3,702,577 | 3,002,152 |
Mortgage | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 156,122 | $ 201,134 |
Investments - Schedule of Investments by Segment (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Available for sale securities, at fair value, net of allowance for credit losses | $ 611,980 | $ 577,448 |
Loans, at fair value | 64,843 | 105,583 |
Equity securities | 85,776 | 138,483 |
Other investments | 73,025 | 168,656 |
Total investments | 835,624 | 990,170 |
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 | 12,784 | 28,799 |
Other investments | 2,824 | 80,700 |
Total investments | 15,608 | 109,499 |
Insurance | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Available for sale securities, at fair value, net of allowance for credit losses | 611,980 | 577,448 |
Loans, at fair value | 14,312 | 7,099 |
Equity securities | 72,992 | 109,684 |
Other investments | 66,163 | 79,975 |
Total investments | 765,447 | 774,206 |
Mortgage | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Available for sale securities, at fair value, net of allowance for credit losses | 0 | 0 |
Loans, at fair value | 50,531 | 98,484 |
Equity securities | 0 | 0 |
Other investments | 4,038 | 7,981 |
Total investments | $ 54,569 | $ 106,465 |
Investments - Schedule of Available-for-sale Securities, at Fair Value (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Debt Securities, Available-for-sale [Line Items] | |||
Amortized cost | $ 670,836 | $ 581,064 | |
Allowance for credit losses | (190) | (245) | $ 0 |
Gross unrealized gains | 849 | 3,739 | |
Gross unrealized losses | (59,515) | (7,110) | |
Fair value | 611,980 | 577,448 | |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized cost | 417,278 | 352,288 | |
Allowance for credit losses | 0 | 0 | |
Gross unrealized gains | 844 | 2,087 | |
Gross unrealized losses | (36,062) | (3,197) | |
Fair value | 382,060 | 351,178 | |
Obligations of state and political subdivisions | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized cost | 54,390 | 57,923 | |
Allowance for credit losses | (3) | 0 | 0 |
Gross unrealized gains | 4 | 1,050 | |
Gross unrealized losses | (4,937) | (313) | |
Fair value | 49,454 | 58,660 | |
Corporate securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized cost | 176,187 | 145,997 | |
Allowance for credit losses | (183) | (241) | 0 |
Gross unrealized gains | 1 | 517 | |
Gross unrealized losses | (14,006) | (1,396) | |
Fair value | 161,999 | 144,877 | |
Asset backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized cost | 19,596 | 19,511 | |
Allowance for credit losses | (1) | 0 | 0 |
Gross unrealized gains | 0 | 82 | |
Gross unrealized losses | (4,246) | (2,146) | |
Fair value | 15,349 | 17,447 | |
Certificates of deposit | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized cost | 756 | 2,696 | |
Allowance for credit losses | 0 | 0 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | 0 | |
Fair value | 756 | 2,696 | |
Obligations of foreign governments | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized cost | 2,629 | 2,649 | |
Allowance for credit losses | (3) | (4) | $ 0 |
Gross unrealized gains | 0 | 3 | |
Gross unrealized losses | (264) | (58) | |
Fair value | $ 2,362 | $ 2,590 |
Investments - Schedule of Amortized Cost and Fair Value by Contractual Maturity (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Amortized Cost | ||
Due in one year or less | $ 52,265 | $ 41,033 |
Due after one year through five years | 300,767 | 269,487 |
Due after five years through ten years | 54,419 | 52,561 |
Due after ten years | 243,789 | 198,472 |
Asset backed securities | 19,596 | 19,511 |
Amortized cost | 670,836 | 581,064 |
Fair Value | ||
Due in one year or less | 51,315 | 41,150 |
Due after one year through five years | 280,965 | 268,537 |
Due after five years through ten years | 49,465 | 52,000 |
Due after ten years | 214,887 | 198,314 |
Asset backed securities | 15,348 | 17,447 |
Total | $ 611,980 | $ 577,448 |
Investments - Schedule of Available-for-sale Securities in Continuous Unrealized Loss Position (Details) $ in Thousands |
Dec. 31, 2022
USD ($)
security
|
Dec. 31, 2021
USD ($)
security
|
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Less than or equal to one year, fair value | $ 245,723 | $ 344,073 |
Less than or equal to one year, gross unrealized losses | $ (15,522) | $ (4,403) |
Less than or equal to one year, number of securities | security | 674 | 762 |
More than one year, fair value | $ 328,598 | $ 25,110 |
More than one year, gross unrealized loss | $ (43,993) | $ (2,707) |
More than one year, number of securities | security | 922 | 102 |
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 | $ 164,593 | $ 216,378 |
Less than or equal to one year, gross unrealized losses | $ (9,357) | $ (2,827) |
Less than or equal to one year, number of securities | security | 354 | 324 |
More than one year, fair value | $ 186,591 | $ 11,920 |
More than one year, gross unrealized loss | $ (26,705) | $ (370) |
More than one year, number of securities | security | 385 | 47 |
Obligations of state and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than or equal to one year, fair value | $ 25,507 | $ 17,190 |
Less than or equal to one year, gross unrealized losses | $ (1,076) | $ (275) |
Less than or equal to one year, number of securities | security | 97 | 64 |
More than one year, fair value | $ 20,219 | $ 1,152 |
More than one year, gross unrealized loss | $ (3,861) | $ (38) |
More than one year, number of securities | security | 78 | 5 |
Corporate securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than or equal to one year, fair value | $ 45,016 | $ 99,434 |
Less than or equal to one year, gross unrealized losses | $ (1,446) | $ (1,159) |
Less than or equal to one year, number of securities | security | 176 | 326 |
More than one year, fair value | $ 114,683 | $ 9,722 |
More than one year, gross unrealized loss | $ (12,560) | $ (237) |
More than one year, number of securities | security | 417 | 45 |
Asset backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than or equal to one year, fair value | $ 10,298 | $ 7,454 |
Less than or equal to one year, gross unrealized losses | $ (3,642) | $ (84) |
Less than or equal to one year, number of securities | security | 46 | 38 |
More than one year, fair value | $ 5,051 | $ 2,316 |
More than one year, gross unrealized loss | $ (604) | $ (2,062) |
More than one year, number of securities | security | 34 | 5 |
Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than or equal to one year, fair value | $ 0 | $ 1,339 |
Less than or equal to one year, gross unrealized losses | $ 0 | $ 0 |
Less than or equal to one year, number of securities | security | 0 | 2 |
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 |
Obligations of foreign governments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than or equal to one year, fair value | $ 309 | $ 2,278 |
Less than or equal to one year, gross unrealized losses | $ (1) | $ (58) |
Less than or equal to one year, number of securities | security | 1 | 8 |
More than one year, fair value | $ 2,054 | $ 0 |
More than one year, gross unrealized loss | $ (263) | $ 0 |
More than one year, number of securities | security | 8 | 0 |
Investments - Schedule of the Allowance for Credit Losses (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ (245) | $ 0 |
(Increase) in allowance for credit losses | (74) | (302) |
Reduction in credit losses due to AFS securities sold during the year | 4 | |
Gains from recoveries of amounts previously written off | 129 | 53 |
Ending balance | (190) | (245) |
Net gains from recoveries (credit losses) on AFS securities | 55 | (245) |
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 | (3) | 0 |
Reduction in credit losses due to AFS securities sold during the year | 0 | |
Gains from recoveries of amounts previously written off | 0 | 0 |
Ending balance | (3) | 0 |
Corporate securities | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | (241) | 0 |
(Increase) in allowance for credit losses | (69) | (296) |
Reduction in credit losses due to AFS securities sold during the year | 3 | |
Gains from recoveries of amounts previously written off | 127 | 52 |
Ending balance | (183) | (241) |
Asset backed securities | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 0 | 0 |
(Increase) in allowance for credit losses | (1) | 0 |
Reduction in credit losses due to AFS securities sold during the year | 0 | |
Gains from recoveries of amounts previously written off | 0 | 0 |
Ending balance | (1) | 0 |
Obligations of foreign governments | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | (4) | 0 |
(Increase) in allowance for credit losses | (1) | (6) |
Reduction in credit losses due to AFS securities sold during the year | 1 | |
Gains from recoveries of amounts previously written off | 2 | 1 |
Ending balance | $ (3) | $ (4) |
Investments - Schedule of Restricted Investments (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Fair value of restricted investments in trust pursuant to reinsurance agreements | $ 34,386 | $ 42,471 |
Fair value of restricted investments for special deposits required by state insurance departments | 16,816 | 7,189 |
Total fair value of restricted investments | $ 51,202 | $ 49,660 |
Investments - Schedule of Available for Sale Investment Purchases, Proceeds and Gains & Losses (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Investments, Debt and Equity Securities [Abstract] | |||
Purchases of AFS securities | $ 233,541 | $ 368,913 | $ 158,357 |
Proceeds from maturities, calls and prepayments of AFS securities | 77,703 | 68,923 | 84,923 |
Gross proceeds from sales of AFS securities | 63,066 | 86,981 | 35,603 |
Gross realized gains | 1,543 | 661 | 594 |
Gross realized (losses) | (184) | (23) | (66) |
Total net realized gains (losses) from investment sales and redemptions | $ 1,359 | $ 638 | $ 528 |
Investments - Loans, at fair value - Schedule of the Company's Investment in Loans Measured at Fair Value (Details) $ in Thousands |
Dec. 31, 2022
USD ($)
loan
|
Dec. 31, 2021
USD ($)
loan
|
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at fair value | $ 64,843 | $ 105,583 |
Unpaid principal balance (UPB) | 65,393 | 105,420 |
Fair value exceeds / (below) UPB | (550) | 163 |
Asset pledged as collateral | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at fair value | $ 50,113 | $ 95,542 |
Mortgage loans held for sale | 90 days or more past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans past due | loan | 0 | 1 |
Insurance | Corporate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at fair value | $ 14,312 | $ 7,099 |
Unpaid principal balance (UPB) | 16,032 | 10,156 |
Fair value exceeds / (below) UPB | (1,720) | (3,057) |
Cost basis of NPLs | 16,032 | 9,094 |
Insurance | Corporate loans | Asset pledged as collateral | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at fair value | 0 | 0 |
Mortgage | Mortgage loans held for sale | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at fair value | 50,531 | 98,484 |
Unpaid principal balance (UPB) | 49,361 | 95,264 |
Fair value exceeds / (below) UPB | 1,170 | 3,220 |
Mortgage | Mortgage loans held for sale | Asset pledged as collateral | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at fair value | $ 50,113 | 95,542 |
Mortgage | Mortgage loans held for sale | 90 days or more past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans held for sale | $ 136 |
Investments - Equity securities - Debt Securities, Trading, and Equity Securities (Details) - USD ($) $ in Thousands, shares in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | $ 206,866 | $ 236,670 |
Fair Value | 85,776 | 138,483 |
Other | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | 111,491 | 111,491 |
Fair Value | 12,784 | 28,799 |
Insurance | Operating segments | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | 95,375 | 125,179 |
Fair Value | 72,992 | 109,684 |
Fixed income ETFs | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | 56,263 | 52,176 |
Fair Value | 56,256 | 53,154 |
Fixed income ETFs | Other | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | 0 | 0 |
Fair Value | 0 | 0 |
Fixed income ETFs | Insurance | Operating segments | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | 56,263 | 52,176 |
Fair Value | 56,256 | 53,154 |
Other equity securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | 15,773 | 49,664 |
Fair Value | 14,066 | 50,515 |
Other equity securities | Other | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | 0 | 0 |
Fair Value | 0 | 0 |
Other equity securities | Insurance | Operating segments | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | 15,773 | 49,664 |
Fair Value | $ 14,066 | $ 50,515 |
Invesque | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities, shares held | 17.0 | 17.0 |
Cost | $ 134,830 | $ 134,830 |
Fair Value | 15,454 | 34,814 |
Invesque | Other | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | 111,491 | 111,491 |
Fair Value | 12,784 | 28,799 |
Invesque | Insurance | Operating segments | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | 23,339 | 23,339 |
Fair Value | $ 2,670 | $ 6,015 |
Investments - Other investments - Schedule of Other Investments (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | $ 73,025 | $ 168,656 |
Other | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 2,824 | 80,700 |
Insurance | Operating segments | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 66,163 | 79,975 |
Mortgage | Operating segments | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 4,038 | 7,981 |
Corporate bonds, at fair value | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 42,080 | 38,965 |
Corporate bonds, at fair value | Other | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 0 | 0 |
Corporate bonds, at fair value | Insurance | Operating segments | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 42,080 | 38,965 |
Investment owned, at cost | 45,630 | 36,436 |
Corporate bonds, at fair value | Mortgage | Operating segments | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 0 | 0 |
Vessels | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 930 | 79,368 |
Vessels | Other | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 930 | 79,368 |
Vessels | Insurance | Operating segments | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 0 | 0 |
Accumulated depreciation, vessels | 118 | 13,059 |
Vessels | Mortgage | Operating segments | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 0 | 0 |
Debentures | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 23,853 | 21,057 |
Debentures | Other | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 0 | 0 |
Debentures | Insurance | Operating segments | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 23,853 | 21,057 |
Debentures | Mortgage | Operating segments | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 0 | 0 |
Trade claims | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 19,737 | |
Trade claims | Other | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 0 | |
Trade claims | Insurance | Operating segments | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 19,737 | |
Trade claims | Mortgage | Operating segments | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 0 | |
Other investments | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 6,162 | 9,529 |
Other investments | Other | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 1,894 | 1,332 |
Other investments | Insurance | Operating segments | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 230 | 216 |
Other investments | Mortgage | Operating segments | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | $ 4,038 | $ 7,981 |
Investments - Net Investment Income - Insurance - Components of Investment Income (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Schedule of Investments [Line Items] | |||
Net investment income | $ 12,219 | $ 17,896 | $ 9,916 |
Other revenue | 76,185 | 73,407 | 51,910 |
Vessel related revenue | 300,223 | 258,563 | 163,557 |
Vessel related revenue | |||
Schedule of Investments [Line Items] | |||
Vessel related revenue | 30,144 | 35,562 | 22,697 |
Insurance | |||
Schedule of Investments [Line Items] | |||
Subtotal | 18,786 | 21,102 | 14,221 |
Less: investment expenses | 6,567 | 3,206 | 4,305 |
Net investment income | 12,219 | 17,896 | 9,916 |
Insurance | AFS securities | |||
Schedule of Investments [Line Items] | |||
Investment income, gross | 11,262 | 7,153 | 7,685 |
Insurance | Loans, at fair value | |||
Schedule of Investments [Line Items] | |||
Investment income, gross | 780 | 802 | 801 |
Insurance | Other investments | |||
Schedule of Investments [Line Items] | |||
Investment income, gross | 5,346 | 5,792 | 4,253 |
Insurance | Dividends from equity securities | |||
Schedule of Investments [Line Items] | |||
Investment income, gross | 1,398 | 7,355 | 1,482 |
Mortgage | |||
Schedule of Investments [Line Items] | |||
Other revenue | 53,660 | 64,580 | 48,747 |
Mortgage | Loans, at fair value | |||
Schedule of Investments [Line Items] | |||
Other revenue | 5,384 | 7,184 | 5,617 |
Mortgage | Loans, at fair value | Loan fee income | |||
Schedule of Investments [Line Items] | |||
Other revenue | 18,132 | 21,834 | 17,900 |
Mortgage | Dividends from equity securities | |||
Schedule of Investments [Line Items] | |||
Other revenue | $ 0 | $ 0 | $ 2,533 |
Investments - Components of Net Realized and Unrealized Gain (Losses) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Segment Reporting Information [Line Items] | |||
Net realized gains (losses) | $ 105,221 | $ 151,480 | $ 122,024 |
Net unrealized gains (losses) | (35,238) | (130) | (59,614) |
Net realized and unrealized gains (losses) | 69,983 | 151,350 | 62,410 |
AFS, reclass from OCI | Insurance | Operating segments | |||
Segment Reporting Information [Line Items] | |||
Net realized gains (losses) | 1,359 | 638 | 528 |
AFS, recoveries (credit losses) | Insurance | Operating segments | |||
Segment Reporting Information [Line Items] | |||
Net realized gains (losses) | 55 | (245) | 53 |
Corporate loans | Insurance | Operating segments | |||
Segment Reporting Information [Line Items] | |||
Net realized gains (losses) | (1,505) | (389) | (945) |
Net unrealized gains (losses) | 117 | 1,330 | (1,461) |
Corporate loans | Mortgage | Operating segments | |||
Segment Reporting Information [Line Items] | |||
Net realized gains (losses) | 38,608 | 91,538 | 111,725 |
Net unrealized gains (losses) | (2,049) | (1,127) | 1,270 |
Dividends from equity securities | Other | |||
Segment Reporting Information [Line Items] | |||
Net unrealized gains (losses) | (16,015) | 3,090 | (67,656) |
Dividends from equity securities | Insurance | Operating segments | |||
Segment Reporting Information [Line Items] | |||
Net realized gains (losses) | (4,231) | (10,434) | (24,586) |
Net unrealized gains (losses) | (6,462) | 12,445 | (22,793) |
Dividends from equity securities | Dividends from equity securities | Insurance | Operating segments | |||
Segment Reporting Information [Line Items] | |||
Net unrealized gains (losses) | (142) | (814) | 17,290 |
Other corporate bonds | Insurance | Operating segments | |||
Segment Reporting Information [Line Items] | |||
Net realized gains (losses) | (3,542) | 3,917 | 7,299 |
Other investments | Other | |||
Segment Reporting Information [Line Items] | |||
Net realized gains (losses) | 761 | 1,632 | (4,713) |
Net unrealized gains (losses) | (454) | (5,801) | 7,482 |
Other investments | Insurance | Operating segments | |||
Segment Reporting Information [Line Items] | |||
Net realized gains (losses) | (2,432) | 1,346 | 2,511 |
Net unrealized gains (losses) | (3,564) | (9,800) | 10,162 |
Other investments | Mortgage | Operating segments | |||
Segment Reporting Information [Line Items] | |||
Net realized gains (losses) | 16,942 | 2,165 | (10,314) |
Net unrealized gains (losses) | (2,156) | (268) | (6,093) |
Mortgage loans held for sale | Other | |||
Segment Reporting Information [Line Items] | |||
Net realized gains (losses) | 24,403 | 61,312 | 40,466 |
Net unrealized gains (losses) | (4,513) | 815 | 2,185 |
Vessel loans held for sale | Other | |||
Segment Reporting Information [Line Items] | |||
Net realized gains (losses) | $ 34,803 | $ 0 | $ 0 |
Notes and Accounts Receivable, net (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts and premiums receivable, net | $ 142,011 | $ 137,082 | |
Retrospective commissions receivable | 191,092 | 157,853 | |
Notes receivable, net - premium financing program | 121,419 | 89,788 | |
Trust receivables | 18,455 | 41,889 | |
Other receivables | 29,334 | 27,757 | |
Total notes and accounts receivable, net | 502,311 | 454,369 | |
Notes receivable, valuation allowance | 85 | 123 | |
Notes receivable, bad debt expense | 141 | 274 | $ 223 |
Accounts receivable, valuation allowance | 94 | 120 | |
Accounts receivable, bad debt expense | 56 | 33 | $ 28 |
90 days or more past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, 90 days plus past due | $ 168 | $ 1,311 |
Reinsurance Receivables - Schedule of Direct, Assumed and Ceded (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Effects of Reinsurance [Line Items] | |||
Direct amount | $ 6,139,755 | $ 5,921,446 | |
Ceded to other companies | 2,892,889 | 3,068,761 | |
Assumed from other companies | 0 | 0 | |
Net amount | 3,246,866 | 2,852,685 | |
Premiums written: | |||
Direct amount | 1,515,105 | 1,380,100 | |
Ceded to other companies | 800,012 | 706,108 | |
Assumed from other companies | 374,297 | 220,748 | |
Net amount | $ 1,089,390 | $ 894,740 | |
Percentage of amount - assumed to net | 34.40% | 24.70% | |
Premiums earned: | |||
Direct amount | $ 1,315,136 | $ 1,103,091 | |
Ceded to other companies | 720,795 | 630,123 | |
Assumed from other companies | 310,424 | 212,584 | |
Net amount | $ 904,765 | $ 685,552 | $ 477,991 |
Percentage of amount - assumed to net | 34.30% | 31.00% | |
Life insurance | |||
Premiums written: | |||
Direct amount | $ 88,430 | $ 91,865 | |
Ceded to other companies | 41,218 | 46,920 | |
Assumed from other companies | 193 | 808 | |
Net amount | $ 47,405 | $ 45,753 | |
Percentage of amount - assumed to net | 0.40% | 1.80% | |
Premiums earned: | |||
Direct amount | $ 82,730 | $ 74,151 | |
Ceded to other companies | 41,359 | 39,881 | |
Assumed from other companies | 522 | 1,194 | |
Net amount | $ 41,893 | $ 35,464 | |
Percentage of amount - assumed to net | 1.20% | 3.40% | |
Accident and health insurance | |||
Premiums written: | |||
Direct amount | $ 142,132 | $ 146,256 | |
Ceded to other companies | 96,923 | 100,717 | |
Assumed from other companies | 7,519 | 5,790 | |
Net amount | $ 52,728 | $ 51,329 | |
Percentage of amount - assumed to net | 14.30% | 11.30% | |
Premiums earned: | |||
Direct amount | $ 141,662 | $ 126,501 | |
Ceded to other companies | 96,725 | 85,457 | |
Assumed from other companies | 7,734 | 7,219 | |
Net amount | $ 52,671 | $ 48,263 | |
Percentage of amount - assumed to net | 14.70% | 15.00% | |
Property and liability insurance | |||
Premiums written: | |||
Direct amount | $ 1,284,543 | $ 1,141,979 | |
Ceded to other companies | 661,871 | 558,471 | |
Assumed from other companies | 366,585 | 214,150 | |
Net amount | $ 989,257 | $ 797,658 | |
Percentage of amount - assumed to net | 37.10% | 26.80% | |
Premiums earned: | |||
Direct amount | $ 1,090,744 | $ 902,439 | |
Ceded to other companies | 582,711 | 504,785 | |
Assumed from other companies | 302,168 | 204,171 | |
Net amount | $ 810,201 | $ 601,825 | |
Percentage of amount - assumed to net | 37.30% | 33.90% |
Reinsurance Receivables - Schedule of Losses and LAE Incurred (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Effects of Reinsurance [Line Items] | |||
Direct amount | $ 528,701 | $ 435,343 | $ 347,528 |
Ceded to other companies | 357,126 | 291,799 | 225,122 |
Assumed from other companies | 190,026 | 109,929 | 55,842 |
Net amount | 361,601 | 253,473 | 178,248 |
Member benefit claims | 91,004 | 73,539 | 58,650 |
Total policy and contract benefits | $ 452,605 | $ 327,012 | $ 236,898 |
Percentage of amount - assumed to net | 52.60% | 43.40% | 31.30% |
Life insurance | |||
Effects of Reinsurance [Line Items] | |||
Direct amount | $ 52,186 | $ 59,526 | $ 46,268 |
Ceded to other companies | 28,214 | 34,030 | 27,292 |
Assumed from other companies | 504 | 869 | 645 |
Net amount | $ 24,476 | $ 26,365 | $ 19,621 |
Percentage of amount - assumed to net | 2.10% | 3.30% | 3.30% |
Accident and health insurance | |||
Effects of Reinsurance [Line Items] | |||
Direct amount | $ 29,221 | $ 21,509 | $ 18,354 |
Ceded to other companies | 21,860 | 18,091 | 15,715 |
Assumed from other companies | 6,780 | 2,225 | 7,032 |
Net amount | $ 14,141 | $ 5,643 | $ 9,671 |
Percentage of amount - assumed to net | 47.90% | 39.40% | 72.70% |
Property and liability insurance | |||
Effects of Reinsurance [Line Items] | |||
Direct amount | $ 447,294 | $ 354,308 | $ 282,906 |
Ceded to other companies | 307,052 | 239,678 | 182,115 |
Assumed from other companies | 182,742 | 106,835 | 48,165 |
Net amount | $ 322,984 | $ 221,465 | $ 148,956 |
Percentage of amount - assumed to net | 56.60% | 48.20% | 32.30% |
Reinsurance Receivables - Schedule of the Components of Reinsurance Receivables (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Effects of Reinsurance [Line Items] | ||
Prepaid reinsurance premiums | $ 725,470 | $ 634,090 |
Total reinsurance recoverable on unpaid losses and loss adjustment expenses | 267,099 | 165,129 |
Other reinsurance settlements recoverable | 183,521 | 81,617 |
Reinsurance receivables | 1,176,090 | 880,836 |
Life insurance | ||
Effects of Reinsurance [Line Items] | ||
Prepaid reinsurance premiums | 75,553 | 73,478 |
Total reinsurance recoverable on unpaid losses and loss adjustment expenses | 3,965 | 3,928 |
Accident and health insurance | ||
Effects of Reinsurance [Line Items] | ||
Prepaid reinsurance premiums | 81,718 | 81,521 |
Total reinsurance recoverable on unpaid losses and loss adjustment expenses | 19,408 | 12,239 |
Property and liability insurance | ||
Effects of Reinsurance [Line Items] | ||
Prepaid reinsurance premiums | 568,199 | 479,091 |
Total reinsurance recoverable on unpaid losses and loss adjustment expenses | $ 243,726 | $ 148,962 |
Reinsurance Receivables - Schedule of Reinsurance Receivables - Aggregate of Three Largest Reinsurers (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Concentration Risk [Line Items] | ||
Total of the three largest receivable balances from non-affiliated reinsurers | $ 1,176,090 | $ 880,836 |
Customer concentration risk | Non-affiliated reinsurers with three largest receivable balance | ||
Concentration Risk [Line Items] | ||
Total of the three largest receivable balances from non-affiliated reinsurers | $ 189,233 |
Goodwill and Intangible Assets, net - Schedule of Finite and Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Schedule of Intangible Assets, Net [Line Items] | |||
Total finite-lived intangible assets | $ 101,526 | $ 107,873 | |
Total indefinite-lived intangible assets | 15,489 | 14,885 | |
Total intangible assets, net | 117,015 | 122,758 | $ 138,215 |
Goodwill | 186,608 | 179,103 | 179,236 |
Total goodwill and intangible assets, net | 303,623 | 301,861 | |
Other | |||
Schedule of Intangible Assets, Net [Line Items] | |||
Total finite-lived intangible assets | 200 | 326 | |
Total indefinite-lived intangible assets | 1,728 | 1,124 | |
Total intangible assets, net | 1,928 | 1,450 | 1,497 |
Goodwill | 1,708 | 1,708 | 1,708 |
Total goodwill and intangible assets, net | 3,636 | 3,158 | |
Insurance licensing agreements | |||
Schedule of Intangible Assets, Net [Line Items] | |||
Total indefinite-lived intangible assets | 13,761 | 13,761 | |
Insurance licensing agreements | Other | |||
Schedule of Intangible Assets, Net [Line Items] | |||
Total indefinite-lived intangible assets | 0 | 0 | |
Other | |||
Schedule of Intangible Assets, Net [Line Items] | |||
Total indefinite-lived intangible assets | 1,728 | 1,124 | |
Other | Other | |||
Schedule of Intangible Assets, Net [Line Items] | |||
Total indefinite-lived intangible assets | 1,728 | 1,124 | |
Customer relationships | |||
Schedule of Intangible Assets, Net [Line Items] | |||
Finite-lived intangible assets, gross | 149,835 | 143,300 | |
Accumulated amortization | (60,401) | (45,997) | |
Customer relationships | Other | |||
Schedule of Intangible Assets, Net [Line Items] | |||
Finite-lived intangible assets, gross | 0 | 0 | |
Accumulated amortization | 0 | 0 | |
Trade names | |||
Schedule of Intangible Assets, Net [Line Items] | |||
Finite-lived intangible assets, gross | 15,828 | 15,550 | |
Accumulated amortization | (7,639) | (6,153) | |
Trade names | Other | |||
Schedule of Intangible Assets, Net [Line Items] | |||
Finite-lived intangible assets, gross | 800 | 800 | |
Accumulated amortization | (600) | (520) | |
Software licensing | |||
Schedule of Intangible Assets, Net [Line Items] | |||
Finite-lived intangible assets, gross | 13,026 | 9,940 | |
Accumulated amortization | (9,724) | (9,384) | |
Software licensing | Other | |||
Schedule of Intangible Assets, Net [Line Items] | |||
Finite-lived intangible assets, gross | 640 | 640 | |
Accumulated amortization | (640) | (594) | |
Insurance policies and contracts acquired | |||
Schedule of Intangible Assets, Net [Line Items] | |||
Finite-lived intangible assets, gross | 36,500 | 36,500 | |
Accumulated amortization | (36,374) | (36,320) | |
Insurance policies and contracts acquired | Other | |||
Schedule of Intangible Assets, Net [Line Items] | |||
Finite-lived intangible assets, gross | 0 | 0 | |
Accumulated amortization | 0 | 0 | |
Other | |||
Schedule of Intangible Assets, Net [Line Items] | |||
Finite-lived intangible assets, gross | 751 | 640 | |
Accumulated amortization | (276) | (203) | |
Other | Other | |||
Schedule of Intangible Assets, Net [Line Items] | |||
Finite-lived intangible assets, gross | 0 | 0 | |
Accumulated amortization | 0 | 0 | |
Insurance | Operating segments | |||
Schedule of Intangible Assets, Net [Line Items] | |||
Total finite-lived intangible assets | 101,326 | 107,547 | |
Total indefinite-lived intangible assets | 13,761 | 13,761 | |
Total intangible assets, net | 115,087 | 121,308 | 136,718 |
Goodwill | 184,900 | 177,395 | $ 177,528 |
Total goodwill and intangible assets, net | 299,987 | 298,703 | |
Insurance | Insurance licensing agreements | Operating segments | |||
Schedule of Intangible Assets, Net [Line Items] | |||
Total indefinite-lived intangible assets | 13,761 | 13,761 | |
Insurance | Other | Operating segments | |||
Schedule of Intangible Assets, Net [Line Items] | |||
Total indefinite-lived intangible assets | 0 | 0 | |
Insurance | Customer relationships | Operating segments | |||
Schedule of Intangible Assets, Net [Line Items] | |||
Finite-lived intangible assets, gross | 149,835 | 143,300 | |
Accumulated amortization | (60,401) | (45,997) | |
Insurance | Trade names | Operating segments | |||
Schedule of Intangible Assets, Net [Line Items] | |||
Finite-lived intangible assets, gross | 15,028 | 14,750 | |
Accumulated amortization | (7,039) | (5,633) | |
Insurance | Software licensing | Operating segments | |||
Schedule of Intangible Assets, Net [Line Items] | |||
Finite-lived intangible assets, gross | 12,386 | 9,300 | |
Accumulated amortization | (9,084) | (8,790) | |
Insurance | Insurance policies and contracts acquired | Operating segments | |||
Schedule of Intangible Assets, Net [Line Items] | |||
Finite-lived intangible assets, gross | 36,500 | 36,500 | |
Accumulated amortization | (36,374) | (36,320) | |
Insurance | Other | Operating segments | |||
Schedule of Intangible Assets, Net [Line Items] | |||
Finite-lived intangible assets, gross | 751 | 640 | |
Accumulated amortization | $ (276) | $ (203) |
Goodwill and Intangible Assets, net - Goodwill (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Goodwill [Roll Forward] | |||
Balance, beginning of period | $ 179,103,000 | $ 179,236,000 | |
Purchase accounting adjustments | (133,000) | ||
Goodwill acquired | 8,112,000 | ||
Foreign currency translation and other | (607,000) | ||
Balance, end of period | 186,608,000 | 179,103,000 | $ 179,236,000 |
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | |||
Goodwill impairment loss | 0 | 0 | 0 |
Accumulated impairments | 0 | 0 | |
Other | |||
Goodwill [Roll Forward] | |||
Balance, beginning of period | 1,708,000 | 1,708,000 | |
Purchase accounting adjustments | 0 | ||
Goodwill acquired | 0 | ||
Foreign currency translation and other | 0 | ||
Balance, end of period | 1,708,000 | 1,708,000 | 1,708,000 |
Insurance | Operating segments | |||
Goodwill [Roll Forward] | |||
Balance, beginning of period | 177,395,000 | 177,528,000 | |
Purchase accounting adjustments | (133,000) | ||
Goodwill acquired | 8,112,000 | ||
Foreign currency translation and other | (607,000) | ||
Balance, end of period | $ 184,900,000 | $ 177,395,000 | $ 177,528,000 |
Goodwill and Intangible Assets, net - Schedule of Intangible Assets, Net Rollforward (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Finite-lived Intangible Assets [Roll Forward] | |||
Balance, beginning of period | $ 122,758 | $ 138,215 | |
Intangible assets acquired | 11,568 | 124 | |
Amortization expense | (16,355) | (15,581) | $ (9,499) |
Foreign currency translation and other | (956) | ||
Balance, end of period | 117,015 | 122,758 | 138,215 |
Other | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Balance, beginning of period | 1,450 | 1,497 | |
Intangible assets acquired | 604 | 124 | |
Amortization expense | (126) | (171) | |
Foreign currency translation and other | 0 | ||
Balance, end of period | 1,928 | 1,450 | 1,497 |
Insurance | Operating segments | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Balance, beginning of period | 121,308 | 136,718 | |
Intangible assets acquired | 10,964 | 0 | |
Amortization expense | (16,229) | (15,410) | |
Foreign currency translation and other | (956) | ||
Balance, end of period | $ 115,087 | $ 121,308 | $ 136,718 |
Goodwill and Intangible Assets, net - Amortization Expense on Intangibles and Impairments (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Amortization expense on intangible assets | $ 16,355,000 | $ 15,581,000 | $ 9,499,000 | ||
Impairment of intangible assets | $ 0 | $ 0 | $ 0 | $ 0 |
Goodwill and Intangible Assets, net - Schedule of Future Amortization Expense on Intangibles by Segment (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2022
USD ($)
| |
Finite-Lived Intangible Assets [Line Items] | |
2023 | $ 15,675 |
2024 | 13,986 |
2025 | 11,832 |
2026 | 9,543 |
2027 | 8,200 |
2028 and thereafter | 43,207 |
Total | 102,443 |
Foreign currency translation adjustment | (917) |
Other | |
Finite-Lived Intangible Assets [Line Items] | |
2023 | 80 |
2024 | 80 |
2025 | 40 |
2026 | 0 |
2027 | 0 |
2028 and thereafter | 0 |
Total | 200 |
Insurance | Operating segments | |
Finite-Lived Intangible Assets [Line Items] | |
2023 | 15,595 |
2024 | 13,906 |
2025 | 11,792 |
2026 | 9,543 |
2027 | 8,200 |
2028 and thereafter | 43,207 |
Total | $ 102,243 |
Derivative Financial Instruments and Hedging (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Derivative [Line Items] | ||
Notional values | $ 327,050 | $ 650,703 |
Derivative assets | 4,267 | 8,196 |
Liability derivatives | $ 13,201 | $ 2,141 |
Derivative liability, balance sheet location | Other liabilities and accrued expenses | Other liabilities and accrued expenses |
Interest rate lock commitments | ||
Derivative [Line Items] | ||
Notional values | $ 147,963 | $ 268,878 |
Derivative assets | 3,652 | 7,514 |
Liability derivatives | 0 | 0 |
Forward delivery contracts | ||
Derivative [Line Items] | ||
Notional values | 32,160 | 56,593 |
Derivative assets | 112 | 204 |
Liability derivatives | 39 | 59 |
TBA mortgage backed securities | ||
Derivative [Line Items] | ||
Notional values | 133,500 | 316,000 |
Derivative assets | 273 | 262 |
Liability derivatives | 141 | 425 |
Other | ||
Derivative [Line Items] | ||
Notional values | 13,427 | 9,232 |
Derivative assets | 230 | 216 |
Liability derivatives | 7,730 | 1,657 |
Warrant | ||
Derivative [Line Items] | ||
Notional values | 0 | 0 |
Derivative assets | 0 | 0 |
Liability derivatives | $ 5,291 | $ 0 |
Debt, net - Schedule of Debt Obligations, Net of Discounts and Deferred Financing Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Jun. 20, 2007 |
Mar. 31, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Oct. 16, 2017 |
|
Debt Instrument [Line Items] | |||||
Long-term debt | $ 268,082 | $ 404,651 | |||
Unamortized discount, net | 0 | (1,458) | |||
Unamortized deferred financing costs | (8,716) | (9,844) | |||
Total debt, net | 259,366 | 393,349 | |||
Other | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 47,454 | 86,118 | |||
Unamortized discount, net | 0 | 0 | |||
Unamortized deferred financing costs | (13) | (1,069) | |||
Total debt, net | 47,441 | 85,049 | |||
Corporate | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 0 | 114,063 | |||
Unamortized discount, net | 0 | (1,458) | |||
Unamortized deferred financing costs | 0 | (301) | |||
Total debt, net | 0 | 112,304 | |||
Insurance | Operating segments | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 220,628 | 204,470 | |||
Unamortized discount, net | 0 | 0 | |||
Unamortized deferred financing costs | (8,703) | (8,474) | |||
Total debt, net | 211,925 | 195,996 | |||
Corporate debt | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 160,000 | 276,223 | |||
Corporate debt | Revolving credit facility | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 0 | 2,160 | |||
Corporate debt | Secured debt | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 0 | 114,063 | |||
Corporate debt | Other | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 0 | 0 | |||
Corporate debt | Other | Revolving credit facility | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 0 | 0 | |||
Corporate debt | Other | Secured debt | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 0 | 0 | |||
Corporate debt | Corporate | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 0 | 114,063 | |||
Corporate debt | Corporate | Revolving credit facility | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 0 | 0 | |||
Corporate debt | Corporate | Secured debt | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 0 | 114,063 | |||
Corporate debt | Insurance | Operating segments | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 160,000 | 162,160 | |||
Corporate debt | Insurance | Operating segments | Revolving credit facility | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 0 | 2,160 | |||
Corporate debt | Insurance | Operating segments | Secured debt | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 0 | $ 0 | |||
Floor rate | 1.00% | ||||
Corporate debt | LIBOR | Secured debt | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 6.75% | ||||
Corporate debt | SOFR | Revolving credit facility | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.50% | ||||
Asset based debt | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 108,082 | $ 128,428 | |||
Asset based debt | Revolving credit facility | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 60,628 | 42,310 | |||
Asset based debt | Other | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 47,454 | 86,118 | |||
Asset based debt | Other | Revolving credit facility | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 0 | 0 | |||
Asset based debt | Corporate | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 0 | 0 | |||
Asset based debt | Corporate | Revolving credit facility | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 0 | 0 | |||
Asset based debt | Insurance | Operating segments | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 60,628 | 42,310 | |||
Asset based debt | Insurance | Operating segments | Revolving credit facility | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 60,628 | $ 42,310 | |||
Asset based debt | LIBOR | Revolving credit facility | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.75% | 2.75% | |||
Preferred trust securities | Corporate debt | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 35,000 | $ 35,000 | $ 35,000 | ||
Preferred trust securities | Corporate debt | Other | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 0 | 0 | |||
Preferred trust securities | Corporate debt | Corporate | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 0 | 0 | |||
Preferred trust securities | Corporate debt | Insurance | Operating segments | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 35,000 | $ 35,000 | |||
Preferred trust securities | Corporate debt | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 4.10% | 4.10% | 4.10% | ||
8.50% Junior subordinated notes | Corporate debt | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate, percentage | 8.50% | 8.50% | 8.50% | ||
Long-term debt | $ 125,000 | $ 125,000 | |||
8.50% Junior subordinated notes | Corporate debt | Other | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 0 | 0 | |||
8.50% Junior subordinated notes | Corporate debt | Corporate | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 0 | 0 | |||
8.50% Junior subordinated notes | Corporate debt | Insurance | Operating segments | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 125,000 | 125,000 | |||
Residential mortgage warehouse borrowings | Asset based debt | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 47,454 | $ 72,518 | |||
Weighted average interest rate | 6.31% | 2.76% | |||
Residential mortgage warehouse borrowings | Asset based debt | Other | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 47,454 | $ 72,518 | |||
Residential mortgage warehouse borrowings | Asset based debt | Corporate | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 0 | 0 | |||
Residential mortgage warehouse borrowings | Asset based debt | Insurance | Operating segments | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 0 | $ 0 | |||
Residential mortgage warehouse borrowings | Asset based debt | SOFR | |||||
Debt Instrument [Line Items] | |||||
Floor rate | 0.25% | ||||
Residential mortgage warehouse borrowings | Asset based debt | BSBY | |||||
Debt Instrument [Line Items] | |||||
Floor rate | 0.50% | ||||
Residential mortgage warehouse borrowings | Minimum | Asset based debt | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.88% | ||||
Residential mortgage warehouse borrowings | Minimum | Asset based debt | SOFR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.88% | ||||
Residential mortgage warehouse borrowings | Minimum | Asset based debt | BSBY | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.00% | ||||
Residential mortgage warehouse borrowings | Maximum | Asset based debt | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 3.00% | ||||
Residential mortgage warehouse borrowings | Maximum | Asset based debt | SOFR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.50% | ||||
Residential mortgage warehouse borrowings | Maximum | Asset based debt | BSBY | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 3.00% | ||||
Vessel backed term loan | Asset based debt | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 13,600 | ||||
Vessel backed term loan | Asset based debt | Other | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 13,600 | ||||
Vessel backed term loan | Asset based debt | Corporate | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 0 | ||||
Vessel backed term loan | Asset based debt | Insurance | Operating segments | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 0 | ||||
Vessel backed term loan | Asset based debt | 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 |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Debt Instrument [Line Items] | |||
Interest expense on debt | $ 30,240 | $ 37,443 | $ 32,582 |
Corporate debt | |||
Debt Instrument [Line Items] | |||
Interest expense on debt | 19,290 | 24,425 | 23,322 |
Asset based debt | |||
Debt Instrument [Line Items] | |||
Interest expense on debt | $ 10,950 | $ 13,018 | $ 9,260 |
Debt, net - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Disclosure [Abstract] | ||
2023 | $ 108,082 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
2028 and thereafter | 160,000 | |
Total | $ 268,082 | $ 404,651 |
Debt, net - Narrative (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 16, 2017 |
Jun. 20, 2007 |
May 31, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Jan. 31, 2023 |
Oct. 21, 2022 |
Aug. 31, 2022 |
Apr. 30, 2022 |
Jul. 31, 2021 |
Mar. 31, 2021 |
Oct. 16, 2020 |
|
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 268,082 | $ 404,651 | |||||||||||
Gain on extinguishment of debt | (940) | 0 | $ (353) | ||||||||||
Other | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | 47,454 | 86,118 | |||||||||||
Insurance | Operating segments | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | 220,628 | 204,470 | |||||||||||
Corporate debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | 160,000 | 276,223 | |||||||||||
Corporate debt | Other | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | 0 | 0 | |||||||||||
Corporate debt | Insurance | Operating segments | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | 160,000 | 162,160 | |||||||||||
Corporate debt | Revolving credit facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | 0 | 2,160 | |||||||||||
Corporate debt | Revolving credit facility | Other | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | 0 | 0 | |||||||||||
Corporate debt | Revolving credit facility | Insurance | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity | 200,000 | $ 200,000 | |||||||||||
Sub-limit of swing loans | $ 25,000 | ||||||||||||
Corporate debt | Revolving credit facility | Insurance | Operating segments | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | 0 | 2,160 | |||||||||||
Corporate debt | Secured debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | 0 | 114,063 | |||||||||||
Corporate debt | Secured debt | Other | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | 0 | $ 0 | |||||||||||
Corporate debt | Secured debt | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 6.75% | ||||||||||||
Corporate debt | Secured debt | Insurance | Operating segments | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | 0 | $ 0 | |||||||||||
Asset based debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | 108,082 | 128,428 | |||||||||||
Asset based debt | Other | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | 47,454 | 86,118 | |||||||||||
Asset based debt | Insurance | Operating segments | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | 60,628 | 42,310 | |||||||||||
Asset based debt | Revolving credit facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | 60,628 | 42,310 | |||||||||||
Asset based debt | Revolving credit facility | Other | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 0 | $ 0 | |||||||||||
Asset based debt | Revolving credit facility | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 2.75% | 2.75% | |||||||||||
Asset based debt | Revolving credit facility | Insurance | Operating segments | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 60,628 | $ 42,310 | |||||||||||
Maximum borrowing capacity | $ 75,000 | ||||||||||||
Debt term | 3 years | ||||||||||||
Asset based debt | Revolving credit facility | Insurance | Operating segments | Subsequent event | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity | $ 100,000 | ||||||||||||
8.50% Junior subordinated notes | Corporate debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 125,000 | $ 125,000 | |||||||||||
Face amount | $ 125,000 | ||||||||||||
Stated interest rate, percentage | 8.50% | 8.50% | 8.50% | ||||||||||
Potential deferred interest periods | 5 years | ||||||||||||
8.50% Junior subordinated notes | Corporate debt | Other | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 0 | $ 0 | |||||||||||
8.50% Junior subordinated notes | Corporate debt | Insurance | Operating segments | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | 125,000 | 125,000 | |||||||||||
Preferred trust securities | Corporate debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 35,000 | 35,000 | 35,000 | ||||||||||
Preferred trust securities | Corporate debt | Other | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 0 | $ 0 | |||||||||||
Preferred trust securities | Corporate debt | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 4.10% | 4.10% | 4.10% | ||||||||||
Preferred trust securities | Corporate debt | Insurance | Operating segments | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 35,000 | $ 35,000 | |||||||||||
Residential mortgage warehouse borrowings | Asset based debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | 47,454 | 72,518 | |||||||||||
Residential mortgage warehouse borrowings | Asset based debt | Other | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | 47,454 | 72,518 | |||||||||||
Residential mortgage warehouse borrowings | Asset based debt | Insurance | Operating segments | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 0 | 0 | |||||||||||
Warehouse Borrowings due April 2022 | Asset based debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 60,000 | ||||||||||||
Warehouse Borrowings due April 2023 | Asset based debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 60,000 | ||||||||||||
Warehouse Borrowings due April 2023 | Asset based debt | Subsequent event | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 60,000 | ||||||||||||
Warehouse Borrowings due August 2022 | Asset based debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 50,000 | ||||||||||||
Warehouse Borrowings due August 2023 | Asset based debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Face amount | $ 50,000 | ||||||||||||
Vessel backed term loan | Asset based debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | 13,600 | ||||||||||||
Maximum borrowing capacity | 13,600 | ||||||||||||
Gain on extinguishment of debt | $ 1,168 | ||||||||||||
Vessel backed term loan | Asset based debt | Other | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 13,600 | ||||||||||||
Vessel backed term loan | Asset based debt | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 4.75% | ||||||||||||
Vessel backed term loan | Asset based debt | Insurance | Operating segments | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 0 |
Fair Value of Financial Instruments - Schedule of Fair Value Hierarchies for Financial Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | $ 611,980 | $ 577,448 |
Loans, at fair value | 64,843 | 105,583 |
Equity securities | 85,776 | 138,483 |
Derivative assets | 4,267 | 8,196 |
Total other investments, at fair value | 73,025 | 168,656 |
Mortgage servicing rights | 41,426 | 29,833 |
Liabilities | ||
Securities sold, not yet purchased | 16,575 | 242 |
Derivative liabilities | 13,201 | 2,141 |
Fixed income ETFs | ||
Assets | ||
Equity securities | 56,256 | 53,154 |
Other equity securities | ||
Assets | ||
Equity securities | 14,066 | 50,515 |
Invesque | ||
Assets | ||
Equity securities | 15,454 | 34,814 |
Significant unobservable inputs Level 3 | ||
Assets | ||
Total assets | 63,123 | 57,084 |
Recurring | Quoted prices in active markets Level 1 | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 756 | 2,696 |
Loans, at fair value | 0 | 0 |
Derivative assets | 7 | 113 |
Total other investments, at fair value | 7 | 113 |
Mortgage servicing rights | 0 | 0 |
Total assets | 79,654 | 140,086 |
Liabilities | ||
Securities sold, not yet purchased | 10,263 | 242 |
Derivative liabilities | 0 | 0 |
Warrants | 0 | |
Contingent consideration payable | 0 | 0 |
Total liabilities | 10,263 | 242 |
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 | 756 | 2,696 |
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 | 78,891 | 137,277 |
Recurring | Quoted prices in active markets Level 1 | Dividends from equity securities | Fixed income ETFs | ||
Assets | ||
Equity securities | 56,256 | 53,154 |
Recurring | Quoted prices in active markets Level 1 | Dividends from equity securities | Other equity securities | ||
Assets | ||
Equity securities | 7,181 | 49,309 |
Recurring | Quoted prices in active markets Level 1 | Dividends from equity securities | Invesque | ||
Assets | ||
Equity securities | 15,454 | 34,814 |
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 | Other | ||
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 | 611,129 | 574,137 |
Loans, at fair value | 53,635 | 103,486 |
Derivative assets | 608 | 569 |
Total other investments, at fair value | 42,688 | 39,534 |
Mortgage servicing rights | 0 | 0 |
Total assets | 707,452 | 717,157 |
Liabilities | ||
Securities sold, not yet purchased | 6,312 | 0 |
Derivative liabilities | 7,910 | 2,141 |
Warrants | 0 | |
Contingent consideration payable | 0 | 0 |
Total liabilities | 14,222 | 2,141 |
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 | 382,060 | 351,178 |
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 | 49,454 | 58,660 |
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 | 2,362 | 2,590 |
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 | 15,254 | 16,832 |
Recurring | Other significant observable inputs Level 2 | Corporate securities | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 161,999 | 144,877 |
Recurring | Other significant observable inputs Level 2 | Corporate loans | ||
Assets | ||
Loans, at fair value | 3,104 | 5,002 |
Recurring | Other significant observable inputs Level 2 | Mortgage loans held for sale | ||
Assets | ||
Mortgage loans held for sale | 50,531 | 98,484 |
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 | 42,080 | 38,965 |
Recurring | Other significant observable inputs Level 2 | Trade claims | ||
Assets | ||
Trade claims | 0 | |
Recurring | Other significant observable inputs Level 2 | Other | ||
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 | 95 | 615 |
Loans, at fair value | 11,208 | 2,097 |
Derivative assets | 3,652 | 7,514 |
Total other investments, at fair value | 3,976 | 27,692 |
Mortgage servicing rights | 41,426 | 29,833 |
Total assets | 63,590 | 61,443 |
Liabilities | ||
Securities sold, not yet purchased | 0 | 0 |
Derivative liabilities | 0 | 0 |
Warrants | 5,291 | |
Contingent consideration payable | 2,904 | 200 |
Total liabilities | 8,195 | 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 | 95 | 615 |
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 | 11,208 | 2,097 |
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 | 6,885 | 1,206 |
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 | 6,885 | 1,206 |
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 | 0 | 19,737 |
Recurring | Significant unobservable inputs Level 3 | Other | ||
Assets | ||
Other investments | 324 | 441 |
Fair Value | Other significant observable inputs Level 2 | ||
Assets | ||
Total assets | 145,272 | 110,845 |
Fair Value | Significant unobservable inputs Level 3 | ||
Liabilities | ||
Total liabilities | 262,932 | 419,599 |
Fair Value | Recurring | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 611,980 | 577,448 |
Loans, at fair value | 64,843 | 105,583 |
Derivative assets | 4,267 | 8,196 |
Total other investments, at fair value | 46,671 | 67,339 |
Mortgage servicing rights | 41,426 | 29,833 |
Total assets | 850,696 | 918,686 |
Liabilities | ||
Securities sold, not yet purchased | 16,575 | 242 |
Derivative liabilities | 7,910 | 2,141 |
Warrants | 5,291 | |
Contingent consideration payable | 2,904 | 200 |
Total liabilities | 32,680 | 2,583 |
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 | 382,060 | 351,178 |
Fair Value | Recurring | Obligations of state and political subdivisions | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 49,454 | 58,660 |
Fair Value | Recurring | Obligations of foreign governments | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 2,362 | 2,590 |
Fair Value | Recurring | Certificates of deposit | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 756 | 2,696 |
Fair Value | Recurring | Asset backed securities | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 15,349 | 17,447 |
Fair Value | Recurring | Corporate securities | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 161,999 | 144,877 |
Fair Value | Recurring | Corporate loans | ||
Assets | ||
Loans, at fair value | 14,312 | 7,099 |
Fair Value | Recurring | Mortgage loans held for sale | ||
Assets | ||
Mortgage loans held for sale | 50,531 | 98,484 |
Fair Value | Recurring | Dividends from equity securities | ||
Assets | ||
Equity securities | 85,776 | 138,483 |
Fair Value | Recurring | Dividends from equity securities | Fixed income ETFs | ||
Assets | ||
Equity securities | 56,256 | 53,154 |
Fair Value | Recurring | Dividends from equity securities | Other equity securities | ||
Assets | ||
Equity securities | 14,066 | 50,515 |
Fair Value | Recurring | Dividends from equity securities | Invesque | ||
Assets | ||
Equity securities | 15,454 | 34,814 |
Fair Value | Recurring | Corporate bonds | ||
Assets | ||
Corporate bonds | 42,080 | 38,965 |
Fair Value | Recurring | Trade claims | ||
Assets | ||
Trade claims | 19,737 | |
Fair Value | Recurring | Other | ||
Assets | ||
Other investments | $ 324 | $ 441 |
Fair Value of Financial Instruments - Schedule of Level 3 Rollforward, Assets Measured on Recurring Basis Utilizing Level 3 Inputs (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at January 1, | $ 61,443 | $ 33,455 |
Net realized and unrealized gains or losses included in earnings | 9,467 | 14,206 |
Net realized and unrealized gains or losses included in OCI | (520) | (243) |
Sales and repayments | (3,815) | (9,238) |
Balance at December 31, | 63,590 | 61,443 |
Changes in unrealized gains (losses) included in earnings related to assets still held at period end | (3,870) | (2,421) |
Changes in unrealized gains (losses) included in OCI related to assets still held at period end | $ (520) | $ (243) |
Fair value gain (loss), statement of income location | Net realized and unrealized gains (losses) | Net realized and unrealized gains (losses) |
Fair value unrealized gain (loss), other comprehensive income statement location not disclosed | OCI | OCI |
Fair value unrealized gain (loss) still held, statement of income location not disclosed | Changes in unrealized gains (losses) included in earnings related to assets still held at period end | Changes in unrealized gains (losses) included in earnings related to assets still held at period end |
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 | $ (56,794) | $ (111,023) |
Trade claims | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Settlements | (19,169) | 0 |
Loans, at fair value | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Issuances | 12,673 | 0 |
Dividends from equity securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Issuances | 7,360 | 0 |
Interest rate lock commitments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Issuances | 52,932 | 109,330 |
Purchases | $ 13 | $ 24,956 |
Fair Value of Financial Instruments - Schedule of Significant Inputs used in the Valuation of Level 3 Assets (Details) $ in Thousands |
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
---|---|---|
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative assets | $ 4,267 | $ 8,196 |
Mortgage servicing rights | 41,426 | 29,833 |
Equity securities | 85,776 | 138,483 |
Loans, at fair value | 64,843 | 105,583 |
Significant unobservable inputs Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total assets | 63,123 | 57,084 |
Total liabilities | 8,195 | 0 |
Significant unobservable inputs Level 3 | Warrant | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Warrants | 5,291 | 0 |
Significant unobservable inputs Level 3 | Contingent Consideration, earnout amount, cash | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Contingent consideration payable | 2,904 | 0 |
Significant unobservable inputs Level 3 | Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative assets | 3,652 | 7,514 |
Mortgage servicing rights | 41,426 | 29,833 |
Loans, at fair value | 11,208 | 2,097 |
Total assets | 63,590 | 61,443 |
Warrants | 5,291 | |
Contingent consideration payable | 2,904 | 200 |
Significant unobservable inputs Level 3 | Interest rate lock commitments | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative assets | 3,652 | 7,514 |
Significant unobservable inputs Level 3 | Residential Mortgage | Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Mortgage servicing rights | 41,426 | 29,833 |
Significant unobservable inputs Level 3 | Trade claims | Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Trade claims | 0 | 19,737 |
Significant unobservable inputs Level 3 | Dividends from equity securities | Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity securities | 6,885 | 1,206 |
Significant unobservable inputs Level 3 | Dividends from equity securities | Recurring | Other equity securities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity securities | 6,837 | 0 |
Significant unobservable inputs Level 3 | Corporate loans | Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Loans, at fair value | 11,208 | 2,097 |
Significant unobservable inputs Level 3 | Corporate loans | Recurring | Corporate loans and related receivables | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Loans, at fair value | $ 11,208 | $ 0 |
Pull through rate | Significant unobservable inputs Level 3 | Interest rate lock commitments | Internal Model | Minimum | ||
Unobservable input(s) | ||
Pull through rate | 0.55 | 0.55 |
Pull through rate | Significant unobservable inputs Level 3 | Interest rate lock commitments | Internal Model | Maximum | ||
Unobservable input(s) | ||
Pull through rate | 0.95 | 0.95 |
Pull through rate | Significant unobservable inputs Level 3 | Interest rate lock commitments | Internal Model | Average | ||
Unobservable input(s) | ||
Pull through rate | 0.65 | 0.66 |
Discount rate | Significant unobservable inputs Level 3 | External model | Minimum | Warrant | ||
Unobservable input(s) | ||
Warrants, measurement input | 0.03 | |
Discount rate | Significant unobservable inputs Level 3 | External model | Maximum | Warrant | ||
Unobservable input(s) | ||
Warrants, measurement input | 0.05 | |
Discount rate | Significant unobservable inputs Level 3 | External model | Average | Warrant | ||
Unobservable input(s) | ||
Warrants, measurement input | 0.033 | |
Discount rate | Significant unobservable inputs Level 3 | Residential Mortgage | External model | Minimum | ||
Unobservable input(s) | ||
Servicing asset, measurement input | 0.09 | 0.10 |
Discount rate | Significant unobservable inputs Level 3 | Residential Mortgage | External model | Maximum | ||
Unobservable input(s) | ||
Servicing asset, measurement input | 0.14 | 0.12 |
Discount rate | Significant unobservable inputs Level 3 | Residential Mortgage | External model | Average | ||
Unobservable input(s) | ||
Servicing asset, measurement input | 0.09 | 0.09 |
Cost to service | Significant unobservable inputs Level 3 | Residential Mortgage | External model | Minimum | ||
Unobservable input(s) | ||
Servicing asset, measurement input | 65 | 65 |
Cost to service | Significant unobservable inputs Level 3 | Residential Mortgage | External model | Maximum | ||
Unobservable input(s) | ||
Servicing asset, measurement input | 80 | 80 |
Cost to service | Significant unobservable inputs Level 3 | Residential Mortgage | External model | Average | ||
Unobservable input(s) | ||
Servicing asset, measurement input | 72 | 71 |
Prepayment speed | Significant unobservable inputs Level 3 | Residential Mortgage | External model | Minimum | ||
Unobservable input(s) | ||
Servicing asset, measurement input | 0.04 | 0.05 |
Prepayment speed | Significant unobservable inputs Level 3 | Residential Mortgage | External model | Maximum | ||
Unobservable input(s) | ||
Servicing asset, measurement input | 0.85 | 1 |
Prepayment speed | Significant unobservable inputs Level 3 | Residential Mortgage | External model | Average | ||
Unobservable input(s) | ||
Servicing asset, measurement input | 0.09 | 0.15 |
Plan projected recovery rate | Significant unobservable inputs Level 3 | Trade claims | Internal Model | Minimum | ||
Unobservable input(s) | ||
Trade claims, measurement input | 0.15 | |
Plan projected recovery rate | Significant unobservable inputs Level 3 | Trade claims | Internal Model | Maximum | ||
Unobservable input(s) | ||
Trade claims, measurement input | 0.18 | |
Plan projected recovery rate | Significant unobservable inputs Level 3 | Trade claims | Internal Model | Average | ||
Unobservable input(s) | ||
Trade claims, measurement input | 0.17 | |
Forecast EBITDAR | Significant unobservable inputs Level 3 | Dividends from equity securities | Internal Model | Minimum | Other equity securities | ||
Unobservable input(s) | ||
Equity securities, measurement input | 728,000 | |
Forecast EBITDAR | Significant unobservable inputs Level 3 | Dividends from equity securities | Internal Model | Maximum | Other equity securities | ||
Unobservable input(s) | ||
Equity securities, measurement input | 1,039,000 | |
EBITDA | Significant unobservable inputs Level 3 | Corporate loans | Internal Model | Minimum | Corporate loans and related receivables | ||
Unobservable input(s) | ||
Loan receivable, measurement input | 170,000,000 | |
Implied Equity Volatility | Significant unobservable inputs Level 3 | External model | Minimum | Warrant | ||
Unobservable input(s) | ||
Warrants, measurement input | 0.40 | |
Implied Equity Volatility | Significant unobservable inputs Level 3 | External model | Maximum | Warrant | ||
Unobservable input(s) | ||
Warrants, measurement input | 0.50 | |
Implied Equity Volatility | Significant unobservable inputs Level 3 | External model | Average | Warrant | ||
Unobservable input(s) | ||
Warrants, measurement input | 0.45 | |
Forecast Cash EBITDA | Significant unobservable inputs Level 3 | Cash Flow model | Minimum | Contingent Consideration, earnout amount, cash | ||
Unobservable input(s) | ||
Contingent consideration, payable, measurement input | 2,500 | |
Forecast Cash EBITDA | Significant unobservable inputs Level 3 | Cash Flow model | Maximum | Contingent Consideration, earnout amount, cash | ||
Unobservable input(s) | ||
Contingent consideration, payable, measurement input | 4,000 | |
Forecast Underwriting EBITDA | Significant unobservable inputs Level 3 | Cash Flow model | Minimum | Contingent Consideration, earnout amount, cash | ||
Unobservable input(s) | ||
Contingent consideration, payable, measurement input | 0 | |
Forecast Underwriting EBITDA | Significant unobservable inputs Level 3 | Cash Flow model | Maximum | Contingent Consideration, earnout amount, cash | ||
Unobservable input(s) | ||
Contingent consideration, payable, measurement input | 2,000 |
Fair Value of Financial Instruments - Schedule of Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Assets | ||
Financing receivable | $ 121,419 | $ 89,788 |
Other significant observable inputs Level 2 | Fair Value | ||
Assets | ||
Total assets | 145,272 | 110,845 |
Other significant observable inputs Level 2 | Carrying value | ||
Assets | ||
Total assets | 145,272 | 110,845 |
Significant unobservable inputs Level 3 | ||
Assets | ||
Total assets | 63,123 | 57,084 |
Significant unobservable inputs Level 3 | Fair Value | ||
Liabilities | ||
Debt, net | 262,932 | 419,599 |
Total liabilities | 262,932 | 419,599 |
Significant unobservable inputs Level 3 | Carrying value | ||
Liabilities | ||
Debt, net | 268,082 | 403,193 |
Total liabilities | 268,082 | 403,193 |
Debentures | Other significant observable inputs Level 2 | Fair Value | ||
Assets | ||
Financing receivable | 23,853 | 21,057 |
Debentures | Other significant observable inputs Level 2 | Carrying value | ||
Assets | ||
Financing receivable | 23,853 | 21,057 |
Notes receivable, net | Other significant observable inputs Level 2 | Fair Value | ||
Assets | ||
Financing receivable | 121,419 | 89,788 |
Notes receivable, net | Other significant observable inputs Level 2 | Carrying value | ||
Assets | ||
Financing receivable | $ 121,419 | $ 89,788 |
Liability for Unpaid Claims and Claim Adjustment Expenses - Rollforward of Claims Liability (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Policy liabilities and unpaid claims balance as of January 1, | $ 331,703 | $ 233,438 | |
Less: liabilities of policy-holder account balances, gross | (801) | (5,419) | |
Less: non-insurance warranty benefit claim liabilities | (10,785) | (30,664) | |
Gross liabilities for unpaid losses and loss adjustment expenses | 320,117 | 197,355 | |
Reinsurance recoverable for unpaid claims and claims adjustments, beginning balance | (165,129) | ||
Net balance as of January 1, short duration | 154,412 | 83,945 | |
Incurred (short duration) related to: | |||
Current year | 361,462 | 250,300 | |
Prior years | (858) | 2,606 | |
Total incurred | 360,604 | 252,906 | $ 177,450 |
Paid (short duration) related to: | |||
Current year | 165,710 | 174,334 | |
Prior years | 51,249 | 8,105 | |
Total paid | 216,959 | 182,439 | |
Net balance as of December 31, short duration | 298,031 | 154,412 | 83,945 |
Reinsurance recoverable for unpaid claims and claims adjustments, ending balance | 267,099 | 165,129 | |
Gross liabilities for unpaid losses and loss adjustment expenses | 565,130 | 320,117 | 197,355 |
Plus: liabilities of policy-holder account balances, gross | 1,923 | 801 | 5,419 |
Plus: non-insurance warranty benefit claim liabilities | 140 | 10,785 | 30,664 |
Policy liabilities and unpaid claims balance as of December 31, | 567,193 | 331,703 | 233,438 |
Short duration | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Reinsurance recoverable for unpaid claims and claims adjustments, beginning balance | (165,129) | (113,163) | |
Net balance as of January 1, short duration | 154,412 | ||
Paid (short duration) related to: | |||
Net balance as of December 31, short duration | 298,057 | 154,412 | |
Reinsurance recoverable for unpaid claims and claims adjustments, ending balance | 266,889 | 165,129 | 113,163 |
Other lines | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Reinsurance recoverable for unpaid claims and claims adjustments, beginning balance | (576) | (247) | |
Paid (short duration) related to: | |||
Reinsurance recoverable for unpaid claims and claims adjustments, ending balance | $ 184 | $ 576 | $ 247 |
Liability for Unpaid Claims and Claim Adjustment Expenses - Schedule Showing the Reconciliation of Short Duration Contracts to Total Losses Incurred (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Insurance [Abstract] | |||
Short duration incurred | $ 360,604 | $ 252,906 | $ 177,450 |
Other lines incurred | 354 | (284) | 27 |
Unallocated loss adjustment expenses | 643 | 851 | 771 |
Net amount | $ 361,601 | $ 253,473 | $ 178,248 |
Liability for Unpaid Claims and Claim Adjustment Expenses - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Effects of Reinsurance [Line Items] | |||
Prior year expense, (favorable) unfavorable | $ (858) | $ 2,606 | |
Income (loss) before taxes | $ 54,011 | $ 65,342 | $ (38,852) |
Prior year expense, percent of opening net liability for losses | 0.60% | 3.10% | |
Liabilities for loss and loss adjustment expenses, net of reinsurance | $ 298,031 | $ 154,412 | 83,945 |
Operating segments | Insurance | |||
Effects of Reinsurance [Line Items] | |||
Prior year expense, percent of pretax income | 1.30% | 3.70% | |
Income (loss) before taxes | $ 68,150 | $ 69,857 | $ 26,948 |
Liability for Unpaid Claims and Claim Adjustment Expenses - Schedule of Incurred and Paid Development (Details) $ in Thousands |
Dec. 31, 2022
USD ($)
unit
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
---|---|---|---|---|---|---|---|---|---|
Claims Development [Line Items] | |||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 1,361,334 | ||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 1,063,277 | ||||||||
All outstanding liabilities before 2014, net of reinsurance | 0 | ||||||||
Liabilities for loss and loss adjustment expenses, net of reinsurance | 298,031 | $ 154,412 | $ 83,945 | ||||||
Short duration | |||||||||
Claims Development [Line Items] | |||||||||
Liabilities for loss and loss adjustment expenses, net of reinsurance | 298,057 | 154,412 | |||||||
Accident Year 2014 | |||||||||
Claims Development [Line Items] | |||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 39,932 | 39,884 | 39,883 | $ 39,869 | $ 39,874 | $ 39,887 | $ 39,914 | $ 39,614 | $ 43,449 |
Total of IBNR Liabilities Plus Expected Development of Reported Claims | $ 5 | ||||||||
Cumulative Number of Reported Claims | unit | 122 | ||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 39,927 | 39,881 | 39,878 | 39,874 | 39,818 | 39,822 | 39,596 | 38,752 | $ 30,435 |
Accident Year 2015 | |||||||||
Claims Development [Line Items] | |||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 58,285 | 58,248 | 58,194 | 58,141 | 57,815 | 57,588 | 57,470 | 59,579 | |
Total of IBNR Liabilities Plus Expected Development of Reported Claims | $ 6 | ||||||||
Cumulative Number of Reported Claims | unit | 178 | ||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 58,274 | 58,243 | 58,175 | 58,096 | 57,610 | 57,130 | 56,445 | $ 41,578 | |
Accident Year 2016 | |||||||||
Claims Development [Line Items] | |||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 89,516 | 89,981 | 89,629 | 88,615 | 87,993 | 87,290 | 84,178 | ||
Total of IBNR Liabilities Plus Expected Development of Reported Claims | $ 133 | ||||||||
Cumulative Number of Reported Claims | unit | 257 | ||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 89,286 | 89,474 | 88,976 | 88,482 | 86,531 | 84,185 | $ 62,989 | ||
Accident Year 2017 | |||||||||
Claims Development [Line Items] | |||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 106,517 | 106,446 | 105,787 | 105,601 | 104,898 | 103,306 | |||
Total of IBNR Liabilities Plus Expected Development of Reported Claims | $ 205 | ||||||||
Cumulative Number of Reported Claims | unit | 326 | ||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 106,249 | 106,402 | 105,852 | 105,075 | 102,620 | $ 84,493 | |||
Accident Year 2018 | |||||||||
Claims Development [Line Items] | |||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 123,228 | 134,392 | 133,158 | 133,225 | 129,352 | ||||
Total of IBNR Liabilities Plus Expected Development of Reported Claims | $ 6,644 | ||||||||
Cumulative Number of Reported Claims | unit | 399 | ||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 114,756 | 115,407 | 114,490 | 112,619 | $ 105,740 | ||||
Accident Year 2019 | |||||||||
Claims Development [Line Items] | |||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 153,325 | 151,772 | 149,166 | 144,925 | |||||
Total of IBNR Liabilities Plus Expected Development of Reported Claims | $ 10,352 | ||||||||
Cumulative Number of Reported Claims | unit | 422 | ||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 131,885 | 132,747 | 128,787 | $ 122,348 | |||||
Accident Year 2020 | |||||||||
Claims Development [Line Items] | |||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 165,820 | 169,706 | 172,007 | ||||||
Total of IBNR Liabilities Plus Expected Development of Reported Claims | $ 20,818 | ||||||||
Cumulative Number of Reported Claims | unit | 344 | ||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 132,997 | 129,832 | $ 127,721 | ||||||
Accident Year 2021 | |||||||||
Claims Development [Line Items] | |||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 263,249 | 250,300 | |||||||
Total of IBNR Liabilities Plus Expected Development of Reported Claims | $ 13,964 | ||||||||
Cumulative Number of Reported Claims | unit | 492 | ||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 224,193 | $ 174,334 | |||||||
Accident Year 2022 | |||||||||
Claims Development [Line Items] | |||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 361,462 | ||||||||
Total of IBNR Liabilities Plus Expected Development of Reported Claims | $ 160,915 | ||||||||
Cumulative Number of Reported Claims | unit | 516 | ||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 165,710 |
Liability for Unpaid Claims and Claim Adjustment Expenses - Historical Claims Duration (Details) |
Dec. 31, 2022 |
---|---|
Insurance [Abstract] | |
Year 1 | 72.40% |
Year 2 | 14.60% |
Year 3 | 2.00% |
Year 4 | 0.70% |
Year 5 | 0.30% |
Year 6 | 0.20% |
Year 7 | 0.00% |
Year 8 | 0.00% |
Year 9 | 0.10% |
Liability for Unpaid Claims and Claim Adjustment Expenses - Reconciliation of Reserves to Balance Sheet (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Liabilities for loss and loss adjustment expenses, net of reinsurance | $ 298,031 | $ 154,412 | $ 83,945 |
Total reinsurance recoverable on unpaid losses and loss adjustment expenses | 267,099 | 165,129 | |
Total gross liability for unpaid losses and loss adjustment expenses | 565,130 | 320,117 | 197,355 |
Liabilities of policy-holder account balances, gross | 1,923 | 801 | 5,419 |
Non-insurance warranty benefit claim liabilities | 140 | 10,785 | 30,664 |
Short duration | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Liabilities for loss and loss adjustment expenses, net of reinsurance | 298,057 | 154,412 | |
Total reinsurance recoverable on unpaid losses and loss adjustment expenses | 266,889 | $ 165,129 | $ 113,163 |
Total policy liabilities and unpaid claims | 567,193 | ||
Other insurance lines | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Liabilities for loss and loss adjustment expenses, net of reinsurance | (26) | ||
Total reinsurance recoverable on unpaid losses and loss adjustment expenses | $ 210 |
Revenue from Contracts with Customers - Schedule of Disaggregated Revenue By Product Type (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Revenue from External Customer [Line Items] | |||
Revenue from contracts with customers | $ 300,223 | $ 258,563 | $ 163,557 |
Service contract revenue | |||
Revenue from External Customer [Line Items] | |||
Revenue from contracts with customers | 210,817 | 163,583 | 98,574 |
Motor club revenue | |||
Revenue from External Customer [Line Items] | |||
Revenue from contracts with customers | 53,346 | 41,634 | 36,159 |
Vessel related revenue | |||
Revenue from External Customer [Line Items] | |||
Revenue from contracts with customers | 30,144 | 35,562 | 22,697 |
Other | |||
Revenue from External Customer [Line Items] | |||
Revenue from contracts with customers | $ 5,916 | $ 17,784 | $ 6,127 |
Revenue from Contracts with Customers - Schedule of Deferred Assets and Liabilities Related to Revenue From Contracts with Customers (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Deferred acquisition costs | |||
Beginning balance | $ 379,373 | ||
Amortization | 479,125 | $ 375,052 | $ 265,781 |
Ending balance | 498,925 | 379,373 | |
Deferred revenue | |||
Beginning balance | 534,863 | ||
Ending balance | 649,150 | 534,863 | |
Service and Administrative Fees: | |||
Deferred acquisition costs | |||
Beginning balance | 129,644 | ||
Additions | 153,914 | ||
Amortization | 94,287 | ||
Ending balance | 189,271 | 129,644 | |
Deferred revenue | |||
Beginning balance | 495,269 | ||
Additions | 373,725 | ||
Amortization | 264,163 | ||
Ending balance | 604,831 | 495,269 | |
Service contract revenue | |||
Deferred acquisition costs | |||
Beginning balance | 110,220 | ||
Additions | 114,219 | ||
Amortization | 52,310 | ||
Ending balance | 172,129 | 110,220 | |
Deferred revenue | |||
Beginning balance | 470,399 | ||
Additions | 322,300 | ||
Amortization | 210,817 | ||
Ending balance | 581,882 | 470,399 | |
Motor club revenue | |||
Deferred acquisition costs | |||
Beginning balance | 19,424 | ||
Additions | 39,695 | ||
Amortization | 41,977 | ||
Ending balance | 17,142 | 19,424 | |
Deferred revenue | |||
Beginning balance | 24,870 | ||
Additions | 51,425 | ||
Amortization | 53,346 | ||
Ending balance | $ 22,949 | $ 24,870 |
Revenue from Contracts with Customers - Narrative (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Revenue Recognition and Deferred Revenue [Abstract] | |||
Deferred acquisition costs, impairment | $ 0 | $ 0 | $ 0 |
Other Assets and Other Liabilities and Accrued Expenses - Schedule of Other Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Loans eligible for repurchase | $ 32,136 | $ 36,732 |
Mortgage servicing rights | 41,426 | 29,833 |
Right of use asset - Operating leases | 31,499 | 23,870 |
Income taxes receivable | 19,790 | 19,824 |
Furniture, fixtures and equipment, net | 21,829 | 14,878 |
Prepaid expenses | 18,526 | 10,722 |
Other | 6,937 | 10,985 |
Total other assets | $ 172,143 | $ 146,844 |
Operating lease right of use asset, balance sheet location | Total other assets | Total other assets |
Other Assets and Other Liabilities and Accrued Expenses - Schedule of Depreciation Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Furniture and Fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense related to furniture, fixtures and equipment | $ 3,954 | $ 3,621 | $ 3,257 |
Other Assets and Other Liabilities and Accrued Expenses - Schedule of Other Liabilities and Accrued Expenses (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Accounts payable and accrued expenses | $ 119,394 | $ 149,816 |
Loans eligible for repurchase liability | 32,136 | 36,732 |
Deferred tax liabilities, net | 90,391 | 40,049 |
Operating lease liability | 38,031 | 29,396 |
Commissions payable | 42,741 | 20,412 |
Securities sold, not yet purchased | 16,575 | 242 |
Other | 28,480 | 29,889 |
Total other liabilities and accrued expenses | $ 367,748 | $ 306,536 |
Operating lease liability, balance sheet location | 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 |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Segment Reporting Information [Line Items] | |||
Other revenue | $ 76,185 | $ 73,407 | $ 51,910 |
Other | 22,525 | 8,827 | 3,163 |
Mortgage | |||
Segment Reporting Information [Line Items] | |||
Other revenue | 53,660 | 64,580 | 48,747 |
Insurance | |||
Segment Reporting Information [Line Items] | |||
Other | $ 17,559 | $ 10,384 | $ 7,025 |
Other Revenue and Other Expenses - Schedule of Other Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Other Income and Expenses [Abstract] | |||
General and administrative | $ 26,216 | $ 36,654 | $ 22,295 |
Professional fees | 26,614 | 27,285 | 20,711 |
Premium taxes | 22,362 | 20,196 | 15,824 |
Mortgage origination expenses | 17,540 | 17,451 | 14,603 |
Rent and related | 17,635 | 17,009 | 14,074 |
Operating expenses from vessels | 6,418 | 13,797 | 13,210 |
Other | 15,795 | 9,652 | 8,431 |
Total other expenses | $ 132,580 | $ 142,044 | $ 109,148 |
Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jun. 21, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Class of Warrant or Right [Line Items] | |||
Cash received for the exercise of warrants | $ 13,724 | $ 0 | |
WP Transaction | 167,008 | ||
Net income attributable to non-controlling interest, increase | 9,059 | ||
Preferred stock, face value | $ 80,000 | ||
Preferred stock dividend rate | 8.00% | ||
Cash dividends | $ 3,384 | ||
Payments of dividends | 2,016 | ||
Dividends payable | $ 1,368 | ||
Preferred stock, conversion premium | 33.00% | ||
Preferred stock, conversion make-whole period | 5 years | ||
Proceeds from dividends | $ 0 | 0 | |
Amount available for ordinary dividends of the Company's insurance company subsidiaries | $ 35,145 | $ 18,519 | |
Fortegra Warrants | |||
Class of Warrant or Right [Line Items] | |||
Warrant term | 7 years | ||
Warrant, exercise premium | 33.00% | ||
Additional Warrants | |||
Class of Warrant or Right [Line Items] | |||
Warrant term | 7 years | ||
Warrant, exercise price (in dollars per share) | $ 0.01 | ||
Warrant, forfeiture, excess return on investment | 23.00% | ||
Warrant, vesting, excess return on investment | 30.00% | ||
Total Tiptree Inc. stockholders’ equity | |||
Class of Warrant or Right [Line Items] | |||
WP Transaction | $ 48,285 | ||
Non-controlling interests | |||
Class of Warrant or Right [Line Items] | |||
WP Transaction | 118,723 | ||
Additional paid-in capital | |||
Class of Warrant or Right [Line Items] | |||
WP Transaction | 41,092 | ||
Accumulated other comprehensive income (loss) | |||
Class of Warrant or Right [Line Items] | |||
WP Transaction | $ 7,193 | ||
Warburg | Fortegra | |||
Class of Warrant or Right [Line Items] | |||
WP transaction, issuance of equity value | $ 200,000 | ||
Ownership percentage by noncontrolling owners | 17.40% | ||
Preferred stock, if-converted additional ownership percentage | 6.60% | ||
Preferred stock, if-converted ownership percentage | 24.00% | ||
Warburg | Fortegra Warrants | |||
Class of Warrant or Right [Line Items] | |||
Warrant, if-exercised additional ownership interest | 3.80% | ||
Warburg | Additional Warrants | |||
Class of Warrant or Right [Line Items] | |||
Warrant, if-exercised additional ownership interest | 1.70% | ||
Warrant, exercisable, percentage of common stock sold trigger | 50.00% | ||
Tiptree Holdings | |||
Class of Warrant or Right [Line Items] | |||
Warrants outstanding (in shares) | 0 | ||
Tiptree Holdings | Fortegra | |||
Class of Warrant or Right [Line Items] | |||
Ownership percentage by parent | 79.50% | ||
Fortegra Management and Directors | Fortegra | |||
Class of Warrant or Right [Line Items] | |||
Ownership percentage by noncontrolling owners | 3.10% | ||
Common stock | |||
Class of Warrant or Right [Line Items] | |||
Stock repurchase program, authorized amount | $ 20,000 | ||
Shares purchased under stock purchase plan (in shares) | 165,040 | ||
Shares purchased, weighted average price per share (in dollars per share) | $ 10.44 | ||
Remaining repurchase authorization | $ 11,945 | ||
Shares issued upon exercise of warrants (in shares) | 1,999,989 | ||
Shares issued upon exercise of warrants, cash (in shares) | 1,979,325 | ||
Shares issued upon exercise of warrants, cashless (in shares) | 20,664 |
Stockholders' Equity - Dividends (Details) - $ / shares |
3 Months Ended | 12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2022 |
Dec. 31, 2021 |
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 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.16 | $ 0.16 | $ 0.16 |
Stockholders' Equity - Noncontrolling Interest (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Total non-controlling interests | $ 136,208 | $ 17,227 |
Fortegra preferred interests | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Total non-controlling interests | 77,679 | 0 |
Fortegra Common Interest | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Total non-controlling interests | 55,364 | 11,066 |
Other third-party common interests | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Total non-controlling interests | $ 3,165 | $ 6,161 |
Stockholders' Equity - Statutory Capital and Surplus (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Equity [Abstract] | |||
Combined statutory capital and surplus of the Company's insurance company subsidiaries | $ 370,340 | $ 286,015 | |
Required minimum statutory capital and surplus | 75,750 | 75,750 | |
Net income of statutory insurance companies | $ 12,964 | $ 33,999 | $ 19,647 |
Stockholders' Equity - Statutory Dividends (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Equity [Abstract] | ||
Amount available for ordinary dividends of the Company's insurance company subsidiaries | $ 35,145 | $ 18,519 |
Accumulated Other Comprehensive Income (Loss) - Schedule of Activity in AOCI (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | $ 400,181 | $ 373,538 |
Other comprehensive income (losses) before reclassifications | (46,825) | (7,889) |
Amounts reclassified from AOCI | (843) | (499) |
WP Transaction | 0 | |
OCI | (47,668) | (8,388) |
Ending balance | 533,573 | 400,181 |
Total AOCI | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (2,686) | 5,702 |
Ending balance | (50,354) | (2,686) |
Unrealized gains (losses) on available for sale securities | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (2,686) | 5,702 |
Other comprehensive income (losses) before reclassifications | (39,514) | (7,889) |
Amounts reclassified from AOCI | (843) | (499) |
WP Transaction | 0 | |
OCI | (40,357) | (8,388) |
Ending balance | (43,043) | (2,686) |
Foreign currency translation adjustment | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | 0 | 0 |
Other comprehensive income (losses) before reclassifications | (7,311) | 0 |
Amounts reclassified from AOCI | 0 | 0 |
WP Transaction | 0 | |
OCI | (7,311) | 0 |
Ending balance | (7,311) | 0 |
Non-controlling interests | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Other comprehensive income (losses) before reclassifications | (3,731) | (29) |
Amounts reclassified from AOCI | 0 | 0 |
WP Transaction | (7,193) | |
OCI | (10,924) | (29) |
AOCI non-controlling interest | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (1) | 28 |
Ending balance | (10,925) | (1) |
Total AOCI to Tiptree Inc. | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (2,685) | 5,674 |
Other comprehensive income (losses) before reclassifications | (43,094) | (7,860) |
Amounts reclassified from AOCI | (843) | (499) |
WP Transaction | 7,193 | |
OCI | (36,744) | (8,359) |
Ending balance | $ (39,429) | $ (2,685) |
Accumulated Other Comprehensive Income (Loss) - Schedule of Reclassifications Out of AOCI into Net Income (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net realized and unrealized gains (losses) | $ 69,983 | $ 151,350 | $ 62,410 |
Less: provision (benefit) for income taxes | (50,450) | (21,291) | 13,627 |
Net income (loss) | 3,561 | 44,051 | (25,225) |
Unrealized gains (losses) on available for sale securities | Amount reclassified from AOCI | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net realized and unrealized gains (losses) | 1,359 | 638 | 528 |
Less: provision (benefit) for income taxes | (516) | (139) | (113) |
Net income (loss) | $ 843 | $ 499 | $ 415 |
Stock Based Compensation - Equity Plan (Details) - Tiptree Inc. 2017 Omnibus Incentive Plan - shares |
12 Months Ended | ||||
---|---|---|---|---|---|
Jun. 07, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Jun. 06, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of additional shares authorized | 4,000,000 | ||||
Number of shares | |||||
Available for issuance, beginning of period (in shares) | 2,344,814 | 3,788,417 | 4,765,863 | ||
Forfeited (in shares) | 5,276 | ||||
Amendment to plan (in shares) | 4,000,000 | ||||
Exchanged for vested subsidiary awards (in shares) | (114,353) | (1,166,307) | |||
Available for issuance, end of period (in shares) | 2,371,977 | 2,344,814 | 3,788,417 | ||
RSU, stock and option awards | |||||
Number of shares | |||||
Granted (in shares) | (247,093) | (61,713) | (977,446) | ||
PRSUs | |||||
Number of shares | |||||
Granted (in shares) | (3,616,667) | ||||
Vested (in shares) | (215,583) | ||||
Common stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized | 6,100,000 | ||||
Number of additional shares authorized | 4,000,000 | ||||
Number of shares | |||||
Amendment to plan (in shares) | 4,000,000 |
Stock Based Compensation - Restricted Stock Units and Restricted Stock (Details) - RSUs - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Tiptree Inc. 2017 Omnibus Incentive Plan | |||
Number of shares issuable | |||
Unvested units, beginning of period (in shares) | 599,012 | 953,145 | 958,609 |
Granted (in shares) | 247,093 | 61,713 | 552,169 |
Vested (in shares) | (339,822) | (415,846) | (557,633) |
Forfeited (in shares) | (5,276) | ||
Unvested units, end of period (in shares) | 501,007 | 599,012 | 953,145 |
Weighted average grant date fair value | |||
Unvested units, beginning of period (in dollars per share) | $ 6.59 | $ 6.52 | $ 6.23 |
Granted (in dollars per share) | 12.83 | 7.81 | 7.04 |
Vested (in dollars per share) | 7.13 | 6.62 | 6.54 |
Forfeited (in dollars per share) | 10.10 | ||
Unvested units, end of period (in dollars per share) | $ 9.63 | $ 6.59 | $ 6.52 |
Vesting - first tranche | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting rights, percentage | 33.33% | ||
Vesting - second tranche | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting rights, percentage | 33.33% | ||
Vesting - third tranche | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting rights, percentage | 33.33% |
Stock Based Compensation - Schedule of Granted and Vested RSUs (Details) - RSUs - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Tiptree Inc. 2017 Omnibus Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 247,093 | 61,713 | 552,169 |
Vested (in shares) | 339,822 | 415,846 | 557,633 |
Taxes (in shares) | (47,274) | (34,828) | (53,438) |
Net vested (in shares) | 292,548 | 381,018 | 504,195 |
Director | Tiptree Inc. 2017 Omnibus Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 39,517 | 61,713 | 82,912 |
Vested (in shares) | 39,517 | 61,713 | 82,912 |
Employees | Tiptree Inc. 2017 Omnibus Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 207,576 | 0 | 469,257 |
Vested (in shares) | 300,305 | 354,133 | 474,721 |
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) | 94,410 | ||
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) | 113,166 |
Stock Based Compensation - Tiptree Senior Management Incentive Plan (Details) - PRSUs |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Oct. 14, 2022
shares
|
Jun. 07, 2022 |
Aug. 04, 2021
period
$ / shares
shares
|
Nov. 30, 2021
shares
|
Dec. 31, 2022
$ / shares
shares
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award service period | 10 years | 10 years | |||
Valuation Input | |||||
Historical volatility | 38.75% | ||||
Risk-free rate | 3.04% | ||||
Dividend yield | 1.45% | ||||
Cost of equity | 11.72% | ||||
Expected term (years) | 6 years | ||||
Management | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | shares | 350,000 | 3,500,000 | |||
Award service period | 10 years | ||||
Vested (in shares) | shares | 215,583 | ||||
Unvested units (in shares) | shares | 3,616,667 | ||||
Management | Share price target, one | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share price (in dollars per share) | $ / shares | $ 20 | ||||
Unvested units (in shares) | shares | 516,667 | ||||
Share price, adjusted for dividends (in dollars per share) | $ / shares | $ 19.76 | ||||
Management | Share price target, two | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share price (in dollars per share) | $ / shares | $ 30 | ||||
Unvested units (in shares) | shares | 775,000 | ||||
Management | Share price target, three | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share price (in dollars per share) | $ / shares | $ 45 | ||||
Unvested units (in shares) | shares | 1,033,333 | ||||
Management | Share price target, four | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share price (in dollars per share) | $ / shares | $ 60 | ||||
Unvested units (in shares) | shares | 1,291,667 | ||||
Management | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of milestone targets | period | 5 | ||||
Share price (in dollars per share) | $ / shares | $ 15 | ||||
Management | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share price (in dollars per share) | $ / shares | $ 60 |
Stock Based Compensation - Subsidiary Incentive Plans (Details) - Subsidiary Incentive Plan - RSUs - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Number of shares issuable | |||
Unvested balance, beginning of period | $ 2,234 | $ 4,305 | $ 4,279 |
Granted | 282 | 1,278 | 1,108 |
Vested | (1,124) | (3,472) | (4,237) |
Performance assumption adjustment | 95 | 123 | 3,155 |
Unvested balance, end of period | $ 1,487 | $ 2,234 | $ 4,305 |
Vested shares, if converted (in shares) | 87,052 |
Stock Based Compensation - Stock Options Awards (Details) - shares |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted in period (in shares) | 0 | 0 |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expiration period | 10 years | |
Vesting - first tranche | Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 3 years | |
Award vesting rights, percentage | 33.33% | |
Vesting - second tranche | Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 4 years | |
Award vesting rights, percentage | 33.33% | |
Vesting - third tranche | Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 5 years | |
Award vesting rights, percentage | 33.33% |
Stock Based Compensation - Schedule of Stock Option Activity Rollforward (Details) - Stock options |
12 Months Ended |
---|---|
Dec. 31, 2022
$ / shares
shares
| |
Options outstanding | |
Balance, beginning of period (in shares) | shares | 1,715,619 |
Balance, end of period (in shares) | shares | 1,675,514 |
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 | 6.50 |
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 | $ 2.30 |
Options Exercisable | |
Balance, beginning of period (in shares) | shares | 712,542 |
Balance, end of period (in shares) | shares | 1,018,805 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Weighted average remaining contractual term at December 31, 2022 (in years) | 5 years 2 months 12 days |
Stock Based Compensation - Fortegra Equity Incentive Plan (Details) - Fortegra Plan |
Jun. 21, 2022 |
Dec. 31, 2022 |
---|---|---|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of outstanding stock outstanding, maximum | 7.00% | |
RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of outstanding stock outstanding, current | 0.40% |
Stock Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Income tax benefit | $ (2,034) | $ (2,338) | $ (1,705) |
Net stock based compensation expense | 7,654 | 8,792 | 6,412 |
Employee compensation and benefits | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock based compensation expense | 9,219 | 10,665 | 7,571 |
Director compensation | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock based compensation expense | $ 469 | $ 465 | $ 546 |
Stock Based Compensation - Unrecognized Compensation Costs Related to Non-vested Awards (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2022
USD ($)
| |
Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost, stock options | $ 137 |
Weighted - average recognition period (in years) | 1 year 2 months 8 days |
Stock options | Fortegra Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost, stock options | $ 105 |
Award vesting period | 3 years |
RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 536 |
Weighted - average recognition period (in years) | 10 months 20 days |
Award vesting period | 3 years |
PRSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 8,429 |
Weighted - average recognition period (in years) | 1 year 1 month 2 days |
Income Taxes - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Current provision (benefit) for income taxes: | |||
Federal | $ 250 | $ 1,393 | $ (26,273) |
State | 1,612 | 1,330 | 1,692 |
Foreign | 1,041 | 838 | 221 |
Total current provision (benefit) for income taxes | 2,903 | 3,561 | (24,360) |
Deferred provision (benefit) for income taxes: | |||
Federal | 39,983 | 13,819 | 10,415 |
State | 7,155 | 4,435 | 697 |
Foreign | 409 | (524) | (379) |
Total deferred provision (benefit) for income taxes | 47,547 | 17,730 | 10,733 |
Total provision (benefit) for income taxes | $ 50,450 | $ 21,291 | (13,627) |
Tax benefit from CARES Act provision | 7,293 | ||
Decrease in deferred income taxes | 16,795 | ||
Increase in income taxes receivable | $ 24,088 |
Income Taxes - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Jun. 21, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Operating Loss Carryforwards [Line Items] | ||||
Deferred tax liability, WP Transaction | $ 39,970 | $ 0 | ||
Deferred tax liability, WP Transaction, tax effect on equity | 14,064 | |||
Deferred tax liability, WP Transaction, tax effect on OCI | 2,424 | |||
Deferred tax liability, WP Transaction, tax effect on net income | 28,330 | |||
Income tax effect, expense allocated to net income, additional impact | 4,803 | |||
Effect of tax deconsolidation of subsidiaries | $ 33,133 | |||
CARES Act, Carryback of Operating Losses, Tax Expense (Benefit) | $ 7,293 | |||
Decrease in deferred income taxes | 16,795 | |||
Increase in income taxes receivable | $ 24,088 | |||
Federal statutory income tax rate | 21.00% | 21.00% | 21.00% | |
Effective tax rate (ETR) | 93.40% | 32.60% | 35.10% | |
Valuation allowance | $ 11,848 | $ 8,563 | ||
Increase, valuation allowance | 3,285 | 1,692 | ||
Unrecognized tax benefits, accrued interest and penalties | 0 | 0 | ||
Unrecognized tax benefits | 0 | $ 0 | ||
Fortegra | Warburg | ||||
Operating Loss Carryforwards [Line Items] | ||||
WP transaction, issuance of equity value | $ 200,000 | |||
State | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | $ 17,110 |
Income Taxes - Schedule of Rate Reconciliation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Income Tax Disclosure [Abstract] | |||
Income (loss) before taxes | $ 54,011 | $ 65,342 | $ (38,852) |
Federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
Expected federal provision (benefit) for income taxes at the federal statutory income tax rate | $ 11,342 | $ 13,721 | $ (8,159) |
Effect of state provision (benefit) for income taxes, net of federal benefit | 2,034 | 2,858 | 1,170 |
Effect of non-deductible compensation | 3,292 | 4,518 | 769 |
Effect of CARES Act refund claims | 0 | 0 | (7,293) |
Effect of tax deconsolidation of subsidiaries | 33,133 | 0 | 0 |
Effect of change in valuation allowance | 3,285 | 1,692 | 759 |
Effect of foreign operations | (18) | (541) | (938) |
Effect of stock-based compensation | (556) | (1,642) | (676) |
Effect of return-to-accrual | (509) | 154 | 330 |
Effect of other items | (1,553) | 531 | 411 |
Total provision (benefit) for income taxes | $ 50,450 | $ 21,291 | $ (13,627) |
Effective tax rate (ETR) | 93.40% | 32.60% | 35.10% |
Income Taxes - Schedule of Deferred tax assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Deferred tax assets: | ||
Net operating loss carryforwards | $ 37,857 | $ 39,047 |
Unrealized losses | 31,482 | 23,419 |
Accrued expenses | 2,409 | 4,434 |
Unearned premiums | 52,904 | 39,221 |
Deferred revenue | 15,700 | 8,706 |
Other deferred tax assets | 14,505 | 10,475 |
Total deferred tax assets | 154,857 | 125,302 |
Less: Valuation allowance | (11,848) | (8,563) |
Total net deferred tax assets | 143,009 | 116,739 |
Deferred tax liabilities: | ||
Property | 3,058 | 2,467 |
Unrealized gains | 9,812 | 17,012 |
Other deferred tax liabilities | 5,942 | 7,819 |
Deferred acquisition cost | 116,373 | 84,079 |
Advanced commissions | 43,961 | 34,700 |
Intangibles | 14,284 | 11,370 |
Investment in Fortegra | 39,970 | 0 |
Deferred tax liabilities | 233,400 | 157,447 |
Net deferred tax liability | $ 90,391 | 40,708 |
Held for sale | Luxury disposition | ||
Deferred tax liabilities: | ||
Deferred tax liabilities, discontinued operations | $ 659 |
Income Taxes - Summary of operating loss carryforwards (Details) - Federal $ in Thousands |
Dec. 31, 2022
USD ($)
|
---|---|
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $ 98,605 |
2026 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 0 |
2027 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 0 |
2028 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 0 |
2029 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 0 |
2030 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 359 |
2031 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 0 |
2032 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 0 |
2033 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 0 |
2034 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 0 |
2035 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 0 |
2036 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 15,046 |
2037 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 0 |
2038 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 0 |
2039 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 0 |
2040 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 0 |
2041 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 42,155 |
Indefinite | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $ 41,045 |
Commitments and Contingencies - Summary Operating Lease Information (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease, renewal term | 5 years | |
Operating lease, right-of-use asset | $ 31,499 | $ 23,870 |
Operating lease liability | $ 38,031 | $ 29,396 |
Weighted-average remaining lease term (years) | 7 years 5 months 1 day | |
Weighted-average discount rate | 7.90% |
Commitments and Contingencies - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
2023 | $ 9,490 | |
2024 | 9,186 | |
2025 | 8,880 | |
2026 | 8,301 | |
2027 | 6,647 | |
2028 and thereafter | 22,192 | |
Total minimum payments | 64,696 | |
Less: present value adjustment | 23,799 | |
Total | 40,897 | |
Lease incentive receivable | 2,866 | |
Operating lease liability | $ 38,031 | $ 29,396 |
Commitments and Contingencies - Rent Expense for Leases (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Rent expense for office leases | $ 9,301 | $ 8,924 | $ 7,374 |
Sublease not yet commenced, future annual payment to be received | 1,842 | ||
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 | $ 202 | $ 609 | $ 509 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Earnings Per Share [Abstract] | |||
Net income (loss) | $ 3,561 | $ 44,051 | $ (25,225) |
Net income (loss) attributable to non-controlling interests | 11,835 | 5,919 | 3,933 |
Net income allocated to participating securities | 0 | 703 | 0 |
Net income (loss) attributable to Tiptree Inc. common shares - basic | (8,274) | 37,429 | (29,158) |
Effect of Dilutive Securities: | |||
Securities of subsidiaries | 0 | (780) | 0 |
Adjustments to income relating to exchangeable interests and contingent considerations, net of tax | 0 | 9 | 0 |
Net income (loss) attributable to Tiptree Inc. common shares - diluted | $ (8,274) | $ 36,658 | $ (29,158) |
Weighted average number of shares of common stock outstanding - basic | 35,531,149 | 33,223,792 | 33,859,775 |
Weighted average number of incremental shares of common stock issuable from exchangeable interests and contingent considerations | 0 | 464,464 | 0 |
Weighted average number of shares of common stock outstanding - diluted | 35,531,149 | 33,688,256 | 33,859,775 |
Basic earnings per share (in dollars per share) | $ (0.23) | $ 1.13 | $ (0.86) |
Diluted earnings per share (in dollars per share) | $ (0.23) | $ 1.09 | $ (0.86) |
Related Party Transactions (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Jan. 01, 2023 |
Nov. 10, 2022 |
Jan. 01, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Jan. 01, 2025 |
Jan. 01, 2024 |
Jan. 01, 2022 |
|
Related Party Transaction [Line Items] | |||||||||
Related party, greater than 5% shareholder | 5.00% | ||||||||
Subsequent event | Corvid Peak | |||||||||
Related Party Transaction [Line Items] | |||||||||
Ownership after all transactions | 31.84% | ||||||||
Affiliated entity | Corvid Peak | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party, ownership percentage | 10.20% | ||||||||
Related party, additional ownership percentage | 10.20% | ||||||||
Related party, additional ownership percentage, period | 4 years | ||||||||
Affiliated entity | Subsequent event | Corvid Peak | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party, additional ownership percentage | 10.20% | ||||||||
Affiliated entity | Forecast | Subsequent event | Corvid Peak | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party, additional ownership percentage | 10.20% | 10.20% | |||||||
Affiliated entity | Strategic Combination Agreement | Corvid Peak | |||||||||
Related Party Transaction [Line Items] | |||||||||
Investment expense | $ 3,808 | $ 1,988 | $ 2,792 | ||||||
Affiliated entity | Pro rata contribution to fund escrow account, revenue share repurchase | Corvid Peak | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related Party Transaction, Amounts of Transaction | $ 505 | ||||||||
Executive Chairman | |||||||||
Related Party Transaction [Line Items] | |||||||||
Shares issued upon exercise of warrants (in shares) | 979,146 | ||||||||
Shares issued upon exercise of warrants | $ 6,783 | ||||||||
Beneficial owner | |||||||||
Related Party Transaction [Line Items] | |||||||||
Shares issued upon exercise of warrants (in shares) | 440,318 | ||||||||
Shares issued upon exercise of warrants | $ 3,050 |
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 07, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Jan. 31, 2023 |
Oct. 16, 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 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.16 | $ 0.16 | $ 0.16 | |||
Operating segments | Revolving credit facility | Asset based debt | Insurance | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | $ 75,000 | |||||||||||||||||
Subsequent event | Operating segments | Revolving credit facility | Asset based debt | Insurance | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | $ 100,000 | |||||||||||||||||
Subsequent event | Common stock | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Dividends declared per share (in usd per share) | $ 0.05 |
Schedule II- Condensed Financial Information of Registrant (Details) $ / shares in Units, $ in Thousands |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021
USD ($)
|
Dec. 31, 2022
USD ($)
segment
$ / shares
shares
|
Dec. 31, 2021
USD ($)
$ / shares
shares
|
Dec. 31, 2020
USD ($)
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Income Statement | ||||
Total revenues | $ 1,397,752 | $ 1,200,514 | $ 810,301 | |
Employee compensation and benefits | 182,657 | 207,322 | 172,737 | |
Interest expense | 30,240 | 37,674 | 32,582 | |
Professional fees | 26,614 | 27,285 | 20,711 | |
Rent and related | 17,635 | 17,009 | 14,074 | |
General and administrative | 26,216 | 36,654 | 22,295 | |
Depreciation and amortization expense | 22,973 | 24,437 | 17,578 | |
Loss on extinguishment of debt | 940 | 0 | 353 | |
Other expenses | 15,795 | 9,652 | 8,431 | |
Total income tax expense (benefit) | 50,450 | 21,291 | (13,627) | |
Net income (loss) attributable to common stockholders | (8,274) | 38,132 | (29,158) | |
Balance Sheet | ||||
Cash and cash equivalents | 538,065 | 175,718 | 136,920 | |
Notes and accounts receivable, net | 502,311 | 454,369 | ||
Income taxes receivable | 19,790 | 19,824 | ||
Deferred tax assets | 154,857 | 125,302 | ||
Other assets | 172,143 | 146,844 | ||
Total assets | 4,039,563 | 3,599,147 | ||
Operating lease liability | 38,031 | 29,396 | ||
Other liabilities | 367,748 | 306,536 | ||
Total liabilities | 3,505,990 | 3,198,966 | ||
Preferred stock: $0.001 par value, 100,000,000 shares authorized, none issued or outstanding | 0 | 0 | ||
Common stock: $0.001 par value, 200,000,000 shares authorized, 36,385,299 and 34,124,153 shares issued and outstanding, respectively | 36 | 34 | ||
Additional paid-in capital | 382,645 | 317,459 | ||
Accumulated other comprehensive income (loss), net of tax | (39,429) | (2,685) | ||
Retained earnings | 54,113 | 68,146 | ||
Total Tiptree Inc. stockholders’ equity | 397,365 | 382,954 | ||
Total liabilities and stockholders’ equity | $ 4,039,563 | $ 3,599,147 | ||
Balance Sheet (Parenthetical) | ||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | ||
Preferred stock, shares authorized | shares | 100,000,000 | 100,000,000 | ||
Preferred stock, shares outstanding | shares | 0 | 0 | ||
Preferred stock, shares issued | shares | 0 | 0 | ||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | ||
Common stock, shares authorized | shares | 200,000,000 | 200,000,000 | ||
Common stock, shares outstanding | shares | 36,385,299 | 34,124,153 | ||
Common stock, shares issued | shares | 36,385,299 | 34,124,153 | ||
Cash Flow | ||||
Net income (loss) attributable to common stockholders | $ (8,274) | $ 38,132 | (29,158) | |
Deferred provision (benefit) for income taxes | 47,548 | 17,730 | 10,733 | |
Non-cash lease expense | 9,301 | 8,924 | 7,374 | |
Non-cash compensation expense | 9,705 | 11,130 | 8,117 | |
Amortization of deferred financing costs | 1,341 | 1,607 | 1,015 | |
Net changes in other operating assets and liabilities | 197 | 291 | (686) | |
Net cash provided by (used in) operating activities | 463,073 | 204,316 | 140,169 | |
Proceeds from notes receivable | 85,435 | 56,055 | 41,582 | |
Issuance of notes receivable | (114,187) | (77,077) | (62,088) | |
Net cash provided by (used in) investing activities | 9,514 | (273,759) | (123,491) | |
Cash received for the exercise of warrants | 13,724 | 0 | ||
Dividends paid | (7,775) | (5,409) | (5,566) | |
Repurchases of common stock | (1,727) | (8,145) | (13,889) | |
Net cash provided by (used in) financing activities | (115,186) | 73,735 | 31,749 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 355,573 | 4,292 | 48,427 | |
Cash, cash equivalents and restricted cash – beginning of period | $ 195,275 | 195,086 | 195,275 | 144,590 |
Cash, cash equivalents and restricted cash – end of period | 550,847 | 195,086 | 195,275 | |
Cash (received) paid for income taxes | $ 2,259 | 2,079 | 1,066 | |
Notes | ||||
Number of reportable segments | segment | 2 | |||
Parent Company | ||||
Income Statement | ||||
Interest income | $ 277 | 259 | 223 | |
Other revenue | 4 | 67 | 232 | |
Total revenues | 281 | 326 | 455 | |
Employee compensation and benefits | 27,188 | 28,060 | 15,195 | |
Interest expense | 123 | 0 | 4,681 | |
Professional fees | 6,532 | 6,656 | 4,476 | |
Rent and related | 3,126 | 1,993 | 2,094 | |
General and administrative | 755 | 1,254 | 1,259 | |
Depreciation and amortization expense | 805 | 805 | 807 | |
Loss on extinguishment of debt | 0 | 0 | 353 | |
Other expenses | 1,675 | 1,305 | 1,513 | |
Total expenses | 40,204 | 40,073 | 30,378 | |
Equity in earnings (losses) of subsidiaries, net of tax | 24,778 | 73,164 | (24,855) | |
Income (loss) before taxes | (15,145) | 33,417 | (54,778) | |
Total income tax expense (benefit) | (6,871) | (4,715) | (25,620) | |
Net income (loss) attributable to common stockholders | (8,274) | 38,132 | (29,158) | |
Balance Sheet | ||||
Investment in subsidiaries | 293,050 | 370,632 | ||
Cash and cash equivalents | 126,111 | 2,456 | ||
Notes and accounts receivable, net | 3,300 | 2,897 | ||
Income taxes receivable | 15,956 | 15,968 | ||
Deferred tax assets | 17,571 | 20,830 | ||
Other assets | 22,338 | 14,100 | ||
Total assets | 478,326 | 426,883 | ||
Operating lease liability | 18,079 | 11,319 | ||
Intercompany payables, net | 48,186 | 7,136 | ||
Accrued expenses | 14,696 | 18,731 | ||
Other liabilities | 0 | 6,743 | ||
Total liabilities | 80,961 | 43,929 | ||
Preferred stock: $0.001 par value, 100,000,000 shares authorized, none issued or outstanding | 0 | 0 | ||
Common stock: $0.001 par value, 200,000,000 shares authorized, 36,385,299 and 34,124,153 shares issued and outstanding, respectively | 36 | 34 | ||
Additional paid-in capital | 382,645 | 317,459 | ||
Accumulated other comprehensive income (loss), net of tax | (39,429) | (2,685) | ||
Retained earnings | 54,113 | 68,146 | ||
Total Tiptree Inc. stockholders’ equity | 397,365 | 382,954 | ||
Total liabilities and stockholders’ equity | $ 478,326 | $ 426,883 | ||
Balance Sheet (Parenthetical) | ||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | ||
Preferred stock, shares authorized | shares | 100,000,000 | 100,000,000 | ||
Preferred stock, shares outstanding | shares | 0 | 0 | ||
Preferred stock, shares issued | shares | 0 | 0 | ||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | ||
Common stock, shares authorized | shares | 200,000,000 | 200,000,000 | ||
Common stock, shares outstanding | shares | 36,385,299 | 34,124,153 | ||
Common stock, shares issued | shares | 36,385,299 | 34,124,153 | ||
Cash Flow | ||||
Net income (loss) attributable to common stockholders | $ (8,274) | $ 38,132 | (29,158) | |
Equity in earnings of subsidiaries | (24,778) | (73,164) | 24,855 | |
Depreciation expense | 805 | 805 | 807 | |
Deferred provision (benefit) for income taxes | 1,048 | (528) | (15,815) | |
Non-cash lease expense | 2,512 | 1,843 | 1,660 | |
Non-cash compensation expense | 7,093 | 8,580 | 3,110 | |
Amortization of deferred financing costs | 0 | 0 | 172 | |
Net changes in other operating assets and liabilities | (4,054) | 5,412 | 1,264 | |
Net cash provided by (used in) operating activities | (25,648) | (18,920) | (13,105) | |
Proceeds from the sale of businesses and other assets | 0 | 125 | 0 | |
Proceeds from notes receivable | 0 | 169 | 0 | |
Issuance of notes receivable | 0 | (432) | 0 | |
Asset acquisitions due to merger with Operating Co. | 0 | 0 | 488 | |
Net cash provided by (used in) investing activities | 0 | (138) | 488 | |
Distributions from subsidiaries | 99,965 | 30,996 | 35,092 | |
Proceeds from intercompany notes payable | 43,281 | 0 | 0 | |
Cash received for the exercise of warrants | 13,724 | 0 | 0 | |
Dividends paid | (5,759) | (5,409) | (5,565) | |
Repurchases of common stock | (1,727) | (2,882) | (13,889) | |
Subsidiary RSU exchanges | (181) | (1,458) | (2,034) | |
Cash Paid (Received), Vesting of Share-Based Incentive Compensation | 0 | (445) | (362) | |
Net cash provided by (used in) financing activities | 149,303 | 20,802 | 13,242 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 123,655 | 1,744 | 625 | |
Cash, cash equivalents and restricted cash – beginning of period | 712 | 2,456 | 712 | 87 |
Cash, cash equivalents and restricted cash – end of period | 126,111 | 2,456 | 712 | |
Cash (received) paid for income taxes | $ (155) | 61 | (166) | |
Notes | ||||
Number of reportable segments | segment | 2 | |||
Other expenses | $ 2,000 | |||
Distributions from subsidiaries | $ 99,965 | $ 30,996 | $ 35,092 |
Label | Element | Value |
---|---|---|
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |
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