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Subsequent Events
12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events

Note 28 -- Subsequent Events

Since January 1, 2023, the Tampa office building property that was previously leased to an unaffiliated company has been used in operations by the Company and serves as TTIG’s corporate headquarters. As a result, it is reclassified out of real estate investments to property and equipment on the consolidated balance sheet subsequent to December 31, 2022.

On January 11, 2023, the Company’s Board of Directors declared a quarterly dividend of $0.40 per common share. The dividends are payable on March 17, 2023 to stockholders of record on February 17, 2023.

On January 12, 2023, HCPCI and TypTap received approval from the FLOIR to discontinue flood insurance policies written in Florida with policy cancellation effective dates no later than May 31, 2023. The reason for discontinuation is primarily attributable to the increased costs and reduced availability of flood reinsurance. The discontinuation will not have a material impact to the Company’s results of operations.

On January 17, 2023, the Company received the final distribution of $18 from FMKT Mel JV, the unconsolidated joint venture that the Company had a 90% equity interest in which was liquidated on December 31, 2022.

On February 5, 2023, the Company’s Board of Directors extended the maturity date for the principal and unpaid accrued interest of the $40,000 demand promissory note with TTIG to June 30, 2025.

On February 14, 2023, the Company entered into a conditional agreement to sell its retail shopping center investment property in Sorrento, Florida to a non-affiliate for a price of $13,418. Subject to due diligence, the sale is expected to be completed within 45 days after the contract date.

On February 16, 2023, the Company entered into a conditional agreement to sell its retail shopping center investment property in Melbourne, Florida to a non-affiliate for a price of $18,500. Subject to due diligence, the sale is expected to be completed within 45 days after the contract date.

On February 27, 2023, United’s Florida-domiciled residential insurance subsidiary was placed into receivership by the State of Florida due to its financial insolvency. Under the existing contracts, United is responsible for payment of ceded premiums owed to the Company while the Company is responsible for adjudicating and paying claims. At December 31, 2022, the Company had a net amount due to United of $1,114 and funds withheld for assumed business in trust accounts totaling $48,772 for the benefit of policies assumed from, and TPA services provided to, United. The Company cannot predict the actions a receiver might take, which may include cancellation of policies subject to the quota share contracts, termination of the TPA service agreement and restrictions on, or use of, funds held in trust. Any such actions could have a material adverse effect on the Company’s financial position and results of operations.