Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Summary of Segment Information Reconciled to Consolidated Statements of Income

The following tables present segment information reconciled to the Company’s consolidated statements of income. Intersegment transactions are not eliminated from segment results. However, intracompany transactions are eliminated in segment results below.

For the Year Ended December 31, 2023	HCPCI Insurance Operations			TypTap Group			CORE (a)		Real Estate (b)		Corporate/ Other (c)			Reclassification/ Elimination			Consolidated
Revenue:
Gross premiums earned (d)	$	438,234		$	348,310		$	—	$	—	$	—		$	(21,032	)	$	765,512
Premiums ceded		(168,128	)		(122,501	)		—		—		—			21,002			(269,627	)
Net premiums earned		270,106			225,809			—		—		—			(30	)		495,885
Net income from investment portfolio		17,253			13,602			—		1		8,112			8,485			47,453
Gain from sales of real estate investments		—			—			—		8,811		—			(8,811	)		—
Policy fee income		2,163			2,541			—		—		—			—			4,704
Other		15,530			5,211			—		9,897		2,250			(30,260	)		2,628
Total revenue		305,052			247,163			—		18,709		10,362			(30,616	)		550,670
Expenses:
Losses and loss adjustment expenses		118,367			139,049			—		—		—			(2,837	)		254,579
Amortization of deferred policy    acquisition costs		40,349			45,865			—		—		—			—			86,214
Other policy acquisition expenses		2,401			2,311			—		—		—			—			4,712
Stock-based compensation expense		1,718			2,927			—		—		4,703			—			9,348
Interest expense		—			1,722			—		720		10,397			(1,722	)		11,117
Depreciation and amortization		559			4,097			—		1,610		707			(1,251	)		5,722
Loss on extinguishment of debt		—			—			—		177		—			(177	)		—
Personnel and other operating expenses		35,063			38,779			—		6,054		6,061			(24,629	)		61,328
Total expenses		198,457			234,750			—		8,561		21,868			(30,616	)		433,020
Income (loss) before income taxes	$	106,595		$	12,413		$	—	$	10,148	$	(11,506	)	$	—		$	117,650
Total revenue from non-affiliates (e)	$	270,873		$	263,215		$	—	$	15,416	$	8,087
Gross premiums written	$	535,070		$	363,552

(a) No operation during 2023.

(b) Other revenue under real estate primarily consisted of rental income from investment properties.

(c) Other revenue under corporate and other primarily consisted of revenue from marina business.

(d) Gross premiums earned under HCPCI Insurance Operations consist of $417,202 from HCPCI and $21,032 from a reinsurance company.

(e) Represents amounts before reclassification of certain revenue and expenses to conform with an insurance company’s presentation.

For the Year Ended December 31, 2022	HCPCI Insurance Operations			TypTap Group			Real Estate (a)		Corporate/ Other (b)			Reclassification/ Elimination			Consolidated
Revenue:
Gross premiums earned (c)	$	439,499		$	298,215		$	—	$	—		$	(12,998	)	$	724,716
Premiums ceded		(162,112	)		(110,299	)		—		—			11,267			(261,144	)
Net premiums earned		277,387			187,916			—		—			(1,731	)		463,572
Net income from investment portfolio		1,641			3,991			—		2,736			15,739			24,107
Policy fee income		2,482			1,797			—		—			—			4,279
Gain on involuntary conversion		—			—			13,402		—			(13,402	)		—
Gain from remeasurement of contingent liabilities		585			2,532			—		—			—			3,117
Other		25,155			2,302			10,365		3,752			(37,086	)		4,488
Total revenue		307,250			198,538			23,767		6,488			(36,480	)		499,563
Expenses:
Losses and loss adjustment expenses		204,549			173,828			—		—			(6,914	)		371,463
Amortization of deferred policy    acquisition costs		56,841			43,828			—		—			—			100,669
Other policy acquisition expenses		2,557			1,905			—		—			(154	)		4,308
Stock-based compensation expense		3,879			3,512			—		7,716			—			15,107
Interest expense		—			883			892		6,875			(882	)		7,768
Depreciation and amortization		626			3,185			2,501		868			(2,401	)		4,779
Impairment loss		652			1,632			—		—			—			2,284
Personnel and other operating expenses		44,752			31,548			4,884		6,548			(26,129	)		61,603
Total expenses		313,856			260,321			8,277		22,007			(36,480	)		567,981
(Loss) income before income taxes	$	(6,606	)	$	(61,783	)	$	15,490	$	(15,519	)	$	—		$	(68,418	)
Total revenue from non-affiliates (d)	$	273,222		$	207,728		$	22,413	$	3,937
Gross premiums written	$	377,860		$	348,159

(a) Other revenue under real estate primarily consisted of rental income from investment properties.

(b) Other revenue under corporate and other primarily consisted of revenue from marina business.

(c) Gross premiums earned under HCPCI Insurance Operations consist of $426,501 from HCPCI and $12,998 from a reinsurance company.

(d) Represents amounts before reclassification of certain revenue and expenses to conform with an insurance company’s presentation.

For the Year Ended December 31, 2021	HCPCI Insurance Operations			TypTap Group			Real Estate (a)		Corporate/ Other (b)			Reclassification/ Elimination			Consolidated
Revenue:
Gross premiums earned (c)	$	404,362		$	175,907		$	—	$	—		$	(3,225	)	$	577,044
Premiums ceded		(140,902	)		(61,534	)		—		—			2,695			(199,741	)
Net premiums earned		263,460			114,373			—		—			(530	)		377,303
Net income from investment portfolio		8,130			1,306			—		6,613			4,121			20,170
Policy fee income		2,794			1,201			—		—			—			3,995
Other		6,356			1,606			12,226		1,794			(15,535	)		6,447
Total revenue		280,740			118,486			12,226		8,407			(11,944	)		407,915
Expenses:
Losses and loss adjustment expenses		147,198			80,863			—		—			(536	)		227,525
Amortization of deferred policy    acquisition costs		56,470			30,493			—		—			—			86,963
Other policy acquisition expenses		2,851			4,100			—		—			—			6,951
Stock-based compensation expense		3,553			3,380			—		6,821			—			13,754
Interest expense		—			113			1,202		5,467			(382	)		6,400
Depreciation and amortization		86			1,336			2,319		884			(2,441	)		2,184
Debt conversion expense		—			—			—		1,754			—			1,754
Personnel and other operating expenses		20,647			28,357			4,424		6,308			(8,585	)		51,151
Total expenses		230,805			148,642			7,945		21,234			(11,944	)		396,682
Income (loss) before income taxes	$	49,935		$	(30,156	)	$	4,281	$	(12,827	)	$	—		$	11,233
Total revenue from non-affiliates (d)	$	277,333		$	119,703		$	10,872	$	7,406
Gross premiums written	$	426,910		$	247,479

(a) Other revenue under real estate primarily consisted of rental income from investment properties.

(b) Other revenue under corporate and other primarily consisted of revenue from restaurant and marina businesses.

(c) Gross premiums earned under HCPCI Insurance Operations consist of $401,137 from HCPCI and $3,225 from a reinsurance company.

(d) Represents amounts before reclassification of certain revenue and expenses to conform with an insurance company’s presentation.

Summary of Segment Assets Reconciled to Consolidated Balance Sheets

The following table presents segment assets reconciled to the Company’s total assets on the consolidated balance sheets:

	December 31,
	2023			2022
Segments:
HCPCI Insurance Operations	$	933,116		$	912,233
TypTap Group		623,366			704,429
CORE		25,000			—
Real Estate Operations		132,257			126,001
Corporate and Other		233,952			159,378
Consolidation and Elimination		(136,375	)		(98,713	)
Total assets	$	1,811,316		$	1,803,328