Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

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 Three Months Ended March 31, 2024	HCPCI Insurance Operations			TypTap Group			Reciprocal Exchange Operations			Real Estate (a)		Corporate/ Other (b)			Reclassification/ Elimination			Consolidated
Revenue:
Gross premiums earned (c)	$	155,382		$	103,748		$	3,625		$	—	$	—		$	(6,111	)	$	256,644
Premiums ceded		(43,326	)		(28,673	)		(2,218	)		—		—			6,111			(68,106	)
Net premiums earned		112,056			75,075			1,407			—		—			—			188,538
Net income from investment portfolio		8,228			4,543			56			—		4,694			(819	)		16,702
Policy fee income		504			515			—			—		—			—			1,019
Other		3,538			1,495			—			3,447		1,030			(9,155	)		355
Total revenue		124,326			81,628			1,463			3,447		5,724			(9,974	)		206,614
Expenses:
Losses and loss adjustment expenses		39,014			40,553			1,268			—		—			(913	)		79,922
Amortization of deferred policy    acquisition costs		10,136			10,795			—			—		—			—			20,931
Other policy acquisition expenses		579			519			546			—		—			(436	)		1,208
Stock-based compensation expense		369			701			—			—		512			—			1,582
Interest expense		—			1,500			812			223		2,926			(2,312	)		3,149
Depreciation and amortization		138			1,088			—			380		160			(276	)		1,490
Personnel and other operating expenses		11,748			9,970			54			1,434		3,733			(6,037	)		20,902
Total expenses		61,984			65,126			2,680			2,037		7,331			(9,974	)		129,184
Income (loss) before income taxes	$	62,342		$	16,502		$	(1,217	)	$	1,410	$	(1,607	)	$	—		$	77,430
Total revenue from non-affiliates (d)	$	114,956		$	88,083		$	1,916		$	2,606	$	4,085
Gross premiums written	$	91,875		$	143,624		$	19,487

(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 and management fees for attorney-in-fact services.

(c)Gross premiums earned under HCPCI Insurance Operations consist of $149,271 from HCPCI and $6,111 from a reinsurance company.

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

	HCPCI
	Insurance			TypTap			Real		Corporate/			Reclassification/
For Three Months Ended March 31, 2023	Operations			Group			Estate (a)		Other (b)			Elimination			Consolidated
Revenue:
Gross premiums earned (c)	$	96,991		$	87,612		$	—	$	—		$	(4,535	)	$	180,068
Premiums ceded		(40,195	)		(34,823	)		—		—			4,509			(70,509	)
Net premiums earned		56,796			52,789			—		—			(26	)		109,559
Net income from investment portfolio		2,954			3,379			—		1,900			8,862			17,095
Gain from sales of real estate investments		—			—			8,936		—			(8,936	)		—
Policy fee income		563			527			—		—			—			1,090
Other		4,653			1,643			2,923		595			(8,529	)		1,285
Total revenue		64,966			58,338			11,859		2,495			(8,629	)		129,029
Expenses:
Losses and loss adjustment expenses		28,782			33,056			—		—			(1,273	)		60,565
Amortization of deferred policy acquisition   costs		9,621			11,863			—		—			—			21,484
Other policy acquisition expenses		655			611			—		—			(30	)		1,236
Stock-based compensation expense		496			829			—		781			—			2,106
Interest expense		—			431			203		2,598			(431	)		2,801
Depreciation and amortization		139			956			627		202			(537	)		1,387
Loss on extinguishment of debt		—			—			177		—			(177	)		—
Personnel and other operating expenses		9,919			9,433			1,554		1,589			(6,181	)		16,314
Total expenses		49,612			57,179			2,561		5,170			(8,629	)		105,893
Income (loss) before income taxes	$	15,354		$	1,159		$	9,298	$	(2,675	)	$	—		$	23,136
Total revenue from non-affiliates (d)	$	56,929		$	61,286		$	11,051	$	1,926
Gross premiums written	$	85,153		$	114,701

(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 $92,456 from HCPCI and $4,535 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:

	March 31,			December 31,
	2024			2023
Segments:
HCPCI Insurance Operations	$	921,327		$	933,116
TypTap Group		669,986			623,366
Reciprocal Exchange Operations		47,776			25,000
Real Estate Operations		131,893			132,257
Corporate and Other		334,304			233,952
Consolidation and Elimination		(263,652	)		(136,375	)
Total assets	$	1,841,634		$	1,811,316