Description of Business and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of Restricted Cash and Cash Equivalents

The following table provides the components of restricted cash and cash equivalents on the unaudited Condensed Consolidated Balance Sheets:

	September 30, 2024		December 31, 2023
Held as collateral by captive reinsurer for benefit of HOA (1)	$	1,062	$	28,341
Pledged to state departments of insurance (2)	1,201		1,340
Held for payment of possible warranty claims (3)	6,687		7,273
Other	1,000		1,860
Restricted cash and cash equivalents	$	9,950	$	38,814

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(1)Held by our captive reinsurance business as collateral for the benefit of Homeowners of America Insurance Company (“HOA”).

(2)Pledged to the Department of Insurance in certain states as a condition of our Certificate of Authority for the purpose of meeting obligations to policyholders and creditors.

(3)Required under regulatory guidelines in 22 states and 19 states as of September 30, 2024 and December 31, 2023, respectively.

Schedule of Cash, Cash Equivalents and Restricted Cash

The reconciliation of cash, cash equivalents, and restricted cash and cash equivalents to amounts presented in the unaudited Condensed Consolidated Statements of Cash Flows are as follows:

	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	206,728	$	258,418
Restricted cash and cash equivalents	9,950		38,814
Cash, cash equivalents, and restricted cash and cash equivalents	$	216,678	$	297,232

Schedule of Components of Other Insurance Liabilities, Current

The following table details the components of other insurance liabilities, current, on the unaudited Condensed Consolidated Balance Sheets:

	September 30, 2024		December 31, 2023
Ceded reinsurance premiums payable	$	41,889	$	10,500
Commissions payable, reinsurers and agents	8,141		4,650
Advance premiums	18,244		5,975
Funds held under reinsurance treaty	4,339		9,820
General and accrued expenses payable	1,140		640
Other insurance liabilities, current	$	73,753	$	31,585