Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | May 03, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-33549 | |
Entity Registrant Name | Tiptree Inc. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 38-3754322 | |
Entity Address, Address Line One | 299 Park Avenue | |
Entity Address, Address Line Two | 13th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10171 | |
City Area Code | 212 | |
Local Phone Number | 446-1400 | |
Title of 12(b) Security | common stock, par value $0.001 per share | |
Trading Symbol | TIPT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 34,899,103 | |
Entity Central Index Key | 0001393726 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Investments: | ||
Available for sale securities, at fair value, net of allowance for credit losses | $ 568,460 | $ 577,448 |
Loans, at fair value | 96,244 | 105,583 |
Equity securities | 120,895 | 138,483 |
Other investments | 132,305 | 168,656 |
Total investments | 917,904 | 990,170 |
Cash and cash equivalents | 177,962 | 175,718 |
Restricted cash | 19,567 | 19,368 |
Notes and accounts receivable, net | 536,133 | 454,369 |
Reinsurance receivables | 949,952 | 880,836 |
Deferred acquisition costs | 414,752 | 379,373 |
Goodwill | 179,103 | 179,103 |
Intangible assets, net | 119,357 | 122,758 |
Other assets | 147,217 | 146,844 |
Assets held for sale | 138,251 | 250,608 |
Total assets | 3,600,198 | 3,599,147 |
Liabilities: | ||
Debt, net | 391,326 | 393,349 |
Unearned premiums | 1,188,764 | 1,123,952 |
Policy liabilities and unpaid claims | 393,877 | 331,703 |
Deferred revenue | 560,316 | 534,863 |
Reinsurance payable | 273,314 | 265,569 |
Other liabilities and accrued expenses | 292,115 | 306,536 |
Liabilities held for sale | 117,333 | 242,994 |
Total liabilities | 3,217,045 | 3,198,966 |
Stockholders’ Equity: | ||
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, 34,877,897 and 34,124,153 shares issued and outstanding, respectively | 35 | 34 |
Additional paid-in capital | 323,916 | 317,459 |
Accumulated other comprehensive income (loss), net of tax | (23,106) | (2,685) |
Retained earnings | 65,788 | 68,146 |
Total Tiptree Inc. stockholders’ equity | 366,633 | 382,954 |
Non-controlling interests | 16,520 | 17,227 |
Total stockholders’ equity | 383,153 | 400,181 |
Total liabilities and stockholders’ equity | $ 3,600,198 | $ 3,599,147 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 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 | 34,877,897 | 34,124,153 |
Common stock, shares outstanding | 34,877,897 | 34,124,153 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues: | ||
Earned premiums, net | $ 208,416 | $ 146,919 |
Service and administrative fees | 71,835 | 58,050 |
Ceding commissions | 2,537 | 3,025 |
Net investment income | 3,167 | 2,767 |
Net realized and unrealized gains (losses) | 17,204 | 69,371 |
Other revenue | 21,744 | 14,556 |
Total revenues | 324,903 | 294,688 |
Expenses: | ||
Policy and contract benefits | 104,446 | 67,174 |
Commission expense | 117,423 | 88,645 |
Employee compensation and benefits | 56,455 | 52,924 |
Interest expense | 10,199 | 9,252 |
Depreciation and amortization | 6,156 | 5,934 |
Other expenses | 31,176 | 31,367 |
Total expenses | 325,855 | 255,296 |
Income (loss) before taxes | (952) | 39,392 |
Less: provision (benefit) for income taxes | (86) | 8,752 |
Net income (loss) | (866) | 30,640 |
Net income (loss) attributable to non-controlling interests | 94 | 2,059 |
Net income (loss) attributable to common stockholders | $ (960) | $ 28,581 |
Net income (loss) per common share: | ||
Basic earnings per share (in dollars per share) | $ (0.03) | $ 0.86 |
Diluted earnings per share (in dollars per share) | $ (0.03) | $ 0.81 |
Weighted average number of common shares: | ||
Basic (in shares) | 34,229,011 | 32,420,982 |
Diluted (in shares) | 34,229,011 | 36,184,019 |
Dividends declared per common share (in dollars per share) | $ 0.04 | $ 0.04 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ (866) | $ 30,640 |
Other comprehensive income (loss), net of tax: | ||
Unrealized holding gains (losses) arising during the period | (26,376) | (3,870) |
Related (provision) benefit for income taxes | 5,819 | 875 |
Reclassification of (gains) losses included in net income (loss) | 110 | (128) |
Related (provision) benefit for income taxes | (24) | 30 |
Unrealized gains (losses) on available for sale securities, net of tax | (20,471) | (3,093) |
Other comprehensive income (loss), net of tax | (20,471) | (3,093) |
Comprehensive income (loss) | (21,337) | 27,547 |
Less: comprehensive income (loss) attributable to non-controlling interests | 44 | 2,048 |
Comprehensive income (loss) attributable to common stockholders | $ (21,381) | $ 25,499 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands | Total | Total Tiptree Inc. stockholders’ equity | Common stock | Additional paid-in capital | Accumulated other comprehensive income (loss) | Retained earnings | Non-controlling interests |
Beginning balance (in shares) at Dec. 31, 2020 | 32,682,462 | ||||||
Beginning balance at Dec. 31, 2020 | $ 373,538 | $ 356,144 | $ 33 | $ 315,014 | $ 5,674 | $ 35,423 | $ 17,394 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Amortization of share-based incentive compensation | 955 | 627 | 627 | 328 | |||
Vesting of share-based incentive compensation (in shares) | 344,686 | ||||||
Vesting of share-based incentive compensation | (965) | (51) | (51) | (914) | |||
Shares purchased under stock purchase plan (in shares) | (488,662) | ||||||
Shares purchased under stock purchase plan | (2,450) | (2,450) | (2,450) | ||||
Non-controlling interest contributions | 100 | 100 | |||||
Dividends declared | (1,326) | (1,326) | (1,326) | ||||
Other comprehensive income (loss), net of tax | (3,093) | (3,082) | (3,082) | (11) | |||
Net income (loss) | 30,640 | 28,581 | 28,581 | 2,059 | |||
Ending balance (in shares) at Mar. 31, 2021 | 32,538,486 | ||||||
Ending balance at Mar. 31, 2021 | 397,399 | 378,443 | $ 33 | 313,140 | 2,592 | 62,678 | 18,956 |
Beginning balance (in shares) at Dec. 31, 2021 | 34,124,153 | ||||||
Beginning balance at Dec. 31, 2021 | 400,181 | 382,954 | $ 34 | 317,459 | (2,685) | 68,146 | 17,227 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Amortization of share-based incentive compensation | 3,738 | 3,162 | 3,162 | 576 | |||
Vesting of share-based incentive compensation (in shares) | 261,449 | ||||||
Vesting of share-based incentive compensation | (1,121) | (127) | (127) | (994) | |||
Shares issued upon exercise of warrants (in shares) | 492,295 | ||||||
Shares issued upon exercise of warrants | 3,423 | 3,423 | $ 1 | 3,422 | |||
Non-controlling interest contributions | 250 | 250 | |||||
Non-controlling interest distributions | (583) | (583) | |||||
Dividends declared | (1,398) | (1,398) | (1,398) | ||||
Other comprehensive income (loss), net of tax | (20,471) | (20,421) | (20,421) | (50) | |||
Net income (loss) | (866) | (960) | (960) | 94 | |||
Ending balance (in shares) at Mar. 31, 2022 | 34,877,897 | ||||||
Ending balance at Mar. 31, 2022 | $ 383,153 | $ 366,633 | $ 35 | $ 323,916 | $ (23,106) | $ 65,788 | $ 16,520 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities: | ||
Net income (loss) attributable to common stockholders | $ (960) | $ 28,581 |
Net income (loss) attributable to non-controlling interests | 94 | 2,059 |
Net income (loss) | (866) | 30,640 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||
Net realized and unrealized (gains) losses | (17,204) | (69,371) |
Net (gain) loss on held for sale of business | (1,752) | 431 |
Non-cash compensation expense | 6,170 | 1,065 |
Amortization/accretion of premiums and discounts | 654 | 670 |
Depreciation and amortization expense | 6,156 | 5,934 |
Non-cash lease expense | 2,420 | 2,195 |
Deferred provision (benefit) for income taxes | (54) | 7,788 |
Amortization of deferred financing costs | 407 | 394 |
Other | 69 | 80 |
Changes in operating assets and liabilities: | ||
Mortgage loans originated for sale | (972,051) | (911,193) |
Proceeds from the sale of mortgage loans originated for sale | 1,141,727 | 956,609 |
(Increase) decrease in notes and accounts receivable | (72,105) | 24,507 |
(Increase) decrease in reinsurance receivables | (69,116) | 14,279 |
(Increase) decrease in deferred acquisition costs | (35,379) | (43,494) |
(Increase) decrease in other assets | 4,653 | (4,101) |
Increase (decrease) in unearned premiums | 64,812 | 31,319 |
Increase (decrease) in policy liabilities and unpaid claims | 62,174 | 17,885 |
Increase (decrease) in deferred revenue | 25,453 | 25,397 |
Increase (decrease) in reinsurance payable | 7,745 | (23,329) |
Increase (decrease) in other liabilities and accrued expenses | (4,846) | (40,375) |
Net cash provided by (used in) operating activities | 149,067 | 27,330 |
Investing Activities: | ||
Purchases of investments | (333,311) | (413,159) |
Proceeds from sales and maturities of investments | 322,923 | 372,015 |
Proceeds from the sale of real estate and other assets | 583 | 0 |
Purchases of property, plant and equipment | (535) | (397) |
Proceeds from the sale of businesses | 0 | 125 |
Proceeds from notes receivable | 17,098 | 14,762 |
Issuance of notes receivable | (25,490) | (15,710) |
Net cash provided by (used in) investing activities | (18,732) | (42,364) |
Financing Activities: | ||
Dividends paid | (1,398) | (1,326) |
Cash received for the exercise of warrants | 3,423 | 0 |
Net non-controlling interest (redemptions) contributions | (1,566) | 100 |
Payment of debt issuance costs | (5) | 0 |
Proceeds from borrowings and mortgage notes payable | 1,020,790 | 955,306 |
Principal paydowns of borrowings and mortgage notes payable | (1,145,947) | (952,260) |
Repurchases of common stock and other changes in additional paid-in capital | 0 | (2,450) |
Net cash provided by (used in) financing activities | (124,703) | (630) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 5,632 | (15,664) |
Cash, cash equivalents and restricted cash – beginning of period | 195,086 | 195,275 |
Cash, cash equivalents and restricted cash – beginning of period - held for sale | 9,360 | 4,879 |
Cash, cash equivalents and restricted cash – end of period | 210,078 | 184,490 |
Less: Reclassification of cash to assets held for sale | 12,549 | 7,317 |
Cash, cash equivalents and restricted cash – end of period | 197,529 | 177,173 |
Supplemental Disclosure of Cash Flow Information: | ||
Right of use asset obtained in exchange for lease liability | 5,830 | 1,413 |
Corporate loans and equity securities exchanged for trade receivables | 19,846 | 0 |
Reconciliation of cash, cash equivalents and restricted cash | ||
Cash and cash equivalents | 177,962 | |
Restricted cash | 19,567 | |
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | $ 197,529 | $ 177,173 |
Organization
Organization | 3 Months Ended |
Mar. 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements of Tiptree have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) and include the accounts of the Company and its subsidiaries. The condensed consolidated financial statements are presented in U.S. dollars, the main operating currency of the Company. The unaudited condensed consolidated financial statements presented herein should be read in conjunction with the annual audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. In the opinion of management, the accompanying unaudited interim financial information reflects all adjustments, including normal recurring adjustments necessary to present fairly the Company’s financial position, results of operations, comprehensive income and cash flows for each of the interim periods presented. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the full year ending on December 31, 2022. Non-controlling interests on the condensed consolidated balance sheets 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. Recent Accounting Standards Recently Adopted Accounting Pronouncements Standard Description Adoption Date Impact on Financial Statements Accounting Standard Updates (ASU) 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. The ASU 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 standard makes changes to the accounting for convertible instruments, which the Company does not currently issue, so the adoption of the standard does not currently impact the Company’s condensed consolidated financial statements. Recently Issued Accounting Pronouncements, Not Yet Adopted During the three months ended March 31, 2022, there were no accounting standards issued applicable to the Company. |
Assets and Liabilities Held for
Assets and Liabilities Held for Sale | 3 Months Ended |
Mar. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets and Liabilities Held for Sale | Assets and Liabilities Held for Sale Luxury The Company has entered into a definitive agreement to sell Luxury, and it is classified as held for sale at March 31, 2022 and December 31, 2021. We have noted no change to our intention to sell and consider the sale to be probable pending regulatory approval. The agreement 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 condensed consolidated balance sheets for the following periods: As of March 31, December 31, 2021 Assets: Investments: Loans, at fair value $ 106,429 $ 236,810 Other investments 2,835 2,071 Total investments 109,264 238,881 Cash, cash equivalents and restricted cash 12,549 9,360 Notes and accounts receivable, net 336 157 Other assets 2,037 2,210 Assets held for sale $ 124,186 $ 250,608 Liabilities: Debt, net $ 105,376 $ 227,973 Other liabilities and accrued expenses (1) 11,957 15,021 Liabilities held for sale $ 117,333 $ 242,994 (1) Includes deferred tax liabilities of $430 and $659 as of March 31, 2022 and December 31, 2021, respectively. Luxury’s earnings had no impact to net income (loss) attributable to common stockholders for the three months ended March 31, 2022 and 2021. Marine In March 2022, the Company entered into a definitive agreement to sell a vessel from its maritime shipping operations for a price of $21,500, and the vessel and related assets are classified as held for sale at March 31, 2022. There are no related liabilities. The agreement did not meet the requirements to be classified as a discontinued operation. We expect the sale to be completed in the second quarter of 2022. The following table presents detail of the assets held for sale in the condensed consolidated balance sheets for March 31, 2022: As of March 31, Assets: Investments: Other investments $ 13,364 Total investments 13,364 Other assets 701 Assets held for sale $ 14,065 |
Segment Data
Segment Data | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Data | Segment DataTiptree is a holding company that allocates capital across a broad spectrum of businesses, assets and other investments. Tiptree’s principal operating subsidiary, The Fortegra Group, LLC and its subsidiaries (Fortegra), is a leading provider of specialty insurance, service contract products and related service solutions. Based on the ASC 280 quantitative analysis performed as of December 31, 2021, our reportable segments are 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 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 includes Fortegra Financial Corporation and Fortegra Warranty. Fortegra is a leading provider of specialty insurance products and related services. Fortegra designs, markets and underwrites specialty commercial and personal 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 origination 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 our held-for-sale mortgage operations (Luxury). 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: Three Months Ended March 31, 2022 Tiptree Capital Insurance Mortgage Other Total Total revenues $ 282,529 $ 25,401 $ 16,973 $ 324,903 Total expenses (267,847) (21,135) (24,624) (313,606) Corporate expenses — — — (12,249) Income (loss) before taxes $ 14,682 $ 4,266 $ (7,651) $ (952) Less: provision (benefit) for income taxes (86) Net income (loss) $ (866) Less: net income (loss) attributable to non-controlling interests 94 Net income (loss) attributable to common stockholders $ (960) Three Months Ended March 31, 2021 Tiptree Capital Insurance Mortgage Other Total Total revenues $ 222,563 $ 34,494 $ 37,631 $ 294,688 Total expenses (201,035) (21,417) (22,637) (245,089) Corporate expenses — — — (10,207) Income (loss) before taxes $ 21,528 $ 13,077 $ 14,994 $ 39,392 Less: provision (benefit) for income taxes 8,752 Net income (loss) $ 30,640 Less: net income (loss) attributable to non-controlling interests 2,059 Net income (loss) attributable to common stockholders $ 28,581 The Company conducts its operations primarily in the U.S. with 5.9% and 4.9% of total revenues generated overseas for the three months ended March 31, 2022 and 2021, respectively. The following table presents the reportable segments and Tiptree Capital - Other assets for the following periods: As of March 31, 2022 As of December 31, 2021 Tiptree Capital Tiptree Capital Insurance Mortgage Other Corporate Total Insurance Mortgage Other Corporate Total Total assets $ 3,168,813 $ 182,828 $ 248,852 $ (295) $ 3,600,198 $ 3,002,152 $ 201,134 $ 384,564 $ 11,297 $ 3,599,147 |
Investments
Investments | 3 Months Ended |
Mar. 31, 2022 | |
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: As of March 31, 2022 Tiptree Capital Insurance Mortgage Other Total Available for sale securities, at fair value, net of allowance for credit losses $ 568,460 $ — $ — $ 568,460 Loans, at fair value 19,113 77,131 — 96,244 Equity securities 100,946 — 19,949 120,895 Other investments 56,523 9,156 66,626 132,305 Total investments $ 745,042 $ 86,287 $ 86,575 $ 917,904 As of December 31, 2021 Tiptree Capital Insurance Mortgage Other Total Available for sale securities, at fair value, net of allowance for credit losses $ 577,448 $ — $ — $ 577,448 Loans, at fair value 7,099 98,484 — 105,583 Equity securities 109,684 — 28,799 138,483 Other investments 79,975 7,981 80,700 168,656 Total investments $ 774,206 $ 106,465 $ 109,499 $ 990,170 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 March 31, 2022 and December 31, 2021 are held by subsidiaries in the insurance segment. The following tables present the Company's investments in AFS securities: As of March 31, 2022 Amortized cost Allowance for Credit Losses (1) Gross Gross Fair value U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 355,764 $ — $ 74 $ (16,657) $ 339,181 Obligations of state and political subdivisions 55,460 (1) 171 (2,459) 53,171 Corporate securities 161,568 (263) 80 (7,972) 153,413 Asset backed securities 20,231 — 4 (2,711) 17,524 Certificates of deposit 2,696 — — — 2,696 Obligations of foreign governments 2,645 (3) — (167) 2,475 Total $ 598,364 $ (267) $ 329 $ (29,966) $ 568,460 As of December 31, 2021 Amortized cost Allowance for Credit Losses (1) Gross Gross Fair value U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 352,288 $ — $ 2,087 $ (3,197) $ 351,178 Obligations of state and political subdivisions 57,923 — 1,050 (313) 58,660 Corporate securities 145,997 (241) 517 (1,396) 144,877 Asset backed securities 19,511 — 82 (2,146) 17,447 Certificates of deposit 2,696 — — — 2,696 Obligations of foreign governments 2,649 (4) 3 (58) 2,590 Total $ 581,064 $ (245) $ 3,739 $ (7,110) $ 577,448 (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. As of March 31, 2022 December 31, 2021 Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 40,298 $ 40,331 $ 41,033 $ 41,150 Due after one year through five years 284,784 272,909 269,487 268,537 Due after five years through ten years 50,081 46,659 52,561 52,000 Due after ten years 202,970 191,037 198,472 198,314 Asset backed securities 20,231 17,524 19,511 17,447 Total $ 598,364 $ 568,460 $ 581,064 $ 577,448 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: As of March 31, 2022 Less Than or Equal to One Year More Than One Year Fair value Gross # of Securities (1) Fair value Gross unrealized losses # of Securities (1) U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 276,483 $ (13,589) 524 $ 35,661 $ (3,068) 119 Obligations of state and political subdivisions 26,377 (2,227) 93 2,828 (232) 18 Corporate securities 123,495 (6,572) 430 17,396 (1,400) 72 Asset backed securities 11,066 (414) 67 3,800 (2,297) 7 Certificates of deposit 1,339 — 2 — — — Obligations of foreign governments 1,344 (71) 5 1,131 (96) 4 Total $ 440,104 $ (22,873) 1,121 $ 60,816 $ (7,093) 220 As of December 31, 2021 Less Than or Equal to One Year More Than One Year Fair value Gross # of Securities (1) Fair value Gross unrealized losses # of Securities (1) U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 216,378 $ (2,827) 324 $ 11,920 $ (370) 47 Obligations of state and political subdivisions 17,190 (275) 64 1,152 (38) 5 Corporate securities 99,434 (1,159) 326 9,722 (237) 45 Asset backed securities 7,454 (84) 38 2,316 (2,062) 5 Certificates of deposit 1,339 — 2 — — — Obligations of foreign governments 2,278 (58) 8 — — — Total $ 344,073 $ (4,403) 762 $ 25,110 $ (2,707) 102 (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 March 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 March 31, 2022: 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 — (101) — (5) (106) Balance at March 31, 2021 $ — $ (101) $ — $ (5) $ (106) Balance at December 31, 2021 $ — $ (241) $ — $ (4) $ (245) (Increase) in allowance for credit losses (1) (47) — — (48) Gains from recoveries of amounts previously written off — 25 — 1 26 Balance at March 31, 2022 $ (1) $ (263) $ — $ (3) $ (267) 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: Three Months Ended 2022 2021 Net gains from recoveries (credit losses) on AFS securities (22) (106) 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: As of March 31, December 31, 2021 Fair value of restricted investments in trust pursuant to reinsurance agreements $ 40,099 $ 42,471 Fair value of restricted investments for special deposits required by state insurance departments 9,754 7,189 Total fair value of restricted investments $ 49,853 $ 49,660 The following table presents additional information on the Company’s AFS securities: Three Months Ended 2022 2021 Purchases of AFS securities $ 55,142 $ 68,702 Proceeds from maturities, calls and prepayments of AFS securities $ 20,242 $ 17,740 Gross proceeds from sales of AFS securities $ 16,970 $ 13,645 The following table presents the gross realized gains and gross realized losses from sales and redemptions of AFS securities: Three Months Ended 2022 2021 Gross realized gains $ 74 $ 128 Gross realized (losses) (184) — Total net realized gains (losses) from investment sales and redemptions $ (110) $ 128 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: As of March 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) $ 19,113 $ 21,292 $ (2,179) $ — $ 7,099 $ 10,156 $ (3,057) $ — Mortgage: Mortgage loans held for sale (2) 77,131 77,028 103 74,768 98,484 95,264 3,220 95,542 Total loans, at fair value $ 96,244 $ 98,320 $ (2,076) $ 74,768 $ 105,583 $ 105,420 $ 163 $ 95,542 (1) The cost basis of Corporate loans was approximately $21,283 and $9,094 at March 31, 2022 and December 31, 2021, respectively. (2) 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. As of March 31, 2022, there were no mortgage loans held for sale that were 90 days or more past due. 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 March 31, 2022 and December 31, 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: As of March 31, 2022 Insurance Tiptree Capital - Other Total Cost Fair Value Cost Fair Value Cost Fair Value Invesque $ 23,339 $ 4,167 $ 111,491 $ 19,949 $ 134,830 $ 24,116 Fixed income exchange traded fund 52,176 51,718 — — 52,176 51,718 Other equity securities 40,845 45,061 — — 40,845 45,061 Total equity securities $ 116,360 $ 100,946 $ 111,491 $ 19,949 $ 227,851 $ 120,895 As of December 31, 2021 Insurance Tiptree Capital - Other Total Cost Fair Value Cost Fair Value Cost Fair Value Invesque $ 23,339 $ 6,015 $ 111,491 $ 28,799 $ 134,830 $ 34,814 Fixed income exchange traded fund 52,176 53,154 — — 52,176 53,154 Other equity securities 49,664 50,515 — — 49,664 50,515 Total equity securities $ 125,179 $ 109,684 $ 111,491 $ 28,799 $ 236,670 $ 138,483 Other Investments The following table contains information regarding the Company’s other investments as of the following periods: As of March 31, 2022 Tiptree Capital Insurance Mortgage Other Total Corporate bonds, at fair value (1) $ 34,700 $ — $ — $ 34,700 Vessels, net (2) — — 65,307 65,307 Debentures 21,783 — — 21,783 Other 40 9,156 1,319 10,515 Total other investments $ 56,523 $ 9,156 $ 66,626 $ 132,305 As of December 31, 2021 Tiptree Capital Insurance Mortgage Other Total Corporate bonds, at fair value (1) $ 38,965 $ — $ — $ 38,965 Vessels, net (2) — — 79,368 79,368 Debentures 21,057 — — 21,057 Trade claims 19,737 — — 19,737 Other 216 7,981 1,332 9,529 Total other investments $ 79,975 $ 7,981 $ 80,700 $ 168,656 (1) The cost basis of corporate bonds was $33,729 and $36,436 as of March 31, 2022 and December 31, 2021, respectively. (2) Net of accumulated depreciation of $11,556 and $13,059 as of March 31, 2022 and December 31, 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: Three Months Ended 2022 2021 Interest: AFS securities $ 2,199 $ 1,724 Loans, at fair value 167 205 Other investments 1,340 1,282 Dividends from equity securities 588 89 Other — 20 Subtotal 4,294 3,320 Less: investment expenses 1,127 553 Net investment income $ 3,167 $ 2,767 Other Investment Income - Tiptree Capital Other investment income represents other revenue from other Tiptree non-insurance activities as disclosed within other revenue on the condensed consolidated statements of operations, see Note (15) Other Revenue and Other Expenses. The following tables present the components of other investment income by type: Three Months Ended 2022 2021 Interest: Loans, at fair value (1) $ 2,307 $ 1,672 Loan fee income 5,536 5,362 Vessel related revenue 8,862 5,699 Other investment income $ 16,705 $ 12,733 (1) Primarily relates to Loans, at fair value classified as Held for Sale. See Note (3) 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 condensed 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: Three Months Ended 2022 2021 Net realized gains (losses) Insurance: Reclass of unrealized gains (losses) on AFS securities from OCI $ (110) $ 128 Net gains from recoveries (credit losses) on AFS securities (22) (106) Net realized gains (losses) on loans 93 — Net realized gains (losses) on equity securities (2,483) (1,853) Net realized gains (losses) on corporate bonds 913 1,816 Other (4,284) 2,577 Tiptree Capital Mortgage: Net realized gains (losses) on loans 13,418 24,733 Other 4,066 965 Other: Net realized gains (losses) on loans (1) 14,740 13,887 Other 441 669 Total net realized gains (losses) 26,772 42,816 Net unrealized gains (losses) Insurance: Net change in unrealized gains (losses) on loans (268) 856 Net unrealized gains (losses) on equity securities held at period end (2,161) 11,087 Reclass of unrealized (gains) losses from prior periods for equity securities sold 1,815 (1,211) Other (136) (3,622) Tiptree Capital Mortgage: Net change in unrealized gains (losses) on loans (3,117) (1,642) Other 6,047 6,023 Other: Net change in unrealized gains (losses) on loans (1) (3,581) (1,900) Net unrealized gains (losses) on equity securities held at period end (8,850) 13,767 Other 683 3,197 Total net unrealized gains (losses) (9,568) 26,555 Total net realized and unrealized gains (losses) $ 17,204 $ 69,371 |
Notes and Accounts Receivable,
Notes and Accounts Receivable, net | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Notes and Accounts Receivable, net | Notes and Accounts Receivable, net The following table presents the total notes and accounts receivable, net: As of March 31, December 31, 2021 Accounts and premiums receivable, net $ 179,002 $ 137,082 Retrospective commissions receivable 167,657 157,853 Notes receivable, net - premium financing program 99,264 89,788 Trust receivables 45,503 41,889 Other receivables 44,707 27,757 Total notes and accounts receivable, net $ 536,133 $ 454,369 The following table presents the total valuation allowance and bad debt expense for the following periods: Valuation allowance Bad Debt Expense As of Three Months Ended March 31, 2022 December 31, 2022 2021 Notes receivable, net - premium financing program (1) $ 95 $ 123 $ 62 $ 80 Accounts and premiums receivable, net $ 116 $ 120 $ 8 $ 4 (1) As of March 31, 2022 and December 31, 2021, there were $169 and $1,311 in balances classified as 90 days plus past due, respectively. |
Reinsurance Receivables
Reinsurance Receivables | 3 Months Ended |
Mar. 31, 2022 | |
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: Direct amount Ceded to other companies Assumed from other companies Net amount Percentage of amount - assumed to net Three Months Ended March 31, 2022 Premiums written: Life insurance $ 20,059 $ 8,394 $ 49 $ 11,714 0.4 % Accident and health insurance 34,838 23,545 249 11,542 2.2 % Property and liability insurance 299,164 156,189 98,471 241,446 40.8 % Total premiums written 354,061 188,128 98,769 264,702 37.3 % Premiums earned: Life insurance 19,940 10,126 168 9,982 1.7 % Accident and health insurance 36,058 24,551 332 11,839 2.8 % Property and liability insurance 257,480 141,416 70,531 186,595 37.8 % Total premiums earned $ 313,478 $ 176,093 $ 71,031 $ 208,416 34.1 % Direct amount Ceded to other companies Assumed from other companies Net amount Percentage of amount - assumed to net Three Months Ended March 31, 2021 Premiums written: Life insurance $ 18,573 $ 11,027 $ 410 $ 7,956 5.2 % Accident and health insurance 32,163 22,667 4,861 14,357 33.9 % Property and liability insurance 270,157 136,353 42,888 176,692 24.3 % Total premiums written 320,893 170,047 48,159 199,005 24.2 % Premiums earned: Life insurance 17,493 9,766 340 8,067 4.2 % Accident and health insurance 30,179 20,476 3,791 13,494 28.1 % Property and liability insurance 241,829 160,395 43,924 125,358 35.0 % Total premiums earned $ 289,501 $ 190,637 $ 48,055 $ 146,919 32.7 % The following table presents the components of policy and contract benefits, including the effect of reinsurance on losses and loss adjustment expenses (LAE) incurred: Direct amount Ceded to other companies Assumed from other companies Net amount Percentage of amount - assumed to net Three Months Ended March 31, 2022 Losses and LAE Incurred Life insurance $ 16,605 $ 8,782 $ 265 $ 8,088 3.3 % Accident and health insurance 9,988 7,748 1,171 3,411 34.3 % Property and liability insurance 110,376 76,946 38,347 71,777 53.4 % Total losses and LAE incurred 136,969 93,476 39,783 83,276 47.8 % Member benefit claims (1) 21,170 Total policy and contract benefits $ 104,446 Three Months Ended March 31, 2021 Losses and LAE Incurred Life insurance $ 15,596 $ 9,332 $ 153 $ 6,417 2.4 % Accident and health insurance 4,818 3,814 660 1,664 39.7 % Property and liability insurance 75,917 51,996 18,249 42,170 43.3 % Total losses and LAE incurred 96,331 65,142 19,062 50,251 37.9 % Member benefit claims (1) 16,923 Total policy and contract benefits $ 67,174 (1) Member benefit claims are not covered by reinsurance. The following table presents the components of the reinsurance receivables: As of March 31, December 31, 2021 Prepaid reinsurance premiums: Life insurance (1) $ 71,398 $ 73,478 Accident and health insurance (1) 80,515 81,521 Property and liability insurance 498,074 479,091 Total 649,987 634,090 Ceded claim reserves: Life insurance 3,935 3,928 Accident and health insurance 15,813 12,239 Property and liability insurance 178,490 148,962 Total ceded claim reserves recoverable 198,238 165,129 Other reinsurance settlements recoverable 101,727 81,617 Reinsurance receivables $ 949,952 $ 880,836 (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: As of March 31, 2022 Total of the three largest receivable balances from non-affiliated reinsurers $ 126,831 As of March 31, 2022, the non-affiliated reinsurers from whom our insurance business has the largest receivable balances were: Allianz Global Corporate & Specialty SE (A. M. Best Rating: A+ rated), Canada Life International Reinsurance (Bermuda) Corporation (A. M. Best Rating: A+ rated), and Canada Life Assurance Company (A. M. Best Rating: A+ rated). The related receivables of these reinsurers are collateralized by assets on hand, assets held in trust accounts and letters of credit. As of March 31, 2022, the Company does not believe there is a risk of loss due to the concentration of credit risk in the reinsurance program given the collateralization. |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, net | 3 Months Ended |
Mar. 31, 2022 | |
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: As of March 31, 2022 As of December 31, 2021 Finite-Lived Intangible Assets: Insurance Other Total Insurance Other Total Customer relationships $ 143,300 $ — $ 143,300 $ 143,300 $ — $ 143,300 Accumulated amortization (49,552) — (49,552) (45,997) — (45,997) Trade names 14,750 800 15,550 14,750 800 15,550 Accumulated amortization (6,033) (540) (6,573) (5,633) (520) (6,153) Software licensing 9,300 640 9,940 9,300 640 9,940 Accumulated amortization (8,825) (617) (9,442) (8,790) (594) (9,384) Insurance policies and contracts acquired 36,500 — 36,500 36,500 — 36,500 Accumulated amortization (36,335) — (36,335) (36,320) — (36,320) Other 640 — 640 640 — 640 Accumulated amortization (160) — (160) (203) — (203) Total finite-lived intangible assets 103,585 283 103,868 107,547 326 107,873 Indefinite-Lived Intangible Assets: (1) Insurance licensing agreements 13,761 — 13,761 13,761 — 13,761 Other — 1,728 1,728 — 1,124 1,124 Total indefinite-lived intangible assets 13,761 1,728 15,489 13,761 1,124 14,885 Total intangible assets, net $ 117,346 $ 2,011 $ 119,357 $ 121,308 $ 1,450 $ 122,758 Goodwill 177,395 1,708 179,103 177,395 1,708 179,103 Total goodwill and intangible assets, net $ 294,741 $ 3,719 $ 298,460 $ 298,703 $ 3,158 $ 301,861 (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: Tiptree Capital Insurance Other Total Balance at December 31, 2021 $ 177,395 $ 1,708 $ 179,103 Balance at March 31, 2022 $ 177,395 $ 1,708 $ 179,103 Accumulated impairments (1) $ — $ 699 $ 699 (1) Relates to Luxury, which is classified as Held for Sale. See Note (3) Assets and Liabilities Held for Sale. The Company conducts annual impairment tests of its goodwill as of October 1. For the three months ended March 31, 2022 and 2021, no impairments were recorded on the Company’s goodwill. 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: Insurance Other Total Balance at December 31, 2021 $ 121,308 $ 1,450 $ 122,758 Intangibles acquired — 604 604 Less: amortization expense (3,962) (43) (4,005) Balance at March 31, 2022 $ 117,346 $ 2,011 $ 119,357 The following table presents the amortization expense on finite-lived intangible assets for the following periods: Three Months Ended March 31, 2022 2021 Amortization expense on intangible assets $ 4,005 $ 3,900 For the three months ended March 31, 2022 and 2021, 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: As of March 31, 2022 Insurance Other Total Remainder of 2022 $ 11,886 $ 83 $ 11,969 2023 15,031 80 15,111 2024 13,344 80 13,424 2025 11,229 40 11,269 2026 9,003 — 9,003 2027 and thereafter 43,092 — 43,092 Total $ 103,585 $ 283 $ 103,868 |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging | 3 Months Ended |
Mar. 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 classified by underlying credit risk and interest rate risk. In addition, the Company is also subject to additional counterparty risk should its counterparties fail to meet the contract terms. The derivative financial instruments are reported in other investments. Derivative liabilities are reported within other liabilities and accrued expenses. Derivatives, at fair value Interest Rate Lock Commitments The Company enters into interest rate lock commitments (“IRLCs”) with customers in connection with its mortgage banking activities to fund residential mortgage loans with certain terms at specified times in the future. IRLCs that relate to the origination of mortgage loans that will be classified as held-for-sale are considered derivative instruments under applicable accounting guidance. As such, these IRLCs are recorded at fair value with changes in fair value typically resulting in recognition of a gain when the Company enters into IRLCs. In estimating the fair value of an IRLC, the Company assigns a probability that the loan commitment will be exercised and the loan will be funded (“pull through”). The fair value of the commitments is derived from the fair value of related mortgage loans, net of estimated costs to complete. Outstanding IRLCs expose the Company to the risk that the price of the loans underlying the commitments might decline from inception of the rate lock to funding of the loan. To manage this risk, the Company utilizes forward delivery contracts and to be announced (“TBA”) mortgage backed securities to economically hedge the risk of potential changes in the value of the loans that would result from the commitments. Forward Delivery Contracts and TBA Mortgage Backed Securities The Company enters into forward delivery contracts with loan aggregators and other investors as one of the tools to manage the interest rate risk associated with IRLCs and loans held for sale. In addition, the Company enters into TBA mortgage backed securities which facilitate hedging and funding by allowing the Company to prearrange prices for mortgages that are in the process of originating. The Company utilizes these hedging instruments for Agency (Fannie Mae and Freddie Mac) and FHA/VA (Ginnie Mae) eligible IRLCs. The following table presents the gross notional and fair value amounts of derivatives (on a gross basis) categorized by underlying risk: As of March 31, 2022 As of December 31, 2021 Notional Asset Liability Notional Asset Liability Interest rate lock commitments $ 275,196 $ 3,569 $ — $ 268,878 $ 7,514 $ — Forward delivery contracts 54,328 563 14 56,593 204 59 TBA mortgage backed securities 325,000 5,024 415 316,000 262 425 Other 49,664 41 1,998 9,232 216 1,657 Total $ 704,188 $ 9,197 $ 2,427 $ 650,703 $ 8,196 $ 2,141 |
Debt, net
Debt, net | 3 Months Ended |
Mar. 31, 2022 | |
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. As of March 31, 2022 Corporate debt Insurance Other Corporate Total Secured term credit agreements (LIBOR + 6.75%) (2) $ — $ — $ 112,500 $ 112,500 Preferred trust securities (LIBOR + 4.10%) 35,000 — — 35,000 8.50% Junior subordinated notes 125,000 — — 125,000 Total corporate debt 160,000 — 112,500 272,500 Asset based debt (3) Asset based revolving financing (LIBOR + 2.75%) 48,551 — — 48,551 Residential mortgage warehouse borrowings (LIBOR + 1.88% to 3.00%) (2)(3) — 67,990 — 67,990 Vessel backed term loan (LIBOR + 4.75%) — 13,050 — 13,050 Total asset based debt 48,551 81,040 — 129,591 Total debt, face value 208,551 81,040 112,500 402,091 Unamortized discount, net — — (1,323) (1,323) Unamortized deferred financing costs (8,180) (983) (279) (9,442) Total debt, net $ 200,371 $ 80,057 $ 110,898 $ 391,326 As of December 31, 2021 Corporate debt Insurance Other Corporate Total Secured revolving credit agreements (1) $ 2,160 $ — $ — $ 2,160 Secured term credit agreements (LIBOR + 6.75%) (2) — — 114,063 114,063 Preferred trust securities (LIBOR + 4.10%) 35,000 — — 35,000 8.50% Junior subordinated notes 125,000 — — 125,000 Total corporate debt 162,160 — 114,063 276,223 Asset based debt (3) Asset based revolving financing (LIBOR + 2.75%) 42,310 — — 42,310 Residential mortgage warehouse borrowings (LIBOR + 1.88% to 3.00%) (2)(3) — 72,518 — 72,518 Vessel backed term loan (LIBOR + 4.75%) — 13,600 — 13,600 Total asset based debt 42,310 86,118 — 128,428 Total debt, face value 204,470 86,118 114,063 404,651 Unamortized discount, net — — (1,458) (1,458) Unamortized deferred financing costs (8,474) (1,069) (301) (9,844) Total debt, net $ 195,996 $ 85,049 $ 112,304 $ 393,349 (1) The secured revolving credit agreements provide a two rate structure at the Company’s discretion; Prime +1.25% for swing loans and LIBOR + 2.25%. (2) Includes LIBOR floor of 1.00%. (3) The weighted average coupon rate for residential mortgage warehouse borrowings was 2.72% and 2.76% at March 31, 2022 and December 31, 2021, respectively. Includes LIBOR floor ranging from 0.50% to 1.00%. The following table presents the amount of interest expense the Company incurred on its debt for the following periods: Three Months Ended 2022 2021 Total Interest expense - corporate debt $ 5,876 $ 6,063 Total Interest expense - asset based debt 4,198 3,082 Interest expense on debt $ 10,074 $ 9,145 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: As of March 31, 2022 Remainder of 2022 $ 74,327 2023 57,001 2024 15,450 2025 95,313 2026 2027 and thereafter 160,000 Total $ 402,091 The following narrative is a summary of certain terms of our debt agreements for the period ended March 31, 2022: Corporate Debt Secured Revolving Credit Agreements As of March 31, 2022 and December 31, 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 March 31, 2022 was $200,000. Asset Based Debt Asset Backed Revolving Financing As of March 31, 2022, a total of $48,551 was outstanding under the under the borrowing related to our premium finance and service contract finance businesses in our insurance business. Residential Mortgage Warehouse Borrowings In April 2022, subsequent to the end of the quarter, the $60,000 warehouse line of credit was renewed and the maturity date was extended from April 2022 to April 2023. As of March 31, 2022 and December 31, 2021, a total of $67,990 and $72,518, respectively, was outstanding under such financing agreements. Vessel Backed Term Loan As of March 31, 2022 and December 31, 2021, the maximum borrowing capacity and borrowings outstanding were $13,050 and $13,600, respectively. As of March 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. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial InstrumentsThe 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 obtained from an independent pricing service using unobservable inputs 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 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 condensed 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. 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: As of March 31, 2022 Quoted prices in active markets Other significant Significant unobservable inputs Fair value Assets: Available for sale securities, at fair value: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ — $ 339,181 $ — $ 339,181 Obligations of state and political subdivisions — 53,171 — 53,171 Obligations of foreign governments — 2,475 — 2,475 Certificates of deposit 2,696 — — 2,696 Asset backed securities — 17,082 442 17,524 Corporate securities — 153,413 — 153,413 Total available for sale securities, at fair value 2,696 565,322 442 568,460 Loans, at fair value: Corporate loans — 5,060 14,053 19,113 Mortgage loans held for sale — 77,131 — 77,131 Total loans, at fair value — 82,191 14,053 96,244 Equity securities: Invesque 24,116 — — 24,116 Fixed income ETFs 51,718 — — 51,718 Other equity securities 37,653 — 7,408 45,061 Total equity securities 113,487 — 7,408 120,895 Other investments, at fair value: Corporate bonds — 34,700 — 34,700 Derivative assets 41 5,587 3,569 9,197 Other — — 896 896 Total other investments, at fair value 41 40,287 4,465 44,793 Mortgage servicing rights (1) — — 37,870 37,870 Total $ 116,224 $ 687,800 $ 64,238 $ 868,262 Liabilities: (2) Securities sold, not yet purchased $ 3,199 $ — $ — $ 3,199 Derivative liabilities — 2,427 — 2,427 Contingent consideration payable — — 200 200 Total $ 3,199 $ 2,427 $ 200 $ 5,826 (1) Included in other assets. (2) Included in other liabilities and accrued expenses. As of December 31, 2021 Quoted Other significant Significant unobservable inputs Fair value Assets: Available for sale securities, at fair value: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ — $ 351,178 $ — $ 351,178 Obligations of state and political subdivisions — 58,660 — 58,660 Obligations of foreign governments — 2,590 — 2,590 Certificates of deposit 2,696 — — 2,696 Asset backed securities — 16,832 615 17,447 Corporate securities — 144,877 — 144,877 Total available for sale securities, at fair value 2,696 574,137 615 577,448 Loans, at fair value: Corporate loans — 5,002 2,097 7,099 Mortgage loans held for sale — 98,484 — 98,484 Total loans, at fair value — 103,486 2,097 105,583 Equity securities: Invesque 34,814 — — 34,814 Fixed income ETFs 53,154 — — 53,154 Other equity securities 49,309 — 1,206 50,515 Total equity securities 137,277 — 1,206 138,483 Other investments, at fair value: Corporate bonds — 38,965 — 38,965 Derivative assets 113 569 7,514 8,196 Trade claims — — 19,737 19,737 Other — — 441 441 Total other investments, at fair value 113 39,534 27,692 67,339 Mortgage servicing rights (1) — — 29,833 29,833 Total $ 140,086 $ 717,157 $ 61,443 $ 918,686 Liabilities: (2) Securities sold, not yet purchased $ 242 $ — $ — $ 242 Derivative liabilities — 2,141 — 2,141 Contingent consideration payable — — 200 200 Total $ 242 $ 2,141 $ 200 $ 2,583 (1) Included in other assets. (2) Included in 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: For the Three Months Ended 2022 2021 Balance at January 1, $ 61,443 $ 33,455 Net realized and unrealized gains or losses included in: Earnings 7,009 7,015 OCI (173) 20 Origination of IRLCs 15,613 26,347 Purchases — 568 Sales and repayments (1,233) (1,743) Conversions to mortgage loans held for sale (19,558) (27,270) Settlement of trade claims (18,709) — Issuance of term loans 12,486 — Issuance of equity securities 7,360 — Balance at March 31, $ 64,238 $ 38,392 Changes in unrealized gains (losses) included in earnings related to assets still held at period end $ (159) $ 2,390 Changes in unrealized gains (losses) included in OCI related to assets still held at period end $ (173) $ 20 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. As of As of March 31, December 31, Valuation technique Unobservable input(s) (1) March 31, December 31, Assets Fair Value Range WA Range WA IRLCs $ 3,569 $ 7,514 Internal model Pull through rate 55% to 95% 65% 55% to 95% 66% Mortgage servicing rights 37,870 29,833 External model Discount rate 9% to 12% 9% 10% to 12% 9% Cost to service $65 to $80 $71 $65 to $80 $71 Prepayment speed 5% to 80% 10% 5% to 100% 15% Trade claims — 19,737 Internal model Plan projected recovery rate N/A 15% to 18% 17% Equity securities 7,360 — Internal model Projected recovery rate 15% to 17% 16% N/A Corporate loans and related receivables 12,486 — Internal model Discount rate 18% to 20% 19% N/A Total $ 61,285 $ 57,084 Liabilities Contingent consideration payable - Smart AutoCare $ 200 $ 200 Cash Flow Model Forecast Cash EBITDA $20,000 to $30,000 N/A $20,000 to $30,000 N/A Actuarial Analysis Assumed Claim Liabilities $55,000 $55,000 Total $ 200 $ 200 (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: As of March 31, 2022 As of December 31, 2021 Level within Fair value Carrying value Level within Fair value Carrying value Assets: Debentures (1) 2 $ 21,783 $ 21,783 2 $ 21,057 $ 21,057 Notes receivable, net 2 99,264 99,264 2 89,788 89,788 Total assets $ 121,047 $ 121,047 $ 110,845 $ 110,845 Liabilities: Debt, net 3 $ 409,518 $ 400,768 3 $ 419,599 $ 403,193 Total liabilities $ 409,518 $ 400,768 $ 419,599 $ 403,193 (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 (6) 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 condensed 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 (6) Notes and Accounts Receivable, net. |
Liability for Unpaid Claims and
Liability for Unpaid Claims and Claim Adjustment Expenses | 3 Months Ended |
Mar. 31, 2022 | |
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: For the Three Months Ended 2022 2021 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 Less: reinsurance recoverable on unpaid losses - short duration (165,129) (113,163) Less: other lines, gross (576) (247) Net balance as of January 1, short duration 154,412 83,945 Incurred (short duration) related to: Current year 81,563 50,013 Prior years 1,161 (36) Total incurred 82,724 49,977 Paid (short duration) related to: Current year 42,706 36,498 Prior years 6,686 1,914 Total paid 49,392 38,412 Net balance as of March 31, short duration 187,744 95,510 Plus: reinsurance recoverable on unpaid losses - short duration 197,607 124,375 Plus: other lines, gross 658 786 Gross liabilities for unpaid losses and loss adjustment expenses 386,009 220,671 Plus: liabilities of policy-holder account balances, gross 273 5,120 Plus: non-insurance warranty benefit claim liabilities 7,595 25,532 Policy liabilities and unpaid claims balance as of March 31, $ 393,877 $ 251,323 The following schedule reconciles the total short duration contracts per the table above to the amount of total losses incurred as presented in the condensed consolidated statements of operations, excluding the amount for member benefit claims: Three Months Ended 2022 2021 Short duration incurred $ 82,724 $ 49,977 Other lines incurred 392 1 Unallocated loss adjustment expenses 160 273 Total losses incurred $ 83,276 $ 50,251 During the three months ended March 31, 2022 , the Company experienced an increase in prior year development of $1,161, 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. During the three months ended March 31, 2021 , the Company experienced a decrease in prior year development of $36. 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. |
Revenue From Contracts with Cus
Revenue From Contracts with Customers | 3 Months Ended |
Mar. 31, 2022 | |
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: Three Months Ended 2022 2021 Service and Administrative Fees: Service contract revenue $ 43,213 $ 33,068 Motor club revenue 12,558 9,184 Vessel related revenue 8,862 5,699 Other 2,121 5,364 Revenue from contracts with customers $ 66,754 $ 53,315 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 at March 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: January 1, 2022 March 31, 2022 Beginning balance Additions Amortization Ending balance Deferred acquisition costs Service and Administrative Fees: Service contract revenue $ 110,220 $ 28,906 $ 9,762 $ 129,364 Motor club revenue 19,424 9,416 9,997 18,843 Total $ 129,644 $ 38,322 $ 19,759 $ 148,207 Deferred revenue Service and Administrative Fees: Service contract revenue $ 470,399 $ 68,305 $ 43,213 $ 495,491 Motor club revenue 24,870 12,386 12,558 24,698 Total $ 495,269 $ 80,691 $ 55,771 $ 520,189 For the periods presented, no write-offs for unrecoverable deferred acquisition costs and deferred revenue were recognized. |
Other Assets and Other Liabilit
Other Assets and Other Liabilities and Accrued Expenses | 3 Months Ended |
Mar. 31, 2022 | |
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 condensed consolidated balance sheets: As of March 31, December 31, 2021 Loans eligible for repurchase $ 27,686 $ 36,732 Mortgage servicing rights 37,870 29,833 Right of use asset - Operating leases 25,102 23,870 Income tax receivable 19,492 19,824 Furniture, fixtures and equipment, net 14,650 14,878 Prepaid expenses 9,697 10,722 Other 12,720 10,985 Total other assets $ 147,217 $ 146,844 The following table presents the depreciation expense related to furniture, fixtures and equipment for the following periods: Three Months Ended 2022 2021 Depreciation expense related to furniture, fixtures and equipment $ 838 $ 777 Other Liabilities and Accrued Expenses The following table presents the components of other liabilities and accrued expenses as reported in the condensed consolidated balance sheets: As of March 31, December 31, 2021 Accounts payable and accrued expenses $ 154,131 $ 149,816 Loans eligible for repurchase liability 27,686 36,732 Deferred tax liabilities, net 34,335 40,049 Operating lease liability 33,185 29,396 Due to brokers 44 10,763 Commissions payable 16,788 20,412 Securities sold, not yet purchased 3,199 242 Other 22,747 19,126 Total other liabilities and accrued expenses $ 292,115 $ 306,536 |
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 condensed consolidated balance sheets: As of March 31, December 31, 2021 Loans eligible for repurchase $ 27,686 $ 36,732 Mortgage servicing rights 37,870 29,833 Right of use asset - Operating leases 25,102 23,870 Income tax receivable 19,492 19,824 Furniture, fixtures and equipment, net 14,650 14,878 Prepaid expenses 9,697 10,722 Other 12,720 10,985 Total other assets $ 147,217 $ 146,844 The following table presents the depreciation expense related to furniture, fixtures and equipment for the following periods: Three Months Ended 2022 2021 Depreciation expense related to furniture, fixtures and equipment $ 838 $ 777 Other Liabilities and Accrued Expenses The following table presents the components of other liabilities and accrued expenses as reported in the condensed consolidated balance sheets: As of March 31, December 31, 2021 Accounts payable and accrued expenses $ 154,131 $ 149,816 Loans eligible for repurchase liability 27,686 36,732 Deferred tax liabilities, net 34,335 40,049 Operating lease liability 33,185 29,396 Due to brokers 44 10,763 Commissions payable 16,788 20,412 Securities sold, not yet purchased 3,199 242 Other 22,747 19,126 Total other liabilities and accrued expenses $ 292,115 $ 306,536 |
Other Revenue and Other Expense
Other Revenue and Other Expenses | 3 Months Ended |
Mar. 31, 2022 | |
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 condensed 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. Three Months Ended 2022 2021 Other investment income (1) $ 16,705 $ 12,733 Other (2) 5,039 1,823 Total other revenue $ 21,744 $ 14,556 (1) See Note (5) Investments for the components of Other investment income. (2) Includes $3,216 and $2,129 for the three months ended March 31, 2022 and 2021, respectively, related to Insurance. Other Expenses The following table presents the components of other expenses as reported in the condensed consolidated statement of operations: Three Months Ended 2022 2021 General and administrative $ 4,039 $ 8,003 Professional fees 6,283 5,440 Premium taxes 5,057 4,936 Mortgage origination expenses 4,602 4,195 Rent and related 4,359 4,136 Operating expenses from vessels 3,602 2,781 Other 3,234 1,876 Total other expenses $ 31,176 $ 31,367 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
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. There were no repurchases made during the three months ended March 31, 2022. As of March 31, 2022, the remaining repurchase authorization was $13,669. Warrants In March 2022, warrants were exercised for 492,295 shares of Tiptree common stock. As of March 31, 2022, there were warrants for 1,535,109 shares of Tiptree common stock outstanding at an exercise price of $6.95. Dividends The Company declared cash dividends per share for the following periods presented below: Dividends per share for the Three Months Ended March 31, 2022 2021 First quarter (1) $ 0.04 $ 0.04 (1) See Note (23) Subsequent Events for when the dividend was declared. 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 March 31, 2022 and December 31, 2021. 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 condensed consolidated financial statements. There were no dividends paid to the Company by its U.S. domiciled insurance company subsidiaries for the years ended March 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: As of March 31, December 31, 2021 Amount available for ordinary dividends of the Company's insurance company subsidiaries $ 35,145 $ 18,519 At March 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 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table presents the activity of AFS securities in accumulated other comprehensive income (loss) (AOCI), net of tax, for the following periods: Total AOCI Amount attributable to non-controlling interests Total AOCI to Tiptree Inc. Balance at December 31, 2020 $ 5,702 $ (28) $ 5,674 Other comprehensive income (losses) before reclassifications (2,995) 11 (2,984) Amounts reclassified from AOCI (98) — (98) OCI (3,093) 11 (3,082) Balance at March 31, 2021 $ 2,609 $ (17) $ 2,592 Balance at December 31, 2021 $ (2,686) $ 1 $ (2,685) Other comprehensive income (losses) before reclassifications (20,557) 50 (20,507) Amounts reclassified from AOCI 86 — 86 OCI (20,471) 50 (20,421) Balance at March 31, 2022 $ (23,157) $ 51 $ (23,106) The following table presents the reclassification adjustments out of AOCI included in net income and the impacted line items on the condensed consolidated statement of operations for the following periods: Three Months Ended Affected line item in consolidated statements of operations Components of AOCI 2022 2021 Unrealized gains (losses) on available for sale securities $ (110) $ 128 Net realized and unrealized gains (losses) Related tax (expense) benefit 24 (30) Provision for income tax Net of tax $ (86) $ 98 |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
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. 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: 2017 Equity Plan Number of shares (1) Available for issuance as of December 31, 2021 2,344,814 RSU, stock and option awards granted (211,246) Forfeited 528 Available for issuance as of March 31, 2022 2,134,096 (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 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, and 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: Number of shares issuable Weighted average grant date fair value Unvested units as of December 31, 2021 599,012 $ 6.59 Granted 211,246 13.01 Vested (308,723) 6.72 Forfeited (528) 6.26 Unvested units as of March 31, 2022 501,007 $ 9.63 The following tables present the detail of the granted and vested RSUs and stock awards for the periods indicated: For the Three Months Ended March 31, For the Three Months Ended March 31, Granted 2022 2021 Vested 2022 2021 Directors 8,418 25,381 Directors 8,418 25,381 Employees (1) 202,828 — Employees 300,305 354,133 Total Granted 211,246 25,381 Total Vested 308,723 379,514 Taxes (47,274) (34,828) Net Vested 261,449 344,686 (1) Includes 94,410 shares that vest ratably over three years and 108,418 shares that cliff vest in February 2025 for the three months ended March 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. 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 March 31, 2022, 3,266,667 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 $19.88 as adjusted for cumulative dividends paid to date). Original Tiptree Share Price Target Number of PRSUs that Vest $20 466,667 $30 700,000 $45 933,333 $60 1,166,667 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 March 31, 2022, the Company does not have sufficient shares available in the 2017 Equity Plan to settle the PRSUs awarded; as such, the PRSUs are classified as liability awards and will be remeasured at each reporting date until the date of settlement, and expensed using the straight-line method over the requisite service period. The fair value of the PRSUs are estimated on the date of grant and at each subsequent reporting date 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 is 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 is 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 as of March 31, 2022, which were granted in 2021 and classified as liability awards. Valuation Input For the Three Months Ended March 31, 2022 Assumption Historical volatility 38.29% Risk-free rate 2.40% Dividend yield 1.21% Cost of equity 10.64% Expected term (years) 6 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, such vested awards may be exchanged based on a formula which approximates 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: Grant date fair value of equity shares issuable Unvested balance as of December 31, 2021 $ 2,234 Granted 160 Vested (935) Performance assumption adjustment 80 Unvested balance as of March 31, 2022 $ 1,539 The net vested balance of subsidiary awards eligible for exchange as of March 31, 2022 translates to 1,778,134 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 three four During the year ended December 31, 2021, book value targets for all outstanding options were achieved. The fair value option grants are estimated on the date of grant 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. Historical volatility was computed based on historical daily returns of the Company’s stock between the grant date and July 1, 2013, the date of the business combination through which Tiptree became a public company. The valuation is 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 grant date. The current quarterly dividend rates in effect as of the date of the grant are used to calculate a spot dividend yield as of the date of grant for use in the model. There were no stock option awards granted in 2022 or 2021. The following table presents the assumptions used to estimate the fair values of the stock options granted in 2020. Valuation Input (1) For the Year Ended Assumption Average Historical volatility 27.60% N/A Risk-free rate 1.51% N/A Dividend yield 2.20% N/A Expected term (years) 7.0 (1) Not applicable for the three months ended March 31, 2022 as there were no new grants during the period. The following table presents the Company's stock option activity for the current period: 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 1,715,619 $ 6.49 $ 2.29 712,542 Balance, March 31, 2022 1,715,619 $ 6.49 $ 2.29 712,542 Weighted average remaining contractual term at March 31, 2022 (in years) 5.9 Stock Based Compensation Expense The following table presents total stock based compensation expense and the related income tax benefit recognized on the condensed consolidated statements of operations: Three Months Ended 2022 2021 Employee compensation and benefits (1) $ 6,041 $ 955 Director compensation 119 110 Income tax benefit (1,294) (224) Net stock based compensation expense $ 4,866 $ 841 (1) Includes $2,303 related to liability awards recorded in other liabilities as of March 31, 2022. Additional information on total non-vested stock based compensation is as follows: As of March 31, 2022 Stock options Restricted stock awards and RSUs Performance Restricted Stock Units Unrecognized compensation cost related to non-vested awards $ 64 $ 1,141 $ 14,859 Weighted - average recognition period (in years) 0.62 0.92 1.2 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
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): Three Months Ended 2022 2021 Total income tax expense (benefit) $ (86) $ 8,752 Effective tax rate (ETR) 9.0 % (1) 22.2 % (2) (1) Lower than the U.S. federal statutory income tax rate of 21%, primarily from the impact of non-deductible expenses and other discrete items. (2) Higher than the U.S. federal statutory income tax rate of 21%, due to the effect of state taxes and other discrete items. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (20) Commitments and Contingencies The following table presents rent expense for the Company’s office leases recorded on the condensed consolidated statements of operations for the following periods: Three Months Ended 2022 2021 Rent expense for office leases (1) $ 2,289 $ 2,195 (1) Includes lease expense of $110 and $153 for the three months ended March 31, 2022 and 2021, respectively, for assets held for sale. Litigation The Company is a defendant in Mullins v. Southern Financial Life Insurance Co., which was filed in February 2006, in the Pike County Circuit Court, in the Commonwealth of Kentucky. A class was certified in June 2010. At issue is whether the coverage period of certain credit disability and life insurance policies issued in Kentucky were limited by the term of the associated loan. The action alleges violations of the Kentucky Consumer Protection Act and certain insurance statutes, common law fraud and breach of contract and the covenant of good faith and fair dealing. Plaintiffs seek compensatory and punitive damages, attorneys’ fees and interest. In July 2021, the court entered an Order granting Plaintiffs’ Motion for Partial Summary Judgment as to certain disability policies, ruling that if a class member became disabled during the coverage period, benefits could extend beyond the coverage period until the associated loan was paid off. The Company intends to challenge the court’s ruling. In February 2022, a hearing was held on competing motions for partial summary judgment on the principal claims. A hearing for Plaintiffs’ Motion for Sanctions for Spoliation of Evidence is scheduled for June 9, 2022. The court has not yet ruled on the pending motions. No additional hearings are scheduled and a trial date has not been set. 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. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
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: Three Months Ended 2022 2021 Net income (loss) $ (866) $ 30,640 Less: Net income (loss) attributable to non-controlling interests 94 2,059 Net income allocated to participating securities — 602 Net income (loss) attributable to Tiptree Inc. common shares - basic (960) 27,979 Effect of Dilutive Securities: Securities of subsidiaries — (574) Adjustments to income relating to exchangeable interests, net of tax — 1,961 Net income (loss) attributable to Tiptree Inc. common shares - diluted $ (960) $ 29,366 Weighted average number of shares of common stock outstanding - basic 34,229,011 32,420,982 Weighted average number of incremental shares of common stock issuable from exchangeable interests and contingent considerations — 3,763,037 Weighted average number of shares of common stock outstanding - diluted 34,229,011 36,184,019 Basic net income (loss) attributable to common shares $ (0.03) $ 0.86 Diluted net income (loss) attributable to common shares $ (0.03) $ 0.81 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party TransactionsCorvid 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 a fund managed by Corvid Peak (the “Corvid Peak Fund”) 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 Fund and IAA, the Company incurred $768 and $308 of management and incentive fees for the three months ended March 31, 2022 and 2021, 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 January 1, 2022, Tiptree’s percentage interest increased to 21.95% (including interests acquired from former Corvid Peak equity holders). 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 three months ended March 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, office space and 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 three months ended March 31, 2022 and 2021 were not material. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn May 3, 2022, the Company’s board of directors declared a quarterly cash dividend of $0.04 per share to holders of common stock with a record date of May 23, 2022, and a payment date of May 31, 2022. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | The accompanying unaudited condensed consolidated financial statements of Tiptree have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) and include the accounts of the Company and its subsidiaries. The condensed consolidated financial statements are presented in U.S. dollars, the main operating currency of the Company. The unaudited condensed consolidated financial statements presented herein should be read in conjunction with the annual audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. In the opinion of management, the accompanying unaudited interim financial information reflects all adjustments, including normal recurring adjustments necessary to present fairly the Company’s financial position, results of operations, comprehensive income and cash flows for each of the interim periods presented. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the full year ending on December 31, 2022.Non-controlling interests on the condensed consolidated balance sheets 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. |
Recent Accounting Standards | Recently Adopted Accounting Pronouncements Standard Description Adoption Date Impact on Financial Statements Accounting Standard Updates (ASU) 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. The ASU 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 standard makes changes to the accounting for convertible instruments, which the Company does not currently issue, so the adoption of the standard does not currently impact the Company’s condensed consolidated financial statements. Recently Issued Accounting Pronouncements, Not Yet Adopted During the three months ended March 31, 2022, there were no accounting standards issued applicable to the Company. |
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, The Fortegra Group, LLC and its subsidiaries (Fortegra), is a leading provider of specialty insurance, service contract products and related service solutions. Based on the ASC 280 quantitative analysis performed as of December 31, 2021, our reportable segments are 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 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 includes Fortegra Financial Corporation and Fortegra Warranty. Fortegra is a leading provider of specialty insurance products and related services. Fortegra designs, markets and underwrites specialty commercial and personal 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 origination 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 our held-for-sale mortgage operations (Luxury). |
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 classified by underlying credit risk and interest rate risk. In addition, the Company is also subject to additional counterparty risk should its counterparties fail to meet the contract terms. The derivative financial instruments are reported in other investments. Derivative liabilities are reported within other liabilities and accrued expenses. Derivatives, at fair value Interest Rate Lock Commitments The Company enters into interest rate lock commitments (“IRLCs”) with customers in connection with its mortgage banking activities to fund residential mortgage loans with certain terms at specified times in the future. IRLCs that relate to the origination of mortgage loans that will be classified as held-for-sale are considered derivative instruments under applicable accounting guidance. As such, these IRLCs are recorded at fair value with changes in fair value typically resulting in recognition of a gain when the Company enters into IRLCs. In estimating the fair value of an IRLC, the Company assigns a probability that the loan commitment will be exercised and the loan will be funded (“pull through”). The fair value of the commitments is derived from the fair value of related mortgage loans, net of estimated costs to complete. Outstanding IRLCs expose the Company to the risk that the price of the loans underlying the commitments might decline from inception of the rate lock to funding of the loan. To manage this risk, the Company utilizes forward delivery contracts and to be announced (“TBA”) mortgage backed securities to economically hedge the risk of potential changes in the value of the loans that would result from the commitments. Forward Delivery Contracts and TBA Mortgage Backed Securities The Company enters into forward delivery contracts with loan aggregators and other investors as one of the tools to manage the interest rate risk associated with IRLCs and loans held for sale. In addition, the Company enters into TBA mortgage backed securities which facilitate hedging and funding by allowing the Company to prearrange prices for mortgages that are in the process of originating. The Company utilizes these hedging instruments for Agency (Fannie Mae and Freddie Mac) and FHA/VA (Ginnie Mae) eligible IRLCs. |
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 obtained from an independent pricing service using unobservable inputs 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 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 condensed 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. 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 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 (6) 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 condensed 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 (6) Notes and Accounts Receivable, net. |
Deferred Revenue and Revenue Recognition | 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 at March 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. |
Assets and Liabilities Held f_2
Assets and Liabilities Held for Sale (Tables) | 3 Months Ended |
Mar. 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 condensed consolidated balance sheets for the following periods: As of March 31, December 31, 2021 Assets: Investments: Loans, at fair value $ 106,429 $ 236,810 Other investments 2,835 2,071 Total investments 109,264 238,881 Cash, cash equivalents and restricted cash 12,549 9,360 Notes and accounts receivable, net 336 157 Other assets 2,037 2,210 Assets held for sale $ 124,186 $ 250,608 Liabilities: Debt, net $ 105,376 $ 227,973 Other liabilities and accrued expenses (1) 11,957 15,021 Liabilities held for sale $ 117,333 $ 242,994 (1) Includes deferred tax liabilities of $430 and $659 as of March 31, 2022 and December 31, 2021, respectively. As of March 31, Assets: Investments: Other investments $ 13,364 Total investments 13,364 Other assets 701 Assets held for sale $ 14,065 |
Segment Data (Tables)
Segment Data (Tables) | 3 Months Ended |
Mar. 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: Three Months Ended March 31, 2022 Tiptree Capital Insurance Mortgage Other Total Total revenues $ 282,529 $ 25,401 $ 16,973 $ 324,903 Total expenses (267,847) (21,135) (24,624) (313,606) Corporate expenses — — — (12,249) Income (loss) before taxes $ 14,682 $ 4,266 $ (7,651) $ (952) Less: provision (benefit) for income taxes (86) Net income (loss) $ (866) Less: net income (loss) attributable to non-controlling interests 94 Net income (loss) attributable to common stockholders $ (960) Three Months Ended March 31, 2021 Tiptree Capital Insurance Mortgage Other Total Total revenues $ 222,563 $ 34,494 $ 37,631 $ 294,688 Total expenses (201,035) (21,417) (22,637) (245,089) Corporate expenses — — — (10,207) Income (loss) before taxes $ 21,528 $ 13,077 $ 14,994 $ 39,392 Less: provision (benefit) for income taxes 8,752 Net income (loss) $ 30,640 Less: net income (loss) attributable to non-controlling interests 2,059 Net income (loss) attributable to common stockholders $ 28,581 The following table presents the reportable segments and Tiptree Capital - Other assets for the following periods: As of March 31, 2022 As of December 31, 2021 Tiptree Capital Tiptree Capital Insurance Mortgage Other Corporate Total Insurance Mortgage Other Corporate Total Total assets $ 3,168,813 $ 182,828 $ 248,852 $ (295) $ 3,600,198 $ 3,002,152 $ 201,134 $ 384,564 $ 11,297 $ 3,599,147 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: As of March 31, 2022 Tiptree Capital Insurance Mortgage Other Total Available for sale securities, at fair value, net of allowance for credit losses $ 568,460 $ — $ — $ 568,460 Loans, at fair value 19,113 77,131 — 96,244 Equity securities 100,946 — 19,949 120,895 Other investments 56,523 9,156 66,626 132,305 Total investments $ 745,042 $ 86,287 $ 86,575 $ 917,904 As of December 31, 2021 Tiptree Capital Insurance Mortgage Other Total Available for sale securities, at fair value, net of allowance for credit losses $ 577,448 $ — $ — $ 577,448 Loans, at fair value 7,099 98,484 — 105,583 Equity securities 109,684 — 28,799 138,483 Other investments 79,975 7,981 80,700 168,656 Total investments $ 774,206 $ 106,465 $ 109,499 $ 990,170 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 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: Three Months Ended March 31, 2022 Tiptree Capital Insurance Mortgage Other Total Total revenues $ 282,529 $ 25,401 $ 16,973 $ 324,903 Total expenses (267,847) (21,135) (24,624) (313,606) Corporate expenses — — — (12,249) Income (loss) before taxes $ 14,682 $ 4,266 $ (7,651) $ (952) Less: provision (benefit) for income taxes (86) Net income (loss) $ (866) Less: net income (loss) attributable to non-controlling interests 94 Net income (loss) attributable to common stockholders $ (960) Three Months Ended March 31, 2021 Tiptree Capital Insurance Mortgage Other Total Total revenues $ 222,563 $ 34,494 $ 37,631 $ 294,688 Total expenses (201,035) (21,417) (22,637) (245,089) Corporate expenses — — — (10,207) Income (loss) before taxes $ 21,528 $ 13,077 $ 14,994 $ 39,392 Less: provision (benefit) for income taxes 8,752 Net income (loss) $ 30,640 Less: net income (loss) attributable to non-controlling interests 2,059 Net income (loss) attributable to common stockholders $ 28,581 The following table presents the reportable segments and Tiptree Capital - Other assets for the following periods: As of March 31, 2022 As of December 31, 2021 Tiptree Capital Tiptree Capital Insurance Mortgage Other Corporate Total Insurance Mortgage Other Corporate Total Total assets $ 3,168,813 $ 182,828 $ 248,852 $ (295) $ 3,600,198 $ 3,002,152 $ 201,134 $ 384,564 $ 11,297 $ 3,599,147 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: As of March 31, 2022 Tiptree Capital Insurance Mortgage Other Total Available for sale securities, at fair value, net of allowance for credit losses $ 568,460 $ — $ — $ 568,460 Loans, at fair value 19,113 77,131 — 96,244 Equity securities 100,946 — 19,949 120,895 Other investments 56,523 9,156 66,626 132,305 Total investments $ 745,042 $ 86,287 $ 86,575 $ 917,904 As of December 31, 2021 Tiptree Capital Insurance Mortgage Other Total Available for sale securities, at fair value, net of allowance for credit losses $ 577,448 $ — $ — $ 577,448 Loans, at fair value 7,099 98,484 — 105,583 Equity securities 109,684 — 28,799 138,483 Other investments 79,975 7,981 80,700 168,656 Total investments $ 774,206 $ 106,465 $ 109,499 $ 990,170 |
Schedule of available-for-sale securities | The following tables present the Company's investments in AFS securities: As of March 31, 2022 Amortized cost Allowance for Credit Losses (1) Gross Gross Fair value U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 355,764 $ — $ 74 $ (16,657) $ 339,181 Obligations of state and political subdivisions 55,460 (1) 171 (2,459) 53,171 Corporate securities 161,568 (263) 80 (7,972) 153,413 Asset backed securities 20,231 — 4 (2,711) 17,524 Certificates of deposit 2,696 — — — 2,696 Obligations of foreign governments 2,645 (3) — (167) 2,475 Total $ 598,364 $ (267) $ 329 $ (29,966) $ 568,460 As of December 31, 2021 Amortized cost Allowance for Credit Losses (1) Gross Gross Fair value U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 352,288 $ — $ 2,087 $ (3,197) $ 351,178 Obligations of state and political subdivisions 57,923 — 1,050 (313) 58,660 Corporate securities 145,997 (241) 517 (1,396) 144,877 Asset backed securities 19,511 — 82 (2,146) 17,447 Certificates of deposit 2,696 — — — 2,696 Obligations of foreign governments 2,649 (4) 3 (58) 2,590 Total $ 581,064 $ (245) $ 3,739 $ (7,110) $ 577,448 (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. |
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. As of March 31, 2022 December 31, 2021 Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 40,298 $ 40,331 $ 41,033 $ 41,150 Due after one year through five years 284,784 272,909 269,487 268,537 Due after five years through ten years 50,081 46,659 52,561 52,000 Due after ten years 202,970 191,037 198,472 198,314 Asset backed securities 20,231 17,524 19,511 17,447 Total $ 598,364 $ 568,460 $ 581,064 $ 577,448 |
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: As of March 31, 2022 Less Than or Equal to One Year More Than One Year Fair value Gross # of Securities (1) Fair value Gross unrealized losses # of Securities (1) U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 276,483 $ (13,589) 524 $ 35,661 $ (3,068) 119 Obligations of state and political subdivisions 26,377 (2,227) 93 2,828 (232) 18 Corporate securities 123,495 (6,572) 430 17,396 (1,400) 72 Asset backed securities 11,066 (414) 67 3,800 (2,297) 7 Certificates of deposit 1,339 — 2 — — — Obligations of foreign governments 1,344 (71) 5 1,131 (96) 4 Total $ 440,104 $ (22,873) 1,121 $ 60,816 $ (7,093) 220 As of December 31, 2021 Less Than or Equal to One Year More Than One Year Fair value Gross # of Securities (1) Fair value Gross unrealized losses # of Securities (1) U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 216,378 $ (2,827) 324 $ 11,920 $ (370) 47 Obligations of state and political subdivisions 17,190 (275) 64 1,152 (38) 5 Corporate securities 99,434 (1,159) 326 9,722 (237) 45 Asset backed securities 7,454 (84) 38 2,316 (2,062) 5 Certificates of deposit 1,339 — 2 — — — Obligations of foreign governments 2,278 (58) 8 — — — Total $ 344,073 $ (4,403) 762 $ 25,110 $ (2,707) 102 (1) Presented in whole numbers. |
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 March 31, 2022: 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 — (101) — (5) (106) Balance at March 31, 2021 $ — $ (101) $ — $ (5) $ (106) Balance at December 31, 2021 $ — $ (241) $ — $ (4) $ (245) (Increase) in allowance for credit losses (1) (47) — — (48) Gains from recoveries of amounts previously written off — 25 — 1 26 Balance at March 31, 2022 $ (1) $ (263) $ — $ (3) $ (267) 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: Three Months Ended 2022 2021 Net gains from recoveries (credit losses) on AFS securities (22) (106) |
Schedule of restricted investments | The following table presents the Company's restricted investments included in the Company's AFS securities: As of March 31, December 31, 2021 Fair value of restricted investments in trust pursuant to reinsurance agreements $ 40,099 $ 42,471 Fair value of restricted investments for special deposits required by state insurance departments 9,754 7,189 Total fair value of restricted investments $ 49,853 $ 49,660 |
Schedule of AFS securities additional information | The following table presents additional information on the Company’s AFS securities: Three Months Ended 2022 2021 Purchases of AFS securities $ 55,142 $ 68,702 Proceeds from maturities, calls and prepayments of AFS securities $ 20,242 $ 17,740 Gross proceeds from sales of AFS securities $ 16,970 $ 13,645 The following table presents the gross realized gains and gross realized losses from sales and redemptions of AFS securities: Three Months Ended 2022 2021 Gross realized gains $ 74 $ 128 Gross realized (losses) (184) — Total net realized gains (losses) from investment sales and redemptions $ (110) $ 128 |
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: As of March 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) $ 19,113 $ 21,292 $ (2,179) $ — $ 7,099 $ 10,156 $ (3,057) $ — Mortgage: Mortgage loans held for sale (2) 77,131 77,028 103 74,768 98,484 95,264 3,220 95,542 Total loans, at fair value $ 96,244 $ 98,320 $ (2,076) $ 74,768 $ 105,583 $ 105,420 $ 163 $ 95,542 (1) The cost basis of Corporate loans was approximately $21,283 and $9,094 at March 31, 2022 and December 31, 2021, respectively. (2) 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. As of March 31, 2022, there were no mortgage loans held for sale that were 90 days or more past due. The following table presents the total notes and accounts receivable, net: As of March 31, December 31, 2021 Accounts and premiums receivable, net $ 179,002 $ 137,082 Retrospective commissions receivable 167,657 157,853 Notes receivable, net - premium financing program 99,264 89,788 Trust receivables 45,503 41,889 Other receivables 44,707 27,757 Total notes and accounts receivable, net $ 536,133 $ 454,369 The following table presents the total valuation allowance and bad debt expense for the following periods: Valuation allowance Bad Debt Expense As of Three Months Ended March 31, 2022 December 31, 2022 2021 Notes receivable, net - premium financing program (1) $ 95 $ 123 $ 62 $ 80 Accounts and premiums receivable, net $ 116 $ 120 $ 8 $ 4 (1) As of March 31, 2022 and December 31, 2021, there were $169 and $1,311 in balances classified as 90 days plus past due, respectively. |
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: As of March 31, 2022 Insurance Tiptree Capital - Other Total Cost Fair Value Cost Fair Value Cost Fair Value Invesque $ 23,339 $ 4,167 $ 111,491 $ 19,949 $ 134,830 $ 24,116 Fixed income exchange traded fund 52,176 51,718 — — 52,176 51,718 Other equity securities 40,845 45,061 — — 40,845 45,061 Total equity securities $ 116,360 $ 100,946 $ 111,491 $ 19,949 $ 227,851 $ 120,895 As of December 31, 2021 Insurance Tiptree Capital - Other Total Cost Fair Value Cost Fair Value Cost Fair Value Invesque $ 23,339 $ 6,015 $ 111,491 $ 28,799 $ 134,830 $ 34,814 Fixed income exchange traded fund 52,176 53,154 — — 52,176 53,154 Other equity securities 49,664 50,515 — — 49,664 50,515 Total equity securities $ 125,179 $ 109,684 $ 111,491 $ 28,799 $ 236,670 $ 138,483 |
Schedule of other investments | The following table contains information regarding the Company’s other investments as of the following periods: As of March 31, 2022 Tiptree Capital Insurance Mortgage Other Total Corporate bonds, at fair value (1) $ 34,700 $ — $ — $ 34,700 Vessels, net (2) — — 65,307 65,307 Debentures 21,783 — — 21,783 Other 40 9,156 1,319 10,515 Total other investments $ 56,523 $ 9,156 $ 66,626 $ 132,305 As of December 31, 2021 Tiptree Capital Insurance Mortgage Other Total Corporate bonds, at fair value (1) $ 38,965 $ — $ — $ 38,965 Vessels, net (2) — — 79,368 79,368 Debentures 21,057 — — 21,057 Trade claims 19,737 — — 19,737 Other 216 7,981 1,332 9,529 Total other investments $ 79,975 $ 7,981 $ 80,700 $ 168,656 (1) The cost basis of corporate bonds was $33,729 and $36,436 as of March 31, 2022 and December 31, 2021, respectively. (2) Net of accumulated depreciation of $11,556 and $13,059 as of March 31, 2022 and December 31, 2021, respectively. |
Components of investment income | The following table presents the components of net investment income by source of income: Three Months Ended 2022 2021 Interest: AFS securities $ 2,199 $ 1,724 Loans, at fair value 167 205 Other investments 1,340 1,282 Dividends from equity securities 588 89 Other — 20 Subtotal 4,294 3,320 Less: investment expenses 1,127 553 Net investment income $ 3,167 $ 2,767 Three Months Ended 2022 2021 Interest: Loans, at fair value (1) $ 2,307 $ 1,672 Loan fee income 5,536 5,362 Vessel related revenue 8,862 5,699 Other investment income $ 16,705 $ 12,733 |
Components of net realized and unrealized gain (losses) | The following table presents the components of net realized and unrealized gains (losses) recorded on the condensed 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: Three Months Ended 2022 2021 Net realized gains (losses) Insurance: Reclass of unrealized gains (losses) on AFS securities from OCI $ (110) $ 128 Net gains from recoveries (credit losses) on AFS securities (22) (106) Net realized gains (losses) on loans 93 — Net realized gains (losses) on equity securities (2,483) (1,853) Net realized gains (losses) on corporate bonds 913 1,816 Other (4,284) 2,577 Tiptree Capital Mortgage: Net realized gains (losses) on loans 13,418 24,733 Other 4,066 965 Other: Net realized gains (losses) on loans (1) 14,740 13,887 Other 441 669 Total net realized gains (losses) 26,772 42,816 Net unrealized gains (losses) Insurance: Net change in unrealized gains (losses) on loans (268) 856 Net unrealized gains (losses) on equity securities held at period end (2,161) 11,087 Reclass of unrealized (gains) losses from prior periods for equity securities sold 1,815 (1,211) Other (136) (3,622) Tiptree Capital Mortgage: Net change in unrealized gains (losses) on loans (3,117) (1,642) Other 6,047 6,023 Other: Net change in unrealized gains (losses) on loans (1) (3,581) (1,900) Net unrealized gains (losses) on equity securities held at period end (8,850) 13,767 Other 683 3,197 Total net unrealized gains (losses) (9,568) 26,555 Total net realized and unrealized gains (losses) $ 17,204 $ 69,371 |
Notes and Accounts Receivable_2
Notes and Accounts Receivable, net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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: As of March 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) $ 19,113 $ 21,292 $ (2,179) $ — $ 7,099 $ 10,156 $ (3,057) $ — Mortgage: Mortgage loans held for sale (2) 77,131 77,028 103 74,768 98,484 95,264 3,220 95,542 Total loans, at fair value $ 96,244 $ 98,320 $ (2,076) $ 74,768 $ 105,583 $ 105,420 $ 163 $ 95,542 (1) The cost basis of Corporate loans was approximately $21,283 and $9,094 at March 31, 2022 and December 31, 2021, respectively. (2) 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. As of March 31, 2022, there were no mortgage loans held for sale that were 90 days or more past due. The following table presents the total notes and accounts receivable, net: As of March 31, December 31, 2021 Accounts and premiums receivable, net $ 179,002 $ 137,082 Retrospective commissions receivable 167,657 157,853 Notes receivable, net - premium financing program 99,264 89,788 Trust receivables 45,503 41,889 Other receivables 44,707 27,757 Total notes and accounts receivable, net $ 536,133 $ 454,369 The following table presents the total valuation allowance and bad debt expense for the following periods: Valuation allowance Bad Debt Expense As of Three Months Ended March 31, 2022 December 31, 2022 2021 Notes receivable, net - premium financing program (1) $ 95 $ 123 $ 62 $ 80 Accounts and premiums receivable, net $ 116 $ 120 $ 8 $ 4 (1) As of March 31, 2022 and December 31, 2021, there were $169 and $1,311 in balances classified as 90 days plus past due, respectively. |
Reinsurance Receivables (Tables
Reinsurance Receivables (Tables) | 3 Months Ended |
Mar. 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: Direct amount Ceded to other companies Assumed from other companies Net amount Percentage of amount - assumed to net Three Months Ended March 31, 2022 Premiums written: Life insurance $ 20,059 $ 8,394 $ 49 $ 11,714 0.4 % Accident and health insurance 34,838 23,545 249 11,542 2.2 % Property and liability insurance 299,164 156,189 98,471 241,446 40.8 % Total premiums written 354,061 188,128 98,769 264,702 37.3 % Premiums earned: Life insurance 19,940 10,126 168 9,982 1.7 % Accident and health insurance 36,058 24,551 332 11,839 2.8 % Property and liability insurance 257,480 141,416 70,531 186,595 37.8 % Total premiums earned $ 313,478 $ 176,093 $ 71,031 $ 208,416 34.1 % Direct amount Ceded to other companies Assumed from other companies Net amount Percentage of amount - assumed to net Three Months Ended March 31, 2021 Premiums written: Life insurance $ 18,573 $ 11,027 $ 410 $ 7,956 5.2 % Accident and health insurance 32,163 22,667 4,861 14,357 33.9 % Property and liability insurance 270,157 136,353 42,888 176,692 24.3 % Total premiums written 320,893 170,047 48,159 199,005 24.2 % Premiums earned: Life insurance 17,493 9,766 340 8,067 4.2 % Accident and health insurance 30,179 20,476 3,791 13,494 28.1 % Property and liability insurance 241,829 160,395 43,924 125,358 35.0 % Total premiums earned $ 289,501 $ 190,637 $ 48,055 $ 146,919 32.7 % The following table presents the components of policy and contract benefits, including the effect of reinsurance on losses and loss adjustment expenses (LAE) incurred: Direct amount Ceded to other companies Assumed from other companies Net amount Percentage of amount - assumed to net Three Months Ended March 31, 2022 Losses and LAE Incurred Life insurance $ 16,605 $ 8,782 $ 265 $ 8,088 3.3 % Accident and health insurance 9,988 7,748 1,171 3,411 34.3 % Property and liability insurance 110,376 76,946 38,347 71,777 53.4 % Total losses and LAE incurred 136,969 93,476 39,783 83,276 47.8 % Member benefit claims (1) 21,170 Total policy and contract benefits $ 104,446 Three Months Ended March 31, 2021 Losses and LAE Incurred Life insurance $ 15,596 $ 9,332 $ 153 $ 6,417 2.4 % Accident and health insurance 4,818 3,814 660 1,664 39.7 % Property and liability insurance 75,917 51,996 18,249 42,170 43.3 % Total losses and LAE incurred 96,331 65,142 19,062 50,251 37.9 % Member benefit claims (1) 16,923 Total policy and contract benefits $ 67,174 (1) Member benefit claims are not covered by reinsurance. The following table presents the components of the reinsurance receivables: As of March 31, December 31, 2021 Prepaid reinsurance premiums: Life insurance (1) $ 71,398 $ 73,478 Accident and health insurance (1) 80,515 81,521 Property and liability insurance 498,074 479,091 Total 649,987 634,090 Ceded claim reserves: Life insurance 3,935 3,928 Accident and health insurance 15,813 12,239 Property and liability insurance 178,490 148,962 Total ceded claim reserves recoverable 198,238 165,129 Other reinsurance settlements recoverable 101,727 81,617 Reinsurance receivables $ 949,952 $ 880,836 (1) Including policyholder account balances ceded. |
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: As of March 31, 2022 Total of the three largest receivable balances from non-affiliated reinsurers $ 126,831 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, net (Tables) | 3 Months Ended |
Mar. 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: As of March 31, 2022 As of December 31, 2021 Finite-Lived Intangible Assets: Insurance Other Total Insurance Other Total Customer relationships $ 143,300 $ — $ 143,300 $ 143,300 $ — $ 143,300 Accumulated amortization (49,552) — (49,552) (45,997) — (45,997) Trade names 14,750 800 15,550 14,750 800 15,550 Accumulated amortization (6,033) (540) (6,573) (5,633) (520) (6,153) Software licensing 9,300 640 9,940 9,300 640 9,940 Accumulated amortization (8,825) (617) (9,442) (8,790) (594) (9,384) Insurance policies and contracts acquired 36,500 — 36,500 36,500 — 36,500 Accumulated amortization (36,335) — (36,335) (36,320) — (36,320) Other 640 — 640 640 — 640 Accumulated amortization (160) — (160) (203) — (203) Total finite-lived intangible assets 103,585 283 103,868 107,547 326 107,873 Indefinite-Lived Intangible Assets: (1) Insurance licensing agreements 13,761 — 13,761 13,761 — 13,761 Other — 1,728 1,728 — 1,124 1,124 Total indefinite-lived intangible assets 13,761 1,728 15,489 13,761 1,124 14,885 Total intangible assets, net $ 117,346 $ 2,011 $ 119,357 $ 121,308 $ 1,450 $ 122,758 Goodwill 177,395 1,708 179,103 177,395 1,708 179,103 Total goodwill and intangible assets, net $ 294,741 $ 3,719 $ 298,460 $ 298,703 $ 3,158 $ 301,861 (1) Impairment tests are performed at least annually on indefinite-lived intangible assets. |
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: Tiptree Capital Insurance Other Total Balance at December 31, 2021 $ 177,395 $ 1,708 $ 179,103 Balance at March 31, 2022 $ 177,395 $ 1,708 $ 179,103 Accumulated impairments (1) $ — $ 699 $ 699 |
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: Insurance Other Total Balance at December 31, 2021 $ 121,308 $ 1,450 $ 122,758 Intangibles acquired — 604 604 Less: amortization expense (3,962) (43) (4,005) Balance at March 31, 2022 $ 117,346 $ 2,011 $ 119,357 |
Finite-lived Intangible Assets Amortization Expense | The following table presents the amortization expense on finite-lived intangible assets for the following periods: Three Months Ended March 31, 2022 2021 Amortization expense on intangible assets $ 4,005 $ 3,900 |
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: As of March 31, 2022 Insurance Other Total Remainder of 2022 $ 11,886 $ 83 $ 11,969 2023 15,031 80 15,111 2024 13,344 80 13,424 2025 11,229 40 11,269 2026 9,003 — 9,003 2027 and thereafter 43,092 — 43,092 Total $ 103,585 $ 283 $ 103,868 |
Derivative Financial Instrume_2
Derivative Financial Instruments and Hedging (Tables) | 3 Months Ended |
Mar. 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: As of March 31, 2022 As of December 31, 2021 Notional Asset Liability Notional Asset Liability Interest rate lock commitments $ 275,196 $ 3,569 $ — $ 268,878 $ 7,514 $ — Forward delivery contracts 54,328 563 14 56,593 204 59 TBA mortgage backed securities 325,000 5,024 415 316,000 262 425 Other 49,664 41 1,998 9,232 216 1,657 Total $ 704,188 $ 9,197 $ 2,427 $ 650,703 $ 8,196 $ 2,141 |
Debt, net (Tables)
Debt, net (Tables) | 3 Months Ended |
Mar. 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. As of March 31, 2022 Corporate debt Insurance Other Corporate Total Secured term credit agreements (LIBOR + 6.75%) (2) $ — $ — $ 112,500 $ 112,500 Preferred trust securities (LIBOR + 4.10%) 35,000 — — 35,000 8.50% Junior subordinated notes 125,000 — — 125,000 Total corporate debt 160,000 — 112,500 272,500 Asset based debt (3) Asset based revolving financing (LIBOR + 2.75%) 48,551 — — 48,551 Residential mortgage warehouse borrowings (LIBOR + 1.88% to 3.00%) (2)(3) — 67,990 — 67,990 Vessel backed term loan (LIBOR + 4.75%) — 13,050 — 13,050 Total asset based debt 48,551 81,040 — 129,591 Total debt, face value 208,551 81,040 112,500 402,091 Unamortized discount, net — — (1,323) (1,323) Unamortized deferred financing costs (8,180) (983) (279) (9,442) Total debt, net $ 200,371 $ 80,057 $ 110,898 $ 391,326 As of December 31, 2021 Corporate debt Insurance Other Corporate Total Secured revolving credit agreements (1) $ 2,160 $ — $ — $ 2,160 Secured term credit agreements (LIBOR + 6.75%) (2) — — 114,063 114,063 Preferred trust securities (LIBOR + 4.10%) 35,000 — — 35,000 8.50% Junior subordinated notes 125,000 — — 125,000 Total corporate debt 162,160 — 114,063 276,223 Asset based debt (3) Asset based revolving financing (LIBOR + 2.75%) 42,310 — — 42,310 Residential mortgage warehouse borrowings (LIBOR + 1.88% to 3.00%) (2)(3) — 72,518 — 72,518 Vessel backed term loan (LIBOR + 4.75%) — 13,600 — 13,600 Total asset based debt 42,310 86,118 — 128,428 Total debt, face value 204,470 86,118 114,063 404,651 Unamortized discount, net — — (1,458) (1,458) Unamortized deferred financing costs (8,474) (1,069) (301) (9,844) Total debt, net $ 195,996 $ 85,049 $ 112,304 $ 393,349 (1) The secured revolving credit agreements provide a two rate structure at the Company’s discretion; Prime +1.25% for swing loans and LIBOR + 2.25%. (2) Includes LIBOR floor of 1.00%. (3) The weighted average coupon rate for residential mortgage warehouse borrowings was 2.72% and 2.76% at March 31, 2022 and December 31, 2021, respectively. Includes LIBOR floor ranging from 0.50% to 1.00%. |
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: Three Months Ended 2022 2021 Total Interest expense - corporate debt $ 5,876 $ 6,063 Total Interest expense - asset based debt 4,198 3,082 Interest expense on debt $ 10,074 $ 9,145 |
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: As of March 31, 2022 Remainder of 2022 $ 74,327 2023 57,001 2024 15,450 2025 95,313 2026 2027 and thereafter 160,000 Total $ 402,091 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 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: As of March 31, 2022 Quoted prices in active markets Other significant Significant unobservable inputs Fair value Assets: Available for sale securities, at fair value: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ — $ 339,181 $ — $ 339,181 Obligations of state and political subdivisions — 53,171 — 53,171 Obligations of foreign governments — 2,475 — 2,475 Certificates of deposit 2,696 — — 2,696 Asset backed securities — 17,082 442 17,524 Corporate securities — 153,413 — 153,413 Total available for sale securities, at fair value 2,696 565,322 442 568,460 Loans, at fair value: Corporate loans — 5,060 14,053 19,113 Mortgage loans held for sale — 77,131 — 77,131 Total loans, at fair value — 82,191 14,053 96,244 Equity securities: Invesque 24,116 — — 24,116 Fixed income ETFs 51,718 — — 51,718 Other equity securities 37,653 — 7,408 45,061 Total equity securities 113,487 — 7,408 120,895 Other investments, at fair value: Corporate bonds — 34,700 — 34,700 Derivative assets 41 5,587 3,569 9,197 Other — — 896 896 Total other investments, at fair value 41 40,287 4,465 44,793 Mortgage servicing rights (1) — — 37,870 37,870 Total $ 116,224 $ 687,800 $ 64,238 $ 868,262 Liabilities: (2) Securities sold, not yet purchased $ 3,199 $ — $ — $ 3,199 Derivative liabilities — 2,427 — 2,427 Contingent consideration payable — — 200 200 Total $ 3,199 $ 2,427 $ 200 $ 5,826 (1) Included in other assets. (2) Included in other liabilities and accrued expenses. As of December 31, 2021 Quoted Other significant Significant unobservable inputs Fair value Assets: Available for sale securities, at fair value: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ — $ 351,178 $ — $ 351,178 Obligations of state and political subdivisions — 58,660 — 58,660 Obligations of foreign governments — 2,590 — 2,590 Certificates of deposit 2,696 — — 2,696 Asset backed securities — 16,832 615 17,447 Corporate securities — 144,877 — 144,877 Total available for sale securities, at fair value 2,696 574,137 615 577,448 Loans, at fair value: Corporate loans — 5,002 2,097 7,099 Mortgage loans held for sale — 98,484 — 98,484 Total loans, at fair value — 103,486 2,097 105,583 Equity securities: Invesque 34,814 — — 34,814 Fixed income ETFs 53,154 — — 53,154 Other equity securities 49,309 — 1,206 50,515 Total equity securities 137,277 — 1,206 138,483 Other investments, at fair value: Corporate bonds — 38,965 — 38,965 Derivative assets 113 569 7,514 8,196 Trade claims — — 19,737 19,737 Other — — 441 441 Total other investments, at fair value 113 39,534 27,692 67,339 Mortgage servicing rights (1) — — 29,833 29,833 Total $ 140,086 $ 717,157 $ 61,443 $ 918,686 Liabilities: (2) Securities sold, not yet purchased $ 242 $ — $ — $ 242 Derivative liabilities — 2,141 — 2,141 Contingent consideration payable — — 200 200 Total $ 242 $ 2,141 $ 200 $ 2,583 (1) Included in other assets. (2) Included in other liabilities and accrued expenses. |
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: For the Three Months Ended 2022 2021 Balance at January 1, $ 61,443 $ 33,455 Net realized and unrealized gains or losses included in: Earnings 7,009 7,015 OCI (173) 20 Origination of IRLCs 15,613 26,347 Purchases — 568 Sales and repayments (1,233) (1,743) Conversions to mortgage loans held for sale (19,558) (27,270) Settlement of trade claims (18,709) — Issuance of term loans 12,486 — Issuance of equity securities 7,360 — Balance at March 31, $ 64,238 $ 38,392 Changes in unrealized gains (losses) included in earnings related to assets still held at period end $ (159) $ 2,390 Changes in unrealized gains (losses) included in OCI related to assets still held at period end $ (173) $ 20 |
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. As of As of March 31, December 31, Valuation technique Unobservable input(s) (1) March 31, December 31, Assets Fair Value Range WA Range WA IRLCs $ 3,569 $ 7,514 Internal model Pull through rate 55% to 95% 65% 55% to 95% 66% Mortgage servicing rights 37,870 29,833 External model Discount rate 9% to 12% 9% 10% to 12% 9% Cost to service $65 to $80 $71 $65 to $80 $71 Prepayment speed 5% to 80% 10% 5% to 100% 15% Trade claims — 19,737 Internal model Plan projected recovery rate N/A 15% to 18% 17% Equity securities 7,360 — Internal model Projected recovery rate 15% to 17% 16% N/A Corporate loans and related receivables 12,486 — Internal model Discount rate 18% to 20% 19% N/A Total $ 61,285 $ 57,084 Liabilities Contingent consideration payable - Smart AutoCare $ 200 $ 200 Cash Flow Model Forecast Cash EBITDA $20,000 to $30,000 N/A $20,000 to $30,000 N/A Actuarial Analysis Assumed Claim Liabilities $55,000 $55,000 Total $ 200 $ 200 (1) Unobservable inputs were weighted by the relative fair value of the instruments. |
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: As of March 31, 2022 As of December 31, 2021 Level within Fair value Carrying value Level within Fair value Carrying value Assets: Debentures (1) 2 $ 21,783 $ 21,783 2 $ 21,057 $ 21,057 Notes receivable, net 2 99,264 99,264 2 89,788 89,788 Total assets $ 121,047 $ 121,047 $ 110,845 $ 110,845 Liabilities: Debt, net 3 $ 409,518 $ 400,768 3 $ 419,599 $ 403,193 Total liabilities $ 409,518 $ 400,768 $ 419,599 $ 403,193 |
Liability for Unpaid Claims a_2
Liability for Unpaid Claims and Claim Adjustment Expenses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Insurance [Abstract] | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense | 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: For the Three Months Ended 2022 2021 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 Less: reinsurance recoverable on unpaid losses - short duration (165,129) (113,163) Less: other lines, gross (576) (247) Net balance as of January 1, short duration 154,412 83,945 Incurred (short duration) related to: Current year 81,563 50,013 Prior years 1,161 (36) Total incurred 82,724 49,977 Paid (short duration) related to: Current year 42,706 36,498 Prior years 6,686 1,914 Total paid 49,392 38,412 Net balance as of March 31, short duration 187,744 95,510 Plus: reinsurance recoverable on unpaid losses - short duration 197,607 124,375 Plus: other lines, gross 658 786 Gross liabilities for unpaid losses and loss adjustment expenses 386,009 220,671 Plus: liabilities of policy-holder account balances, gross 273 5,120 Plus: non-insurance warranty benefit claim liabilities 7,595 25,532 Policy liabilities and unpaid claims balance as of March 31, $ 393,877 $ 251,323 |
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 condensed consolidated statements of operations, excluding the amount for member benefit claims: Three Months Ended 2022 2021 Short duration incurred $ 82,724 $ 49,977 Other lines incurred 392 1 Unallocated loss adjustment expenses 160 273 Total losses incurred $ 83,276 $ 50,251 |
Revenue From Contracts with C_2
Revenue From Contracts with Customers (Tables) | 3 Months Ended |
Mar. 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: Three Months Ended 2022 2021 Service and Administrative Fees: Service contract revenue $ 43,213 $ 33,068 Motor club revenue 12,558 9,184 Vessel related revenue 8,862 5,699 Other 2,121 5,364 Revenue from contracts with customers $ 66,754 $ 53,315 |
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: January 1, 2022 March 31, 2022 Beginning balance Additions Amortization Ending balance Deferred acquisition costs Service and Administrative Fees: Service contract revenue $ 110,220 $ 28,906 $ 9,762 $ 129,364 Motor club revenue 19,424 9,416 9,997 18,843 Total $ 129,644 $ 38,322 $ 19,759 $ 148,207 Deferred revenue Service and Administrative Fees: Service contract revenue $ 470,399 $ 68,305 $ 43,213 $ 495,491 Motor club revenue 24,870 12,386 12,558 24,698 Total $ 495,269 $ 80,691 $ 55,771 $ 520,189 |
Other Assets and Other Liabil_2
Other Assets and Other Liabilities and Accrued Expenses (Tables) | 3 Months Ended |
Mar. 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 condensed consolidated balance sheets: As of March 31, December 31, 2021 Loans eligible for repurchase $ 27,686 $ 36,732 Mortgage servicing rights 37,870 29,833 Right of use asset - Operating leases 25,102 23,870 Income tax receivable 19,492 19,824 Furniture, fixtures and equipment, net 14,650 14,878 Prepaid expenses 9,697 10,722 Other 12,720 10,985 Total other assets $ 147,217 $ 146,844 |
Schedule of Depreciation Expense | The following table presents the depreciation expense related to furniture, fixtures and equipment for the following periods: Three Months Ended 2022 2021 Depreciation expense related to furniture, fixtures and equipment $ 838 $ 777 The following table presents the components of other expenses as reported in the condensed consolidated statement of operations: Three Months Ended 2022 2021 General and administrative $ 4,039 $ 8,003 Professional fees 6,283 5,440 Premium taxes 5,057 4,936 Mortgage origination expenses 4,602 4,195 Rent and related 4,359 4,136 Operating expenses from vessels 3,602 2,781 Other 3,234 1,876 Total other expenses $ 31,176 $ 31,367 |
Components of Other Liabilities and Accrued Expenses | The following table presents the components of other liabilities and accrued expenses as reported in the condensed consolidated balance sheets: As of March 31, December 31, 2021 Accounts payable and accrued expenses $ 154,131 $ 149,816 Loans eligible for repurchase liability 27,686 36,732 Deferred tax liabilities, net 34,335 40,049 Operating lease liability 33,185 29,396 Due to brokers 44 10,763 Commissions payable 16,788 20,412 Securities sold, not yet purchased 3,199 242 Other 22,747 19,126 Total other liabilities and accrued expenses $ 292,115 $ 306,536 |
Other Revenue and Other Expen_2
Other Revenue and Other Expenses (Tables) | 3 Months Ended |
Mar. 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 condensed 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. Three Months Ended 2022 2021 Other investment income (1) $ 16,705 $ 12,733 Other (2) 5,039 1,823 Total other revenue $ 21,744 $ 14,556 (1) See Note (5) Investments for the components of Other investment income. (2) Includes $3,216 and $2,129 for the three months ended March 31, 2022 and 2021, respectively, related to Insurance. |
Schedule of Components of Other Expenses | The following table presents the depreciation expense related to furniture, fixtures and equipment for the following periods: Three Months Ended 2022 2021 Depreciation expense related to furniture, fixtures and equipment $ 838 $ 777 The following table presents the components of other expenses as reported in the condensed consolidated statement of operations: Three Months Ended 2022 2021 General and administrative $ 4,039 $ 8,003 Professional fees 6,283 5,440 Premium taxes 5,057 4,936 Mortgage origination expenses 4,602 4,195 Rent and related 4,359 4,136 Operating expenses from vessels 3,602 2,781 Other 3,234 1,876 Total other expenses $ 31,176 $ 31,367 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Dividends Declared | The Company declared cash dividends per share for the following periods presented below: Dividends per share for the Three Months Ended March 31, 2022 2021 First quarter (1) $ 0.04 $ 0.04 |
Statutory Accounting Practices Disclosure | 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: As of March 31, December 31, 2021 Amount available for ordinary dividends of the Company's insurance company subsidiaries $ 35,145 $ 18,519 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the activity of AFS securities in accumulated other comprehensive income (loss) (AOCI), net of tax, for the following periods: Total AOCI Amount attributable to non-controlling interests Total AOCI to Tiptree Inc. Balance at December 31, 2020 $ 5,702 $ (28) $ 5,674 Other comprehensive income (losses) before reclassifications (2,995) 11 (2,984) Amounts reclassified from AOCI (98) — (98) OCI (3,093) 11 (3,082) Balance at March 31, 2021 $ 2,609 $ (17) $ 2,592 Balance at December 31, 2021 $ (2,686) $ 1 $ (2,685) Other comprehensive income (losses) before reclassifications (20,557) 50 (20,507) Amounts reclassified from AOCI 86 — 86 OCI (20,471) 50 (20,421) Balance at March 31, 2022 $ (23,157) $ 51 $ (23,106) |
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 condensed consolidated statement of operations for the following periods: Three Months Ended Affected line item in consolidated statements of operations Components of AOCI 2022 2021 Unrealized gains (losses) on available for sale securities $ (110) $ 128 Net realized and unrealized gains (losses) Related tax (expense) benefit 24 (30) Provision for income tax Net of tax $ (86) $ 98 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 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: 2017 Equity Plan Number of shares (1) Available for issuance as of December 31, 2021 2,344,814 RSU, stock and option awards granted (211,246) Forfeited 528 Available for issuance as of March 31, 2022 2,134,096 (1) Excludes awards granted under the Company’s subsidiary incentive plans that are exchangeable for Tiptree common stock. |
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: Number of shares issuable Weighted average grant date fair value Unvested units as of December 31, 2021 599,012 $ 6.59 Granted 211,246 13.01 Vested (308,723) 6.72 Forfeited (528) 6.26 Unvested units as of March 31, 2022 501,007 $ 9.63 The following tables present the detail of the granted and vested RSUs and stock awards for the periods indicated: For the Three Months Ended March 31, For the Three Months Ended March 31, Granted 2022 2021 Vested 2022 2021 Directors 8,418 25,381 Directors 8,418 25,381 Employees (1) 202,828 — Employees 300,305 354,133 Total Granted 211,246 25,381 Total Vested 308,723 379,514 Taxes (47,274) (34,828) Net Vested 261,449 344,686 (1) Includes 94,410 shares that vest ratably over three years and 108,418 shares that cliff vest in February 2025 for the three months ended March 31, 2022. The following table presents the Company's stock option activity for the current period: 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 1,715,619 $ 6.49 $ 2.29 712,542 Balance, March 31, 2022 1,715,619 $ 6.49 $ 2.29 712,542 Weighted average remaining contractual term at March 31, 2022 (in years) 5.9 |
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 $19.88 as adjusted for cumulative dividends paid to date). Original Tiptree Share Price Target Number of PRSUs that Vest $20 466,667 $30 700,000 $45 933,333 $60 1,166,667 |
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 as of March 31, 2022, which were granted in 2021 and classified as liability awards. Valuation Input For the Three Months Ended March 31, 2022 Assumption Historical volatility 38.29% Risk-free rate 2.40% Dividend yield 1.21% Cost of equity 10.64% Expected term (years) 6 |
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: Grant date fair value of equity shares issuable Unvested balance as of December 31, 2021 $ 2,234 Granted 160 Vested (935) Performance assumption adjustment 80 Unvested balance as of March 31, 2022 $ 1,539 |
Schedule of Assumptions Used to Estimate the Fair Values of the Stock Options Granted | The following table presents the assumptions used to estimate the fair values of the stock options granted in 2020. Valuation Input (1) For the Year Ended Assumption Average Historical volatility 27.60% N/A Risk-free rate 1.51% N/A Dividend yield 2.20% N/A Expected term (years) 7.0 (1) Not applicable for the three months ended March 31, 2022 as there were no new grants during the period. |
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 condensed consolidated statements of operations: Three Months Ended 2022 2021 Employee compensation and benefits (1) $ 6,041 $ 955 Director compensation 119 110 Income tax benefit (1,294) (224) Net stock based compensation expense $ 4,866 $ 841 (1) Includes $2,303 related to liability awards recorded in other liabilities as of March 31, 2022. |
Schedule of Additional Information on Total Non-vested Stock-based Compensation | Additional information on total non-vested stock based compensation is as follows: As of March 31, 2022 Stock options Restricted stock awards and RSUs Performance Restricted Stock Units Unrecognized compensation cost related to non-vested awards $ 64 $ 1,141 $ 14,859 Weighted - average recognition period (in years) 0.62 0.92 1.2 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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): Three Months Ended 2022 2021 Total income tax expense (benefit) $ (86) $ 8,752 Effective tax rate (ETR) 9.0 % (1) 22.2 % (2) (1) Lower than the U.S. federal statutory income tax rate of 21%, primarily from the impact of non-deductible expenses and other discrete items. (2) Higher than the U.S. federal statutory income tax rate of 21%, due to the effect of state taxes and other discrete items. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Operating Leases | The following table presents rent expense for the Company’s office leases recorded on the condensed consolidated statements of operations for the following periods: Three Months Ended 2022 2021 Rent expense for office leases (1) $ 2,289 $ 2,195 (1) Includes lease expense of $110 and $153 for the three months ended March 31, 2022 and 2021, respectively, for assets held for sale. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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: Three Months Ended 2022 2021 Net income (loss) $ (866) $ 30,640 Less: Net income (loss) attributable to non-controlling interests 94 2,059 Net income allocated to participating securities — 602 Net income (loss) attributable to Tiptree Inc. common shares - basic (960) 27,979 Effect of Dilutive Securities: Securities of subsidiaries — (574) Adjustments to income relating to exchangeable interests, net of tax — 1,961 Net income (loss) attributable to Tiptree Inc. common shares - diluted $ (960) $ 29,366 Weighted average number of shares of common stock outstanding - basic 34,229,011 32,420,982 Weighted average number of incremental shares of common stock issuable from exchangeable interests and contingent considerations — 3,763,037 Weighted average number of shares of common stock outstanding - diluted 34,229,011 36,184,019 Basic net income (loss) attributable to common shares $ (0.03) $ 0.86 Diluted net income (loss) attributable to common shares $ (0.03) $ 0.81 |
Organization (Details)
Organization (Details) | 3 Months Ended |
Mar. 31, 2022segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 2 |
Assets and Liabilities Held f_3
Assets and Liabilities Held for Sale - Schedule of Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Assets: | |||
Cash, cash equivalents and restricted cash | $ 12,549 | $ 7,317 | |
Assets held for sale | 138,251 | $ 250,608 | |
Liabilities: | |||
Liabilities held for sale | 117,333 | 242,994 | |
Held for sale | Luxury Disposition | |||
Assets: | |||
Loans, at fair value | 106,429 | 236,810 | |
Other investments | 2,835 | 2,071 | |
Total investments | 109,264 | 238,881 | |
Cash, cash equivalents and restricted cash | 12,549 | 9,360 | |
Notes and accounts receivable, net | 336 | 157 | |
Other assets | 2,037 | 2,210 | |
Assets held for sale | 124,186 | 250,608 | |
Liabilities: | |||
Debt, net | 105,376 | 227,973 | |
Other liabilities and accrued expenses | 11,957 | 15,021 | |
Liabilities held for sale | 117,333 | 242,994 | |
Deferred tax liabilities | 430 | $ 659 | |
Held for sale | Marine Vessel Disposition | |||
Assets: | |||
Other investments | 13,364 | ||
Total investments | 13,364 | ||
Other assets | 701 | ||
Assets held for sale | $ 14,065 |
Assets and Liabilities Held f_4
Assets and Liabilities Held for Sale - Narrative (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Held for sale | Marine Vessel Disposition | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal, consideration | $ 21,500 |
Segment Data - Schedule of Segm
Segment Data - Schedule of Segment Results (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Total revenues | $ 324,903 | $ 294,688 |
Total expenses | (325,855) | (255,296) |
Income (loss) before taxes | (952) | 39,392 |
Less: provision (benefit) for income taxes | (86) | 8,752 |
Net income (loss) | (866) | 30,640 |
Less: net income (loss) attributable to non-controlling interests | 94 | 2,059 |
Net income (loss) attributable to common stockholders | $ (960) | $ 28,581 |
Revenues, non-US sources | 5.90% | 4.90% |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Total revenues | $ 324,903 | $ 294,688 |
Total expenses | (313,606) | (245,089) |
Other | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 16,973 | 37,631 |
Total expenses | (24,624) | (22,637) |
Income (loss) before taxes | (7,651) | 14,994 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Total expenses | (12,249) | (10,207) |
Insurance | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 282,529 | 222,563 |
Total expenses | (267,847) | (201,035) |
Income (loss) before taxes | 14,682 | 21,528 |
Mortgage | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 25,401 | 34,494 |
Total expenses | (21,135) | (21,417) |
Income (loss) before taxes | $ 4,266 | $ 13,077 |
Segment Data - Schedule of Se_2
Segment Data - Schedule of Segment Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 3,600,198 | $ 3,599,147 |
Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | 248,852 | 384,564 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Total assets | (295) | 11,297 |
Insurance | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 3,168,813 | 3,002,152 |
Mortgage | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 182,828 | $ 201,134 |
Investments - Schedule of Inves
Investments - Schedule of Investments by Segment (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Available for sale securities, at fair value, net of allowance for credit losses | $ 568,460 | $ 577,448 |
Loans, at fair value | 96,244 | 105,583 |
Equity securities | 120,895 | 138,483 |
Other investments | 132,305 | 168,656 |
Total investments | 917,904 | 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 | 19,949 | 28,799 |
Other investments | 66,626 | 80,700 |
Total investments | 86,575 | 109,499 |
Insurance | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Available for sale securities, at fair value, net of allowance for credit losses | 568,460 | 577,448 |
Loans, at fair value | 19,113 | 7,099 |
Equity securities | 100,946 | 109,684 |
Other investments | 56,523 | 79,975 |
Total investments | 745,042 | 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 | 77,131 | 98,484 |
Equity securities | 0 | 0 |
Other investments | 9,156 | 7,981 |
Total investments | $ 86,287 | $ 106,465 |
Investments - Schedule of Avail
Investments - Schedule of Available-for-sale Securities, at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized cost | $ 598,364 | $ 581,064 | ||
Allowance for Credit Losses | (267) | (245) | $ (106) | $ 0 |
Gross unrealized gains | 329 | 3,739 | ||
Gross unrealized losses | (29,966) | (7,110) | ||
Fair value | 568,460 | 577,448 | ||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized cost | 355,764 | 352,288 | ||
Allowance for Credit Losses | 0 | 0 | ||
Gross unrealized gains | 74 | 2,087 | ||
Gross unrealized losses | (16,657) | (3,197) | ||
Fair value | 339,181 | 351,178 | ||
Obligations of state and political subdivisions | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized cost | 55,460 | 57,923 | ||
Allowance for Credit Losses | (1) | 0 | 0 | 0 |
Gross unrealized gains | 171 | 1,050 | ||
Gross unrealized losses | (2,459) | (313) | ||
Fair value | 53,171 | 58,660 | ||
Corporate securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized cost | 161,568 | 145,997 | ||
Allowance for Credit Losses | (263) | (241) | (101) | 0 |
Gross unrealized gains | 80 | 517 | ||
Gross unrealized losses | (7,972) | (1,396) | ||
Fair value | 153,413 | 144,877 | ||
Asset backed securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized cost | 20,231 | 19,511 | ||
Allowance for Credit Losses | 0 | 0 | 0 | 0 |
Gross unrealized gains | 4 | 82 | ||
Gross unrealized losses | (2,711) | (2,146) | ||
Fair value | 17,524 | 17,447 | ||
Certificates of deposit | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized cost | 2,696 | 2,696 | ||
Allowance for Credit Losses | 0 | 0 | ||
Gross unrealized gains | 0 | 0 | ||
Gross unrealized losses | 0 | 0 | ||
Fair value | 2,696 | 2,696 | ||
Obligations of foreign governments | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized cost | 2,645 | 2,649 | ||
Allowance for Credit Losses | (3) | (4) | $ (5) | $ 0 |
Gross unrealized gains | 0 | 3 | ||
Gross unrealized losses | (167) | (58) | ||
Fair value | $ 2,475 | $ 2,590 |
Investments - Schedule of Amort
Investments - Schedule of Amortized Cost and Fair Value by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
Due in one year or less | $ 40,298 | $ 41,033 |
Due after one year through five years | 284,784 | 269,487 |
Due after five years through ten years | 50,081 | 52,561 |
Due after ten years | 202,970 | 198,472 |
Asset backed securities | 20,231 | 19,511 |
Amortized cost | 598,364 | 581,064 |
Fair Value | ||
Due in one year or less | 40,331 | 41,150 |
Due after one year through five years | 272,909 | 268,537 |
Due after five years through ten years | 46,659 | 52,000 |
Due after ten years | 191,037 | 198,314 |
Asset backed securities | 17,524 | 17,447 |
Total | $ 568,460 | $ 577,448 |
Investments - Schedule of Ava_2
Investments - Schedule of Available-for-sale Securities in Continuous Unrealized Loss Position (Details) $ in Thousands | Mar. 31, 2022USD ($)security | Dec. 31, 2021USD ($)security |
Debt Securities, Available-for-sale [Line Items] | ||
Less than or equal to one year, fair value | $ 440,104 | $ 344,073 |
Less than or equal to one year, gross unrealized losses | $ (22,873) | $ (4,403) |
Less than or equal to one year, number of securities | security | 1,121 | 762 |
More than one year, fair value | $ 60,816 | $ 25,110 |
More than one year, gross unrealized loss | $ (7,093) | $ (2,707) |
More than one year, number of securities | security | 220 | 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 | $ 276,483 | $ 216,378 |
Less than or equal to one year, gross unrealized losses | $ (13,589) | $ (2,827) |
Less than or equal to one year, number of securities | security | 524 | 324 |
More than one year, fair value | $ 35,661 | $ 11,920 |
More than one year, gross unrealized loss | $ (3,068) | $ (370) |
More than one year, number of securities | security | 119 | 47 |
Obligations of state and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than or equal to one year, fair value | $ 26,377 | $ 17,190 |
Less than or equal to one year, gross unrealized losses | $ (2,227) | $ (275) |
Less than or equal to one year, number of securities | security | 93 | 64 |
More than one year, fair value | $ 2,828 | $ 1,152 |
More than one year, gross unrealized loss | $ (232) | $ (38) |
More than one year, number of securities | security | 18 | 5 |
Corporate securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than or equal to one year, fair value | $ 123,495 | $ 99,434 |
Less than or equal to one year, gross unrealized losses | $ (6,572) | $ (1,159) |
Less than or equal to one year, number of securities | security | 430 | 326 |
More than one year, fair value | $ 17,396 | $ 9,722 |
More than one year, gross unrealized loss | $ (1,400) | $ (237) |
More than one year, number of securities | security | 72 | 45 |
Asset backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than or equal to one year, fair value | $ 11,066 | $ 7,454 |
Less than or equal to one year, gross unrealized losses | $ (414) | $ (84) |
Less than or equal to one year, number of securities | security | 67 | 38 |
More than one year, fair value | $ 3,800 | $ 2,316 |
More than one year, gross unrealized loss | $ (2,297) | $ (2,062) |
More than one year, number of securities | security | 7 | 5 |
Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than or equal to one year, fair value | $ 1,339 | $ 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 | 2 | 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 | $ 1,344 | $ 2,278 |
Less than or equal to one year, gross unrealized losses | $ (71) | $ (58) |
Less than or equal to one year, number of securities | 5 | 8 |
More than one year, fair value | $ 1,131 | $ 0 |
More than one year, gross unrealized loss | $ (96) | $ 0 |
More than one year, number of securities | 4 | 0 |
Investments - Schedule of the A
Investments - Schedule of the Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ (245) | $ 0 |
(Increase) in allowance for credit losses | (48) | (106) |
Gains from recoveries of amounts previously written off | 26 | |
Ending balance | (267) | (106) |
Insurance | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Net gains from recoveries (credit losses) on AFS securities | (22) | (106) |
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 | (1) | 0 |
Gains from recoveries of amounts previously written off | 0 | |
Ending balance | (1) | 0 |
Corporate securities | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | (241) | 0 |
(Increase) in allowance for credit losses | (47) | (101) |
Gains from recoveries of amounts previously written off | 25 | |
Ending balance | (263) | (101) |
Asset backed securities | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 0 | 0 |
(Increase) in allowance for credit losses | 0 | 0 |
Gains from recoveries of amounts previously written off | 0 | |
Ending balance | 0 | 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 | 0 | (5) |
Gains from recoveries of amounts previously written off | 1 | |
Ending balance | $ (3) | $ (5) |
Investments - Schedule of Restr
Investments - Schedule of Restricted Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
Fair value of restricted investments in trust pursuant to reinsurance agreements | $ 40,099 | $ 42,471 |
Fair value of restricted investments for special deposits required by state insurance departments | 9,754 | 7,189 |
Total fair value of restricted investments | $ 49,853 | $ 49,660 |
Investments - Schedule of Ava_3
Investments - Schedule of Available for Sale Investment Purchases, Proceeds and Gains & Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||
Purchases of AFS securities | $ 55,142 | $ 68,702 |
Proceeds from maturities, calls and prepayments of AFS securities | 20,242 | 17,740 |
Gross proceeds from sales of AFS securities | 16,970 | 13,645 |
Gross realized gains | 74 | 128 |
Gross realized (losses) | (184) | 0 |
Total net realized gains (losses) from investment sales and redemptions | $ (110) | $ 128 |
Investments - Loans, at fair va
Investments - Loans, at fair value - Schedule of the Company's Investment in Loans Measured at Fair Value (Details) $ in Thousands | Mar. 31, 2022USD ($)loan | Dec. 31, 2021USD ($)loan |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at fair value | $ 96,244 | $ 105,583 |
Unpaid principal balance (UPB) | 98,320 | 105,420 |
Fair value exceeds / (below) UPB | (2,076) | 163 |
Loans pledged as collateral | $ 74,768 | $ 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 | $ 19,113 | $ 7,099 |
Unpaid principal balance (UPB) | 21,292 | 10,156 |
Fair value exceeds / (below) UPB | (2,179) | (3,057) |
Loans pledged as collateral | 0 | 0 |
Cost basis of NPLs | 21,283 | 9,094 |
Mortgage | Mortgage loans held for sale | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loans held for sale | 77,131 | 98,484 |
Unpaid principal balance (UPB) | 77,028 | 95,264 |
Fair value exceeds / (below) UPB | 103 | 3,220 |
Loans pledged as collateral | $ 74,768 | 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
Investments - Equity securities - Debt Securities, Trading, and Equity Securities (Details) - USD ($) $ in Thousands, shares in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | $ 227,851 | $ 236,670 |
Fair Value | 120,895 | 138,483 |
Other | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | 111,491 | 111,491 |
Fair Value | 19,949 | 28,799 |
Insurance | Operating segments | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | 116,360 | 125,179 |
Fair Value | 100,946 | 109,684 |
Fixed income ETFs | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | 52,176 | 52,176 |
Fair Value | 51,718 | 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 | 52,176 | 52,176 |
Fair Value | 51,718 | 53,154 |
Other equity securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | 40,845 | 49,664 |
Fair Value | 45,061 | 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 | 40,845 | 49,664 |
Fair Value | $ 45,061 | $ 50,515 |
Invesque | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities, shares held | 17 | 17 |
Cost | $ 134,830 | $ 134,830 |
Fair Value | 24,116 | 34,814 |
Invesque | Other | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | 111,491 | 111,491 |
Fair Value | 19,949 | 28,799 |
Invesque | Insurance | Operating segments | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | 23,339 | 23,339 |
Fair Value | $ 4,167 | $ 6,015 |
Investments - Other investments
Investments - Other investments - Schedule of Other Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | $ 132,305 | $ 168,656 |
Other | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 66,626 | 80,700 |
Insurance | Operating segments | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 56,523 | 79,975 |
Mortgage | Operating segments | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 9,156 | 7,981 |
Corporate bonds, at fair value | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 34,700 | 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 | 34,700 | 38,965 |
Investment owned, at cost | 33,729 | 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 | 65,307 | 79,368 |
Vessels | Other | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 65,307 | 79,368 |
Vessels | Insurance | Operating segments | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 0 | 0 |
Accumulated depreciation, vessels | 11,556 | 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 | 21,783 | 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 | 21,783 | 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 | 10,515 | 9,529 |
Other investments | Other | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 1,319 | 1,332 |
Other investments | Insurance | Operating segments | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | 40 | 216 |
Other investments | Mortgage | Operating segments | ||
Investment Holdings, Other than Securities [Line Items] | ||
Other investments | $ 9,156 | $ 7,981 |
Investments - Net Investment In
Investments - Net Investment Income - Insurance - Components of Investment Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Schedule of Investments [Line Items] | ||
Net investment income | $ 3,167 | $ 2,767 |
Other revenue | 21,744 | 14,556 |
Vessel related revenue | 66,754 | 53,315 |
Vessel related revenue | ||
Schedule of Investments [Line Items] | ||
Vessel related revenue | 8,862 | 5,699 |
Insurance | ||
Schedule of Investments [Line Items] | ||
Subtotal | 4,294 | 3,320 |
Less: investment expenses | 1,127 | 553 |
Net investment income | 3,167 | 2,767 |
Insurance | AFS securities | ||
Schedule of Investments [Line Items] | ||
Investment income, gross | 2,199 | 1,724 |
Insurance | Loans, at fair value | ||
Schedule of Investments [Line Items] | ||
Investment income, gross | 167 | 205 |
Insurance | Other investments | ||
Schedule of Investments [Line Items] | ||
Investment income, gross | 1,340 | 1,282 |
Insurance | Equity securities | ||
Schedule of Investments [Line Items] | ||
Investment income, gross | 588 | 89 |
Insurance | Other | ||
Schedule of Investments [Line Items] | ||
Investment income, gross | 0 | 20 |
Mortgage | ||
Schedule of Investments [Line Items] | ||
Other revenue | 16,705 | 12,733 |
Mortgage | Loans, at fair value | ||
Schedule of Investments [Line Items] | ||
Other revenue | 2,307 | 1,672 |
Mortgage | Loans, at fair value | Loan fee income | ||
Schedule of Investments [Line Items] | ||
Other revenue | $ 5,536 | $ 5,362 |
Investments - Components of Net
Investments - Components of Net Realized and Unrealized Gain (Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Net realized gains (losses) | $ 26,772 | $ 42,816 |
Net unrealized gains (losses) | (9,568) | 26,555 |
Net realized and unrealized gains (losses) | 17,204 | 69,371 |
Insurance | ||
Segment Reporting Information [Line Items] | ||
Net gains from recoveries (credit losses) on AFS securities | (22) | (106) |
Insurance | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Net gains from recoveries (credit losses) on AFS securities | (106) | |
AFS securities | Insurance | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Net realized gains (losses) | (110) | 128 |
Corporate loans | Insurance | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Net realized gains (losses) | 93 | 0 |
Net unrealized gains (losses) | (268) | 856 |
Corporate loans | Mortgage | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Net realized gains (losses) | 13,418 | 24,733 |
Net unrealized gains (losses) | (3,117) | (1,642) |
Equity securities | Other | ||
Segment Reporting Information [Line Items] | ||
Net unrealized gains (losses) | (8,850) | 13,767 |
Equity securities | Insurance | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Net realized gains (losses) | (2,483) | (1,853) |
Net unrealized gains (losses) | (2,161) | 11,087 |
Equity securities | Equity securities | Insurance | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Net unrealized gains (losses) | 1,815 | (1,211) |
Other Corporate Bonds | Insurance | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Net realized gains (losses) | 913 | 1,816 |
Other investments | Other | ||
Segment Reporting Information [Line Items] | ||
Net realized gains (losses) | 441 | 669 |
Net unrealized gains (losses) | 683 | 3,197 |
Other investments | Insurance | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Net realized gains (losses) | (4,284) | 2,577 |
Net unrealized gains (losses) | (136) | (3,622) |
Other investments | Mortgage | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Net realized gains (losses) | 4,066 | 965 |
Net unrealized gains (losses) | 6,047 | 6,023 |
Mortgage loans held for sale | Other | ||
Segment Reporting Information [Line Items] | ||
Net realized gains (losses) | 14,740 | 13,887 |
Net unrealized gains (losses) | $ (3,581) | $ (1,900) |
Notes and Accounts Receivable_3
Notes and Accounts Receivable, net (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts and premiums receivable, net | $ 179,002 | $ 137,082 | |
Retrospective commissions receivable | 167,657 | 157,853 | |
Notes receivable, net - premium financing program | 99,264 | 89,788 | |
Trust receivables | 45,503 | 41,889 | |
Other receivables | 44,707 | 27,757 | |
Total notes and accounts receivable, net | 536,133 | 454,369 | |
Notes receivable, valuation allowance | 95 | 123 | |
Notes receivable, bad debt expense | 62 | $ 80 | |
Accounts receivable, valuation allowance | 116 | 120 | |
Accounts receivable, bad debt expense | 8 | $ 4 | |
90 days or more past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, 90 days plus past due | $ 169 | $ 1,311 |
Reinsurance Receivables - Sched
Reinsurance Receivables - Schedule of Direct, Assumed and Ceded (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Premiums written: | ||
Direct amount | $ 354,061 | $ 320,893 |
Ceded to other companies | 188,128 | 170,047 |
Assumed from other companies | 98,769 | 48,159 |
Net amount | $ 264,702 | $ 199,005 |
Percentage of amount - assumed to net | 37.30% | 24.20% |
Premiums earned: | ||
Direct amount | $ 313,478 | $ 289,501 |
Ceded to other companies | 176,093 | 190,637 |
Assumed from other companies | 71,031 | 48,055 |
Net amount | $ 208,416 | $ 146,919 |
Percentage of amount - assumed to net | 34.10% | 32.70% |
Life insurance | ||
Premiums written: | ||
Direct amount | $ 20,059 | $ 18,573 |
Ceded to other companies | 8,394 | 11,027 |
Assumed from other companies | 49 | 410 |
Net amount | $ 11,714 | $ 7,956 |
Percentage of amount - assumed to net | 0.40% | 5.20% |
Premiums earned: | ||
Direct amount | $ 19,940 | $ 17,493 |
Ceded to other companies | 10,126 | 9,766 |
Assumed from other companies | 168 | 340 |
Net amount | $ 9,982 | $ 8,067 |
Percentage of amount - assumed to net | 1.70% | 4.20% |
Accident and health insurance | ||
Premiums written: | ||
Direct amount | $ 34,838 | $ 32,163 |
Ceded to other companies | 23,545 | 22,667 |
Assumed from other companies | 249 | 4,861 |
Net amount | $ 11,542 | $ 14,357 |
Percentage of amount - assumed to net | 2.20% | 33.90% |
Premiums earned: | ||
Direct amount | $ 36,058 | $ 30,179 |
Ceded to other companies | 24,551 | 20,476 |
Assumed from other companies | 332 | 3,791 |
Net amount | $ 11,839 | $ 13,494 |
Percentage of amount - assumed to net | 2.80% | 28.10% |
Property and liability insurance | ||
Premiums written: | ||
Direct amount | $ 299,164 | $ 270,157 |
Ceded to other companies | 156,189 | 136,353 |
Assumed from other companies | 98,471 | 42,888 |
Net amount | $ 241,446 | $ 176,692 |
Percentage of amount - assumed to net | 40.80% | 24.30% |
Premiums earned: | ||
Direct amount | $ 257,480 | $ 241,829 |
Ceded to other companies | 141,416 | 160,395 |
Assumed from other companies | 70,531 | 43,924 |
Net amount | $ 186,595 | $ 125,358 |
Percentage of amount - assumed to net | 37.80% | 35.00% |
Reinsurance Receivables - Sch_2
Reinsurance Receivables - Schedule of Losses and LAE Incurred (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Effects of Reinsurance [Line Items] | ||
Direct amount | $ 136,969 | $ 96,331 |
Ceded to other companies | 93,476 | 65,142 |
Assumed from other companies | 39,783 | 19,062 |
Net amount | 83,276 | 50,251 |
Member benefit claims | 21,170 | 16,923 |
Policy and Contract Benefits | $ 104,446 | $ 67,174 |
Percentage of amount - assumed to net | 47.80% | 37.90% |
Life insurance | ||
Effects of Reinsurance [Line Items] | ||
Direct amount | $ 16,605 | $ 15,596 |
Ceded to other companies | 8,782 | 9,332 |
Assumed from other companies | 265 | 153 |
Net amount | $ 8,088 | $ 6,417 |
Percentage of amount - assumed to net | 3.30% | 2.40% |
Accident and health insurance | ||
Effects of Reinsurance [Line Items] | ||
Direct amount | $ 9,988 | $ 4,818 |
Ceded to other companies | 7,748 | 3,814 |
Assumed from other companies | 1,171 | 660 |
Net amount | $ 3,411 | $ 1,664 |
Percentage of amount - assumed to net | 34.30% | 39.70% |
Property and liability insurance | ||
Effects of Reinsurance [Line Items] | ||
Direct amount | $ 110,376 | $ 75,917 |
Ceded to other companies | 76,946 | 51,996 |
Assumed from other companies | 38,347 | 18,249 |
Net amount | $ 71,777 | $ 42,170 |
Percentage of amount - assumed to net | 53.40% | 43.30% |
Reinsurance Receivables - Sch_3
Reinsurance Receivables - Schedule of the Components of Reinsurance Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Effects of Reinsurance [Line Items] | ||
Prepaid reinsurance premiums | $ 649,987 | $ 634,090 |
Reinsurance receivables | 949,952 | 880,836 |
Life insurance | ||
Effects of Reinsurance [Line Items] | ||
Prepaid reinsurance premiums | 71,398 | 73,478 |
Ceded claim reserves | 3,935 | 3,928 |
Accident and health insurance | ||
Effects of Reinsurance [Line Items] | ||
Prepaid reinsurance premiums | 80,515 | 81,521 |
Ceded claim reserves | 15,813 | 12,239 |
Property and liability insurance | ||
Effects of Reinsurance [Line Items] | ||
Prepaid reinsurance premiums | 498,074 | 479,091 |
Ceded claim reserves | 178,490 | 148,962 |
Total ceded claim reserves recoverable | ||
Effects of Reinsurance [Line Items] | ||
Ceded claim reserves | 198,238 | 165,129 |
Other reinsurance settlements recoverable | ||
Effects of Reinsurance [Line Items] | ||
Other reinsurance settlements recoverable | $ 101,727 | $ 81,617 |
Reinsurance Receivables - Sch_4
Reinsurance Receivables - Schedule of Reinsurance Receivables - Aggregate of Three Largest Reinsurers (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Concentration Risk [Line Items] | ||
Total of the three largest receivable balances from non-affiliated reinsurers | $ 949,952 | $ 880,836 |
Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Total of the three largest receivable balances from non-affiliated reinsurers | $ 126,831 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, net - Schedule of Finite and Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule of Intangible Assets, Net [Line Items] | ||
Total | $ 103,868 | $ 107,873 |
Total indefinite-lived intangible assets | 15,489 | 14,885 |
Total intangible assets, net | 119,357 | 122,758 |
Goodwill | 179,103 | 179,103 |
Total goodwill and intangible assets, net | 298,460 | 301,861 |
Other | ||
Schedule of Intangible Assets, Net [Line Items] | ||
Total | 283 | 326 |
Total indefinite-lived intangible assets | 1,728 | 1,124 |
Total intangible assets, net | 2,011 | 1,450 |
Goodwill | 1,708 | 1,708 |
Total goodwill and intangible assets, net | 3,719 | 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 | 143,300 | 143,300 |
Accumulated amortization | (49,552) | (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 | 15,550 | 15,550 |
Accumulated amortization | (6,573) | (6,153) |
Trade names | Other | ||
Schedule of Intangible Assets, Net [Line Items] | ||
Finite-lived intangible assets, gross | 800 | 800 |
Accumulated amortization | (540) | (520) |
Software licensing | ||
Schedule of Intangible Assets, Net [Line Items] | ||
Finite-lived intangible assets, gross | 9,940 | 9,940 |
Accumulated amortization | (9,442) | (9,384) |
Software licensing | Other | ||
Schedule of Intangible Assets, Net [Line Items] | ||
Finite-lived intangible assets, gross | 640 | 640 |
Accumulated amortization | (617) | (594) |
Insurance policies and contracts acquired | ||
Schedule of Intangible Assets, Net [Line Items] | ||
Finite-lived intangible assets, gross | 36,500 | 36,500 |
Accumulated amortization | (36,335) | (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 | 640 | 640 |
Accumulated amortization | (160) | (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 | 103,585 | 107,547 |
Total indefinite-lived intangible assets | 13,761 | 13,761 |
Total intangible assets, net | 117,346 | 121,308 |
Goodwill | 177,395 | 177,395 |
Total goodwill and intangible assets, net | 294,741 | 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 | 143,300 | 143,300 |
Accumulated amortization | (49,552) | (45,997) |
Insurance | Trade names | Operating segments | ||
Schedule of Intangible Assets, Net [Line Items] | ||
Finite-lived intangible assets, gross | 14,750 | 14,750 |
Accumulated amortization | (6,033) | (5,633) |
Insurance | Software licensing | Operating segments | ||
Schedule of Intangible Assets, Net [Line Items] | ||
Finite-lived intangible assets, gross | 9,300 | 9,300 |
Accumulated amortization | (8,825) | (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 | (36,335) | (36,320) |
Insurance | Other | Operating segments | ||
Schedule of Intangible Assets, Net [Line Items] | ||
Finite-lived intangible assets, gross | 640 | 640 |
Accumulated amortization | $ (160) | $ (203) |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, net - Schedule of Goodwill Rollforward (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Goodwill [Roll Forward] | ||
Balance, beginning of period | $ 179,103,000 | |
Balance, end of period | 179,103,000 | |
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||
Accumulated impairments | 699,000 | |
Goodwill impairment loss | 0 | $ 0 |
Other | ||
Goodwill [Roll Forward] | ||
Balance, beginning of period | 1,708,000 | |
Balance, end of period | 1,708,000 | |
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||
Accumulated impairments | 699,000 | |
Insurance | Operating segments | ||
Goodwill [Roll Forward] | ||
Balance, beginning of period | 177,395,000 | |
Balance, end of period | 177,395,000 | |
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||
Accumulated impairments | $ 0 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, net - Schedule of Intangible Assets, Net Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Finite-lived Intangible Assets [Roll Forward] | ||
Balance, beginning of period | $ 122,758 | |
Intangibles acquired | 604 | |
Less: amortization expense | (4,005) | $ (3,900) |
Balance, end of period | 119,357 | |
Other | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Balance, beginning of period | 1,450 | |
Intangibles acquired | 604 | |
Less: amortization expense | (43) | |
Balance, end of period | 2,011 | |
Insurance | Operating segments | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Balance, beginning of period | 121,308 | |
Intangibles acquired | 0 | |
Less: amortization expense | (3,962) | |
Balance, end of period | $ 117,346 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets, net - Schedule of Amortization Expense on Intangibles (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense on intangible assets | $ 4,005,000 | $ 3,900,000 |
Impairment of intangible assets | $ 0 | $ 0 |
Goodwill and Intangible Asset_7
Goodwill and Intangible Assets, net - Schedule of Future Amortization Expense on Intangibles by Segment (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Remainder of 2022 | $ 11,969 | |
2023 | 15,111 | |
2024 | 13,424 | |
2025 | 11,269 | |
2026 | 9,003 | |
2027 and thereafter | 43,092 | |
Total | 103,868 | $ 107,873 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remainder of 2022 | 83 | |
2023 | 80 | |
2024 | 80 | |
2025 | 40 | |
2026 | 0 | |
2027 and thereafter | 0 | |
Total | 283 | 326 |
Insurance | Operating segments | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remainder of 2022 | 11,886 | |
2023 | 15,031 | |
2024 | 13,344 | |
2025 | 11,229 | |
2026 | 9,003 | |
2027 and thereafter | 43,092 | |
Total | $ 103,585 | $ 107,547 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Hedging (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Notional values | $ 704,188 | $ 650,703 |
Derivative assets | 9,197 | 8,196 |
Liability derivatives | 2,427 | 2,141 |
Interest rate lock commitments | ||
Derivative [Line Items] | ||
Notional values | 275,196 | 268,878 |
Derivative assets | 3,569 | 7,514 |
Liability derivatives | 0 | 0 |
Forward delivery contracts | ||
Derivative [Line Items] | ||
Notional values | 54,328 | 56,593 |
Derivative assets | 563 | 204 |
Liability derivatives | 14 | 59 |
TBA mortgage backed securities | ||
Derivative [Line Items] | ||
Notional values | 325,000 | 316,000 |
Derivative assets | 5,024 | 262 |
Liability derivatives | 415 | 425 |
Other | ||
Derivative [Line Items] | ||
Notional values | 49,664 | 9,232 |
Derivative assets | 41 | 216 |
Liability derivatives | $ 1,998 | $ 1,657 |
Debt, net - Schedule of Debt Ob
Debt, net - Schedule of Debt Obligations, Net of Discounts and Deferred Financing Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Long-term debt | $ 402,091 | $ 404,651 | |
Unamortized discount, net | (1,323) | (1,458) | |
Unamortized deferred financing costs | (9,442) | (9,844) | |
Total debt, net | 391,326 | 393,349 | |
Other | |||
Debt Instrument [Line Items] | |||
Long-term debt | 81,040 | 86,118 | |
Unamortized discount, net | 0 | 0 | |
Unamortized deferred financing costs | (983) | (1,069) | |
Total debt, net | 80,057 | 85,049 | |
Corporate | |||
Debt Instrument [Line Items] | |||
Long-term debt | 112,500 | 114,063 | |
Unamortized discount, net | (1,323) | (1,458) | |
Unamortized deferred financing costs | (279) | (301) | |
Total debt, net | 110,898 | 112,304 | |
Insurance | Operating segments | |||
Debt Instrument [Line Items] | |||
Long-term debt | 208,551 | 204,470 | |
Unamortized discount, net | 0 | 0 | |
Unamortized deferred financing costs | (8,180) | (8,474) | |
Total debt, net | 200,371 | 195,996 | |
Corporate debt | |||
Debt Instrument [Line Items] | |||
Long-term debt | 272,500 | 276,223 | |
Corporate debt | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Long-term debt | 2,160 | ||
Corporate debt | Secured debt | |||
Debt Instrument [Line Items] | |||
Long-term debt | 112,500 | 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 | ||
Corporate debt | Other | Secured debt | |||
Debt Instrument [Line Items] | |||
Long-term debt | 0 | 0 | |
Corporate debt | Corporate | |||
Debt Instrument [Line Items] | |||
Long-term debt | 112,500 | 114,063 | |
Corporate debt | Corporate | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Long-term debt | 0 | ||
Corporate debt | Corporate | Secured debt | |||
Debt Instrument [Line Items] | |||
Long-term debt | 112,500 | 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 | |
Corporate debt | LIBOR | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.25% | 2.25% | |
Corporate debt | LIBOR | Secured debt | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 6.75% | 6.75% | |
Corporate debt | Prime Rate | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.25% | 1.25% | |
Asset based debt | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 129,591 | $ 128,428 | |
Asset based debt | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Long-term debt | 48,551 | 42,310 | |
Asset based debt | Other | |||
Debt Instrument [Line Items] | |||
Long-term debt | 81,040 | 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 | 48,551 | 42,310 | |
Asset based debt | Insurance | Operating segments | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 48,551 | 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 | |
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% | |
Floor rate | 1.00% | 1.00% | |
8.50% Junior subordinated notes | Corporate debt | |||
Debt Instrument [Line Items] | |||
Stated interest rate, percentage | 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 | $ 67,990 | $ 72,518 | |
Weighted average interest rate | 2.72% | 2.76% | |
Residential mortgage warehouse borrowings | Asset based debt | Other | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 67,990 | $ 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 | LIBOR | |||
Debt Instrument [Line Items] | |||
Floor rate | 1.00% | 1.00% | |
Residential mortgage warehouse borrowings | Minimum | Asset based debt | LIBOR | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.88% | 1.88% | |
Floor rate | 0.50% | 0.50% | |
Residential mortgage warehouse borrowings | Maximum | Asset based debt | LIBOR | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3.00% | 3.00% | |
Floor rate | 1.00% | 1.00% | |
Vessel backed term loan | Asset based debt | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 13,050 | $ 13,600 | |
Vessel backed term loan | Asset based debt | Other | |||
Debt Instrument [Line Items] | |||
Long-term debt | 13,050 | 13,600 | |
Vessel backed term loan | Asset based debt | Corporate | |||
Debt Instrument [Line Items] | |||
Long-term debt | 0 | 0 | |
Vessel backed term loan | Asset based debt | Insurance | Operating segments | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 0 | $ 0 | |
Vessel backed term loan | Asset based debt | LIBOR | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 4.75% | 4.75% |
Debt, net - Schedule of Interes
Debt, net - Schedule of Interest Expense Incurred on Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Debt Instrument [Line Items] | ||
Interest expense on debt | $ 10,074 | $ 9,145 |
Corporate debt | ||
Debt Instrument [Line Items] | ||
Interest expense on debt | 5,876 | 6,063 |
Asset based debt | ||
Debt Instrument [Line Items] | ||
Interest expense on debt | $ 4,198 | $ 3,082 |
Debt, net - Schedule of Debt Ma
Debt, net - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Remainder of 2022 | $ 74,327 | |
2023 | 57,001 | |
2024 | 15,450 | |
2025 | 95,313 | |
2026 | ||
2027 and thereafter | 160,000 | |
Total | $ 402,091 | $ 404,651 |
Debt, net - Narrative (Details)
Debt, net - Narrative (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | |||
Long-term debt | $ 402,091 | $ 404,651 | |
Corporate debt | |||
Debt Instrument [Line Items] | |||
Long-term debt | 272,500 | 276,223 | |
Asset based debt | |||
Debt Instrument [Line Items] | |||
Long-term debt | 129,591 | 128,428 | |
Asset based debt | Residential mortgage warehouse borrowings | |||
Debt Instrument [Line Items] | |||
Long-term debt | 67,990 | 72,518 | |
Asset based debt | Vessel backed term loan | |||
Debt Instrument [Line Items] | |||
Long-term debt | 13,050 | 13,600 | |
Maximum borrowing capacity | 13,050 | 13,600 | |
Residential mortgage warehouse borrowings | Warehouse Borrowings due April 2022 | Subsequent event | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 60,000 | ||
Revolving credit facility | Corporate debt | |||
Debt Instrument [Line Items] | |||
Long-term debt | 2,160 | ||
Revolving credit facility | Corporate debt | Insurance | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | 200,000 | ||
Revolving credit facility | Asset based debt | |||
Debt Instrument [Line Items] | |||
Long-term debt | 48,551 | 42,310 | |
Operating segments | Insurance | |||
Debt Instrument [Line Items] | |||
Long-term debt | 208,551 | 204,470 | |
Operating segments | Corporate debt | Insurance | |||
Debt Instrument [Line Items] | |||
Long-term debt | 160,000 | 162,160 | |
Operating segments | Asset based debt | Insurance | |||
Debt Instrument [Line Items] | |||
Long-term debt | 48,551 | 42,310 | |
Operating segments | Asset based debt | Insurance | Residential mortgage warehouse borrowings | |||
Debt Instrument [Line Items] | |||
Long-term debt | 0 | 0 | |
Operating segments | Asset based debt | Insurance | Vessel backed term loan | |||
Debt Instrument [Line Items] | |||
Long-term debt | 0 | 0 | |
Operating segments | Revolving credit facility | Corporate debt | Insurance | |||
Debt Instrument [Line Items] | |||
Long-term debt | 0 | 2,160 | |
Operating segments | Revolving credit facility | Asset based debt | Insurance | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 48,551 | $ 42,310 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Fair Value Hierarchies for Financial Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | $ 568,460 | $ 577,448 |
Loans, at fair value | 96,244 | 105,583 |
Equity securities | 120,895 | 138,483 |
Derivative assets | 9,197 | 8,196 |
Total other investments, at fair value | 132,305 | 168,656 |
Mortgage servicing rights | 37,870 | 29,833 |
Liabilities | ||
Securities sold, not yet purchased | 3,199 | 242 |
Derivative liabilities | 2,427 | 2,141 |
Fixed income ETFs | ||
Assets | ||
Equity securities | 51,718 | 53,154 |
Other equity securities | ||
Assets | ||
Equity securities | 45,061 | 50,515 |
Invesque | ||
Assets | ||
Equity securities | 24,116 | 34,814 |
Significant unobservable inputs Level 3 | ||
Assets | ||
Total assets | 61,285 | 57,084 |
Liabilities | ||
Contingent consideration payable | 200 | 200 |
Recurring | Quoted prices in active markets Level 1 | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 2,696 | 2,696 |
Loans, at fair value | 0 | 0 |
Derivative assets | 41 | 113 |
Total other investments, at fair value | 41 | 113 |
Mortgage servicing rights | 0 | 0 |
Total assets | 116,224 | 140,086 |
Liabilities | ||
Securities sold, not yet purchased | 3,199 | 242 |
Derivative liabilities | 0 | 0 |
Contingent consideration payable | 0 | 0 |
Total liabilities | 3,199 | 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 | 2,696 | 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 | Equity securities | ||
Assets | ||
Equity securities | 113,487 | 137,277 |
Recurring | Quoted prices in active markets Level 1 | Equity securities | Fixed income ETFs | ||
Assets | ||
Equity securities | 51,718 | 53,154 |
Recurring | Quoted prices in active markets Level 1 | Equity securities | Other equity securities | ||
Assets | ||
Equity securities | 37,653 | 49,309 |
Recurring | Quoted prices in active markets Level 1 | Equity securities | Invesque | ||
Assets | ||
Equity securities | 24,116 | 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 | 565,322 | 574,137 |
Loans, at fair value | 82,191 | 103,486 |
Derivative assets | 5,587 | 569 |
Total other investments, at fair value | 40,287 | 39,534 |
Mortgage servicing rights | 0 | 0 |
Total assets | 687,800 | 717,157 |
Liabilities | ||
Securities sold, not yet purchased | 0 | 0 |
Derivative liabilities | 2,427 | 2,141 |
Contingent consideration payable | 0 | 0 |
Total liabilities | 2,427 | 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 | 339,181 | 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 | 53,171 | 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 | 2,475 | 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 | 17,082 | 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 | 153,413 | 144,877 |
Recurring | Other significant observable inputs Level 2 | Corporate loans | ||
Assets | ||
Loans, at fair value | 5,060 | 5,002 |
Recurring | Other significant observable inputs Level 2 | Mortgage loans held for sale | ||
Assets | ||
Mortgage loans held for sale | 77,131 | 98,484 |
Recurring | Other significant observable inputs Level 2 | Equity securities | ||
Assets | ||
Equity securities | 0 | 0 |
Recurring | Other significant observable inputs Level 2 | Equity securities | Fixed income ETFs | ||
Assets | ||
Equity securities | 0 | 0 |
Recurring | Other significant observable inputs Level 2 | Equity securities | Other equity securities | ||
Assets | ||
Equity securities | 0 | 0 |
Recurring | Other significant observable inputs Level 2 | Equity securities | Invesque | ||
Assets | ||
Equity securities | 0 | 0 |
Recurring | Other significant observable inputs Level 2 | Corporate bonds | ||
Assets | ||
Corporate bonds | 34,700 | 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 | 442 | 615 |
Loans, at fair value | 14,053 | 2,097 |
Derivative assets | 3,569 | 7,514 |
Total other investments, at fair value | 4,465 | 27,692 |
Mortgage servicing rights | 37,870 | 29,833 |
Total assets | 64,238 | 61,443 |
Liabilities | ||
Securities sold, not yet purchased | 0 | 0 |
Derivative liabilities | 0 | 0 |
Contingent consideration payable | 200 | 200 |
Total liabilities | 200 | 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 | 442 | 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 | 14,053 | 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 | Equity securities | ||
Assets | ||
Equity securities | 7,408 | 1,206 |
Recurring | Significant unobservable inputs Level 3 | Equity securities | Fixed income ETFs | ||
Assets | ||
Equity securities | 0 | 0 |
Recurring | Significant unobservable inputs Level 3 | Equity securities | Other equity securities | ||
Assets | ||
Equity securities | 7,408 | 1,206 |
Recurring | Significant unobservable inputs Level 3 | 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 | 896 | 441 |
Fair Value | Other significant observable inputs Level 2 | ||
Assets | ||
Total assets | 121,047 | 110,845 |
Fair Value | Significant unobservable inputs Level 3 | ||
Liabilities | ||
Total liabilities | 409,518 | 419,599 |
Fair Value | Recurring | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 568,460 | 577,448 |
Loans, at fair value | 96,244 | 105,583 |
Derivative assets | 9,197 | 8,196 |
Total other investments, at fair value | 44,793 | 67,339 |
Mortgage servicing rights | 37,870 | 29,833 |
Total assets | 868,262 | 918,686 |
Liabilities | ||
Securities sold, not yet purchased | 3,199 | 242 |
Derivative liabilities | 2,427 | 2,141 |
Contingent consideration payable | 200 | 200 |
Total liabilities | 5,826 | 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 | 339,181 | 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 | 53,171 | 58,660 |
Fair Value | Recurring | Obligations of foreign governments | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 2,475 | 2,590 |
Fair Value | Recurring | Certificates of deposit | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 2,696 | 2,696 |
Fair Value | Recurring | Asset backed securities | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 17,524 | 17,447 |
Fair Value | Recurring | Corporate securities | ||
Assets | ||
Available for sale securities, at fair value, net of allowance for credit losses | 153,413 | 144,877 |
Fair Value | Recurring | Corporate loans | ||
Assets | ||
Loans, at fair value | 19,113 | 7,099 |
Fair Value | Recurring | Mortgage loans held for sale | ||
Assets | ||
Mortgage loans held for sale | 77,131 | 98,484 |
Fair Value | Recurring | Equity securities | ||
Assets | ||
Equity securities | 120,895 | 138,483 |
Fair Value | Recurring | Equity securities | Fixed income ETFs | ||
Assets | ||
Equity securities | 51,718 | 53,154 |
Fair Value | Recurring | Equity securities | Other equity securities | ||
Assets | ||
Equity securities | 45,061 | 50,515 |
Fair Value | Recurring | Equity securities | Invesque | ||
Assets | ||
Equity securities | 24,116 | 34,814 |
Fair Value | Recurring | Corporate bonds | ||
Assets | ||
Corporate bonds | 34,700 | 38,965 |
Fair Value | Recurring | Trade claims | ||
Assets | ||
Trade claims | 19,737 | |
Fair Value | Recurring | Other | ||
Assets | ||
Other investments | $ 896 | $ 441 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Schedule of Level 3 Rollforward, Assets Measured on Recurring Basis Utilizing Level 3 Inputs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 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 | 7,009 | 7,015 |
Net realized and unrealized gains or losses included in OCI | (173) | 20 |
Sales and repayments | (1,233) | (1,743) |
Balance at March 31, | 64,238 | 38,392 |
Changes in unrealized gains (losses) included in earnings related to assets still held at period end | (159) | 2,390 |
Changes in unrealized gains (losses) included in OCI related to assets still held at period end | (173) | 20 |
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 | (19,558) | (27,270) |
Trade claims | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Settlements | (18,709) | 0 |
Loans, at fair value | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Issuances | 12,486 | 0 |
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 | 15,613 | 26,347 |
Purchases | $ 0 | $ 568 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Schedule of Significant Inputs used in the Valuation of Level 3 Assets (Details) $ in Thousands | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative assets | $ 9,197 | $ 8,196 |
Mortgage servicing rights | 37,870 | 29,833 |
Equity securities | 120,895 | 138,483 |
Loans, at fair value | 96,244 | 105,583 |
Significant unobservable inputs Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total assets | 61,285 | 57,084 |
Contingent consideration payable | 200 | 200 |
Significant unobservable inputs Level 3 | Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative assets | 3,569 | 7,514 |
Mortgage servicing rights | 37,870 | 29,833 |
Loans, at fair value | 14,053 | 2,097 |
Total assets | 64,238 | 61,443 |
Contingent consideration payable | 200 | 200 |
Significant unobservable inputs Level 3 | Interest rate lock commitments | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative assets | 3,569 | 7,514 |
Significant unobservable inputs Level 3 | Residential Mortgage | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Mortgage servicing rights | 37,870 | 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 | Equity securities | Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity securities | 7,408 | 1,206 |
Significant unobservable inputs Level 3 | Equity securities | Recurring | Other equity securities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity securities | 7,360 | 0 |
Significant unobservable inputs Level 3 | Corporate loans | Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Loans, at fair value | 14,053 | 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 | $ 12,486 | $ 0 |
Pull through rate | Significant unobservable inputs Level 3 | Interest rate lock commitments | Internal Model | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Pull through rate | 0.55 | 0.55 |
Pull through rate | Significant unobservable inputs Level 3 | Interest rate lock commitments | Internal Model | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Pull through rate | 0.95 | 0.95 |
Pull through rate | Significant unobservable inputs Level 3 | Interest rate lock commitments | Internal Model | Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Pull through rate | 0.65 | 0.66 |
Discount rate | Significant unobservable inputs Level 3 | Residential Mortgage | External model | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | 0.09 | 0.10 |
Discount rate | Significant unobservable inputs Level 3 | Residential Mortgage | External model | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | 0.12 | 0.12 |
Discount rate | Significant unobservable inputs Level 3 | Residential Mortgage | External model | Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | 0.09 | 0.09 |
Discount rate | Significant unobservable inputs Level 3 | Corporate loans | Internal Model | Minimum | Corporate loans and related receivables | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Loan receivable, measurement input | 0.18 | |
Discount rate | Significant unobservable inputs Level 3 | Corporate loans | Internal Model | Maximum | Corporate loans and related receivables | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Loan receivable, measurement input | 0.20 | |
Discount rate | Significant unobservable inputs Level 3 | Corporate loans | Internal Model | Average | Corporate loans and related receivables | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Loan receivable, measurement input | 0.19 | |
Cost to service | Significant unobservable inputs Level 3 | Residential Mortgage | External model | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | 65 | 65 |
Cost to service | Significant unobservable inputs Level 3 | Residential Mortgage | External model | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | 80 | 80 |
Cost to service | Significant unobservable inputs Level 3 | Residential Mortgage | External model | Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | 71 | 71 |
Prepayment speed | Significant unobservable inputs Level 3 | Residential Mortgage | External model | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | 0.05 | 0.05 |
Prepayment speed | Significant unobservable inputs Level 3 | Residential Mortgage | External model | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | 0.80 | 1 |
Prepayment speed | Significant unobservable inputs Level 3 | Residential Mortgage | External model | Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing asset, measurement input | 0.10 | 0.15 |
Plan projected recovery rate | Significant unobservable inputs Level 3 | Trade claims | Internal Model | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Trade claims, measurement input | 0.15 | |
Plan projected recovery rate | Significant unobservable inputs Level 3 | Trade claims | Internal Model | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Trade claims, measurement input | 0.18 | |
Plan projected recovery rate | Significant unobservable inputs Level 3 | Trade claims | Internal Model | Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Trade claims, measurement input | 0.17 | |
Plan projected recovery rate | Significant unobservable inputs Level 3 | Equity securities | Internal Model | Minimum | Other equity securities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity securities, measurement input | 0.15 | |
Plan projected recovery rate | Significant unobservable inputs Level 3 | Equity securities | Internal Model | Maximum | Other equity securities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity securities, measurement input | 0.17 | |
Plan projected recovery rate | Significant unobservable inputs Level 3 | Equity securities | Internal Model | Average | Other equity securities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Equity securities, measurement input | 0.16 | |
Earnout amount, cash | Significant unobservable inputs Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Contingent consideration payable | $ 200 | $ 200 |
Earnout amount, cash | Forecast Cash EBITDA | Significant unobservable inputs Level 3 | Cash Flow Model | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Contingent consideration payable | 20,000 | 20,000 |
Earnout amount, cash | Forecast Cash EBITDA | Significant unobservable inputs Level 3 | Cash Flow Model | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Contingent consideration payable | 30,000 | 30,000 |
Earnout amount, cash | Assumed Claim Liabilities | Significant unobservable inputs Level 3 | Actuarial Analysis | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Contingent consideration payable | $ 55,000 | $ 55,000 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Schedule of Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Notes receivable, net | $ 99,264 | $ 89,788 |
Fair Value, Inputs, Level 2 | Fair Value | ||
Assets | ||
Total assets | 121,047 | 110,845 |
Fair Value, Inputs, Level 2 | Carrying value | ||
Assets | ||
Total assets | 121,047 | 110,845 |
Significant unobservable inputs Level 3 | ||
Assets | ||
Total assets | 61,285 | 57,084 |
Significant unobservable inputs Level 3 | Fair Value | ||
Liabilities | ||
Debt, net | 409,518 | 419,599 |
Total liabilities | 409,518 | 419,599 |
Significant unobservable inputs Level 3 | Carrying value | ||
Liabilities | ||
Debt, net | 400,768 | 403,193 |
Total liabilities | 400,768 | 403,193 |
Debentures | Fair Value, Inputs, Level 2 | Fair Value | ||
Assets | ||
Notes receivable, net | 21,783 | 21,057 |
Debentures | Fair Value, Inputs, Level 2 | Carrying value | ||
Assets | ||
Notes receivable, net | 21,783 | 21,057 |
Notes receivable, net | Fair Value, Inputs, Level 2 | Fair Value | ||
Assets | ||
Notes receivable, net | 99,264 | 89,788 |
Notes receivable, net | Fair Value, Inputs, Level 2 | Carrying value | ||
Assets | ||
Notes receivable, net | $ 99,264 | $ 89,788 |
Liability for Unpaid Claims a_3
Liability for Unpaid Claims and Claim Adjustment Expenses - Rollforward of Claims Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
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 |
Net balance as of January 1, short duration | 154,412 | 83,945 |
Incurred (short duration) related to: | ||
Current year | 81,563 | 50,013 |
Prior years | 1,161 | (36) |
Total incurred | 82,724 | 49,977 |
Paid (short duration) related to: | ||
Current year | 42,706 | 36,498 |
Prior years | 6,686 | 1,914 |
Total paid | 49,392 | 38,412 |
Gross liabilities for unpaid losses and loss adjustment expenses | 386,009 | 220,671 |
Plus: liabilities of policy-holder account balances, gross | 273 | 5,120 |
Plus: non-insurance warranty benefit claim liabilities | 7,595 | 25,532 |
Policy liabilities and unpaid claims balance as of March 31, | 393,877 | 251,323 |
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) |
Paid (short duration) related to: | ||
Net balance as of March 31, short duration | 187,744 | 95,510 |
Reinsurance recoverable for unpaid claims and claims adjustments, ending balance | 197,607 | 124,375 |
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 | $ 658 | $ 786 |
Liability for Unpaid Claims a_4
Liability for Unpaid Claims and Claim Adjustment Expenses - Schedule Showing the Reconciliation of Short Duration Contracts to Total Losses Incurred (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Insurance [Abstract] | ||
Short duration incurred | $ 82,724 | $ 49,977 |
Other lines incurred | 392 | 1 |
Unallocated loss adjustment expenses | 160 | 273 |
Net amount | $ 83,276 | $ 50,251 |
Liability for Unpaid Claims a_5
Liability for Unpaid Claims and Claim Adjustment Expenses - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Insurance [Abstract] | ||
Prior year expense, increase (decrease) | $ 1,161 | $ (36) |
Revenue From Contracts with C_3
Revenue From Contracts with Customers - Schedule of Disaggregated Revenue By Product Type (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue from External Customer [Line Items] | ||
Revenue from contracts with customers | $ 66,754 | $ 53,315 |
Service contract revenue | ||
Revenue from External Customer [Line Items] | ||
Revenue from contracts with customers | 43,213 | 33,068 |
Motor club revenue | ||
Revenue from External Customer [Line Items] | ||
Revenue from contracts with customers | 12,558 | 9,184 |
Vessel related revenue | ||
Revenue from External Customer [Line Items] | ||
Revenue from contracts with customers | 8,862 | 5,699 |
Other | ||
Revenue from External Customer [Line Items] | ||
Revenue from contracts with customers | $ 2,121 | $ 5,364 |
Revenue From Contracts with C_4
Revenue From Contracts with Customers - Schedule of Deferred Assets and Liabilities Related to Revenue From Contracts with Customers (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Deferred acquisition costs | ||
Beginning balance | $ 379,373,000 | |
Ending balance | 414,752,000 | |
Deferred revenue | ||
Beginning balance | 534,863,000 | |
Ending balance | 560,316,000 | |
Deferred acquisition costs, impairment | 0 | $ 0 |
Service and Administrative Fees: | ||
Deferred acquisition costs | ||
Beginning balance | 129,644,000 | |
Additions | 38,322,000 | |
Amortization | 19,759,000 | |
Ending balance | 148,207,000 | |
Deferred revenue | ||
Beginning balance | 495,269,000 | |
Additions | 80,691,000 | |
Amortization | 55,771,000 | |
Ending balance | 520,189,000 | |
Service contract revenue | ||
Deferred acquisition costs | ||
Beginning balance | 110,220,000 | |
Additions | 28,906,000 | |
Amortization | 9,762,000 | |
Ending balance | 129,364,000 | |
Deferred revenue | ||
Beginning balance | 470,399,000 | |
Additions | 68,305,000 | |
Amortization | 43,213,000 | |
Ending balance | 495,491,000 | |
Motor club revenue | ||
Deferred acquisition costs | ||
Beginning balance | 19,424,000 | |
Additions | 9,416,000 | |
Amortization | 9,997,000 | |
Ending balance | 18,843,000 | |
Deferred revenue | ||
Beginning balance | 24,870,000 | |
Additions | 12,386,000 | |
Amortization | 12,558,000 | |
Ending balance | $ 24,698,000 |
Other Assets and Other Liabil_3
Other Assets and Other Liabilities and Accrued Expenses - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Loans eligible for repurchase | $ 27,686 | $ 36,732 |
Mortgage servicing rights | 37,870 | 29,833 |
Right of use asset - Operating leases | 25,102 | 23,870 |
Income taxes receivable | 19,492 | 19,824 |
Furniture, fixtures and equipment, net | 14,650 | 14,878 |
Prepaid expenses | 9,697 | 10,722 |
Other | 12,720 | 10,985 |
Total other assets | $ 147,217 | $ 146,844 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total other assets | Total other assets |
Other Assets and Other Liabil_4
Other Assets and Other Liabilities and Accrued Expenses - Schedule of Depreciation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Furniture and Fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation expense related to furniture, fixtures and equipment | $ 838 | $ 777 |
Other Assets and Other Liabil_5
Other Assets and Other Liabilities and Accrued Expenses - Schedule of Other Liabilities and Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Accounts payable and accrued expenses | $ 154,131 | $ 149,816 |
Loans eligible for repurchase liability | 27,686 | 36,732 |
Deferred tax liabilities, net | 34,335 | 40,049 |
Operating lease liability | 33,185 | 29,396 |
Due to brokers | 44 | 10,763 |
Commissions payable | 16,788 | 20,412 |
Securities sold, not yet purchased | 3,199 | 242 |
Other | 22,747 | 19,126 |
Total other liabilities and accrued expenses | $ 292,115 | $ 306,536 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Total other liabilities and accrued expenses | Total other liabilities and accrued expenses |
Other Revenue and Other Expen_3
Other Revenue and Other Expenses - Schedule of Other Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Other revenue | $ 21,744 | $ 14,556 |
Other | 5,039 | 1,823 |
Mortgage | ||
Segment Reporting Information [Line Items] | ||
Other revenue | 16,705 | 12,733 |
Insurance | ||
Segment Reporting Information [Line Items] | ||
Other | $ 3,216 | $ 2,129 |
Other Revenue and Other Expen_4
Other Revenue and Other Expenses - Schedule of Other Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Other Income and Expenses [Abstract] | ||
General and administrative | $ 4,039 | $ 8,003 |
Professional fees | 6,283 | 5,440 |
Premium taxes | 5,057 | 4,936 |
Mortgage origination expenses | 4,602 | 4,195 |
Rent and related | 4,359 | 4,136 |
Operating expenses from vessels | 3,602 | 2,781 |
Other | 3,234 | 1,876 |
Total other expenses | $ 31,176 | $ 31,367 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Class of Warrant or Right [Line Items] | |||
Amount available for ordinary dividends of the Company's insurance company subsidiaries | $ 35,145 | $ 35,145 | $ 18,519 |
Common stock | |||
Class of Warrant or Right [Line Items] | |||
Stock repurchase program, authorized amount | 20,000 | $ 20,000 | |
Number of shares purchased | 0 | ||
Remaining repurchase authorization | $ 13,669 | $ 13,669 | |
Shares issued upon exercise of warrants (in shares) | 492,295 | ||
Warrants outstanding (in shares) | 1,535,109 | 1,535,109 | |
Warrants, exercise price (in dollars per share) | $ 6.95 | $ 6.95 |
Stockholders' Equity - Dividend
Stockholders' Equity - Dividends (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Equity [Abstract] | ||
Dividends declared per common share (in dollars per share) | $ 0.04 | $ 0.04 |
Stockholders' Equity - Statutor
Stockholders' Equity - Statutory Dividends (Details) - USD ($) $ in Thousands | Mar. 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 Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Schedule of Activity in AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | $ 400,181 | $ 373,538 |
Other comprehensive income (losses) before reclassifications | (20,557) | (2,995) |
Amounts reclassified from AOCI | 86 | (98) |
Other comprehensive income (loss), net of tax | (20,471) | (3,093) |
Ending balance | 383,153 | 397,399 |
Total AOCI | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (2,686) | 5,702 |
Ending balance | (23,157) | 2,609 |
Non-controlling interests | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | 17,227 | 17,394 |
Other comprehensive income (losses) before reclassifications | (50) | (11) |
Amounts reclassified from AOCI | 0 | 0 |
Other comprehensive income (loss), net of tax | (50) | (11) |
Ending balance | 16,520 | 18,956 |
AOCI non-controlling interest | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (1) | 28 |
Ending balance | (51) | 17 |
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 | (20,507) | (2,984) |
Amounts reclassified from AOCI | 86 | (98) |
Other comprehensive income (loss), net of tax | (20,421) | (3,082) |
Ending balance | $ (23,106) | $ 2,592 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Schedule of Reclassifications Out of AOCI into Net Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net realized and unrealized gains (losses) | $ 17,204 | $ 69,371 |
Less: provision (benefit) for income taxes | 86 | (8,752) |
Net income (loss) | (866) | 30,640 |
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) | (110) | 128 |
Less: provision (benefit) for income taxes | 24 | (30) |
Net income (loss) | $ (86) | $ 98 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Equity Plan (Details) - Tiptree Inc. 2017 Omnibus Incentive Plan - shares | 3 Months Ended | |
Mar. 31, 2022 | Jun. 06, 2017 | |
Stock Compensation Plan | ||
Number of shares | ||
Available for issuance, beginning of period (in shares) | 2,344,814 | |
RSU and option awards granted (in shares) | (211,246) | |
Forfeited (in shares) | 528 | |
Available for issuance, end of period (in shares) | 2,134,096 | |
Common stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares authorized | 6,100,000 |
Stock Based Compensation - Rest
Stock Based Compensation - Restricted Stock Units and Restricted Stock (Details) - Restricted Stock Units (RSUs) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
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 | |
Granted (in shares) | 211,246 | 25,381 |
Vested (in shares) | (308,723) | (379,514) |
Forfeited (in shares) | (528) | |
Unvested units, end of period (in shares) | 501,007 | |
Weighted average grant date fair value | ||
Unvested units, beginning of period (in dollars per share) | $ 6.59 | |
Granted (in dollars per share) | 13.01 | |
Vested (in dollars per share) | 6.72 | |
Forfeited (in dollars per share) | 6.26 | |
Unvested units, end of period (in dollars per share) | $ 9.63 | |
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 - Sche
Stock Based Compensation - Schedule of Granted and Vested RSUs (Details) - Restricted Stock Units (RSUs) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
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) | 211,246 | 25,381 |
Vested (in shares) | 308,723 | 379,514 |
Taxes (in shares) | (47,274) | (34,828) |
Net vested (in shares) | 261,449 | 344,686 |
Director | Tiptree Inc. 2017 Omnibus Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 8,418 | 25,381 |
Vested (in shares) | 8,418 | 25,381 |
Employees | Tiptree Inc. 2017 Omnibus Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 202,828 | 0 |
Vested (in shares) | 300,305 | 354,133 |
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) | 108,418 |
Stock Based Compensation - Tipt
Stock Based Compensation - Tiptree Senior Management Incentive Plan (Details) - PRSUs - $ / shares | Aug. 04, 2021 | Nov. 30, 2021 | Mar. 31, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award term | 10-year | 10 years | |
Valuation Input | |||
Historical volatility, assumption | 38.29% | ||
Risk-free rate | 2.40% | ||
Dividend yield | 1.21% | ||
Cost of equity | 10.64% | ||
Expected term (years) | 6 years | ||
Management | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 3,500,000 | ||
Award term | 10-year | ||
Vested (in shares) | 215,583 | ||
Unvested units (in shares) | 3,266,667 | ||
Management | Share price target, one | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share price (in dollars per share) | $ 20 | ||
Unvested units (in shares) | 466,667 | ||
Share price, adjusted for dividends (in dollars per share) | $ 19.88 | ||
Management | Share price target, two | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share price (in dollars per share) | $ 30 | ||
Unvested units (in shares) | 700,000 | ||
Management | Share price target, three | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share price (in dollars per share) | $ 45 | ||
Unvested units (in shares) | 933,333 | ||
Management | Share price target, four | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share price (in dollars per share) | $ 60 | ||
Unvested units (in shares) | 1,166,667 | ||
Management | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share price (in dollars per share) | $ 15 | ||
Management | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share price (in dollars per share) | $ 60 |
Stock Based Compensation - Subs
Stock Based Compensation - Subsidiary Incentive Plans (Details) - Subsidiary Incentive Plan - Restricted Stock Units (RSUs) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($)shares | |
Number of shares issuable | |
Unvested balance, beginning of period | $ 2,234 |
Granted | 160 |
Vested | (935) |
Performance assumption adjustment | 80 |
Unvested balance, end of period | $ 1,539 |
Vested shares, if converted (in shares) | shares | 1,778,134 |
Stock Based Compensation - Stoc
Stock Based Compensation - Stock Options Awards (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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 | ||||||
Book value target (in dollars per share) | $ 11.52 | $ 10.79 | $ 9.97 | $ 10.14 | $ 8.96 | ||
Valuation Input | |||||||
Historical volatility, assumption | 27.60% | ||||||
Risk-free rate | 1.51% | ||||||
Dividend yield | 2.20% | ||||||
Expected term (years) | 7 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 - Sc_2
Stock Based Compensation - Schedule of Stock Option Activity Rollforward (Details) - Stock options | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Options outstanding | |
Balance, beginning of period (in shares) | shares | 1,715,619 |
Balance, end of period (in shares) | shares | 1,715,619 |
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 | 6.49 |
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 | $ 2.29 |
Options Exercisable | |
Balance, beginning of period (in shares) | shares | 712,542 |
Balance, end of period (in shares) | shares | 712,542 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Weighted average remaining contractual term at March 31, 2022 (in years) | 5 years 10 months 24 days |
Stock Based Compensation - Sc_3
Stock Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Income tax benefit | $ (1,294) | $ (224) |
Net stock based compensation expense | 4,866 | 841 |
Deferred stock based compensation liability | 2,303 | |
Employee compensation and benefits | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock based compensation expense | 6,041 | 955 |
Director compensation | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock based compensation expense | $ 119 | $ 110 |
Stock Based Compensation - Unre
Stock Based Compensation - Unrecognized Compensation Costs Related to Non-vested Awards (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost, stock options | $ 64 |
Weighted - average recognition period (in years) | 7 months 13 days |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 1,141 |
Weighted - average recognition period (in years) | 11 months 1 day |
PRSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 14,859 |
Weighted - average recognition period (in years) | 1 year 2 months 12 days |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Total income tax expense (benefit) | $ (86) | $ 8,752 |
Effective tax rate (ETR) | 9.00% | 22.20% |
Commitments and Contingencies -
Commitments and Contingencies - Rent Expense for Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Rent expense for office leases | $ 2,289 | $ 2,195 |
Held for sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Rent expense for office leases | $ 110 | $ 153 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net income (loss) | $ (866) | $ 30,640 |
Net income (loss) attributable to non-controlling interests | 94 | 2,059 |
Net income allocated to participating securities | 0 | 602 |
Net income (loss) attributable to Tiptree Inc. common shares - basic | (960) | 27,979 |
Effect of Dilutive Securities: | ||
Securities of subsidiaries | 0 | (574) |
Adjustments to income relating to exchangeable interests, net of tax | 0 | 1,961 |
Net income (loss) attributable to Tiptree Inc. common shares - diluted | $ (960) | $ 29,366 |
Weighted average number of shares of common stock outstanding - basic | 34,229,011 | 32,420,982 |
Weighted average number of incremental shares of common stock issuable from exchangeable interests and contingent considerations | 0 | 3,763,037 |
Weighted average number of shares of common stock outstanding - diluted | 34,229,011 | 36,184,019 |
Basic earnings per share (in dollars per share) | $ (0.03) | $ 0.86 |
Diluted earnings per share (in dollars per share) | $ (0.03) | $ 0.81 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | Jan. 01, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Jan. 01, 2025 | Jan. 01, 2024 | Jan. 01, 2023 | Jan. 01, 2021 |
Related Party Transaction [Line Items] | |||||||
Related party, greater than 5% shareholder | 5.00% | ||||||
Corvid Peak | |||||||
Related Party Transaction [Line Items] | |||||||
Ownership after all transactions | 21.95% | ||||||
Corvid Peak | |||||||
Related Party Transaction [Line Items] | |||||||
Related party, ownership percentage | 10.20% | ||||||
Related party, additional ownership percentage | 10.20% | ||||||
Corvid Peak | Forecast | Subsequent event | |||||||
Related Party Transaction [Line Items] | |||||||
Related party, additional ownership percentage | 10.20% | 10.20% | 10.20% | ||||
Corvid Peak | Strategic Combination Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Investment expense | $ 768 | $ 308 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | May 03, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Subsequent Event [Line Items] | |||
Dividends declared per share (in usd per share) | $ 0.04 | $ 0.04 | |
Subsequent event | Common stock | |||
Subsequent Event [Line Items] | |||
Dividends declared per share (in usd per share) | $ 0.04 |