Exhibit 99.1
Selected Historical Financial Information of TypTap Insurance Group, Inc.
|
| Years Ended |
| Six Months Ended | ||
|
| December 31, |
| June 30, | ||
(Dollar amounts in thousands) |
| 2019 | 2020 |
| 2020 | 2021 |
Revenue: |
|
|
|
|
|
|
Gross premiums earned |
| $ 30,904 | $ 78,836 |
| $ 34,975 | $ 67,811 |
Premiums ceded |
| (11,076) | (28,822) |
| (8,907) | (22,094) |
Net premiums earned |
| 19,828 | 50,014 |
| 26,068 | 45,717 |
Net income from investment portfolio |
| 1,537 | 797 |
| 20 | 831 |
Policy fee income |
| 424 | 819 |
| 373 | 549 |
Other |
| 40 | 97 |
| 63 | 650 |
Total revenue |
| 21,829 | 51,727 |
| 26,524 | 47,747 |
Expenses: |
|
|
|
|
|
|
Losses and loss adjustment expenses |
| 8,505 | 34,059 |
| 14,638 | 28,752 |
Amortization of deferred policy acquisition costs |
| 5,275 | 13,714 |
| 5,686 | 10,190 |
Other policy acquisition expenses |
| 1,622 | 1,865 |
| 888 | 3,062 |
Interest expense |
| 2 | 2 |
| 1 | 90 |
Depreciation and amortization |
| 676 | 1,103 |
| 541 | 600 |
Personnel and other operating expenses |
| 14,240 | 17,445 |
| 8,717 | 13,322 |
Total expenses |
| 30,320 | 68,188 |
| 30,471 | 56,016 |
Loss before income taxes |
| $ (8,491) | $ (16,461) |
| $ (3,947) | $ (8,269) |