Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 01, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | HCI | |
Entity Registrant Name | HCI Group, Inc. | |
Entity Central Index Key | 0001400810 | |
Current Fiscal Year End Date | --12-31 | |
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 | |
Title of 12(b) Security | Common Shares | |
Security Exchange Name | NYSE | |
Entity File Number | 001-34126 | |
Entity Incorporation, State or Country Code | FL | |
Entity Tax Identification Number | 20-5961396 | |
Entity Address, Address Line One | 3802 Coconut Palm Drive | |
Entity Address, City or Town | Tampa | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33619 | |
City Area Code | 813 | |
Local Phone Number | 849-9500 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 10,476,413 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Fixed-maturity securities, available for sale, at fair value (amortized cost: $475,170 and $387,687, respectively and allowance for credit losses: $0 and $0, respectively) | $ 470,805 | $ 383,238 |
Equity securities, at fair value (cost: $47,852 and $44,011, respectively) | 52,013 | 45,537 |
Limited partnership investments | 24,015 | 23,583 |
Real estate investments | 69,096 | 67,893 |
Total investments | 615,929 | 520,251 |
Cash and cash equivalents (a) | 655,384 | 536,478 |
Restricted cash (a) | 3,303 | 3,287 |
Receivable from maturities of fixed-maturity securities | 0 | 91,085 |
Accrued interest and dividends receivable | 4,052 | 3,507 |
Income taxes receivable (a) | 651 | 0 |
Deferred income taxes, net | 0 | 512 |
Premiums receivable, net (allowance: $3,443 and $3,152, respectively) | 43,291 | 38,037 |
Assumed premiums receivable | 0 | 19,954 |
Prepaid reinsurance premiums | 34,125 | 86,232 |
Reinsurance recoverable, net of allowance for credit losses: | ||
Paid losses and loss adjustment expenses (allowance: $0 and $0 respectively) | 25,452 | 19,690 |
Unpaid losses and loss adjustment expenses (allowance: $69 and $118, respectively) | 305,218 | 330,604 |
Deferred policy acquisition costs | 45,152 | 42,910 |
Property and equipment, net | 29,314 | 29,251 |
Right-of-use assets - operating leases | 1,352 | 1,407 |
Intangible assets, net | 7,046 | 7,659 |
Funds withheld for assumed business | 14,181 | 30,087 |
Other assets (a) | 57,184 | 50,365 |
Total assets | 1,841,634 | 1,811,316 |
Liabilities and Equity | ||
Losses and loss adjustment expenses (a) | 578,712 | 585,073 |
Unearned premiums (a) | 499,499 | 501,157 |
Advance premiums | 26,518 | 15,895 |
Reinsurance payable on paid losses and loss adjustment expenses | 0 | 3,145 |
Ceded reinsurance premiums payable (a) | 10,693 | 8,921 |
Assumed premiums payable (a) | 2,681 | 850 |
Accrued expenses | 24,699 | 19,722 |
Income tax payable | 23,184 | 7,702 |
Revolving credit facility | 50,000 | 0 |
Deferred income taxes, net (a) | 5,113 | 0 |
Long-term debt | 184,744 | 208,495 |
Lease liabilities - operating leases | 1,357 | 1,408 |
Other liabilities (a) | 36,564 | 35,623 |
Total liabilities | 1,443,764 | 1,387,991 |
Commitments and contingencies (Note 21) | ||
Redeemable noncontrolling interest (Note 18) | 0 | 96,160 |
Equity: | ||
Common stock (no par value, 40,000,000 shares authorized, 10,276,463 and 9,738,183 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively) | 0 | 0 |
Additional paid-in capital | 116,728 | 89,568 |
Retained income | 282,056 | 238,438 |
Accumulated other comprehensive loss, net of taxes | (3,102) | (3,163) |
Total stockholders’ equity | 395,682 | 324,843 |
Noncontrolling interests | 2,188 | 2,322 |
Total equity | 397,870 | 327,165 |
Total liabilities, redeemable noncontrolling interest and equity | $ 1,841,634 | $ 1,811,316 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Available-for-sale Debt securities, Amortized cost | $ 475,170 | $ 387,687 |
Available-for-sale Debt securities, Allowance for credit losses | 0 | 0 |
Equity securities, cost | 47,852 | 44,011 |
Premiums Receivable, Allowance | 3,443 | 3,152 |
Paid losses and loss adjustments allowance | 0 | 0 |
Unpaid losses and loss adjustments allowance | $ 69 | $ 118 |
Common stock, no par value | $ 0 | $ 0 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 10,276,463 | 9,738,183 |
Common stock, outstanding | 10,276,463 | 9,738,183 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | |||
Revenue | ||||
Gross premiums earned | $ 256,644 | [1] | $ 180,068 | [2] |
Premiums ceded | (68,106) | (70,509) | ||
Net premiums earned | 188,538 | 109,559 | ||
Net investment income | 14,067 | 17,715 | ||
Net realized investment losses | 0 | (1,149) | ||
Net unrealized investment gains | 2,635 | 529 | ||
Policy fee income | 1,019 | 1,090 | ||
Other | 355 | 1,285 | ||
Total revenue | 206,614 | 129,029 | ||
Expenses | ||||
Losses and loss adjustment expenses | 79,922 | 60,565 | ||
Policy acquisition and other underwriting expenses | 22,139 | 22,720 | ||
General and administrative personnel expenses | 16,274 | 13,502 | ||
Interest expense | 3,149 | 2,801 | ||
Other operating expenses | 7,700 | 6,305 | ||
Total expenses | 129,184 | 105,893 | ||
Income before income taxes | 77,430 | 23,136 | ||
Income tax expense | 20,474 | 5,343 | ||
Net (loss) income | 56,956 | 17,793 | ||
Net income attributable to redeemable noncontrolling interest | (10,149) | (2,324) | ||
Net loss (income) attributable to noncontrolling interests | 804 | (131) | ||
Net income after noncontrolling interests | $ 47,611 | $ 15,338 | ||
Basic earnings per share | $ 4.76 | $ 1.78 | ||
Diluted earnings per share | $ 3.81 | $ 1.54 | ||
[1] Gross premiums earned under HCPCI Insurance Operations consist of $ 149,271 from HCPCI and $ 6,111 from a reinsurance company. Gross premiums earned under HCPCI Insurance Operations consist of $ 92,456 from HCPCI and $ 4,535 from a reinsurance company. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 56,956 | $ 17,793 |
Other comprehensive income : | ||
Net unrealized gains arising during the period | 52 | 2,415 |
Reclassification adjustment for net realized losses | 32 | 738 |
Total other comprehensive income | 84 | 3,153 |
Deferred income taxes on above change | (21) | 1,810 |
Total other comprehensive income | 63 | 4,963 |
Comprehensive income | 57,019 | 22,756 |
Comprehensive loss (income) attributable to noncontrolling interests | 802 | (306) |
Comprehensive income after noncontrolling interests | $ 57,821 | $ 22,450 |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Income [Member] | Accumulated Other Comprehensive Income, Net of Tax [Member] | Total Stockholders' Equity [Member] | Noncontrolling Interests [Member] |
Beginning Balance at Dec. 31, 2022 | $ 161,254,000 | $ 172,482,000 | $ (9,886,000) | $ 162,596,000 | $ (1,342,000) | ||
Beginning Balance, shares at Dec. 31, 2022 | 8,598,682 | ||||||
Net income (loss) | 17,793,000 | 17,488,000 | 17,488,000 | 305,000 | |||
Net income attributable to redeemable noncontrolling interest | (2,324,000) | (2,150,000) | (2,150,000) | (174,000) | |||
Total other comprehensive income, net of income taxes | 4,963,000 | 4,788,000 | 4,788,000 | 175,000 | |||
Issuance of restricted stock, shares | 6,000 | ||||||
Forfeiture of restricted stock, shares | (2,125) | ||||||
Repurchase and retirement of common stock, value | (305,000) | $ (305,000) | (305,000) | ||||
Repurchase and retirement of common stock, shares | (5,884) | ||||||
Dilution from subsidiary stock-based compensation | 631,000 | 631,000 | |||||
Common stock dividends ($0.40 per share) | (3,432,000) | (3,432,000) | (3,432,000) | ||||
Stock-based compensation | 1,277,000 | 1,277,000 | 1,277,000 | ||||
Additional paid-in capital shortfall adjustment allocated to retained income | (640,000) | 640,000 | |||||
Ending Balance at Mar. 31, 2023 | 179,857,000 | 332,000 | 185,028,000 | (5,098,000) | 180,262,000 | (405,000) | |
Ending Balance, shares at Mar. 31, 2023 | 8,596,673 | ||||||
Beginning Balance at Dec. 31, 2023 | 327,165,000 | 89,568,000 | 238,438,000 | (3,163,000) | 324,843,000 | 2,322,000 | |
Beginning Balance, shares at Dec. 31, 2023 | 9,738,183 | ||||||
Net income (loss) | 56,956,000 | 57,085,000 | 57,085,000 | (129,000) | |||
Net income attributable to redeemable noncontrolling interest | (10,149,000) | (9,474,000) | (9,474,000) | (675,000) | |||
Total other comprehensive income, net of income taxes | 63,000 | 61,000 | 61,000 | 2,000 | |||
Cashless exercise of common stock warrants | 155,049 | ||||||
Forfeiture of restricted stock, shares | (200) | ||||||
Repurchase and retirement of common stock, value | (556,000) | (556,000) | (556,000) | ||||
Repurchase and retirement of common stock, shares | (5,656) | ||||||
Conversion of senior notes to common stock, Amount | 23,449,000 | 23,449,000 | 23,449,000 | ||||
Conversion of senior notes to common stock, Share | 389,087 | ||||||
Dilution from subsidiary stock-based compensation | 668,000 | 668,000 | |||||
Common stock dividends ($0.40 per share) | (3,993,000) | (3,993,000) | (3,993,000) | ||||
Stock-based compensation | 881,000 | 881,000 | 881,000 | ||||
Deemed dividend on warrant modification | 3,386,000 | 3,386,000 | 3,386,000 | ||||
Ending Balance at Mar. 31, 2024 | $ 397,870,000 | $ 116,728,000 | $ 282,056,000 | $ (3,102,000) | $ 395,682,000 | $ 2,188,000 | |
Ending Balance, shares at Mar. 31, 2024 | 10,276,463 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Common stock dividends | $ 0.4 | $ 0.4 |
Debt instrument stated interest rate | 4.25% |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net income after noncontrolling interests | $ 47,611 | $ 15,338 |
Net income attributable to noncontrolling interests | 9,345 | 2,455 |
Net income | 56,956 | 17,793 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock-based compensation expense | 1,582 | 2,106 |
Net accretion of discount on investments in fixed-maturity securities | (2,148) | (1,845) |
Depreciation and amortization | 1,003 | 2,230 |
Deferred income tax expense | 5,604 | 3,266 |
Net realized investment losses | 0 | 1,149 |
Net unrealized investment gains | (2,635) | (529) |
Credit loss expense - reinsurance recoverable | (49) | (1) |
Net income from limited partnership interests | (195) | (553) |
Distributions received from limited partnership interests | 0 | 303 |
Loss on extinguishment of debt | 0 | 177 |
Gain on sales of real estate investments | 0 | (8,936) |
Foreign currency remeasurement (gain) loss | (1) | 1 |
Other non-cash items | (19) | 71 |
Changes in operating assets and liabilities: | ||
Accrued interest and dividends receivable | (545) | (573) |
Income taxes | 14,831 | 2,100 |
Premiums receivable, net | (5,254) | (9,968) |
Assumed premiums receivable | 19,954 | 0 |
Prepaid reinsurance premiums | 52,107 | 39,564 |
Reinsurance recoverable | 19,673 | 91,660 |
Deferred policy acquisition costs | (2,242) | (1,110) |
Funds withheld for assumed business | 15,906 | 3,498 |
Other assets | (6,657) | (5,590) |
Losses and loss adjustment expenses | (6,361) | (57,457) |
Unearned premiums | (1,658) | 19,786 |
Advance premiums | 10,623 | 7,247 |
Assumed reinsurance balances payable | 1,831 | 0 |
Reinsurance payable on paid losses and loss adjustment expenses | (3,145) | (1,563) |
Reinsurance recovered in advance on unpaid losses | 0 | (19,863) |
Ceded reinsurance premiums payable | 1,772 | (3,523) |
Accrued expenses and other liabilities | 11,056 | 19,669 |
Net cash provided by operating activities | 181,989 | 99,109 |
Cash flows from investing activities: | ||
Investments in limited partnership interests | (399) | (170) |
Distributions received from limited partnership interests | 162 | 1,602 |
Distribution received from unconsolidated joint venture | 0 | 18 |
Purchase of property and equipment | (946) | (1,469) |
Purchase of real estate investments | (5,244) | (175) |
Purchase of fixed-maturity securities | (172,336) | (160,152) |
Purchase of equity securities | (7,679) | (6,472) |
Purchase of short-term and other investments | 0 | (10) |
Proceeds from sales of real estate investments | 0 | 21,746 |
Proceeds from sales of fixed-maturity securities | 6,030 | 11,060 |
Proceeds from calls, repayments and maturities of fixed-maturity securities | 172,024 | 112,497 |
Proceeds from sales of equity securities | 3,516 | 3,754 |
Proceeds from sales, redemptions and maturities of short-term and other investments | 0 | 14 |
Net cash used in investing activities | (4,872) | (17,757) |
Cash flows from financing activities: | ||
Cash dividends paid | (3,993) | (3,432) |
Net borrowing under revolving credit facility | 50,000 | 0 |
Cash dividends paid to redeemable noncontrolling interest | (2,923) | (3,012) |
Repayment of long-term debt | (128) | (258) |
Redemption of long-term debt | (466) | (6,895) |
Repurchases of common stock | (557) | (305) |
Redemption of redeemable noncontrolling interest | (100,000) | 0 |
Purchase of noncontrolling interests | (33) | (198) |
Debt issuance costs | (99) | 0 |
Net cash used in financing activities | (58,199) | (14,100) |
Effect of exchange rate changes on cash | 4 | (3) |
Net increase in cash, cash equivalents, and restricted cash | 118,922 | 67,249 |
Cash, cash equivalents, and restricted cash at beginning of period | 539,765 | 237,763 |
Cash, cash equivalents, and restricted cash at end of period | 658,687 | 305,012 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 38 | 35 |
Cash paid for interest | 1,052 | 739 |
Non-cash investing and financing activities: | ||
Unrealized gain on investments in available-for-sale securities, net of tax | 63 | 4,963 |
Conversion of 4.25% Convertible Senior Notes | 23,450 | 0 |
Sale of real estate investments: | ||
Contingent consideration receivable | 0 | 125 |
Long-term debt obligations assumed by the buyer | 0 | 8,995 |
Payable on purchases of equity securities | $ 25 | $ 0 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) | Mar. 31, 2024 |
Statement of Cash Flows [Abstract] | |
Debt instrument stated interest rate | 4.25% |
Nature of Operations
Nature of Operations | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Note 1 -- Nat ure of Operations HCI Group, Inc., together with its subsidiaries (“HCI” or the “Company”), is primarily engaged in the property and casualty insurance business through two Florida domiciled insurance companies, Homeowners Choice Property & Casualty Insurance Company, Inc. (“HCPCI”) and TypTap Insurance Company (“TypTap”). Both HCPCI and TypTap are authorized to underwrite various homeowners’ property and casualty insurance products and allied lines business in the state of Florida and in other states. The operations of each insurance subsidiary are supported by HCI Group, Inc. and certain HCI subsidiaries. The operations of TypTap are also supported by TypTap Insurance Group, Inc. (“TTIG”), the Company’s majority-owned subsidiary, and certain TTIG subsidiaries. The Company emphasizes the use of internally developed technologies to collect and analyze claims and other supplemental data to assist in the underwriting process and generate savings as well as efficiency for the operations of the insurance subsidiaries and other insurance-related businesses. The Company also provides an attorney-in-fact (“AIF”) service. The Company's subsidiary, Core Risk Managers, LLC (“CRM”), serves as the AIF for Condo Owners Reciprocal Exchange (“CORE”), a reciprocal insurance exchange owned by its policyholders. Although the Company does not have any equity interest in CORE, the Company is required to consolidate CORE as its primary beneficiary. See Note 13 -- “Variable Interest Entity” for additional information. In addition, Greenleaf Capital, LLC, the Company’s real estate subsidiary, is primarily engaged in the business of owning and leasing real estate and operating marina facilities. Assumed Business Citizens Assumption During the first quarter of 2024, the Company continued to participate in a take-out program through which the Company assumed insurance policies held by Citizens Property Insurance Corporation (“Citizens”), a Florida state-supported insurer. Approximately 9,800 policies were assumed by TypTap and CORE, representing approximately $ 87,800 in annualized premiums written. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 -- Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements of HCI Group, Inc. and its majority-owned and controlled subsidiaries (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and the Securities and Exchange Commission (“SEC”) rules for interim financial reporting. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. However, in the opinion of management, the accompanying consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the Company’s financial position as of March 31, 2024 and the results of operations and cash flows for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of the results of operations to be expected for any subsequent interim period or for the fiscal year ending December 31, 2024. The accompanying unaudited consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023 included in the Company’s Form 10-K, which was filed with the SEC on March 8, 2024. In preparing the interim unaudited consolidated financial statements, management was required to make certain judgments, assumptions, and estimates that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the financial reporting date and throughout the periods being reported upon. Certain of the estimates result from judgments that can be subjective and complex, and consequently actual results may differ from these estimates. Material estimates that are particularly susceptible to significant change in the near term are related to the Company’s losses and loss adjustment expenses, which include amounts estimated for claims incurred but not yet reported. The Company uses various assumptions and actuarial data it believes to be reasonable under the circumstances to make these estimates. In addition, accounting policies specific to reinsurance with retrospective provisions, reinsurance recoverable, deferred income taxes, limited partnership investments, allowance for credit losses, and stock-based compensation expense involve significant judgments and estimates material to the Company’s consolidated financial statements. In the case of assumed business, the Company relies entirely on the ceding insurance company to provide information about premiums, losses, and loss adjustment expenses. When the information is not available at the reporting date, the Company will make estimates based on all recent available data. Accordingly, the actual results could differ significantly from those estimates. All significant intercompany balances and transactions have been eliminated. Revenue from Claims Processing Services Revenue related to claims processing services is included in other revenue in the consolidated statements of income. For the three months ended March 31, 2024 and 2023 , revenues from claims processing services were $ 0 and $ 527 , respectively. Noncontrolling Interests A noncontrolling interest arises when the Company has less than 100 % of the voting rights and economic interests in a subsidiary or a consolidated variable interest entity (“VIE”). The Company has noncontrolling interests attributable to TTIG and CORE, a VIE consolidated by the Company under the VIE model. The noncontrolling interest related to TTIG is periodically adjusted for the expensing of TTIG’s stock-based awards granted to its employees, the interest’s share of TTIG’s net income or loss to common stockholders and change in other comprehensive income or loss. The noncontrolling interest related to CORE is periodically adjusted for CORE’s net surplus contribution and net income or loss since the Company has no equity interest in CORE. |
Cash, Cash Equivalents, and Res
Cash, Cash Equivalents, and Restricted Cash | 3 Months Ended |
Mar. 31, 2024 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents, and Restricted Cash | Note 3 -- Cash, Cash Equivalents, and Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Company’s consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows. March 31, December 31, 2024 2023 Cash and cash equivalents $ 655,384 $ 536,478 Restricted cash 3,303 3,287 Total $ 658,687 $ 539,765 Restricted cash represents funds in the Company’s sole ownership primarily held by certain states to meet regulatory requirements in which the Company’s insurance subsidiaries conduct business and are not available for immediate business use. Funds withheld in an account for which the Company is a co-owner but not the named beneficiary are not considered restricted cash and are included in funds withheld for assumed business on the consolidated balance sheets. In connection with the sale of the retail shopping center investment property in Melbourne, Florida to a non-affiliate, $ 87 of restricted cash was deposited in escrow in March 2023 and released in February 2024 as post-sale conditions were met. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Note 4 -- Investments a) Available-for-Sale Fixed-Maturity Securities The Company holds investments in fixed-maturity securities that are classified as available-for-sale. At March 31, 2024 and December 31, 2023, the cost or amortized cost, allowance for credit loss, gross unrealized gains and losses, and estimated fair value of the Company’s available-for-sale securities by security type were as follows: Cost or Allowance Gross Gross Estimated Cost Loss Gain Loss Value As of March 31, 2024 U.S. Treasury and U.S. government agencies $ 444,189 $ — $ 23 $ ( 3,498 ) $ 440,714 Corporate bonds 30,487 — 65 ( 943 ) 29,609 Exchange-traded debt 494 — — ( 12 ) 482 Total $ 475,170 $ — $ 88 $ ( 4,453 ) $ 470,805 As of December 31, 2023 U.S. Treasury and U.S. government agencies $ 359,630 $ — $ 224 $ ( 3,800 ) $ 356,054 Corporate bonds 27,563 — 116 ( 975 ) 26,704 Exchange-traded debt 494 — — ( 14 ) 480 Total $ 387,687 $ — $ 340 $ ( 4,789 ) $ 383,238 Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. The scheduled contractual maturities of fixed-maturity securities as of March 31, 2024 and December 31, 2023 are as follows: March 31, 2024 December 31, 2023 Cost or Estimated Cost or Estimated Amortized Cost Fair Value Amortized Cost Fair Value Available-for-sale Due in one year or less $ 281,977 $ 280,304 $ 234,992 $ 234,025 Due after one year through five years 189,861 187,529 148,935 145,758 Due after five years through ten years 2,838 2,490 3,266 2,974 Due after ten years 494 482 494 481 $ 475,170 $ 470,805 $ 387,687 $ 383,238 Securities on Deposit The fair value of fixed-maturity securities on deposit with various regulatory authorities at March 31, 2024 and December 31, 2023 was $ 1,668 and $ 1,660 , respectively. Sales of Available-for-Sale Fixed-Maturity Securities Proceeds received, and the gross realized gains and losses from sales of available-for-sale fixed-maturity securities, for the three months ended March 31, 2024 and 2023 were as follows: Gross Gross Proceeds Gains Losses Three months ended March 31, 2024 $ 6,030 $ 12 $ ( 44 ) Three months ended March 31, 2023 $ 11,060 $ — $ ( 738 ) Gross Unrealized Losses for Available-for-Sale Fixed-Maturity Securities Securities with gross unrealized loss positions at March 31, 2024 and December 31, 2023, aggregated by investment category and length of time the individual securities have been in a continuous loss position, are as follows: Less Than Twelve Months Twelve Months or Longer Total Gross Estimated Gross Estimated Gross Estimated Unrealized Fair Unrealized Fair Unrealized Fair As of March 31, 2024 Loss Value Loss Value Loss Value U.S. Treasury and U.S. government $ ( 209 ) $ 304,595 $ ( 3,289 ) $ 131,299 $ ( 3,498 ) $ 435,894 Corporate bonds ( 42 ) 4,736 ( 901 ) 18,735 ( 943 ) 23,471 Exchange-traded debt ( 12 ) 482 — — ( 12 ) 482 Total available-for-sale securities $ ( 263 ) $ 309,813 $ ( 4,190 ) $ 150,034 $ ( 4,453 ) $ 459,847 Less Than Twelve Months Twelve Months or Longer Total Gross Estimated Gross Estimated Gross Estimated Unrealized Fair Unrealized Fair Unrealized Fair As of December 31, 2023 Loss Value Loss Value Loss Value U.S. Treasury and U.S. government $ ( 22 ) $ 3,464 $ ( 3,778 ) $ 181,463 $ ( 3,800 ) $ 184,927 Corporate bonds ( 8 ) 1,941 ( 967 ) 19,418 ( 975 ) 21,359 Exchange-traded debt ( 14 ) 481 — — ( 14 ) 481 Total available-for-sale securities $ ( 44 ) $ 5,886 $ ( 4,745 ) $ 200,881 $ ( 4,789 ) $ 206,767 At March 31, 2024 and December 31, 2023 , there were 83 and 65 securities, respectively, in an unrealized loss position. Allowance for Credit Losses of Available-for-Sale Fixed-Maturity Securities The Company regularly reviews its individual investment securities for credit impairment. The Company considers various factors in determining whether a credit loss exists for each individual security, including- • the financial condition and near-term prospects of the issuer, including any specific events that may affect its operations or earnings; • the extent to which the market value of the security has been below its cost or amortized cost; • general market conditions and industry or sector specific factors and other qualitative factors; • nonpayment by the issuer of its contractually obligated interest and principal payments; and • the Company’s intent and ability to hold the investment for a period of time sufficient to allow for the recovery of costs. There was no balance or activity in the allowance for credit losses of available-for-sale fixed-maturity securities during the three months ended March 31, 2024 and 2023. b) Equity Securities The Company holds investments in equity securities measured at fair values which are readily determinable. At March 31, 2024 and December 31, 2023, the cost, gross unrealized gains and losses, and estimated fair value of the Company’s equity securities were as follows: Gross Gross Estimated Cost Gain Loss Value March 31, 2024 $ 47,852 $ 6,123 $ ( 1,962 ) $ 52,013 December 31, 2023 $ 44,011 $ 3,945 $ ( 2,419 ) $ 45,537 The table below presents the portion of unrealized gains and losses in the Company’s consolidated statements of income related to equity securities still held. Three Months Ended March 31, 2024 2023 Net gains recognized $ 2,667 $ 114 Exclude: Net realized gains (losses) recognized for 32 ( 415 ) Net unrealized gains recognized $ 2,635 $ 529 Sales of Equity Securities Proceeds received, and the gross realized gains and losses from sales of equity securities, for the three months ended March 31, 2024 and 2023 were as follows: Gross Gross Proceeds Gains Losses Three months ended March 31, 2024 $ 3,516 $ 173 $ ( 141 ) Three months ended March 31, 2023 $ 3,754 $ 17 $ ( 432 ) c) Limited Partnership Investments The Company has interests in limited partnerships that are not registered or readily tradeable on a securities exchange. These partnerships are private equity funds managed by general partners who make decisions with regard to financial policies and operations. As such, the Company is not the primary beneficiary and does not consolidate these partnerships. The following table provides information related to the Company’s investments in limited partnerships: March 31, 2024 December 31, 2023 Carrying Unfunded Carrying Unfunded Investment Strategy Value Balance (%) (a) Value Balance (%) (a) Primarily in senior secured loans and, to $ 3,415 $ — 15.37 $ 3,295 $ — 15.37 Value creation through active distressed 2,176 — 1.24 2,271 — 1.25 High returns and long-term capital 3,128 — 0.18 3,400 — 0.18 Value-oriented investments in less liquid 3,368 — 0.55 3,306 — 0.55 Value-oriented investments in mature real 7,690 2,543 1.32 7,590 2,543 1.32 Risk-adjusted returns on credit and equity 4,238 1,263 0.55 3,721 1,662 0.55 Total $ 24,015 $ 3,806 $ 23,583 $ 4,205 (a) Represents the Company’s percentage investment in the fund at each balance sheet date. (b) Except under certain circumstances, withdrawals from the funds or any assignments are not permitted. Distributions, except income from late admission of a new limited partner, will be received when underlying investments of the funds are liquidated. (c) The term is expected to be two years following the maturity of the fund’s outstanding leverage. Although the capital commitment period has expired, follow-on investments and pending commitments may require additional fundings. (d) Effective July 1, 2023, this investment is in the process of winding down. Although the capital commitment period has ended, the general partner could still request an additional funding under certain circumstances. (e) At the fund manager’s discretion, the term of the fund may be extended for up to two additional one-year periods. (f) Expected to have a ten-year term. The capital commitment period has expired but the general partner may request additional funding for follow-on investment. (g) With the consent of a supermajority of partners, the term of the fund may be extended for up to three additional one-year periods. (h) Expected to have an eight-year term from the commencement date, which can be extended for up to two additional one-year periods with the consent of either the advisory committee or a majority of limited partners. (i) The capital commitment period has ended but an additional funding may be requested. (j) The term is expected to end November 27, 2027 . The term may be extended for up to four additional one-year periods at the general partner’s discretion, and up to two additional one-year periods with the consent of the advisory committee. (k) Expected to have an eight-year term after the final admission date. The term may be extended for an additional one-year period at the general partner’s discretion, and up to two additional one-year periods with the consent of either the advisory committee or a majority of limited partners. The following is the summary of aggregated unaudited financial information of limited partnerships included in the investment strategy table above, which in certain cases is presented on a three-month lag due to the unavailability of information at the Company’s respective balance sheet dates. The financial statements of these limited partnerships are audited annually. Three Months Ended March 31, 2024 2023 Operating results: Total income* $ 3,066 $ 182,360 Total expenses ( 25,601 ) ( 2,257 ) Net (loss) income $ ( 22,535 ) $ 180,103 * Includes net change in unrealized gains or losses on investments. March 31, December 31, 2024 2023 Balance sheet: Total assets $ 4,155,784 $ 4,072,501 Total liabilities $ 209,841 $ 220,525 For the three months ended March 31, 2024 and 2023 , the Company recognized net investment income from limited partnerships of $ 195 and $ 553 , respectively. Included in net investment income for the three months ended March 31, 2024 was an estimated favorable cha nge in net asset value of $ 100 . During the three months ended March 31, 2024 and 2023 , the Company received total cash distributions of $ 162 and $ 1,905 , respectively, including returns on investment of $ 0 and $ 303 , respectively. At March 31, 2024 and December 31, 2023 , the Company’s net cumulative contributed capital to the partnerships at each respective balance sheet date totaled $ 23,583 and $ 23,346 , respectively, and the Company’s maximum exposure to loss aggregated $ 24,015 and $ 23,583 , respectively. d) Real Estate Investments Real estate investments consist of the following as of March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 Land $ 42,272 $ 42,272 Land improvements 4,843 4,387 Buildings and building improvements 18,593 18,594 Tenant and leasehold improvements 1,978 1,869 Other 8,076 7,168 Total, at cost 75,762 74,290 Less: accumulated depreciation and amortization ( 6,666 ) ( 6,397 ) Real estate investments $ 69,096 $ 67,893 Depreciation and amortization expense related to real estate investments was $ 269 and $ 453 for the three months ended March 31, 2024 and 2023, respectively. e) Net Investment Income Net investment income (loss), by source, is summarized as follows: Three Months Ended March 31, 2024 2023 Available-for-sale fixed-maturity securities $ 4,827 $ 4,035 Equity securities 442 296 Investment expense ( 79 ) ( 129 ) Limited partnership investments 195 553 Real estate investments 1,493 9,293 Cash and cash equivalents 7,189 3,667 Net investment income $ 14,067 $ 17,715 For the three months ended March 31, 2023 , income from real estate investments included a net realized gain of $ 6,476 resulting from the sale of the retail shopping center investment property in Melbourne, Florida in March 2023 for a price of $ 18,500 , and also included a net realized gain of $ 2,460 resulting from the sale of the retail shopping center investment property in Sorrento, Florida in March 2023 for a price of $ 13,418 . f) Other Investments From time to time, the Company may invest in financial assets other than stocks, mutual funds, and bonds. For the three months ended March 31, 2024 and 2023, net realized gains related to other investments were $ 0 and $ 4 , respectively. |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Comprehensive Income (Loss) | Note 5 -- Comprehensive Income (Loss) Comprehensive income (loss) includes net income and other comprehensive income or loss, which for the Company includes changes in unrealized gains or losses of available-for-sale fixed-maturity securities carried at fair value and changes to any credit losses related to these investments. Reclassification adjustments for realized (gains) losses are reflected in net realized investment gains (losses) on the consolidated statements of income. The components of other comprehensive income or loss and the related tax effects allocated to each component were as follows: Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 Before Income Net of Before Income Net of Tax Tax Effect Tax Tax Tax Effect Tax Net unrealized gains $ 52 $ 13 $ 39 $ 2,415 $ ( 1,997 ) $ 4,412 Reclassification adjustment for net 32 8 $ 24 738 187 551 Total other comprehensive income $ 84 $ 21 $ 63 $ 3,153 $ ( 1,810 ) $ 4,963 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 6 -- Fair Value Measurements The Company records and discloses certain financial assets at their estimated fair values. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels as follows: Level 1 – Unadjusted quoted prices in active markets for identical assets. Level 2 – Other inputs that are observable for the asset, either directly or indirectly such as quoted prices for identical assets that are not observable throughout the full term of the asset. Level 3 – Inputs that are unobservable. Valuation Methodology Cash and Cash Equivalents Cash and cash equivalents primarily consist of money-market funds and certificates of deposit maturing within 90 days. Their carrying value approximates fair value due to the short maturity and high liquidity of these funds. Restricted Cash Restricted cash represents cash held by state authorities and the carrying value approximates fair value. Fixed-Maturity and Equity Securities Estimated fair values of the Company’s fixed-maturity and equity securities are determined in accordance with U.S. GAAP, using valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Fair values are generally measured using quoted prices in active markets for identical securities or other inputs that are observable either directly or indirectly, such as quoted prices for similar securities. In those instances where observable inputs are not available, fair values are measured using unobservable inputs. Unobservable inputs reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the security and are developed based on the best information available in the circumstances. Fair value estimates derived from unobservable inputs are significantly affected by the assumptions used, including the discount rates and the estimated amounts and timing of future cash flows. The derived fair value estimates cannot be substantiated by comparison to independent markets and are not necessarily indicative of the amounts that would be realized in a current market exchange. The estimated fair values for securities that do not trade on a daily basis are determined by management, utilizing prices obtained from an independent pricing service and information provided by brokers, which are level 2 inputs. Management reviews the assumptions and methods utilized by the pricing service and then compares the relevant data and pricing to broker-provided data. The Company gains assurance of the overall reasonableness and consistent application of the assumptions and methodologies, and compliance with accounting standards for fair value determination through ongoing monitoring of the reported fair values. Revolving Credit Facility From time to time, the Company has an amount outstanding under a revolving credit facility. The interest rate is variable and is periodically adjusted based on the Secured Overnight Financing Rate (“SOFR”) plus a ten basis points adjustment plus a margin based on the debt-to-capital ratio. As a result, carrying value, when outstanding, approximates fair value. Long-Term Debt The following table summarizes components of the Company’s long-term debt and methods used in estimating their fair values: Maturity Date Valuation Methodology 4.75 % Convertible Senior Notes 2042 Quoted price 4.25 % Convertible Senior Notes * Quoted price 4.55 % Promissory Note 2036 Discounted cash flow method/Level 3 inputs 5.50 % Promissory Note 2033 Discounted cash flow method/Level 3 inputs *Debt derecognized in March 2024. See Note 10 -- “ Long-Term Debt” for additional information. Assets Measured at Estimated Fair Value on a Recurring Basis The following tables present information about the Company’s financial assets measured at estimated fair value on a recurring basis. The tables indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of March 31, 2024 and December 31, 2023: Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total As of March 31, 2024 Financial Assets: Cash and cash equivalents $ 655,384 $ — $ — $ 655,384 Restricted cash $ 3,303 $ — $ — $ 3,303 Fixed-maturity securities: U.S. Treasury and U.S. government agencies $ 432,781 $ 7,933 $ — $ 440,714 Corporate bonds 23,188 6,421 — 29,609 Exchange-traded debt 482 — — 482 Total available-for-sale securities $ 456,451 $ 14,354 $ — $ 470,805 Equity securities $ 52,013 $ — $ — $ 52,013 Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total As of December 31, 2023 Financial Assets: Cash and cash equivalents $ 536,478 $ — $ — $ 536,478 Restricted cash $ 3,287 $ — $ — $ 3,287 Fixed-maturity securities: U.S. Treasury and U.S. government agencies $ 348,145 $ 7,909 $ — $ 356,054 Corporate bonds 20,267 6,437 — 26,704 Exchange-traded debt 480 — — 480 Total available-for-sale securities $ 368,892 $ 14,346 $ — $ 383,238 Equity securities $ 45,537 $ — $ — $ 45,537 Liabilities Carried at Other Than Fair Value The following tables present fair value information for liabilities that are carried on the consolidated balance sheets at amounts other than fair value as of March 31, 2024 and December 31, 2023: Carrying Fair Value Measurements Using Estimated Value (Level 1) (Level 2) (Level 3) Fair Value As of March 31, 2024 Financial Liabilities: Revolving credit facility $ 50,000 $ — $ 50,000 $ — $ 50,000 Long-term debt: 4.75 % Convertible Senior Notes $ 168,516 $ — $ 268,717 $ — $ 268,717 5.50 % Promissory Note 11,654 — — 11,327 11,327 4.55 % Promissory Note 4,573 — — 4,249 4,249 Total long-term debt $ 184,743 $ — $ 268,717 $ 15,576 $ 284,293 Carrying Fair Value Measurements Using Estimated Value (Level 1) (Level 2) (Level 3) Fair Value As of December 31, 2023 Financial Liabilities: Long-term debt: 4.75 % Convertible Senior Notes $ 168,230 $ — $ 215,114 $ — $ 215,114 4.25 % Convertible Senior Notes 23,916 — 34,545 — 34,545 5.50 % Promissory Note 11,707 — — 11,512 11,512 4.55 % Promissory Note 4,640 — — 4,349 4,349 Total long-term debt $ 208,493 $ — $ 249,659 $ 15,861 $ 265,520 |
Intangible Assets, Net
Intangible Assets, Net | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | Note 7 -- Intangible Assets, Net The Company’s intangible assets, net consist of the following: March 31, December 31, 2024 2023 In-place leases (a) 2,221 2,221 Policy renewal rights - United 10,100 10,100 Non-compete agreements - United (b) 314 314 Total, at cost 12,635 12,635 Less: accumulated amortization ( 5,589 ) ( 4,976 ) Intangible assets, net $ 7,046 $ 7,659 (a) Amortization related to the Haines City property is expected to start in June 2024. (b) Fully amortized The remaining weighted-average amortization periods for the intangible assets as of March 31, 2024 are summarized in the table below: In-place leases 18.4 years Policy renewal rights - United 2.1 years At March 31, 2024 and December 31, 2023, contingent liabilities related to renewal rights intangible assets were $ 371 , and are included in other liabilities on the consolidated balance sheets. |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Note 8 -- Other Assets The following table summarizes the Company’s other assets: March 31, December 31, 2024 2023 Benefits receivable related to retrospective reinsurance contract $ 51,282 $ 44,289 Reimbursement and fees receivable under TPA service — 629 Prepaid expenses 2,551 2,882 Deposits 418 409 Lease acquisition costs, net 814 833 Other 2,119 1,323 Total other assets $ 57,184 $ 50,365 |
Revolving Credit Facility
Revolving Credit Facility | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Revolving Credit Facility | Note 9 -- Revolving Credit Facility As of March 31, 2024 , the Company had $ 50,000 outstanding under the credit facility, which was used to partially fund the redemption of the TTIG Series A Preferred Stock held by Centerbridge Partners, L.P. (“Centerbridge”) on January 22, 2024. See Note 19 -- “Redeemable Noncontrolling Interest” for additional information. For the three months ended March 31, 2024 and 2023, interest expense was $ 738 a nd $ 25 , respectively, includi ng $ 15 a nd $ 25 of amortization of issuance costs, respectively. At March 31, 2024, the Company was in compliance with all required covenants and had available borrowing capacity of $ 25,000 . |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 10 -- Long-Term Debt The following table summarizes the Company’s long-term debt: March 31, December 31, 2024 2023 4.75 % Convertible Senior Notes, due June 1, 2042 $ 172,500 $ 172,500 4.25 % Convertible Senior Notes, due March 1, 2037 (a) — 23,916 4.55 % Promissory Note, due through August 1, 2036 4,631 4,700 5.50 % Promissory Note, due through July 1, 2033 11,848 11,906 Finance lease liabilities, due through October 15, 2024 1 2 Total principal amount 188,980 213,024 Less: unamortized issuance costs ( 4,236 ) ( 4,529 ) Total long-term debt $ 184,744 $ 208,495 (a) Notes converted or redeemed during the first quarter of 2024 The following table summarizes future maturities of long-term debt as of March 31, 2024 , which takes into consideration the assumption that the 4.75 % Convertible Senior Notes are repurchased at their next earliest call date: Due in 12 months following March 31, 2024 $ 524 2025 549 2026 577 2027 173,107 2028 638 Thereafter 13,585 Total $ 188,980 Information with respect to interest expense related to long-term debt is as follows: Three Months Ended March 31, 2024 2023 Interest Expense: Contractual interest $ 2,118 $ 2,497 Non-cash expense (b) 293 279 Total $ 2,411 $ 2,776 (b) Represents amortization of debt issuance costs. 4.25% Convertible Senior Notes During the first quarter of 2024, the Company notified the holders of its outstanding 4.25 % Convertible Senior Notes due 2037 that the Company had elected to redeem the remaining $ 23,916 principal balance of the 4.25 % Convertible Senior Notes. As a result of this notice, the 4.25 % Convertible Senior Notes became immediately convertible into the Company’s common shares, with a redemption date of March 15, 2024. The conversion rate of the Company’s 4.25 % Convertible Senior Notes was 16.5892 shares of common stock for each $ 1 in principal amount, which was the equivalent of approximately $ 60.25 per share. The Company converted $ 23,450 in aggregate principal of 4.25 % Convertible Senior Notes for aggregate consideration of 389,087 shares of HCI’s common stock plus $ 1 cash consideration in lieu of fractional shares. The remaining 4.25 % Convertible Senior Notes were redeemed for $ 466 on March 15, 2024. 4.75% Convertible Senior Notes The conversion rate of the 4.75 % Convertible Senior Notes is currently 12.4166 shares of common stock for each $1 in principal amount, which is the equivalent of approximately $ 80.54 per share. The effective interest rate for the 4.75 % Convertible Senior Notes, taking into account both cash and non-cash components, approximates 5.6 %. Had a 20-year term been used for the amortization of the issuance costs of the 4.75 % Convertible Senior Notes, the annual effective interest rate charged to earnings would have decreased to approximately 5.0 %. As of March 31, 2024 , the remaining amortization period of the debt issuance costs was expected to be 3.17 years for the 4.75 % Convertible Senior Notes. |
Reinsurance
Reinsurance | 3 Months Ended |
Mar. 31, 2024 | |
Insurance [Abstract] | |
Reinsurance | Note 11 -- Reinsurance Reinsurance obtained from other insurance companies The Company cedes a portion of its homeowners’ insurance exposure to other entities under catastrophe excess of loss reinsurance contracts and a portion of its flood insurance exposure under one quota share reinsurance agreement. Ceded premiums under most catastrophe excess of loss reinsurance contracts are subject to revision resulting from subsequent adjustments in total insured value. Under the terms of the quota share reinsurance agreement, the Company is entitled to a 30 % ceding commission on ceded premiums written and a profit commission equal to 10 % of net profit. The Company remains liable for claims payments in the event that any reinsurer is unable to meet its obligations under the reinsurance agreements. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company evaluates the financial condition of its reinsurers and monitors concentrations of credit risk arising from similar geographic regions, activities or economic characteristics of the reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. The Company contracts with a number of reinsurers to secure its annual reinsurance coverage, which generally becomes effective June 1 st of each year. The Company purchases reinsurance each year taking into consideration probable maximum losses and reinsurance market conditions. The impact of the reinsurance contracts on premiums written and earned is as follows: Three Months Ended March 31, 2024 2023 Premiums Written: Direct $ 211,895 $ 207,423 Assumed 43,091 ( 7,569 ) Gross written 254,986 199,854 Ceded ( 68,106 ) ( 70,509 ) Net premiums written $ 186,880 $ 129,345 Premiums Earned: Direct $ 189,675 $ 172,905 Assumed 66,969 7,163 Gross earned 256,644 180,068 Ceded ( 68,106 ) ( 70,509 ) Net premiums earned $ 188,538 $ 109,559 During the three months ended March 31, 2024 and 2023 , the Company recognized ceded losses of $ 0 and $ 2,751 , respectively, as reductions in losses and loss adjustment expenses. At March 31, 2024 and December 31, 2023 , there were 58 an d 33 reinsurers, respectively, participating in the Company’s reinsurance program. Total net amounts recoverable and receivable from reinsurers at March 31, 2024 and December 31, 2023 were $ 330,670 and $ 350,294 , respectively. Approximatel y 64.7 % of the reinsurance recoverable balance at March 31, 2024 was receivable from four reinsurers. Based on all available information considered in the rating-based method, the Company recognized decreases in credit loss expen se of $ 49 and $ 1 for the three months ended March 31, 2024 and 2023 , respectively. Allowances for credit losses related to the reinsurance recoverable balance were $ 69 and $ 118 at March 31, 2024 and December 31, 2023, respectively. One of the existing reinsurance contracts includes retrospective provisions that adjust premiums in the event losses are minimal or zero. For the three months ended March 31, 2024 and 2023 , the Company recognized reductions in premiums ceded of $ 6,993 in each of the respective periods, related to these adjustments in the consolidated statements of income. See Note 21 -- “Commitments and Contingencies” for additional information. Amounts receivable pursuant to retrospective provisions are reflected in other assets. At March 31, 2024 and December 31, 2023 , other assets included $ 51,282 and $ 44,289 , respectively, of amounts receivable pursuant to retrospective provisions. Management believes the credit risk associated with the collectability of these accrued benefits is minimal as the amount receivable is concentrated with one reinsurer with a good credit rating and the Company monitors the creditworthiness of this reinsurer based on available information about the reinsurer’s financial condition. Reinsurance provided to other insurance companies United From 2021 to 2022, the Company, through HCPCI and TypTap, provided quota share reinsurance on all in-force, new and renewal policies issued by United Property & Casualty Insurance Company, an insurance subsidiary of United Insurance Holdings Corporation (“United”), in the states of Connecticut, New Jersey, Massachusetts, and Rhode Island (collectively “Northeast Region”). From 2022 to 2023, the Company’s insurance subsidiaries also provided quota share reinsurance on all of United’s personal lines insurance business in the states of Georgia, North Carolina, and South Carolina (collectively “Southeast Region”). In conjunction with these reinsurance agreements, the Company entered into renewal rights agreements with United which provided the Company with the right to renew and/or replace United’s insurance policies at the end of their respective policy periods. In February 2023, United’s Florida-domiciled residential insurance subsidiary was placed into receivership by the State of Florida due to its financial insolvency and, as a result, the Company ceased providing quota share reinsurance on United policies. The majority of the policies under these reinsurance agreements have been renewed and/or replaced by the Company. On February 14, 2024, upon approval from the receiver of United, TypTap received $ 15,000 from the trust account that holds funds withheld for the assumed business on the Southeast Region quota share reinsurance agreement. In addition, $ 4,462 was withdrawn in February 2024 by the receiver from the trust accounts to settle for paid losses and LAE related to the Northeast Region and the Southeast Region quota share reinsurance agreements. At March 31, 2024 and December 31, 2023, the Company had a net balance of $ 582 due to United related to the Northeast Region, representing ceding commission payable. For the three months ended March 31, 2023 , $ 7,569 of assumed premiums written related to the Southeast Region’s insurance policies were derecognized, which primarily resulted from the return of the unearned portion of assumed written premiums subsequent to the Company’s renewal and/or replacement of insurance policies in the Southeast Region. At March 31, 2024 , the Company had a net balance of $ 1,438 due to United related to the Southeast Region, consisting of premiums payable of $ 1,712 offset by ceding commission receivable of $ 274 . At December 31, 2023 , the Company had a net balance of $ 4,203 due to United related to the Southeast Region, consisting of premiums payable of $ 1,712 and payable on paid losses and loss adjustment expenses of $ 2,765 , offset by ceding commission receivable of $ 274 . At March 31, 2024 , the Company had a net amount due to United of $ 2,020 and funds withheld for assumed business in trust accounts totaling $ 14,181 for the benefit of policies assumed from United. The Company ceased providing TPA services to United in March 2023. The Company cannot predict the actions a receiver might take, which may include restrictions on, or use of, funds held in trust. Any such actions could have a material adverse effect on the Company’s financial position and results of operations. At March 31, 2024 and December 31, 2023 , the balance of funds withheld for assumed business related to the Company’s quota share reinsurance agreements with United was $ 14,181 and $ 30,087 , respectively. Citizens Assumption Assumed premiums written related to Citizens policies were $ 43,091 for the three months ended March 31, 2024 as opposed to $ 0 for the three months ended March 31, 2023 . |
Losses and Loss Adjustment Expe
Losses and Loss Adjustment Expenses | 3 Months Ended |
Mar. 31, 2024 | |
Insurance [Abstract] | |
Losses and Loss Adjustment Expenses | Note 12 -- Losses and Loss Adjustment Expenses The liability for losses and loss adjustment expenses (“LAE”) is determined on an individual case basis for all claims reported. The liability also includes amounts for unallocated expenses, anticipated future claims development and losses incurred but not reported. The Company primarily writes insurance in states which could be exposed to hurricanes or other natural catastrophes. The occurrence of a major catastrophe could have a significant effect on the Company’s quarterly results and cause a temporary disruption of the normal operations of the Company. However, the Company is unable to predict the frequency or severity of any such events that may occur in the near term or thereafter. Activity in the liability for losses and LAE is summarized as follows: Three Months Ended March 31, 2024 2023 Net balance, beginning of period* $ 254,351 $ 246,546 Incurred, net of reinsurance, related to: Current period 79,922 56,698 Prior periods — 3,867 Total incurred, net of reinsurance 79,922 60,565 Paid, net of reinsurance, related to: Current period ( 17,789 ) ( 11,110 ) Prior periods ( 43,059 ) ( 49,950 ) Total paid, net of reinsurance ( 60,848 ) ( 61,060 ) Net balance, end of period 273,425 246,051 Add: reinsurance recoverable before allowance for credit losses 305,287 560,257 Gross balance, end of period $ 578,712 $ 806,308 * Net balance represents beginning-of-period liability for unpaid losses and LAE less beginning-of-period reinsurance recoverable for unpaid losses and LAE. The establishment of loss and LAE reserves is an inherently uncertain process and changes in loss and LAE reserve estimates are expected as these estimates are subject to the outcome of future events. Changes in estimates, or differences between estimates and amounts ultimately paid, are reflected in the operating results of the period during which such estimates are adjusted. Losses and LAE for the three months ended March 31, 2024 included net estimated losses of approximately $ 21,678 related to Citizens policies assumed. Excluding Citizens-related losses, lower losses and LAE for the three months ended March 31, 2024 resulted from a decrease in claims and litigation related to Florida policies. |
Variable Interest Entity
Variable Interest Entity | 3 Months Ended |
Mar. 31, 2024 | |
Variable Interest Entity, Measure of Activity [Abstract] | |
Variable Interest Entity | Note 13 -- Variable Interest Entity CORE, a Florida-domiciled reciprocal insurance exchange, is owned by its policyholders, referred to as subscribers, and was organized to offer commercial residential multiple peril and wind insurance products. Each subscriber owns part of CORE by buying an insurance policy and making a surplus contribution. CORE is managed by CRM, an AIF company which is a wholly-owned subsidiary of HCI. At the formation date of CORE, management determined that CORE is a variable interest entity (“VIE”). Since HCI has the power to direct the activities of CORE that most significantly affect CORE’s economic performance and the obligation to absorb losses or the right to receive benefits from CORE via the subordinated surplus note and the management and service agreements, HCI is considered the primary beneficiary of CORE and is required to consolidate CORE. As HCI has no equity at risk, CORE’s equity and results of operations are included in noncontrolling interests. CORE’s assets are legally restricted for the purpose of fulfilling obligations specific to CORE. The creditors of CORE have no legal right to pursue additional sources of payment from the Company. The following table summarizes the assets and liabilities related to CORE, a consolidated VIE, which are included in the accompanying consolidated balance sheets: March 31, December 31, 2024 2023 Assets: Cash and cash equivalents $ 44,411 $ 24,635 Restricted cash 302 300 Income taxes receivable 651 — Other assets 270 65 Total assets $ 45,634 $ 25,000 Liabilities: Losses and loss adjustment expenses $ 1,178 $ — Unearned premiums 15,862 — Ceded reinsurance premiums payable 1,986 — Assumed premiums payable 236 — Deferred income taxes, net 342 — Other liabilities 183 — Total liabilities $ 19,787 $ — |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Information | Note 14 -- Segment Information The Company identifies its operating divisions based on managerial emphasis, organizational structure and revenue source. The Company has five reportable segments: HCPCI insurance operations, TypTap Group, reciprocal exchange operations, real estate operations, and corporate and other. Due to their economic characteristics, the Company’s property and casualty insurance division and reinsurance operations, excluding the insurance operations under TypTap Group and reciprocal exchange operations, are grouped together into one reportable segment under HCPCI insurance operations. The TypTap Group segment includes its property and casualty insurance operations, information technology operations and its management company’s activities. The reciprocal exchange segment represents the insurance operations of CORE, a consolidated VIE. The real estate operations segment includes companies engaged in operating commercial properties the Company owns for investment purposes or for use in its own operations. The corporate and other segment represents the activities of the holding companies and any other companies that do not meet the quantitative and qualitative thresholds for a reportable segment. The determination of segments may change over time due to changes in operational emphasis, revenues, and results of operations. The Company’s chief executive officer, who serves as the Company’s chief operating decision maker, evaluates each division’s financial and operating performance based on revenue and operating income. For the three months ended March 31, 2024 and 2023, revenues from the HCPCI insurance operations segment before intracompany elimination represente d 63.7 % and 61.2 %, respectively, and revenues from the TypTap Group segment represented 33.8 % and 36.5 %, respectively, of total revenues of all operating segments. At March 31, 2024 and December 31, 2023, HCPCI insurance operations’ total assets represented 53.1 % and 55.3 %, respectively, and TypTap Group’s total assets represented 34.9 % a nd 33.6 %, respectively, of the combined assets of all operating segments. The following tables present segment information reconciled to the Company’s consolidated statements of income. Intersegment transactions are not eliminated from segment results. However, intracompany transactions are eliminated in segment results below. For Three Months Ended HCPCI TypTap Reciprocal Real Corporate/ Reclassification/ Consolidated Revenue: Gross premiums earned (c) $ 155,382 $ 103,748 $ 3,625 $ — $ — $ ( 6,111 ) $ 256,644 Premiums ceded ( 43,326 ) ( 28,673 ) ( 2,218 ) — — 6,111 ( 68,106 ) Net premiums earned 112,056 75,075 1,407 — — — 188,538 Net income from investment portfolio 8,228 4,543 56 — 4,694 ( 819 ) 16,702 Policy fee income 504 515 — — — — 1,019 Other 3,538 1,495 — 3,447 1,030 ( 9,155 ) 355 Total revenue 124,326 81,628 1,463 3,447 5,724 ( 9,974 ) 206,614 Expenses: Losses and loss adjustment expenses 39,014 40,553 1,268 — — ( 913 ) 79,922 Amortization of deferred policy 10,136 10,795 — — — — 20,931 Other policy acquisition expenses 579 519 546 — — ( 436 ) 1,208 Stock-based compensation expense 369 701 — — 512 — 1,582 Interest expense — 1,500 812 223 2,926 ( 2,312 ) 3,149 Depreciation and amortization 138 1,088 — 380 160 ( 276 ) 1,490 Personnel and other operating expenses 11,748 9,970 54 1,434 3,733 ( 6,037 ) 20,902 Total expenses 61,984 65,126 2,680 2,037 7,331 ( 9,974 ) 129,184 Income (loss) before income taxes $ 62,342 $ 16,502 $ ( 1,217 ) $ 1,410 $ ( 1,607 ) $ — $ 77,430 Total revenue from non-affiliates (d) $ 114,956 $ 88,083 $ 1,916 $ 2,606 $ 4,085 Gross premiums written $ 91,875 $ 143,624 $ 19,487 (a) Other revenue under real estate primarily consisted of rental income from investment properties. (b) Other revenue under corporate and other primarily consisted of revenue from marina business and management fees for attorney-in-fact services. (c) Gross premiums earned under HCPCI Insurance Operations consist of $ 149,271 from HCPCI and $ 6,111 from a reinsurance company. (d) Represents amounts before reclassification of certain revenue and expenses to conform with an insurance company’s presentation. HCPCI Insurance TypTap Real Corporate/ Reclassification/ For Three Months Ended March 31, 2023 Operations Group Estate (a) Other (b) Elimination Consolidated Revenue: Gross premiums earned (c) $ 96,991 $ 87,612 $ — $ — $ ( 4,535 ) $ 180,068 Premiums ceded ( 40,195 ) ( 34,823 ) — — 4,509 ( 70,509 ) Net premiums earned 56,796 52,789 — — ( 26 ) 109,559 Net income from investment portfolio 2,954 3,379 — 1,900 8,862 17,095 Gain from sales of real estate investments — — 8,936 — ( 8,936 ) — Policy fee income 563 527 — — — 1,090 Other 4,653 1,643 2,923 595 ( 8,529 ) 1,285 Total revenue 64,966 58,338 11,859 2,495 ( 8,629 ) 129,029 Expenses: Losses and loss adjustment expenses 28,782 33,056 — — ( 1,273 ) 60,565 Amortization of deferred policy acquisition 9,621 11,863 — — — 21,484 Other policy acquisition expenses 655 611 — — ( 30 ) 1,236 Stock-based compensation expense 496 829 — 781 — 2,106 Interest expense — 431 203 2,598 ( 431 ) 2,801 Depreciation and amortization 139 956 627 202 ( 537 ) 1,387 Loss on extinguishment of debt — — 177 — ( 177 ) — Personnel and other operating expenses 9,919 9,433 1,554 1,589 ( 6,181 ) 16,314 Total expenses 49,612 57,179 2,561 5,170 ( 8,629 ) 105,893 Income (loss) before income taxes $ 15,354 $ 1,159 $ 9,298 $ ( 2,675 ) $ — $ 23,136 Total revenue from non-affiliates (d) $ 56,929 $ 61,286 $ 11,051 $ 1,926 Gross premiums written $ 85,153 $ 114,701 (a) Other revenue under real estate primarily consisted of rental income from investment properties. (b) Other revenue under corporate and other primarily consisted of revenue from marina business. (c) Gross premiums earned under HCPCI Insurance Operations consist of $ 92,456 from HCPCI and $ 4,535 from a reinsurance company. (d) Represents amounts before reclassification of certain revenue and expenses to conform with an insurance company’s presentation. The following table presents segment assets reconciled to the Company’s total assets on the consolidated balance sheets: March 31, December 31, 2024 2023 Segments: HCPCI Insurance Operations $ 921,327 $ 933,116 TypTap Group 669,986 623,366 Reciprocal Exchange Operations 47,776 25,000 Real Estate Operations 131,893 132,257 Corporate and Other 334,304 233,952 Consolidation and Elimination ( 263,652 ) ( 136,375 ) Total assets $ 1,841,634 $ 1,811,316 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Leases | Note 15 -- Leases The table below summarizes the Company’s right-of-use (“ROU”) assets and corresponding liabilities for operating and finance leases: March 31, December 31, 2024 2023 Operating leases: ROU assets $ 1,352 $ 1,407 Liabilities $ 1,357 $ 1,408 Finance leases: ROU assets $ 1 $ 1 Liabilities $ 1 $ 2 The following table summarizes the Company’s operating and finance leases in which the Company is a lessee: Renewal Other Terms and Class of Assets Initial Term Option Conditions Operating lease: Office equipment 36 to 63 months Yes (a) Office space 5 to 9 years Yes (a), (b) Finance lease: Office equipment 3.25 years Not applicable (c) (a) There are no variable lease payments. (b) Rent escalation provisions exist. (c) There is a bargain purchase option. As of March 31, 2024, maturities of lease liabilities were as follows: Leases Operating Finance Due in 12 months following March 31, 2024 $ 287 $ 1 2025 296 — 2026 306 — 2027 316 — 2028 160 — Thereafter 219 — Total lease payments 1,584 1 Less: interest 227 — Total lease obligations $ 1,357 $ 1 The following table provides quantitative information with regards to the Company’s operating and finance leases: Three Months Ended March 31, 2024 2023 Lease costs: Finance lease costs: Amortization – ROU assets* $ — $ 4 Operating lease costs* 68 52 Short-term lease costs* 92 93 Total lease costs $ 160 $ 149 Cash paid for amounts included in the Operating cash flows – operating leases $ 70 $ 44 Financing cash flows – finance leases $ 1 $ 4 March 31, 2024 Weighted-average remaining lease term: Finance leases (in years) 0.5 Operating leases (in years) 5.4 Weighted-average discount rate: Finance leases (%) 2.4 % Operating leases (%) 6.0 % * Included in other operating expenses on the consolidated statements of income. The following table summarizes the Company’s operating leases in which the Company is a lessor: Renewal Other Terms and Class of Assets Initial Term Option Conditions Operating lease: Office space 1 to 3 years Yes (d) Retail space 3 to 20 years Yes (d) Boat docks/wet slips 1 to 12 months Yes (d) (d) There are no purchase options. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 16 -- Income Taxes A valuation allowance must be established for deferred tax assets when it is more likely than not that the deferred tax assets will not be realized based on available evidence both positive and negative, including recent operating results, available tax planning strategies, and projected future taxable income. As of December 31, 2023, management concluded, based on the evaluation of the positive and negative evidence, that is more likely than not that the deferred tax assets will be realized and therefore no valuation allowance on the Company’s deferred tax assets is required. The Company evaluates the realizability of its deferred tax assets each quarter, and as of March 31, 2024, based on all of the available evidence, management concluded that it is more likely than not that the deferred tax assets will be realized. During the three months ended March 31, 2024 and 2023 , the Company recorded approximately $ 20,474 and $ 5,343 , respectively, of income tax expense, which resulted in effective tax rates of 26.4 % and 23.1 %, respectivel y. The increase in the effective tax rate as compared with the corresponding period in the prior year was primarily attributable to a lower prior year effective tax rate resulting from the release of the valuation allowance during 2023. The Company’s estimated annual effective tax rate differs from the statutory federal tax rate due to state and foreign income taxes as well as certain nondeductible and tax-exempt items. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 17 -- Earnings Per Share U.S. GAAP requires the Company to use the two-class method in computing basic earnings (loss) per share since holders of the Company’s restricted stock have the right to share in dividends, if declared, equally with common stockholders. These participating securities affect the computation of both basic and diluted earnings (loss) per share during periods of net income or loss. For a majority-owned subsidiary, its basic and diluted earnings (loss) per share are first computed separately. Then, the Company’s proportionate share in that majority-owned subsidiary’s earnings is added to the computation of both basic and diluted earnings (loss) per share at a consolidated level. A summary of the numerator and denominator of the basic and diluted earnings per common share is presented below: Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 Income Shares (a) Per Share Income Shares (a) Per Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Net income $ 56,956 $ 17,793 Less: Net income attributable to ( 10,149 ) ( 2,324 ) Less: Net loss (income) 804 ( 131 ) Net income attributable to HCI 47,611 15,338 Less: Income attributable to ( 1,218 ) ( 564 ) Basic Earnings Per Share: Income allocated to common 46,393 9,751 $ 4.76 14,774 8,278 $ 1.78 Effect of Dilutive Securities: * Stock options — 280 — 45 Convertible senior notes 1,640 2,282 1,921 2,537 Warrants — 305 — — Diluted Earnings Per Share: Income available to common $ 48,033 12,618 $ 3.81 $ 16,695 10,860 $ 1.54 (a) Shares in thousands. * For the three months ended March 31, 2023 , warrants were excluded due to anti-dilutive effect. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interest | 3 Months Ended |
Mar. 31, 2024 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest | Note 18 -- Redeemable Noncontrolling Interest On January 22, 2024, TTIG entered into a Stock Redemption Agreement with Centerbridge which allowed TTIG to redeem all of the TTIG Series A Preferred Stock held by Centerbridge. The redemption totaled $ 100,000 plus accrued and unpaid dividends of approximately $ 2,923 . At redemption, the difference between the consideration transferred of $ 102,923 and the redemption date carrying value of $ 96,695 is recorded as a deemed dividend and is included in net income attributable to redeemable noncontrolling interest which is subtracted from net income when calculating income available to common stockholders. The following table summarizes the activity of redeemable noncontrolling interest during the three months ended March 31, 2024 and 2023: 2024 2023 Balance at January 1 $ 96,160 $ 93,553 Increase (decrease): Accrued cash dividends 424 1,637 Accretion - increasing dividend rates 111 687 Adjustment to maximum redemption value 6,228 — Dividends paid ( 2,923 ) ( 3,012 ) Redemption ( 100,000 ) — Balance at March 31 $ — $ 92,865 For the three months ended March 31, 2024 , net income attributable to redeemable noncontrolling interest was $ 10,149 , consisting of accrued cash dividends of $ 424 , accretion related to increasing dividend rates of $ 111 , an adjustment to maximum redemption value of $ 6,228 , and a deemed dividend resulting from warrant modifications of $ 3,386 . See Note 19 -- “Equity” for additional information regarding the modifications to the warrants held by Centerbridge. For the three months ended March 31, 2023 , net income attributable to redeemable noncontrolling interest was $ 2,324 , consisting of accrued cash dividends of $ 1,637 and accretion related to increasing dividend rates of $ 687 . |
Equity
Equity | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Equity | Note 19 -- Equity Stockholders’ Equity Common Stock On January 22, 2024, a new shelf registration statement on Form S-3 (the “Shelf Registration”) was filed, replacing the Company’s old universal shelf registration statement filed in September 2023. The new Shelf Registration permits the Company to offer and sell its common stock, preferred stock, debt securities, warrants, and stock purchase contracts and units, from time to time, subject to market conditions and its capital needs. The Shelf Registration will also enable Centerbridge to sell all or a portion of the amended and restated warrant or the shares issuable pursuant to the warrant. As a part of the Shelf Registration, the Company also announced the implementation of an “at-the-market” facility (the “ATM facility”) under which the Company would have the ability to raise up to $ 75,000 through the issuance of new shares of common stock into the market if it were to so choose. On January 24, 2024 , the Company’s Board of Directors declared a quarterly dividend of $ 0.40 per common share. The dividends were paid on March 15, 2024 to stockholders of record on February 16, 2024 . Warrants In connection with the redemption of the TTIG Series A Preferred Stock held by Centerbridge in January 2024, HCI, for the benefit of TTIG, extended the expiration dates of 450,000 of the underlying warrant shares, which will now expire in 150,000 share increments on December 31, 2026 , December 31, 2027 , and December 31, 2028 . The remaining 300,000 share warrants retained their original expiration date of February 26, 2025 and were exercised on March 11, 2024 through a cashless transaction. The warrant modifications resulted in a $ 3,386 increase in the fair value of the warrants, which is recorded as a deemed dividend by decreasing retained income and increasing additional paid-in capital. The amount of deemed dividend is included in net income attributable to redeemable noncontrolling interest which is subtracted from net income when calculating net income available to common stockholders. At March 31, 2024 , there were warrants outstanding and exercisable, held by Centerbridge, to purchase 450,000 shares of HCI common stock at an exercise price of $ 54.40 . Noncontrolling Interests TTIG During the three months ended March 31, 2024 and 2023 , TTIG repurchased and retired a total of 22,787 and 34,108 shares, respectively, of its common stock surrendered by its employees to satisfy payroll tax liabilities associated with the vesting of restricted shares. The total cost of purchasing noncontrolling interests during the three months ended March 31, 2024 and 2023 w as $ 33 and $ 198 , respectively. At March 31, 2024 , there were 80,329,238 shares of TTIG’s common stock outstanding, of which 5,329,238 shares were not owned by HCI. CORE As described in Note 13 -- “V ariable Interest Entity,” the Company has no equity interest at risk in CORE and CORE receives surplus contributions from its subscribers in addition to policy premiums. The surplus contribution is payable to CORE on or prior to the initial effective date of coverage and on or prior to the effective date of all endorsements generating an additional premium. The surplus contribution made during a policy term may be returned on a pro-rata basis to a subscriber in the event of policy cancellation. CORE, organized in November 2023, did not write any policies during the first quarter of 2024. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note 20 -- Stock-Based Compensation 2012 Omnibus Incentive Plan The Company currently has outstanding stock-based awards granted under the Plan which is currently active and available for future grants. At March 31, 2024 , there were 962,406 shares available for grant. Stock Options Stock options granted and outstanding under the incentive plan generally vest over a period of four years , except for those with market conditions, and are exercisable over the contractual term of ten years . A summary of the stock option activity for the three months ended March 31, 2024 and 2023 is as follows (option amounts not in thousands): Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term Value Outstanding at January 1, 2024 590,000 $ 51.54 5.9 years $ 21,156 Outstanding at March 31, 2024 590,000 $ 51.54 5.6 years $ 38,077 Exercisable at March 31, 2024 590,000 $ 51.54 5.6 years $ 38,077 Outstanding at January 1, 2023 440,000 $ 45.25 5.6 years $ — Outstanding at March 31, 2023 440,000 $ 45.25 5.3 years $ 3,146 Exercisable at March 31, 2023 412,500 $ 45.07 5.2 years $ 3,031 There wer e no options exercised d uring the three months ended March 31, 2024 and 2023. For the three months ended March 31, 2024 and 2023 , the Company recognized $ 14 and $ 90 , respectively, of compensation expense related to stock options which is included in general and administrative personnel expenses. There were no deferred tax benefits related to stock options recognized for the three months ended March 31, 2024 and 2023. At March 31, 2024 and December 31, 2023 , there was $ 0 and $ 14 , respectively, of unrecognized compensation expense related to nonvested stock options. Restricted Stock Awards From time to time, the Company has granted and may grant restricted stock awards to certain executive officers, other employees, and non-employee directors in connection with their service to the Company. The terms of the Company’s outstanding restricted stock grants may include service, performance, and market-based conditions. The determination of fair value with respect to the awards containing only service-based conditions is based on the market value of the Company’s common stock on the grant date. For awards with market-based conditions, the fair value is determined using a Monte Carlo simulation method, which calculates many potential outcomes for an award and then establishes fair value based on the most likely outcome. Information with respect to the activity of unvested restricted stock awards during the three months ended March 31, 2024 and 2023 is as follows: Number of Weighted Restricted Average Stock Grant Date Awards Fair Value Nonvested at January 1, 2024 271,417 $ 37.12 Vested ( 29,690 ) $ 56.05 Forfeited ( 200 ) $ 51.87 Nonvested at March 31, 2024 241,527 $ 34.78 Nonvested at January 1, 2023 342,459 $ 39.86 Granted 6,000 $ 51.76 Vested ( 40,352 ) $ 54.83 Forfeited ( 2,125 ) $ 40.33 Nonvested at March 31, 2023 305,982 $ 38.11 The Company recognized compensation expense related to restricted stock, which is included in general and administrative personnel expenses, of $ 867 and $ 1,187 for the three months ended March 31, 2024 and 2023, respectively. At March 31, 2024 and December 31, 2023, there was approximately $ 3,165 and $ 4,043 , respectively, of total unrecognized compensation expense related to nonvested restricted stock arrangements. The Company expects to recognize the remaining compensation expense over a weighted-average period of 1.4 years. The following table summarizes information about deferred tax benefits recognized and tax benefits realized related to restricted stock awards and paid dividends, and the fair value of vested restricted stock for the three months ended March 31, 2024 and 2023. Three Months Ended March 31, 2024 2023 Deferred tax benefits recognized $ 99 $ 263 Tax benefits realized for restricted stock and paid dividends $ 511 $ 299 Fair value of vested restricted stock $ 1,664 $ 2,213 Subsidiary Equity Plan For the three months ended March 31, 2024 and 2023 , TypTap Group recognized compensation expense related to its stock-based awards of $ 701 and $ 829 , respectively. At March 31, 2024 and December 31, 2023 , there was $ 3,696 and $ 4,438 , respectively, of unrecognized compensation expense related to nonvested restricted stock and stock options. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 21 -- Commitments and Contingencies Obligations under One Multi-Year Reinsurance Contract As of March 31, 2024 , the Company has a contractual obligation related to one multi-year reinsurance contract entered into effective June 1, 2022. The contract may be cancelled only with the other party’s consent or when its experience account is positive at the end of each contract year. The future minimum aggregate premium amount payable to the reinsurer is $ 91,350 due in June 2024. Capital Commitments As described in Note 4 -- “Investments” under Limited Partnership Investments , the Company is contractually committed to capital contributions for limited partnership interests. At March 31, 2024 , there was an aggregate unfunded balance of $ 3,806 . FIGA Assessments The Company’s insurance subsidiaries, as member insurers, are required to collect and remit the pass-through assessments to FIGA on a quarterly basis. As of March 31, 2024, the FIGA assessments payable by the Company were $ 1,651 . |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 22 -- Subsequent Events On April 1, 2024, the Company repaid $ 2,000 to the line of credit, reducing the outstanding balance under the revolving credit facility to $ 48,000 . On April 17, 2024, the Company awarded Paresh Patel, its Chief Executive Officer, 200,000 restricted shares of common stock. The shares will vest equally over a period of four years , with vesting dates of March 15, 2025, 2026, 2027, and 2028, under the condition that the price per share reaches $ 200 for a period of 30 consecutive trading days. On April 23, 2024, CORE assumed 148 policies from Citizens, representing approximately $ 15,700 in annualized premiums written. On April 24, 2024 , the Company’s Board of Directors declared a quarterly dividend of $ 0.40 per common share. The dividends are payable on June 21 , 2024 to stockholders of record on May 17 , 2024 . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements of HCI Group, Inc. and its majority-owned and controlled subsidiaries (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and the Securities and Exchange Commission (“SEC”) rules for interim financial reporting. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. However, in the opinion of management, the accompanying consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the Company’s financial position as of March 31, 2024 and the results of operations and cash flows for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of the results of operations to be expected for any subsequent interim period or for the fiscal year ending December 31, 2024. The accompanying unaudited consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023 included in the Company’s Form 10-K, which was filed with the SEC on March 8, 2024. In preparing the interim unaudited consolidated financial statements, management was required to make certain judgments, assumptions, and estimates that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the financial reporting date and throughout the periods being reported upon. Certain of the estimates result from judgments that can be subjective and complex, and consequently actual results may differ from these estimates. Material estimates that are particularly susceptible to significant change in the near term are related to the Company’s losses and loss adjustment expenses, which include amounts estimated for claims incurred but not yet reported. The Company uses various assumptions and actuarial data it believes to be reasonable under the circumstances to make these estimates. In addition, accounting policies specific to reinsurance with retrospective provisions, reinsurance recoverable, deferred income taxes, limited partnership investments, allowance for credit losses, and stock-based compensation expense involve significant judgments and estimates material to the Company’s consolidated financial statements. In the case of assumed business, the Company relies entirely on the ceding insurance company to provide information about premiums, losses, and loss adjustment expenses. When the information is not available at the reporting date, the Company will make estimates based on all recent available data. Accordingly, the actual results could differ significantly from those estimates. All significant intercompany balances and transactions have been eliminated. |
Noncontrolling Interests | Noncontrolling Interests A noncontrolling interest arises when the Company has less than 100 % of the voting rights and economic interests in a subsidiary or a consolidated variable interest entity (“VIE”). The Company has noncontrolling interests attributable to TTIG and CORE, a VIE consolidated by the Company under the VIE model. The noncontrolling interest related to TTIG is periodically adjusted for the expensing of TTIG’s stock-based awards granted to its employees, the interest’s share of TTIG’s net income or loss to common stockholders and change in other comprehensive income or loss. The noncontrolling interest related to CORE is periodically adjusted for CORE’s net surplus contribution and net income or loss since the Company has no equity interest in CORE. |
Revenue from Claims Processing Services | Revenue from Claims Processing Services Revenue related to claims processing services is included in other revenue in the consolidated statements of income. For the three months ended March 31, 2024 and 2023 , revenues from claims processing services were $ 0 and $ 527 , respectively. |
Cash, Cash Equivalents, and R_2
Cash, Cash Equivalents, and Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Cash and Cash Equivalents [Abstract] | |
Summary of Cash, Cash Equivalents, and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Company’s consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows. March 31, December 31, 2024 2023 Cash and cash equivalents $ 655,384 $ 536,478 Restricted cash 3,303 3,287 Total $ 658,687 $ 539,765 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Summary of Amortized Cost, Allowance for Credit Loss, Gross Unrealized Gains and Losses, and Estimated Fair Value of Available-for-Sale Securities | The Company holds investments in fixed-maturity securities that are classified as available-for-sale. At March 31, 2024 and December 31, 2023, the cost or amortized cost, allowance for credit loss, gross unrealized gains and losses, and estimated fair value of the Company’s available-for-sale securities by security type were as follows: Cost or Allowance Gross Gross Estimated Cost Loss Gain Loss Value As of March 31, 2024 U.S. Treasury and U.S. government agencies $ 444,189 $ — $ 23 $ ( 3,498 ) $ 440,714 Corporate bonds 30,487 — 65 ( 943 ) 29,609 Exchange-traded debt 494 — — ( 12 ) 482 Total $ 475,170 $ — $ 88 $ ( 4,453 ) $ 470,805 As of December 31, 2023 U.S. Treasury and U.S. government agencies $ 359,630 $ — $ 224 $ ( 3,800 ) $ 356,054 Corporate bonds 27,563 — 116 ( 975 ) 26,704 Exchange-traded debt 494 — — ( 14 ) 480 Total $ 387,687 $ — $ 340 $ ( 4,789 ) $ 383,238 |
Scheduled Contractual Maturities of Fixed-Maturity Securities | The scheduled contractual maturities of fixed-maturity securities as of March 31, 2024 and December 31, 2023 are as follows: March 31, 2024 December 31, 2023 Cost or Estimated Cost or Estimated Amortized Cost Fair Value Amortized Cost Fair Value Available-for-sale Due in one year or less $ 281,977 $ 280,304 $ 234,992 $ 234,025 Due after one year through five years 189,861 187,529 148,935 145,758 Due after five years through ten years 2,838 2,490 3,266 2,974 Due after ten years 494 482 494 481 $ 475,170 $ 470,805 $ 387,687 $ 383,238 |
Summary of Proceeds Received and Gross Realized Gains and Losses from Sales of Available-for-Sale Securities | Proceeds received, and the gross realized gains and losses from sales of available-for-sale fixed-maturity securities, for the three months ended March 31, 2024 and 2023 were as follows: Gross Gross Proceeds Gains Losses Three months ended March 31, 2024 $ 6,030 $ 12 $ ( 44 ) Three months ended March 31, 2023 $ 11,060 $ — $ ( 738 ) |
Summary of Securities with Gross Unrealized Loss Positions Aggregated by Investment Category | Securities with gross unrealized loss positions at March 31, 2024 and December 31, 2023, aggregated by investment category and length of time the individual securities have been in a continuous loss position, are as follows: Less Than Twelve Months Twelve Months or Longer Total Gross Estimated Gross Estimated Gross Estimated Unrealized Fair Unrealized Fair Unrealized Fair As of March 31, 2024 Loss Value Loss Value Loss Value U.S. Treasury and U.S. government $ ( 209 ) $ 304,595 $ ( 3,289 ) $ 131,299 $ ( 3,498 ) $ 435,894 Corporate bonds ( 42 ) 4,736 ( 901 ) 18,735 ( 943 ) 23,471 Exchange-traded debt ( 12 ) 482 — — ( 12 ) 482 Total available-for-sale securities $ ( 263 ) $ 309,813 $ ( 4,190 ) $ 150,034 $ ( 4,453 ) $ 459,847 Less Than Twelve Months Twelve Months or Longer Total Gross Estimated Gross Estimated Gross Estimated Unrealized Fair Unrealized Fair Unrealized Fair As of December 31, 2023 Loss Value Loss Value Loss Value U.S. Treasury and U.S. government $ ( 22 ) $ 3,464 $ ( 3,778 ) $ 181,463 $ ( 3,800 ) $ 184,927 Corporate bonds ( 8 ) 1,941 ( 967 ) 19,418 ( 975 ) 21,359 Exchange-traded debt ( 14 ) 481 — — ( 14 ) 481 Total available-for-sale securities $ ( 44 ) $ 5,886 $ ( 4,745 ) $ 200,881 $ ( 4,789 ) $ 206,767 |
Summary of Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Value of Equity Securities | At March 31, 2024 and December 31, 2023, the cost, gross unrealized gains and losses, and estimated fair value of the Company’s equity securities were as follows: Gross Gross Estimated Cost Gain Loss Value March 31, 2024 $ 47,852 $ 6,123 $ ( 1,962 ) $ 52,013 December 31, 2023 $ 44,011 $ 3,945 $ ( 2,419 ) $ 45,537 |
Summary of Unrealized Gains and Losses for Equity Securities | The table below presents the portion of unrealized gains and losses in the Company’s consolidated statements of income related to equity securities still held. Three Months Ended March 31, 2024 2023 Net gains recognized $ 2,667 $ 114 Exclude: Net realized gains (losses) recognized for 32 ( 415 ) Net unrealized gains recognized $ 2,635 $ 529 |
Summary of Proceeds Received, Gross Realized Gains and Losses from Sales of Equity Securities | Proceeds received, and the gross realized gains and losses from sales of equity securities, for the three months ended March 31, 2024 and 2023 were as follows: Gross Gross Proceeds Gains Losses Three months ended March 31, 2024 $ 3,516 $ 173 $ ( 141 ) Three months ended March 31, 2023 $ 3,754 $ 17 $ ( 432 ) |
Schedule of Company's Investments in Limited Partnerships | The following table provides information related to the Company’s investments in limited partnerships: March 31, 2024 December 31, 2023 Carrying Unfunded Carrying Unfunded Investment Strategy Value Balance (%) (a) Value Balance (%) (a) Primarily in senior secured loans and, to $ 3,415 $ — 15.37 $ 3,295 $ — 15.37 Value creation through active distressed 2,176 — 1.24 2,271 — 1.25 High returns and long-term capital 3,128 — 0.18 3,400 — 0.18 Value-oriented investments in less liquid 3,368 — 0.55 3,306 — 0.55 Value-oriented investments in mature real 7,690 2,543 1.32 7,590 2,543 1.32 Risk-adjusted returns on credit and equity 4,238 1,263 0.55 3,721 1,662 0.55 Total $ 24,015 $ 3,806 $ 23,583 $ 4,205 (a) Represents the Company’s percentage investment in the fund at each balance sheet date. (b) Except under certain circumstances, withdrawals from the funds or any assignments are not permitted. Distributions, except income from late admission of a new limited partner, will be received when underlying investments of the funds are liquidated. (c) The term is expected to be two years following the maturity of the fund’s outstanding leverage. Although the capital commitment period has expired, follow-on investments and pending commitments may require additional fundings. (d) Effective July 1, 2023, this investment is in the process of winding down. Although the capital commitment period has ended, the general partner could still request an additional funding under certain circumstances. (e) At the fund manager’s discretion, the term of the fund may be extended for up to two additional one-year periods. (f) Expected to have a ten-year term. The capital commitment period has expired but the general partner may request additional funding for follow-on investment. (g) With the consent of a supermajority of partners, the term of the fund may be extended for up to three additional one-year periods. (h) Expected to have an eight-year term from the commencement date, which can be extended for up to two additional one-year periods with the consent of either the advisory committee or a majority of limited partners. (i) The capital commitment period has ended but an additional funding may be requested. (j) The term is expected to end November 27, 2027 . The term may be extended for up to four additional one-year periods at the general partner’s discretion, and up to two additional one-year periods with the consent of the advisory committee. (k) Expected to have an eight-year term after the final admission date. The term may be extended for an additional one-year period at the general partner’s discretion, and up to two additional one-year periods with the consent of either the advisory committee or a majority of limited partners. |
Summary of Unaudited Financial Information and Unaudited Financial Position | The following table summarizes the assets and liabilities related to CORE, a consolidated VIE, which are included in the accompanying consolidated balance sheets: March 31, December 31, 2024 2023 Assets: Cash and cash equivalents $ 44,411 $ 24,635 Restricted cash 302 300 Income taxes receivable 651 — Other assets 270 65 Total assets $ 45,634 $ 25,000 Liabilities: Losses and loss adjustment expenses $ 1,178 $ — Unearned premiums 15,862 — Ceded reinsurance premiums payable 1,986 — Assumed premiums payable 236 — Deferred income taxes, net 342 — Other liabilities 183 — Total liabilities $ 19,787 $ — |
Summary of Real Estate Investments | Real estate investments consist of the following as of March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 Land $ 42,272 $ 42,272 Land improvements 4,843 4,387 Buildings and building improvements 18,593 18,594 Tenant and leasehold improvements 1,978 1,869 Other 8,076 7,168 Total, at cost 75,762 74,290 Less: accumulated depreciation and amortization ( 6,666 ) ( 6,397 ) Real estate investments $ 69,096 $ 67,893 |
Investment Income (Loss) Summarized | Net investment income (loss), by source, is summarized as follows: Three Months Ended March 31, 2024 2023 Available-for-sale fixed-maturity securities $ 4,827 $ 4,035 Equity securities 442 296 Investment expense ( 79 ) ( 129 ) Limited partnership investments 195 553 Real estate investments 1,493 9,293 Cash and cash equivalents 7,189 3,667 Net investment income $ 14,067 $ 17,715 |
Limited Partnership [Member] | |
Summary of Unaudited Financial Information and Unaudited Financial Position | The following is the summary of aggregated unaudited financial information of limited partnerships included in the investment strategy table above, which in certain cases is presented on a three-month lag due to the unavailability of information at the Company’s respective balance sheet dates. The financial statements of these limited partnerships are audited annually. Three Months Ended March 31, 2024 2023 Operating results: Total income* $ 3,066 $ 182,360 Total expenses ( 25,601 ) ( 2,257 ) Net (loss) income $ ( 22,535 ) $ 180,103 * Includes net change in unrealized gains or losses on investments. March 31, December 31, 2024 2023 Balance sheet: Total assets $ 4,155,784 $ 4,072,501 Total liabilities $ 209,841 $ 220,525 |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Components of Other Comprehensive Income or Loss and Related Tax Effects Allocated to Each Component | The components of other comprehensive income or loss and the related tax effects allocated to each component were as follows: Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 Before Income Net of Before Income Net of Tax Tax Effect Tax Tax Tax Effect Tax Net unrealized gains $ 52 $ 13 $ 39 $ 2,415 $ ( 1,997 ) $ 4,412 Reclassification adjustment for net 32 8 $ 24 738 187 551 Total other comprehensive income $ 84 $ 21 $ 63 $ 3,153 $ ( 1,810 ) $ 4,963 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Components of Long-Term Debt and Methods Used in Estimating Fair Values | The following table summarizes components of the Company’s long-term debt and methods used in estimating their fair values: Maturity Date Valuation Methodology 4.75 % Convertible Senior Notes 2042 Quoted price 4.25 % Convertible Senior Notes * Quoted price 4.55 % Promissory Note 2036 Discounted cash flow method/Level 3 inputs 5.50 % Promissory Note 2033 Discounted cash flow method/Level 3 inputs *Debt derecognized in March 2024. See Note 10 -- “ Long-Term Debt” for additional information. |
Assets Measured at Estimated Fair Value on a Recurring Basis | The following tables present information about the Company’s financial assets measured at estimated fair value on a recurring basis. The tables indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of March 31, 2024 and December 31, 2023: Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total As of March 31, 2024 Financial Assets: Cash and cash equivalents $ 655,384 $ — $ — $ 655,384 Restricted cash $ 3,303 $ — $ — $ 3,303 Fixed-maturity securities: U.S. Treasury and U.S. government agencies $ 432,781 $ 7,933 $ — $ 440,714 Corporate bonds 23,188 6,421 — 29,609 Exchange-traded debt 482 — — 482 Total available-for-sale securities $ 456,451 $ 14,354 $ — $ 470,805 Equity securities $ 52,013 $ — $ — $ 52,013 Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total As of December 31, 2023 Financial Assets: Cash and cash equivalents $ 536,478 $ — $ — $ 536,478 Restricted cash $ 3,287 $ — $ — $ 3,287 Fixed-maturity securities: U.S. Treasury and U.S. government agencies $ 348,145 $ 7,909 $ — $ 356,054 Corporate bonds 20,267 6,437 — 26,704 Exchange-traded debt 480 — — 480 Total available-for-sale securities $ 368,892 $ 14,346 $ — $ 383,238 Equity securities $ 45,537 $ — $ — $ 45,537 |
Schedule of Fair Value Information for Financial Liabilities Carried on Balance Sheet | The following tables present fair value information for liabilities that are carried on the consolidated balance sheets at amounts other than fair value as of March 31, 2024 and December 31, 2023: Carrying Fair Value Measurements Using Estimated Value (Level 1) (Level 2) (Level 3) Fair Value As of March 31, 2024 Financial Liabilities: Revolving credit facility $ 50,000 $ — $ 50,000 $ — $ 50,000 Long-term debt: 4.75 % Convertible Senior Notes $ 168,516 $ — $ 268,717 $ — $ 268,717 5.50 % Promissory Note 11,654 — — 11,327 11,327 4.55 % Promissory Note 4,573 — — 4,249 4,249 Total long-term debt $ 184,743 $ — $ 268,717 $ 15,576 $ 284,293 Carrying Fair Value Measurements Using Estimated Value (Level 1) (Level 2) (Level 3) Fair Value As of December 31, 2023 Financial Liabilities: Long-term debt: 4.75 % Convertible Senior Notes $ 168,230 $ — $ 215,114 $ — $ 215,114 4.25 % Convertible Senior Notes 23,916 — 34,545 — 34,545 5.50 % Promissory Note 11,707 — — 11,512 11,512 4.55 % Promissory Note 4,640 — — 4,349 4,349 Total long-term debt $ 208,493 $ — $ 249,659 $ 15,861 $ 265,520 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets, Net | The Company’s intangible assets, net consist of the following: March 31, December 31, 2024 2023 In-place leases (a) 2,221 2,221 Policy renewal rights - United 10,100 10,100 Non-compete agreements - United (b) 314 314 Total, at cost 12,635 12,635 Less: accumulated amortization ( 5,589 ) ( 4,976 ) Intangible assets, net $ 7,046 $ 7,659 (a) Amortization related to the Haines City property is expected to start in June 2024. (b) Fully amortized |
Schedule of Remaining Weighted-Average Amortization Period for Intangible Assets | The remaining weighted-average amortization periods for the intangible assets as of March 31, 2024 are summarized in the table below: In-place leases 18.4 years Policy renewal rights - United 2.1 years |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of Other Assets | The following table summarizes the Company’s other assets: March 31, December 31, 2024 2023 Benefits receivable related to retrospective reinsurance contract $ 51,282 $ 44,289 Reimbursement and fees receivable under TPA service — 629 Prepaid expenses 2,551 2,882 Deposits 418 409 Lease acquisition costs, net 814 833 Other 2,119 1,323 Total other assets $ 57,184 $ 50,365 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Summary of Long-term Debt | The following table summarizes the Company’s long-term debt: March 31, December 31, 2024 2023 4.75 % Convertible Senior Notes, due June 1, 2042 $ 172,500 $ 172,500 4.25 % Convertible Senior Notes, due March 1, 2037 (a) — 23,916 4.55 % Promissory Note, due through August 1, 2036 4,631 4,700 5.50 % Promissory Note, due through July 1, 2033 11,848 11,906 Finance lease liabilities, due through October 15, 2024 1 2 Total principal amount 188,980 213,024 Less: unamortized issuance costs ( 4,236 ) ( 4,529 ) Total long-term debt $ 184,744 $ 208,495 (a) Notes converted or redeemed during the first quarter of 2024 |
Summary of Future Maturities of Long-Term Debt | The following table summarizes future maturities of long-term debt as of March 31, 2024 , which takes into consideration the assumption that the 4.75 % Convertible Senior Notes are repurchased at their next earliest call date: Due in 12 months following March 31, 2024 $ 524 2025 549 2026 577 2027 173,107 2028 638 Thereafter 13,585 Total $ 188,980 |
Schedule of Interest Expense Related to Long-Term Debt | Information with respect to interest expense related to long-term debt is as follows: Three Months Ended March 31, 2024 2023 Interest Expense: Contractual interest $ 2,118 $ 2,497 Non-cash expense (b) 293 279 Total $ 2,411 $ 2,776 (b) Represents amortization of debt issuance costs. |
Reinsurance (Tables)
Reinsurance (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Insurance [Abstract] | |
Summary of Impact of the Reinsurance Contracts on Premiums Written and Earned | The impact of the reinsurance contracts on premiums written and earned is as follows: Three Months Ended March 31, 2024 2023 Premiums Written: Direct $ 211,895 $ 207,423 Assumed 43,091 ( 7,569 ) Gross written 254,986 199,854 Ceded ( 68,106 ) ( 70,509 ) Net premiums written $ 186,880 $ 129,345 Premiums Earned: Direct $ 189,675 $ 172,905 Assumed 66,969 7,163 Gross earned 256,644 180,068 Ceded ( 68,106 ) ( 70,509 ) Net premiums earned $ 188,538 $ 109,559 |
Losses and Loss Adjustment Ex_2
Losses and Loss Adjustment Expenses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Insurance [Abstract] | |
Liability for Unpaid Losses and Loss Adjustment Expenses | Activity in the liability for losses and LAE is summarized as follows: Three Months Ended March 31, 2024 2023 Net balance, beginning of period* $ 254,351 $ 246,546 Incurred, net of reinsurance, related to: Current period 79,922 56,698 Prior periods — 3,867 Total incurred, net of reinsurance 79,922 60,565 Paid, net of reinsurance, related to: Current period ( 17,789 ) ( 11,110 ) Prior periods ( 43,059 ) ( 49,950 ) Total paid, net of reinsurance ( 60,848 ) ( 61,060 ) Net balance, end of period 273,425 246,051 Add: reinsurance recoverable before allowance for credit losses 305,287 560,257 Gross balance, end of period $ 578,712 $ 806,308 * Net balance represents beginning-of-period liability for unpaid losses and LAE less beginning-of-period reinsurance recoverable for unpaid losses and LAE. |
Variable Interest Entity (Table
Variable Interest Entity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Variable Interest Entity, Measure of Activity [Abstract] | |
Summary of Unaudited Financial Information and Unaudited Financial Position | The following table summarizes the assets and liabilities related to CORE, a consolidated VIE, which are included in the accompanying consolidated balance sheets: March 31, December 31, 2024 2023 Assets: Cash and cash equivalents $ 44,411 $ 24,635 Restricted cash 302 300 Income taxes receivable 651 — Other assets 270 65 Total assets $ 45,634 $ 25,000 Liabilities: Losses and loss adjustment expenses $ 1,178 $ — Unearned premiums 15,862 — Ceded reinsurance premiums payable 1,986 — Assumed premiums payable 236 — Deferred income taxes, net 342 — Other liabilities 183 — Total liabilities $ 19,787 $ — |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Summary of Segment Information Reconciled to Consolidated Statements of Income | The following tables present segment information reconciled to the Company’s consolidated statements of income. Intersegment transactions are not eliminated from segment results. However, intracompany transactions are eliminated in segment results below. For Three Months Ended HCPCI TypTap Reciprocal Real Corporate/ Reclassification/ Consolidated Revenue: Gross premiums earned (c) $ 155,382 $ 103,748 $ 3,625 $ — $ — $ ( 6,111 ) $ 256,644 Premiums ceded ( 43,326 ) ( 28,673 ) ( 2,218 ) — — 6,111 ( 68,106 ) Net premiums earned 112,056 75,075 1,407 — — — 188,538 Net income from investment portfolio 8,228 4,543 56 — 4,694 ( 819 ) 16,702 Policy fee income 504 515 — — — — 1,019 Other 3,538 1,495 — 3,447 1,030 ( 9,155 ) 355 Total revenue 124,326 81,628 1,463 3,447 5,724 ( 9,974 ) 206,614 Expenses: Losses and loss adjustment expenses 39,014 40,553 1,268 — — ( 913 ) 79,922 Amortization of deferred policy 10,136 10,795 — — — — 20,931 Other policy acquisition expenses 579 519 546 — — ( 436 ) 1,208 Stock-based compensation expense 369 701 — — 512 — 1,582 Interest expense — 1,500 812 223 2,926 ( 2,312 ) 3,149 Depreciation and amortization 138 1,088 — 380 160 ( 276 ) 1,490 Personnel and other operating expenses 11,748 9,970 54 1,434 3,733 ( 6,037 ) 20,902 Total expenses 61,984 65,126 2,680 2,037 7,331 ( 9,974 ) 129,184 Income (loss) before income taxes $ 62,342 $ 16,502 $ ( 1,217 ) $ 1,410 $ ( 1,607 ) $ — $ 77,430 Total revenue from non-affiliates (d) $ 114,956 $ 88,083 $ 1,916 $ 2,606 $ 4,085 Gross premiums written $ 91,875 $ 143,624 $ 19,487 (a) Other revenue under real estate primarily consisted of rental income from investment properties. (b) Other revenue under corporate and other primarily consisted of revenue from marina business and management fees for attorney-in-fact services. (c) Gross premiums earned under HCPCI Insurance Operations consist of $ 149,271 from HCPCI and $ 6,111 from a reinsurance company. (d) Represents amounts before reclassification of certain revenue and expenses to conform with an insurance company’s presentation. HCPCI Insurance TypTap Real Corporate/ Reclassification/ For Three Months Ended March 31, 2023 Operations Group Estate (a) Other (b) Elimination Consolidated Revenue: Gross premiums earned (c) $ 96,991 $ 87,612 $ — $ — $ ( 4,535 ) $ 180,068 Premiums ceded ( 40,195 ) ( 34,823 ) — — 4,509 ( 70,509 ) Net premiums earned 56,796 52,789 — — ( 26 ) 109,559 Net income from investment portfolio 2,954 3,379 — 1,900 8,862 17,095 Gain from sales of real estate investments — — 8,936 — ( 8,936 ) — Policy fee income 563 527 — — — 1,090 Other 4,653 1,643 2,923 595 ( 8,529 ) 1,285 Total revenue 64,966 58,338 11,859 2,495 ( 8,629 ) 129,029 Expenses: Losses and loss adjustment expenses 28,782 33,056 — — ( 1,273 ) 60,565 Amortization of deferred policy acquisition 9,621 11,863 — — — 21,484 Other policy acquisition expenses 655 611 — — ( 30 ) 1,236 Stock-based compensation expense 496 829 — 781 — 2,106 Interest expense — 431 203 2,598 ( 431 ) 2,801 Depreciation and amortization 139 956 627 202 ( 537 ) 1,387 Loss on extinguishment of debt — — 177 — ( 177 ) — Personnel and other operating expenses 9,919 9,433 1,554 1,589 ( 6,181 ) 16,314 Total expenses 49,612 57,179 2,561 5,170 ( 8,629 ) 105,893 Income (loss) before income taxes $ 15,354 $ 1,159 $ 9,298 $ ( 2,675 ) $ — $ 23,136 Total revenue from non-affiliates (d) $ 56,929 $ 61,286 $ 11,051 $ 1,926 Gross premiums written $ 85,153 $ 114,701 (a) Other revenue under real estate primarily consisted of rental income from investment properties. (b) Other revenue under corporate and other primarily consisted of revenue from marina business. (c) Gross premiums earned under HCPCI Insurance Operations consist of $ 92,456 from HCPCI and $ 4,535 from a reinsurance company. (d) Represents amounts before reclassification of certain revenue and expenses to conform with an insurance company’s presentation. |
Summary of Segment Assets Reconciled to Consolidated Balance Sheets | The following table presents segment assets reconciled to the Company’s total assets on the consolidated balance sheets: March 31, December 31, 2024 2023 Segments: HCPCI Insurance Operations $ 921,327 $ 933,116 TypTap Group 669,986 623,366 Reciprocal Exchange Operations 47,776 25,000 Real Estate Operations 131,893 132,257 Corporate and Other 334,304 233,952 Consolidation and Elimination ( 263,652 ) ( 136,375 ) Total assets $ 1,841,634 $ 1,811,316 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure Of Leases [Abstract] | |
Disclosure of right-of-use assets and liabilities for operating and finance leases | The table below summarizes the Company’s right-of-use (“ROU”) assets and corresponding liabilities for operating and finance leases: March 31, December 31, 2024 2023 Operating leases: ROU assets $ 1,352 $ 1,407 Liabilities $ 1,357 $ 1,408 Finance leases: ROU assets $ 1 $ 1 Liabilities $ 1 $ 2 |
Disclosure of operating and finance leases of lessee | The following table summarizes the Company’s operating and finance leases in which the Company is a lessee: Renewal Other Terms and Class of Assets Initial Term Option Conditions Operating lease: Office equipment 36 to 63 months Yes (a) Office space 5 to 9 years Yes (a), (b) Finance lease: Office equipment 3.25 years Not applicable (c) (a) There are no variable lease payments. (b) Rent escalation provisions exist. (c) There is a bargain purchase option. |
Disclosure of lease liabilities maturities | As of March 31, 2024, maturities of lease liabilities were as follows: Leases Operating Finance Due in 12 months following March 31, 2024 $ 287 $ 1 2025 296 — 2026 306 — 2027 316 — 2028 160 — Thereafter 219 — Total lease payments 1,584 1 Less: interest 227 — Total lease obligations $ 1,357 $ 1 |
Disclosure of quantitative information of operating and finance leases | The following table provides quantitative information with regards to the Company’s operating and finance leases: Three Months Ended March 31, 2024 2023 Lease costs: Finance lease costs: Amortization – ROU assets* $ — $ 4 Operating lease costs* 68 52 Short-term lease costs* 92 93 Total lease costs $ 160 $ 149 Cash paid for amounts included in the Operating cash flows – operating leases $ 70 $ 44 Financing cash flows – finance leases $ 1 $ 4 March 31, 2024 Weighted-average remaining lease term: Finance leases (in years) 0.5 Operating leases (in years) 5.4 Weighted-average discount rate: Finance leases (%) 2.4 % Operating leases (%) 6.0 % * Included in other operating expenses on the consolidated statements of income. |
Disclosure of operating leases of lessor entity | The following table summarizes the Company’s operating leases in which the Company is a lessor: Renewal Other Terms and Class of Assets Initial Term Option Conditions Operating lease: Office space 1 to 3 years Yes (d) Retail space 3 to 20 years Yes (d) Boat docks/wet slips 1 to 12 months Yes (d) (d) There are no purchase options. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Summary of Numerator and Denominator of Basic and Diluted Earnings Per Common Share | A summary of the numerator and denominator of the basic and diluted earnings per common share is presented below: Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 Income Shares (a) Per Share Income Shares (a) Per Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Net income $ 56,956 $ 17,793 Less: Net income attributable to ( 10,149 ) ( 2,324 ) Less: Net loss (income) 804 ( 131 ) Net income attributable to HCI 47,611 15,338 Less: Income attributable to ( 1,218 ) ( 564 ) Basic Earnings Per Share: Income allocated to common 46,393 9,751 $ 4.76 14,774 8,278 $ 1.78 Effect of Dilutive Securities: * Stock options — 280 — 45 Convertible senior notes 1,640 2,282 1,921 2,537 Warrants — 305 — — Diluted Earnings Per Share: Income available to common $ 48,033 12,618 $ 3.81 $ 16,695 10,860 $ 1.54 (a) Shares in thousands. * For the three months ended March 31, 2023 , warrants were excluded due to anti-dilutive effect. |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interest (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Noncontrolling Interest [Abstract] | |
Summary of Activity of Redeemable Noncontrolling Interest | The following table summarizes the activity of redeemable noncontrolling interest during the three months ended March 31, 2024 and 2023: 2024 2023 Balance at January 1 $ 96,160 $ 93,553 Increase (decrease): Accrued cash dividends 424 1,637 Accretion - increasing dividend rates 111 687 Adjustment to maximum redemption value 6,228 — Dividends paid ( 2,923 ) ( 3,012 ) Redemption ( 100,000 ) — Balance at March 31 $ — $ 92,865 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Company's Stock Option Plan Activity | A summary of the stock option activity for the three months ended March 31, 2024 and 2023 is as follows (option amounts not in thousands): Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term Value Outstanding at January 1, 2024 590,000 $ 51.54 5.9 years $ 21,156 Outstanding at March 31, 2024 590,000 $ 51.54 5.6 years $ 38,077 Exercisable at March 31, 2024 590,000 $ 51.54 5.6 years $ 38,077 Outstanding at January 1, 2023 440,000 $ 45.25 5.6 years $ — Outstanding at March 31, 2023 440,000 $ 45.25 5.3 years $ 3,146 Exercisable at March 31, 2023 412,500 $ 45.07 5.2 years $ 3,031 |
Information with Respect to Unvested Restricted Stock Awards and Incentive Plan | Information with respect to the activity of unvested restricted stock awards during the three months ended March 31, 2024 and 2023 is as follows: Number of Weighted Restricted Average Stock Grant Date Awards Fair Value Nonvested at January 1, 2024 271,417 $ 37.12 Vested ( 29,690 ) $ 56.05 Forfeited ( 200 ) $ 51.87 Nonvested at March 31, 2024 241,527 $ 34.78 Nonvested at January 1, 2023 342,459 $ 39.86 Granted 6,000 $ 51.76 Vested ( 40,352 ) $ 54.83 Forfeited ( 2,125 ) $ 40.33 Nonvested at March 31, 2023 305,982 $ 38.11 |
Information about Deferred Tax Benefits Recognized Related to Restricted Stock Awards, Paid Dividends and the Fair Value of Vested Restricted Stock | The following table summarizes information about deferred tax benefits recognized and tax benefits realized related to restricted stock awards and paid dividends, and the fair value of vested restricted stock for the three months ended March 31, 2024 and 2023. Three Months Ended March 31, 2024 2023 Deferred tax benefits recognized $ 99 $ 263 Tax benefits realized for restricted stock and paid dividends $ 511 $ 299 Fair value of vested restricted stock $ 1,664 $ 2,213 |
Nature of Operations - Addition
Nature of Operations - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) InsurancePolicy | |
Nature Of Operations [Line Items] | |
Annualized Premiums Written | $ | $ 87,800 |
Citizens [Member] | Minimum [Member] | |
Nature Of Operations [Line Items] | |
Assumed Policies | InsurancePolicy | 9,800 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Other | $ 355 | $ 1,285 |
Claims processing services | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Other | $ 0 | $ 527 |
Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Percentage of voting rights and economic interests in subsidiary | 100% |
Cash, Cash Equivalents, and R_3
Cash, Cash Equivalents, and Restricted Cash - Summary of Cash, Cash Equivalents, and Restricted Cash (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] | ||
Cash and cash equivalents (a) | $ 655,384 | $ 536,478 |
Restricted cash (a) | 3,303 | 3,287 |
Total | $ 658,687 | $ 539,765 |
Cash, Cash Equivalents, and R_4
Cash, Cash Equivalents, and Restricted Cash (Additional Information) (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Restricted cash (a) | $ 3,303 | $ 3,287 |
Pineda Landings Melbourne [Member] | ||
Restricted cash (a) | $ 87 |
Investments - Summary of Amorti
Investments - Summary of Amortized Cost, Allowance for Credit Loss, Gross Unrealized Gains and Losses, and Estimated Fair Value of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed-maturity securities, Cost or Amortized Cost | $ 475,170 | $ 387,687 |
Allowance for Credit Loss | 0 | 0 |
Fixed-maturity securities, Gross Unrealized Gain | 88 | 340 |
Fixed-maturity securities, Gross Unrealized Loss | (4,453) | (4,789) |
Fixed-maturity securities, Estimated Fair Value | 470,805 | 383,238 |
Fixed-Maturity Securities [Member] | U.S. Treasury and U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed-maturity securities, Cost or Amortized Cost | 444,189 | 359,630 |
Fixed-maturity securities, Gross Unrealized Gain | 23 | 224 |
Fixed-maturity securities, Gross Unrealized Loss | (3,498) | (3,800) |
Fixed-maturity securities, Estimated Fair Value | 440,714 | 356,054 |
Fixed-Maturity Securities [Member] | Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed-maturity securities, Cost or Amortized Cost | 30,487 | 27,563 |
Fixed-maturity securities, Gross Unrealized Gain | 65 | 116 |
Fixed-maturity securities, Gross Unrealized Loss | (943) | (975) |
Fixed-maturity securities, Estimated Fair Value | 29,609 | 26,704 |
Fixed-Maturity Securities [Member] | Exchange-Traded Debt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed-maturity securities, Cost or Amortized Cost | 494 | 494 |
Fixed-maturity securities, Gross Unrealized Gain | 0 | 0 |
Fixed-maturity securities, Gross Unrealized Loss | (12) | (14) |
Fixed-maturity securities, Estimated Fair Value | $ 482 | $ 480 |
Investments - Scheduled Contrac
Investments - Scheduled Contractual Maturities of Fixed-Maturity Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Cost or Amortized Cost | $ 281,977 | $ 234,992 |
Due after one year through five years, Cost or Amortized Cost | 189,861 | 148,935 |
Due after five years through ten years, Cost or Amortized Cost | 2,838 | 3,266 |
Due after ten years, Cost or Amortized Cost | 494 | 494 |
Fixed-maturity securities, Cost or Amortized Cost | 475,170 | 387,687 |
Due in one year or less, Estimated Fair Value | 280,304 | 234,025 |
Due after one year through five years, Estimated Fair Value | 187,529 | 145,758 |
Due after five years through ten years, Estimated Fair Value | 2,490 | 2,974 |
Due after ten years, Estimated Fair Value | 482 | 481 |
Estimated Fair Value Total | $ 470,805 | $ 383,238 |
Investments - Summary of Sales
Investments - Summary of Sales of Available-for-sale Fixed-Maturity Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Proceeds | $ 6,030 | $ 11,060 |
Fixed-Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Proceeds | 6,030 | 11,060 |
Gross Realized Gains | 12 | 0 |
Gross Realized Losses | $ (44) | $ (738) |
Investments - Summary of Securi
Investments - Summary of Securities with Gross Unrealized Loss Positions Aggregated by Investment Category (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Loss, Less than Twelve Months | $ (263) | $ (44) |
Estimated Fair Value, Less than Twelve Months | 309,813 | 5,886 |
Gross Unrealized Loss, Twelve Months or Longer | (4,190) | (4,745) |
Estimated Fair Value, Twelve Months or Longer | 150,034 | 200,881 |
Gross Unrealized Loss, Total | (4,453) | (4,789) |
Estimated Fair Value, Total | 459,847 | 206,767 |
U.S. Treasury and U.S. Government Agencies [Member] | Fixed-Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Loss, Less than Twelve Months | (209) | (22) |
Estimated Fair Value, Less than Twelve Months | 304,595 | 3,464 |
Gross Unrealized Loss, Twelve Months or Longer | (3,289) | (3,778) |
Estimated Fair Value, Twelve Months or Longer | 131,299 | 181,463 |
Gross Unrealized Loss, Total | (3,498) | (3,800) |
Estimated Fair Value, Total | 435,894 | 184,927 |
Corporate Bonds [Member] | Fixed-Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Loss, Less than Twelve Months | (42) | (8) |
Estimated Fair Value, Less than Twelve Months | 4,736 | 1,941 |
Gross Unrealized Loss, Twelve Months or Longer | (901) | (967) |
Estimated Fair Value, Twelve Months or Longer | 18,735 | 19,418 |
Gross Unrealized Loss, Total | (943) | (975) |
Estimated Fair Value, Total | 23,471 | 21,359 |
Exchange-Traded Debt [Member] | Fixed-Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Loss, Less than Twelve Months | (12) | (14) |
Estimated Fair Value, Less than Twelve Months | 482 | 481 |
Gross Unrealized Loss, Twelve Months or Longer | 0 | 0 |
Estimated Fair Value, Twelve Months or Longer | 0 | 0 |
Gross Unrealized Loss, Total | (12) | (14) |
Estimated Fair Value, Total | $ 482 | $ 481 |
Investments (Securities with Gr
Investments (Securities with Gross Unrealized Loss Positions) - Additional Information (Detail) $ in Thousands | Mar. 31, 2024 USD ($) Security | Dec. 31, 2023 USD ($) Security |
Investments, Debt and Equity Securities [Abstract] | ||
Number of securities in an unrealized loss position | Security | 83 | 65 |
Fair value of assets held by insurance regulators | $ | $ 1,668 | $ 1,660 |
Investments (Allowance for Cred
Investments (Allowance for Credit Losses of Available-for-Sale Fixed-Maturity Securities) - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Allowance for credit losses of available-for-sale debt securities | $ 0 | $ 0 |
Investments - Summary of Cost,
Investments - Summary of Cost, Gross Unrealized Gains and Losses, and Estimated Fair Value of Equity Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Cost | $ 47,852 | $ 44,011 |
Gross Unrealized Gain | 6,123 | 3,945 |
Gross Unrealized Loss | (1,962) | (2,419) |
Equity securities, at fair value | $ 52,013 | $ 45,537 |
Investments - Summary of Unreal
Investments - Summary of Unrealized Gains and Losses in Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains recognized | $ 2,635 | $ 529 |
Equity Securities [Member] | ||
Gain (Loss) on Securities [Line Items] | ||
Net gains recognized | 2,667 | 114 |
Exclude: Net realized gains (losses) recognized for securities sold | $ 32 | $ (415) |
Investments - Summary of Procee
Investments - Summary of Proceeds Received and The Gross Realized Gains and Losses From Sales of Equity Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Debt and Equity Securities, FV-NI [Line Items] | ||
Proceeds | $ 3,516 | $ 3,754 |
Equity Securities [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Proceeds | 3,516 | 3,754 |
Gross Realized Gains | 173 | 17 |
Gross Realized Losses | $ (141) | $ (432) |
Investments - Schedule of Compa
Investments - Schedule of Company's Investments in Limited Partnerships (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | ||
Investment Securities [Line Items] | |||
Carrying Value | $ 24,015 | $ 23,583 | |
Unfunded balance | 3,806 | 4,205 | |
Private US Lower Middle Market Companies [Member] | |||
Investment Securities [Line Items] | |||
Carrying Value | [1],[2],[3] | 3,415 | 3,295 |
Unfunded balance | [1],[2],[3] | $ 0 | $ 0 |
Percentage investment held by the entity | [1],[2],[3],[4] | 15.37% | 15.37% |
Bank Loans Public and Private Corporate Bonds Asset Backed Securities Equity and Debt Restructuring [Member] | |||
Investment Securities [Line Items] | |||
Carrying Value | [1],[2],[5] | $ 2,176 | $ 2,271 |
Unfunded balance | [1],[2],[5] | $ 0 | $ 0 |
Percentage investment held by the entity | [1],[2],[4],[5] | 1.24% | 1.25% |
Power Utility and Energy Industries and Infrastructure [Member] | |||
Investment Securities [Line Items] | |||
Carrying Value | [2],[6],[7] | $ 3,128 | $ 3,400 |
Unfunded balance | [2],[6],[7] | $ 0 | $ 0 |
Percentage investment held by the entity | [2],[4],[6],[7] | 0.18% | 0.18% |
Senior and Junior Debts of Private Equity-Backed Companies [Member] | |||
Investment Securities [Line Items] | |||
Carrying Value | [2],[8],[9] | $ 3,368 | $ 3,306 |
Unfunded balance | [2],[8],[9] | $ 0 | $ 0 |
Percentage investment held by the entity | [2],[4],[8],[9] | 0.55% | 0.55% |
Mature Real Estate Private Equity Funds And Portfolios Globally [Member] | |||
Investment Securities [Line Items] | |||
Carrying Value | [2],[10] | $ 7,690 | $ 7,590 |
Unfunded balance | [2],[10] | $ 2,543 | $ 2,543 |
Percentage investment held by the entity | [2],[4],[10] | 1.32% | 1.32% |
Credit and Equity Investments, Primarily in Private Equity-Owned Companies [Member] | |||
Investment Securities [Line Items] | |||
Carrying Value | [2],[11] | $ 4,238 | $ 3,721 |
Unfunded balance | [2],[11] | $ 1,263 | $ 1,662 |
Percentage investment held by the entity | [2],[4],[11] | 0.55% | 0.55% |
[1] At the fund manager’s discretion, the term of the fund may be extended for up to two additional one-year periods. Except under certain circumstances, withdrawals from the funds or any assignments are not permitted. Distributions, except income from late admission of a new limited partner, will be received when underlying investments of the funds are liquidated. The term is expected to be two years following the maturity of the fund’s outstanding leverage. Although the capital commitment period has expired, follow-on investments and pending commitments may require additional fundings. Represents the Company’s percentage investment in the fund at each balance sheet date. Effective July 1, 2023, this investment is in the process of winding down. Although the capital commitment period has ended, the general partner could still request an additional funding under certain circumstances. Expected to have a ten-year term. The capital commitment period has expired but the general partner may request additional funding for follow-on investment. With the consent of a supermajority of partners, the term of the fund may be extended for up to three additional one-year periods. Expected to have an eight-year term from the commencement date, which can be extended for up to two additional one-year periods with the consent of either the advisory committee or a majority of limited partners. The capital commitment period has ended but an additional funding may be requested. The term is expected to end November 27, 2027 . The term may be extended for up to four additional one-year periods at the general partner’s discretion, and up to two additional one-year periods with the consent of the advisory committee. Expected to have an eight-year term after the final admission date. The term may be extended for an additional one-year period at the general partner’s discretion, and up to two additional one-year periods with the consent of either the advisory committee or a majority of limited partners. |
Investments - Schedule of Com_2
Investments - Schedule of Company's Investments in Limited Partnerships (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2024 | |
Private US Lower Middle Market Companies [Member] | |
Schedule Of Investments [Line Items] | |
Investment additional maturity term | 2 years |
Investment extension period | 1 year |
Bank Loans Public and Private Corporate Bonds Asset Backed Securities Equity and Debt Restructuring [Member] | |
Schedule Of Investments [Line Items] | |
Investment additional maturity term | 2 years |
Investment extension period | 1 year |
Power Utility and Energy Industries and Infrastructure [Member] | |
Schedule Of Investments [Line Items] | |
Investment additional maturity term | 3 years |
Investment extension period | 1 year |
Expected term | 10 years |
Senior and Junior Debts of Private Equity-Backed Companies [Member] | |
Schedule Of Investments [Line Items] | |
Investment additional maturity term | 2 years |
Investment extension period | 1 year |
Expected term | 8 years |
Mature Real Estate Private Equity Funds And Portfolios Globally [Member] | |
Schedule Of Investments [Line Items] | |
Investment additional maturity term | 4 years |
Investment extension period | 1 year |
Maturity date | Nov. 27, 2027 |
Investment additional maturity term with consent of advisory committee | 2 years |
Credit and Equity Investments, Primarily in Private Equity-Owned Companies [Member] | |
Schedule Of Investments [Line Items] | |
Investment extension period | 1 year |
Expected term | 8 years |
Investment additional maturity term with consent of dvisory committee or majority | 2 years |
Investments - Summary of Unaudi
Investments - Summary of Unaudited Financial Information and Unaudited Financial Position of Limited Partnerships (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | ||
Schedule Of Equity Method Investments [Line Items] | ||||
Total income | $ 206,614 | $ 129,029 | ||
Net (loss) income | 56,956 | 17,793 | ||
Balance sheet: | ||||
Total assets | 1,841,634 | $ 1,811,316 | ||
Total liabilities | 1,443,764 | 1,387,991 | ||
Limited Partnership [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Total income | [1] | 3,066 | 182,360 | |
Total expenses | (25,601) | (2,257) | ||
Net (loss) income | (22,535) | $ 180,103 | ||
Balance sheet: | ||||
Total assets | 4,155,784 | 4,072,501 | ||
Total liabilities | $ 209,841 | $ 220,525 | ||
[1] Includes net change in unrealized gains or losses on investments. |
Investments (Limited Partnershi
Investments (Limited Partnership Investments) - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Schedule Of Investments [Line Items] | |||
Recognized investment income (loss) | $ 195 | $ 553 | |
Distributions received from limited partnership interests | 0 | 303 | |
Limited Partnership [Member] | |||
Schedule Of Investments [Line Items] | |||
Recognized investment income (loss) | 553 | ||
Estimated favorable change in net asset value | 100 | ||
Cash distributions | 162 | 1,905 | |
Distributions received from limited partnership interests | 0 | $ 303 | |
Company's net cumulative contributed capital to the partnership | 23,583 | $ 23,346 | |
Maximum exposure loss relating to VIE | $ 24,015 | $ 23,583 |
Investments - Summary of Real E
Investments - Summary of Real Estate Investments (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Real Estate [Abstract] | ||
Land | $ 42,272 | $ 42,272 |
Land improvements | 4,843 | 4,387 |
Buildings and building improvements | 18,593 | 18,594 |
Tenant and leasehold improvements | 1,978 | 1,869 |
Other | 8,076 | 7,168 |
Total, at cost | 75,762 | 74,290 |
Less: accumulated depreciation and amortization | (6,666) | (6,397) |
Real estate investments | $ 69,096 | $ 67,893 |
Investments (Real Estate Invest
Investments (Real Estate Investments) - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Schedule Of Investments [Line Items] | ||
Depreciation and amortization expenses under real estate investments | $ 269 | |
Real Estate Investments [Member] | ||
Schedule Of Investments [Line Items] | ||
Depreciation and amortization expenses under real estate investments | $ 453 | |
Real Estate Investments [Member] | Pineda Landings Melbourne [Member] | ||
Schedule Of Investments [Line Items] | ||
Real estate investments sale price | 18,500 | |
Real Estate Investments [Member] | Sorrento Hills Village Sorrento [Member] | ||
Schedule Of Investments [Line Items] | ||
Real estate investments sale price | $ 13,418 |
Investments - Investment Income
Investments - Investment Income (Loss) Summarized (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Schedule Of Investments [Line Items] | ||
Recognized investment income | $ 195 | $ 553 |
Real estate investments | 1,493 | 9,293 |
Net Investment Income | 14,067 | 17,715 |
Available-for-Sale-Fixed-Maturity Securities [Member] | ||
Schedule Of Investments [Line Items] | ||
Investment income | 4,827 | 4,035 |
Equity Securities [Member] | ||
Schedule Of Investments [Line Items] | ||
Investment income | 442 | 296 |
Investment Expense [Member] | ||
Schedule Of Investments [Line Items] | ||
Investment expense | (79) | (129) |
Limited Partnership Investment [Member] | ||
Schedule Of Investments [Line Items] | ||
Recognized investment income | 195 | 553 |
Cash and Cash Equivalents [Member] | ||
Schedule Of Investments [Line Items] | ||
Investment income | $ 7,189 | $ 3,667 |
Investments (Investment Income
Investments (Investment Income (Loss) Summarized) - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net Investment Income [Line Items] | ||
Gains (Losses) on Sales of Investment Real Estate | $ 0 | $ 8,936 |
Real Estate Investments [Member] | Pineda Landings Melbourne [Member] | ||
Net Investment Income [Line Items] | ||
Gains (Losses) on Sales of Investment Real Estate | 6,476 | |
Real Estate Investments Sale Price | 18,500 | |
Real Estate Investments [Member] | Sorrento Hills Village Sorrento [Member] | ||
Net Investment Income [Line Items] | ||
Gains (Losses) on Sales of Investment Real Estate | 2,460 | |
Real Estate Investments Sale Price | $ 13,418 |
Investments (Other Investments)
Investments (Other Investments) - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other Investments [Member] | ||
Schedule Of Investments [Line Items] | ||
Net realized gains | $ 0 | $ 4 |
Comprehensive Income (Loss) - S
Comprehensive Income (Loss) - Schedule of Components of Other Comprehensive Income or Loss and Related Tax Effects Allocated to Each Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Before Tax | ||
Net unrealized gains | $ 52 | $ 2,415 |
Reclassification adjustment for net realized losses | 32 | 738 |
Total other comprehensive income | 84 | 3,153 |
Income Tax Effect | ||
Net unrealized gains | 13 | (1,997) |
Reclassification adjustment for net realized losses | 8 | 187 |
Total other comprehensive income | 21 | (1,810) |
Net of Tax | ||
Net unrealized gains | 39 | 4,412 |
Reclassification adjustment for net realized gains | 24 | 551 |
Total other comprehensive income | $ 63 | $ 4,963 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Money Market Funds and Certificate Of Deposit Maturity Period | 90 days |
Fair Value Measurements - Compo
Fair Value Measurements - Components of Long-Term Debt and Methods Used in Estimating Fair Values (Detail) | 3 Months Ended |
Mar. 31, 2024 | |
4.75% Convertible Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | 2042 |
Valuation Methodology | Quoted price |
4.25% Convertible Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | 2037 |
Valuation Methodology | Quoted price |
4.55% Promissory Note [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | 2036 |
Valuation Methodology | Discounted cash flow method/Level 3 inputs |
5.50% Promissory Note [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | 2033 |
Valuation Methodology | Discounted cash flow method/Level 3 inputs |
Fair Value Measurements - Com_2
Fair Value Measurements - Components of Long-Term Debt and Methods Used in Estimating Fair Values (Parenthetical) (Detail) | Mar. 31, 2024 |
Debt Instrument [Line Items] | |
Debt instrument stated interest rate | 4.25% |
4.75% Convertible Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt instrument stated interest rate | 4.75% |
4.25% Convertible Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt instrument stated interest rate | 4.25% |
4.55% Promissory Note [Member] | |
Debt Instrument [Line Items] | |
Debt instrument stated interest rate | 4.55% |
5.50% Promissory Note [Member] | |
Debt Instrument [Line Items] | |
Debt instrument stated interest rate | 5.50% |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets Measured at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financial Assets: | ||
Restricted cash (a) | $ 3,303 | $ 3,287 |
Debt Securities, Available-for-Sale | 470,805 | 383,238 |
Equity securities, at fair value | 52,013 | 45,537 |
Fair Value, Measurements, Recurring [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 655,384 | 536,478 |
Restricted cash (a) | 3,303 | 3,287 |
Debt Securities, Available-for-Sale | 470,805 | 383,238 |
Equity securities, at fair value | 52,013 | 45,537 |
Fair Value, Measurements, Recurring [Member] | (Level 1) [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 655,384 | 536,478 |
Restricted cash (a) | 3,303 | 3,287 |
Debt Securities, Available-for-Sale | 456,451 | 368,892 |
Equity securities, at fair value | 52,013 | 45,537 |
Fair Value, Measurements, Recurring [Member] | (Level 2) [Member] | ||
Financial Assets: | ||
Debt Securities, Available-for-Sale | 14,354 | 14,346 |
U.S. Treasury and U.S. Government Agencies [Member] | Fair Value, Measurements, Recurring [Member] | ||
Financial Assets: | ||
Debt Securities, Available-for-Sale | 440,714 | 356,054 |
U.S. Treasury and U.S. Government Agencies [Member] | Fair Value, Measurements, Recurring [Member] | (Level 1) [Member] | ||
Financial Assets: | ||
Debt Securities, Available-for-Sale | 432,781 | 348,145 |
U.S. Treasury and U.S. Government Agencies [Member] | Fair Value, Measurements, Recurring [Member] | (Level 2) [Member] | ||
Financial Assets: | ||
Debt Securities, Available-for-Sale | 7,933 | 7,909 |
Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Financial Assets: | ||
Debt Securities, Available-for-Sale | 29,609 | 26,704 |
Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member] | (Level 1) [Member] | ||
Financial Assets: | ||
Debt Securities, Available-for-Sale | 23,188 | 20,267 |
Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member] | (Level 2) [Member] | ||
Financial Assets: | ||
Debt Securities, Available-for-Sale | 6,421 | 6,437 |
Exchange-Traded Debt [Member] | Fair Value, Measurements, Recurring [Member] | ||
Financial Assets: | ||
Debt Securities, Available-for-Sale | 482 | 480 |
Exchange-Traded Debt [Member] | Fair Value, Measurements, Recurring [Member] | (Level 1) [Member] | ||
Financial Assets: | ||
Debt Securities, Available-for-Sale | $ 482 | $ 480 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Information for Financial Liabilities Carried on Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financial Liabilities: | ||
Revolving credit facility | $ 50,000 | $ 0 |
Total long-term debt | 184,744 | 208,495 |
Carrying Value [Member] | ||
Financial Liabilities: | ||
Revolving credit facility | 50,000 | |
Total long-term debt | 184,743 | 208,493 |
Carrying Value [Member] | 4.75% Convertible Senior Notes [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 168,516 | 168,230 |
Carrying Value [Member] | 4.25% Convertible Senior Notes [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 23,916 | |
Carrying Value [Member] | 5.50% Promissory Note [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 11,654 | 11,707 |
Carrying Value [Member] | 4.55% Promissory Note [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 4,573 | 4,640 |
Estimate of Fair Value Measurement [Member] | ||
Financial Liabilities: | ||
Revolving credit facility | 50,000 | |
Total long-term debt | 284,293 | 265,520 |
Estimate of Fair Value Measurement [Member] | (Level 2) [Member] | ||
Financial Liabilities: | ||
Revolving credit facility | 50,000 | |
Total long-term debt | 268,717 | 249,659 |
Estimate of Fair Value Measurement [Member] | (Level 3) [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 15,576 | 15,861 |
Estimate of Fair Value Measurement [Member] | 4.75% Convertible Senior Notes [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 268,717 | 215,114 |
Estimate of Fair Value Measurement [Member] | 4.75% Convertible Senior Notes [Member] | (Level 2) [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 268,717 | 215,114 |
Estimate of Fair Value Measurement [Member] | 4.25% Convertible Senior Notes [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 34,545 | |
Estimate of Fair Value Measurement [Member] | 4.25% Convertible Senior Notes [Member] | (Level 2) [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 34,545 | |
Estimate of Fair Value Measurement [Member] | 5.50% Promissory Note [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 11,327 | 11,512 |
Estimate of Fair Value Measurement [Member] | 5.50% Promissory Note [Member] | (Level 3) [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 11,327 | 11,512 |
Estimate of Fair Value Measurement [Member] | 4.55% Promissory Note [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 4,249 | 4,349 |
Estimate of Fair Value Measurement [Member] | 4.55% Promissory Note [Member] | (Level 3) [Member] | ||
Financial Liabilities: | ||
Total long-term debt | $ 4,249 | $ 4,349 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Fair Value Information for Financial Liabilities Carried on Consolidated Balance Sheets (Parenthetical) (Detail) | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument stated interest rate | 4.25% | |
4.75% Convertible Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument stated interest rate | 4.75% | |
4.25% Convertible Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument stated interest rate | 4.25% | |
5.50% Promissory Note [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument stated interest rate | 5.50% | |
4.55% Promissory Note [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument stated interest rate | 4.55% | |
Carrying Value [Member] | 4.75% Convertible Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument stated interest rate | 4.75% | 4.75% |
Carrying Value [Member] | 4.25% Convertible Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument stated interest rate | 4.25% | |
Carrying Value [Member] | 5.50% Promissory Note [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument stated interest rate | 5.50% | 5.50% |
Carrying Value [Member] | 4.55% Promissory Note [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument stated interest rate | 4.55% | 4.55% |
Intangible Assets, Net - Detail
Intangible Assets, Net - Details of Intangible Assets, Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Finite Lived Intangible Assets [Line Items] | |||
Total, at cost | $ 12,635 | $ 12,635 | |
Less: accumulated amortization | (5,589) | (4,976) | |
Intangible assets, net | 7,046 | 7,659 | |
Leases, Acquired-in-Place [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Total, at cost | [1] | 2,221 | 2,221 |
Policy Renewal Rights [Member] | United [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Total, at cost | 10,100 | 10,100 | |
Noncompete Agreements [Member] | United [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Total, at cost | [2] | $ 314 | $ 314 |
[1] Amortization related to the Haines City property is expected to start in June 2024. Fully amortized |
Intangible Assets, Net - Schedu
Intangible Assets, Net - Schedule of Remaining Weighted-Average Amortization Period for Intangible Assets (Detail) | Mar. 31, 2024 |
Leases, Acquired-in-Place [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Remaining weighted-average amortization period | 18 years 4 months 24 days |
Policy Renewal Rights [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Remaining weighted-average amortization period | 2 years 1 month 6 days |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 12,635 | $ 12,635 |
Other Liabilities [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Asset Acquisition, Contingent Consideration, Liability | $ 371 | $ 371 |
Other Assets - Summary of Other
Other Assets - Summary of Other Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Benefits receivable related to retrospective reinsurance contract | $ 51,282 | $ 44,289 |
Reimbursement and fees receivable under TPA service | 0 | 629 |
Prepaid expenses | 2,551 | 2,882 |
Deposits | 418 | 409 |
Lease acquisition costs, net | 814 | 833 |
Other | 2,119 | 1,323 |
Total other assets | $ 57,184 | $ 50,365 |
Revolving Credit Facility - Add
Revolving Credit Facility - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Line of Credit Facility [Line Items] | |||
Revolving credit facility | $ 50,000 | $ 0 | |
Interest Expense | 3,149 | $ 2,801 | |
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Revolving credit facility | 50,000 | ||
Interest Expense | 738 | 25 | |
Amortization of Debt Issuance Costs | 15 | $ 25 | |
Credit facility, maximum borrowing capacity | $ 25,000 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | |||
Total principal amount | $ 188,980 | $ 213,024 | |
Finance Lease, Liability | 1 | 2 | |
Less: unamortized issuance costs | (4,236) | (4,529) | |
Total long-term debt | 184,744 | 208,495 | |
4.75% Convertible Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Total principal amount | 172,500 | 172,500 | |
4.25% Convertible Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Total principal amount | [1] | 0 | 23,916 |
4.55% Promissory Note [Member] | |||
Debt Instrument [Line Items] | |||
Total principal amount | 4,631 | 4,700 | |
5.50% Promissory Note [Member] | |||
Debt Instrument [Line Items] | |||
Total principal amount | $ 11,848 | $ 11,906 | |
[1] Notes converted or redeemed during the first quarter of 2024 |
Long-Term Debt - Summary of L_2
Long-Term Debt - Summary of Long-Term Debt (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Instrument [Line Items] | |
Debt instrument stated interest rate | 4.25% |
4.75% Convertible Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt instrument stated interest rate | 4.75% |
Debt instrument, maturity date | Jun. 01, 2042 |
4.25% Convertible Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt instrument stated interest rate | 4.25% |
Debt instrument, maturity date | Mar. 01, 2037 |
4.55% Promissory Note [Member] | |
Debt Instrument [Line Items] | |
Debt instrument stated interest rate | 4.55% |
Debt instrument, maturity date | Aug. 01, 2036 |
5.50% Promissory Note [Member] | |
Debt Instrument [Line Items] | |
Debt instrument stated interest rate | 5.50% |
Debt instrument, maturity date | Jul. 01, 2033 |
Finance Lease Liabilities [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Oct. 15, 2024 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Mar. 15, 2024 USD ($) | Mar. 31, 2024 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) $ / shares | Dec. 31, 2023 USD ($) | |
Debt Instrument [Line Items] | ||||
Debt instrument stated interest rate | 4.25% | |||
Loss on extinguishment of debt | $ 0 | $ 177 | ||
Redemption of long term debt | $ 466 | $ 6,895 | ||
Cash dividends on common stock | $ / shares | $ 0.4 | $ 0.4 | ||
Less: unamortized issuance costs | $ 4,236 | $ 4,529 | ||
4.25% Convertible Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument stated interest rate | 4.25% | |||
Debt Instrument, Maturity Date | Mar. 01, 2037 | |||
Debt Instrument Maturity Year | 2037 | |||
Debt Instrument, Convertible Senior Notes, Per Share in Principal Amount | $ / shares | $ 1 | |||
Redemption of long term debt | $ 466 | |||
Convertible debt, conversion ratio | 16.5892 | |||
Convertible debt, conversion price | $ / shares | $ 60.25 | |||
Debt instrument, principal amount | $ 23,916 | |||
Convertible note conversion amount | $ 23,450 | |||
Number of stock issued upon conversion of convertible note | shares | 389,087 | |||
Cash consideration in lieu of fractional shares | $ 1 | |||
4.75% Convertible Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument stated interest rate | 4.75% | |||
Debt Instrument, Maturity Date | Jun. 01, 2042 | |||
Debt Instrument Maturity Year | 2042 | |||
Convertible debt, conversion ratio | 12.4166 | |||
Convertible debt, conversion price | $ / shares | $ 80.54 | |||
Debt issuance costs, remaining amortization period | 3 years 2 months 1 day | |||
Debt instrument interest rate effective percentage till final maturity | 5% | |||
Debt instrument interest rate effective percentage | 5.60% |
Long-Term Debt - Summary of Fut
Long-Term Debt - Summary of Future Maturities of Long-Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Long-Term Debt, Rolling Maturity [Abstract] | ||
2024 | $ 524 | |
2025 | 549 | |
2026 | 577 | |
2027 | 173,107 | |
2028 | 638 | |
Thereafter | 13,585 | |
Total | $ 188,980 | $ 213,024 |
Long-Term Debt - Schedule of In
Long-Term Debt - Schedule of Interest Expense Related to Long-Term Debt (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Interest Expense, Debt [Abstract] | |||
Contractual interest | $ 2,118 | $ 2,497 | |
Non-cash expense (b) | [1] | 293 | 279 |
Total | $ 2,411 | $ 2,776 | |
[1] Represents amortization of debt issuance costs. |
Reinsurance - Additional Inform
Reinsurance - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Feb. 14, 2024 USD ($) | Feb. 29, 2024 USD ($) | Mar. 31, 2024 USD ($) Reinsurance | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) Reinsurance | |
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items] | |||||
Percentage of ceding commission on ceded premiums written | 30% | ||||
Profit commission on net profit | 10% | ||||
Reinsurance recoverable | $ 330,670 | $ 350,294 | |||
Ceded losses recognized as a reduction in losses and loss adjustment expenses | 0 | $ 2,751 | |||
Decrease in credit loss expense | 49 | 1 | |||
Allowances for credit losses related to the reinsurance recoverable balance | 69 | 118 | |||
Reduction in premiums ceded | 6,993 | 6,993 | |||
Other Assets | 57,184 | 50,365 | |||
Benefits receivable related to retrospective reinsurance contract | 51,282 | 44,289 | |||
Funds withheld for assumed business | 14,181 | 30,087 | |||
Assumed premiums written | 43,091 | (7,569) | |||
Reimbursement and fees receivable under TPA service | 0 | 629 | |||
Premiums receivable | 43,291 | 38,037 | |||
Reinsurance payable on paid losses and loss adjustment expenses | 0 | 3,145 | |||
Citizens [Member] | |||||
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items] | |||||
Assumed premiums written | 43,091 | 0 | |||
United [Member] | |||||
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items] | |||||
Funds withheld for assumed business | 14,181 | ||||
Net amount due to entity | 2,020 | ||||
Northeast Region [Member] | United [Member] | |||||
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items] | |||||
Net amount payable | 582 | 582 | |||
Southeast Region [Member] | United [Member] | |||||
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items] | |||||
Net amount payable | 1,438 | 4,203 | |||
Assumed premiums written | $ 7,569 | ||||
Assumed premiums written payable | 1,712 | 1,712 | |||
Reinsurance payable on paid losses and loss adjustment expenses | 2,765 | ||||
Ceding commission receivable | 274 | 274 | |||
CORE [Member] | |||||
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items] | |||||
Other Assets | $ 270 | $ 65 | |||
Typ Tap [Member] | |||||
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items] | |||||
Net Withdrawal From Funds Held Under Reinsurance Agreement | $ 15,000 | $ 4,462 | |||
Participating Reinsurers [Member] | |||||
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items] | |||||
Number of reinsurers | Reinsurance | 58 | 33 | |||
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments [Member] | Reinsurer Concentration Risk [Member] | Reinsurance [Member] | |||||
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items] | |||||
Percentage of reinsurance recoverable major reinsurers | 64.70% |
Reinsurance - Impact of the Rei
Reinsurance - Impact of the Reinsurance Contracts on Premiums Written and Earned (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | |||
Premiums Written: | ||||
Direct | $ 211,895 | $ 207,423 | ||
Assumed | 43,091 | (7,569) | ||
Gross written | 254,986 | 199,854 | ||
Ceded | (68,106) | (70,509) | ||
Net premiums written | 186,880 | 129,345 | ||
Premiums Earned: | ||||
Direct | 189,675 | 172,905 | ||
Assumed | 66,969 | 7,163 | ||
Gross earned | 256,644 | [1] | 180,068 | [2] |
Ceded | (68,106) | (70,509) | ||
Net premiums earned | $ 188,538 | $ 109,559 | ||
[1] Gross premiums earned under HCPCI Insurance Operations consist of $ 149,271 from HCPCI and $ 6,111 from a reinsurance company. Gross premiums earned under HCPCI Insurance Operations consist of $ 92,456 from HCPCI and $ 4,535 from a reinsurance company. |
Losses and Loss Adjustment Ex_3
Losses and Loss Adjustment Expenses - Losses and LAE (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Net balance, beginning of period* | [1] | $ 254,351 | $ 246,546 | |
Incurred, net of reinsurance, related to: | ||||
Current period | 79,922 | 56,698 | ||
Prior periods | 0 | 3,867 | ||
Total incurred, net of reinsurance | 79,922 | 60,565 | ||
Paid, net of reinsurance, related to: | ||||
Current period | (17,789) | (11,110) | ||
Prior periods | (43,059) | (49,950) | ||
Total paid, net of reinsurance | (60,848) | (61,060) | ||
Net balance, end of period | 273,425 | 246,051 | ||
Add: reinsurance recoverable before allowance for credit losses | 305,287 | 560,257 | ||
Gross balance, end of period | $ 578,712 | $ 806,308 | $ 585,073 | |
[1] Net balance represents beginning-of-period liability for unpaid losses and LAE less beginning-of-period reinsurance recoverable for unpaid losses and LAE. |
Losses and Loss Adjustment Ex_4
Losses and Loss Adjustment Expenses - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reserves For Losses And Loss Adjustment Expenses [Line Items] | ||
Claims and claim adjustment expenses prior period development | $ 0 | $ 3,867 |
Total incurred, net of reinsurance | 79,922 | $ 60,565 |
Citizens [Member] | ||
Reserves For Losses And Loss Adjustment Expenses [Line Items] | ||
Total incurred, net of reinsurance | $ 21,678 |
Variable Interest Entity - Summ
Variable Interest Entity - Summary of Unaudited Financial Information and Unaudited Financial Position (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Assets [Abstract] | |||
Cash and cash equivalents | $ 655,384 | $ 536,478 | |
Income taxes receivable | 651 | 0 | |
Other assets | 57,184 | 50,365 | |
Total assets | 1,841,634 | 1,811,316 | |
Liabilities [Abstract] | |||
Losses and loss adjustment expenses (a) | 578,712 | 585,073 | $ 806,308 |
Unearned premiums | 499,499 | 501,157 | |
Ceded reinsurance premiums payable | 10,693 | 8,921 | |
Assumed premiums payable | 2,681 | 850 | |
Deferred income taxes, net | 5,113 | 0 | |
Other liabilities | 36,564 | 35,623 | |
Total liabilities | 1,443,764 | 1,387,991 | |
CORE [Member] | |||
Assets [Abstract] | |||
Cash and cash equivalents | 44,411 | 24,635 | |
Restricted cash | 302 | 300 | |
Income taxes receivable | 651 | 0 | |
Other assets | 270 | 65 | |
Total assets | 45,634 | 25,000 | |
Liabilities [Abstract] | |||
Losses and loss adjustment expenses (a) | 1,178 | 0 | |
Unearned premiums | 15,862 | 0 | |
Ceded reinsurance premiums payable | 1,986 | 0 | |
Assumed premiums payable | 236 | 0 | |
Deferred income taxes, net | 342 | 0 | |
Other liabilities | 183 | 0 | |
Total liabilities | $ 19,787 | $ 0 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - Segment | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Segment Reporting Information [Line Items] | |||
Number of operating divisions | 5 | ||
Sales Revenue, Net [Member] | Segment Concentration Risk [Member] | HCPCI Insurance Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 63.70% | 61.20% | |
Sales Revenue, Net [Member] | Segment Concentration Risk [Member] | TypTap Group [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 33.80% | 36.50% | |
Assets [Member] | Segment Concentration Risk [Member] | HCPCI Insurance Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 53.10% | 55.30% | |
Assets [Member] | Segment Concentration Risk [Member] | TypTap Group [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 34.90% | 33.60% |
Segment Information - Summary o
Segment Information - Summary of Segment Information Reconciled to Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2024 | Mar. 31, 2023 | ||||
Revenue: | |||||
Gross premiums earned | $ 256,644 | [1] | $ 180,068 | [2] | |
Premiums ceded | (68,106) | (70,509) | |||
Net premiums earned | 188,538 | 109,559 | |||
Net income from investment portfolio | 16,702 | 17,095 | |||
Gain from sales of real estate investments | 0 | ||||
Policy fee income | 1,019 | 1,090 | |||
Other | 355 | 1,285 | |||
Total revenue | 206,614 | 129,029 | |||
Expenses: | |||||
Losses and loss adjustment expenses | 79,922 | 60,565 | |||
Amortization of deferred policy acquisition costs | 20,931 | 21,484 | |||
Other policy acquisition expenses | 1,208 | 1,236 | |||
Stock-based compensation expense | 1,582 | 2,106 | |||
Interest expense | 3,149 | 2,801 | |||
Depreciation and amortization | 1,490 | 1,387 | |||
Loss on extinguishment of debt | 0 | (177) | |||
Personnel and other operating expenses | 20,902 | 16,314 | |||
Total expenses | 129,184 | 105,893 | |||
Income (loss) before income taxes | 77,430 | 23,136 | |||
Gross premiums written | 254,986 | 199,854 | |||
Operating Segments [Member] | HCPCI Insurance Operations [Member] | |||||
Revenue: | |||||
Gross premiums earned | 155,382 | [1] | 96,991 | [2] | |
Premiums ceded | (43,326) | (40,195) | |||
Net premiums earned | 112,056 | 56,796 | |||
Net income from investment portfolio | 8,228 | 2,954 | |||
Gain from sales of real estate investments | 0 | ||||
Policy fee income | 504 | 563 | |||
Other | 3,538 | 4,653 | |||
Total revenue | 124,326 | 64,966 | |||
Expenses: | |||||
Losses and loss adjustment expenses | 39,014 | 28,782 | |||
Amortization of deferred policy acquisition costs | 10,136 | 9,621 | |||
Other policy acquisition expenses | 579 | 655 | |||
Stock-based compensation expense | 369 | 496 | |||
Interest expense | 0 | 0 | |||
Depreciation and amortization | 138 | 139 | |||
Loss on extinguishment of debt | 0 | ||||
Personnel and other operating expenses | 11,748 | 9,919 | |||
Total expenses | 61,984 | 49,612 | |||
Income (loss) before income taxes | 62,342 | 15,354 | |||
Total revenue from non-affiliates | 114,956 | [3] | 56,929 | [4] | |
Gross premiums written | 91,875 | 85,153 | |||
Operating Segments [Member] | TypTap Group [Member] | |||||
Revenue: | |||||
Gross premiums earned | 103,748 | [1] | 87,612 | [2] | |
Premiums ceded | (28,673) | (34,823) | |||
Net premiums earned | 75,075 | 52,789 | |||
Net income from investment portfolio | 4,543 | 3,379 | |||
Gain from sales of real estate investments | 0 | ||||
Policy fee income | 515 | 527 | |||
Other | 1,495 | 1,643 | |||
Total revenue | 81,628 | 58,338 | |||
Expenses: | |||||
Losses and loss adjustment expenses | 40,553 | 33,056 | |||
Amortization of deferred policy acquisition costs | 10,795 | 11,863 | |||
Other policy acquisition expenses | 519 | 611 | |||
Stock-based compensation expense | 701 | 829 | |||
Interest expense | 1,500 | 431 | |||
Depreciation and amortization | 1,088 | 956 | |||
Loss on extinguishment of debt | 0 | ||||
Personnel and other operating expenses | 9,970 | 9,433 | |||
Total expenses | 65,126 | 57,179 | |||
Income (loss) before income taxes | 16,502 | 1,159 | |||
Total revenue from non-affiliates | 88,083 | [3] | 61,286 | [4] | |
Gross premiums written | 143,624 | 114,701 | |||
Operating Segments [Member] | Reciprocal Exchange Operations [Member] | |||||
Revenue: | |||||
Gross premiums earned | 3,625 | ||||
Premiums ceded | (2,218) | ||||
Net premiums earned | 1,407 | ||||
Net income from investment portfolio | 56 | ||||
Policy fee income | 0 | ||||
Other | 0 | ||||
Total revenue | 1,463 | ||||
Expenses: | |||||
Losses and loss adjustment expenses | 1,268 | ||||
Amortization of deferred policy acquisition costs | 0 | ||||
Other policy acquisition expenses | 546 | ||||
Stock-based compensation expense | 0 | ||||
Interest expense | 812 | ||||
Depreciation and amortization | 0 | ||||
Personnel and other operating expenses | 54 | ||||
Total expenses | 2,680 | ||||
Income (loss) before income taxes | (1,217) | ||||
Total revenue from non-affiliates | 1,916 | ||||
Gross premiums written | 19,487 | ||||
Operating Segments [Member] | Real Estate Operations [Member] | |||||
Revenue: | |||||
Gross premiums earned | 0 | [1],[5] | 0 | [2],[6] | |
Premiums ceded | 0 | [5] | 0 | [6] | |
Net premiums earned | 0 | [5] | 0 | [6] | |
Net income from investment portfolio | 0 | [5] | 0 | [6] | |
Gain from sales of real estate investments | [6] | 8,936 | |||
Policy fee income | 0 | [5] | 0 | [6] | |
Other | 3,447 | [5] | 2,923 | [6] | |
Total revenue | 3,447 | [5] | 11,859 | [6] | |
Expenses: | |||||
Losses and loss adjustment expenses | 0 | [5] | 0 | [6] | |
Amortization of deferred policy acquisition costs | 0 | [5] | 0 | [6] | |
Other policy acquisition expenses | 0 | [5] | 0 | [6] | |
Stock-based compensation expense | 0 | [5] | 0 | [6] | |
Interest expense | 223 | [5] | 203 | [6] | |
Depreciation and amortization | 380 | [5] | 627 | [6] | |
Loss on extinguishment of debt | [6] | 177 | |||
Personnel and other operating expenses | 1,434 | [5] | 1,554 | [6] | |
Total expenses | 2,037 | [5] | 2,561 | [6] | |
Income (loss) before income taxes | 1,410 | [5] | 9,298 | [6] | |
Total revenue from non-affiliates | 2,606 | [3],[5] | 11,051 | [4],[6] | |
Operating Segments [Member] | Corporate and Other [Member] | |||||
Revenue: | |||||
Gross premiums earned | 0 | [1],[7] | 0 | [2],[8] | |
Premiums ceded | 0 | [7] | 0 | [8] | |
Net premiums earned | 0 | [7] | 0 | [8] | |
Net income from investment portfolio | 4,694 | [7] | 1,900 | [8] | |
Gain from sales of real estate investments | [8] | 0 | |||
Policy fee income | 0 | [7] | 0 | [8] | |
Other | 1,030 | [7] | 595 | [8] | |
Total revenue | 5,724 | [7] | 2,495 | [8] | |
Expenses: | |||||
Losses and loss adjustment expenses | 0 | [7] | 0 | [8] | |
Amortization of deferred policy acquisition costs | 0 | [7] | 0 | [8] | |
Other policy acquisition expenses | 0 | [7] | 0 | [8] | |
Stock-based compensation expense | 512 | [7] | 781 | [8] | |
Interest expense | 2,926 | [7] | 2,598 | [8] | |
Depreciation and amortization | 160 | [7] | 202 | [8] | |
Loss on extinguishment of debt | [8] | 0 | |||
Personnel and other operating expenses | 3,733 | [7] | 1,589 | [8] | |
Total expenses | 7,331 | [7] | 5,170 | [8] | |
Income (loss) before income taxes | (1,607) | [7] | (2,675) | [8] | |
Total revenue from non-affiliates | 4,085 | [3],[7] | 1,926 | [4],[8] | |
Intersegment Eliminations [Member] | |||||
Revenue: | |||||
Gross premiums earned | (6,111) | [1] | (4,535) | [2] | |
Premiums ceded | 6,111 | 4,509 | |||
Net premiums earned | 0 | (26) | |||
Net income from investment portfolio | (819) | 8,862 | |||
Gain from sales of real estate investments | (8,936) | ||||
Policy fee income | 0 | 0 | |||
Other | (9,155) | (8,529) | |||
Total revenue | (9,974) | (8,629) | |||
Expenses: | |||||
Losses and loss adjustment expenses | (913) | (1,273) | |||
Amortization of deferred policy acquisition costs | 0 | 0 | |||
Other policy acquisition expenses | (436) | (30) | |||
Stock-based compensation expense | 0 | 0 | |||
Interest expense | (2,312) | (431) | |||
Depreciation and amortization | (276) | (537) | |||
Loss on extinguishment of debt | (177) | ||||
Personnel and other operating expenses | (6,037) | (6,181) | |||
Total expenses | (9,974) | (8,629) | |||
Income (loss) before income taxes | $ 0 | $ 0 | |||
[1] Gross premiums earned under HCPCI Insurance Operations consist of $ 149,271 from HCPCI and $ 6,111 from a reinsurance company. Gross premiums earned under HCPCI Insurance Operations consist of $ 92,456 from HCPCI and $ 4,535 from a reinsurance company. Represents amounts before reclassification of certain revenue and expenses to conform with an insurance company’s presentation. Represents amounts before reclassification of certain revenue and expenses to conform with an insurance company’s presentation. Other revenue under real estate primarily consisted of rental income from investment properties. Other revenue under real estate primarily consisted of rental income from investment properties. Other revenue under corporate and other primarily consisted of revenue from marina business and management fees for attorney-in-fact services. Other revenue under corporate and other primarily consisted of revenue from marina business. |
Segment Information - Summary_2
Segment Information - Summary of Segment Information Reconciled to Consolidated Statements of Income (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | |||
Segment Reporting Information [Line Items] | ||||
Gross premiums earned | $ 256,644 | [1] | $ 180,068 | [2] |
Reinsurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross premiums earned | 6,111 | 4,535 | ||
HCPCI [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross premiums earned | $ 149,271 | $ 92,456 | ||
[1] Gross premiums earned under HCPCI Insurance Operations consist of $ 149,271 from HCPCI and $ 6,111 from a reinsurance company. Gross premiums earned under HCPCI Insurance Operations consist of $ 92,456 from HCPCI and $ 4,535 from a reinsurance company. |
Segment Information - Summary_3
Segment Information - Summary of Segment Assets Reconciled to Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 1,841,634 | $ 1,811,316 |
Consolidation and Elimination [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | (263,652) | (136,375) |
HCPCI Insurance Operations [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 921,327 | 933,116 |
TypTap Group [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 669,986 | 623,366 |
Reciprocal Exchange Operations [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 47,776 | 25,000 |
Real Estate Operations [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 131,893 | 132,257 |
Corporate and Other [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 334,304 | $ 233,952 |
Leases - Summary of Right-of-us
Leases - Summary of Right-of-use Assets and Liabilities for Operating and Finance Leases (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Operating leases: | ||
ROU Assets | $ 1,352 | $ 1,407 |
Lease liabilities - operating leases | $ 1,357 | $ 1,408 |
Finance leases: | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net |
ROU assets | $ 1 | $ 1 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Long Term Debt And Finance Lease Obligations Excluding Line Of Credit | Long Term Debt And Finance Lease Obligations Excluding Line Of Credit |
Liabilities | $ 1 | $ 2 |
Leases - Summary of the Company
Leases - Summary of the Company's operating and finance leases - the Company is lessee (Detail) | 3 Months Ended | |
Mar. 31, 2024 | ||
Office Equipment [Member] | ||
Operating lease: | ||
Renewal Option | true | [1] |
Office Equipment [Member] | Minimum [Member] | ||
Operating lease: | ||
Initial Term | 36 months | [1] |
Finance lease: | ||
Initial Term | 3 years 3 months | [2] |
Office Equipment [Member] | Maximum [Member] | ||
Operating lease: | ||
Initial Term | 63 months | [1] |
Office space [Member] | ||
Operating lease: | ||
Renewal Option | true | [1],[3] |
Office space [Member] | Minimum [Member] | ||
Operating lease: | ||
Initial Term | 5 years | [1],[3] |
Office space [Member] | Maximum [Member] | ||
Operating lease: | ||
Initial Term | 9 years | [1],[3] |
[1] There are no variable lease payments. There is a bargain purchase option. Rent escalation provisions exist. |
Leases - Maturities of lease li
Leases - Maturities of lease liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
2024 | $ 287 | |
2025 | 296 | |
2026 | 306 | |
2027 | 316 | |
2028 | 160 | |
Thereafter | 219 | |
Total lease payments | 1,584 | |
Less: interest | 227 | |
Total lease obligations | 1,357 | $ 1,408 |
2024 | 1 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
2028 | 0 | |
Thereafter | 0 | |
Total lease payments | 1 | |
Less: interest | 0 | |
Total lease obligations | $ 1 | $ 2 |
Leases -The Company's operating
Leases -The Company's operating and finance leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Finance lease costs: | |||
Amortization - ROU assets | [1] | $ 0 | $ 4 |
Operating lease costs | [1] | 68 | 52 |
Short-term lease costs | [1] | 92 | 93 |
Total lease costs | 160 | 149 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows – operating leases | 70 | 44 | |
Financing cash flows – finance leases | $ 1 | $ 4 | |
Weighted-average remaining lease term: | |||
Finance leases (in years) | 6 months | ||
Operating leases (in years) | 5 years 4 months 24 days | ||
Weighted-average discount rate: | |||
Finance leases | 2.40% | ||
Operating leases | 6% | ||
[1] Included in other operating expenses on the consolidated statements of income. |
Leases - Summary of the Compa_2
Leases - Summary of the Company's operating leases - the Company is lessor (Detail) | 3 Months Ended | |
Mar. 31, 2024 | [1] | |
Office space [Member] | ||
Operating lease: | ||
Renewal Option | true | |
Office space [Member] | Minimum [Member] | ||
Operating lease: | ||
Initial Term | 1 year | |
Office space [Member] | Maximum [Member] | ||
Operating lease: | ||
Initial Term | 3 years | |
Retail space [Member] | ||
Operating lease: | ||
Renewal Option | true | |
Retail Site [Member] | Minimum [Member] | ||
Operating lease: | ||
Initial Term | 3 years | |
Retail Site [Member] | Maximum [Member] | ||
Operating lease: | ||
Initial Term | 20 years | |
Boat docks/wet slips [Member] | ||
Operating lease: | ||
Renewal Option | true | |
Boat docks/wet slips [Member] | Minimum [Member] | ||
Operating lease: | ||
Initial Term | 1 month | |
Boat docks/wet slips [Member] | Maximum [Member] | ||
Operating lease: | ||
Initial Term | 12 months | |
[1] There are no purchase options. |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense | $ 20,474 | $ 5,343 |
Effective tax rate | 26.40% | 23.10% |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Numerator and Denominator of Basic and Fully Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net income | $ 56,956 | $ 17,793 |
Less: Net income attributable to redeemable noncontrolling interest | (10,149) | (2,324) |
Less: TypTap Group's net (income) loss attributable to non-HCI common stockholders and TypTap Group's participating securities | 804 | (131) |
Net income attributable to HCI | 47,611 | 15,338 |
Less: Income attributable to participating securities | (1,218) | (564) |
Basic Earnings Per Share: | ||
Income allocated to common stockholders (Numerator) | $ 46,393 | $ 14,774 |
Income allocated to common stockholders, Shares (Denominator) | 9,751 | 8,278 |
Basic earnings per share | $ 4.76 | $ 1.78 |
Diluted Earnings Per Share: | ||
Income available to common stockholders and assumed conversions (Numerator) | $ 48,033 | $ 16,695 |
Income available to common stockholders and assumed conversions (Denominator) | 12,618 | 10,860 |
Diluted earnings per share | $ 3.81 | $ 1.54 |
Warrant [Member] | ||
Diluted Earnings Per Share: | ||
Dilutive Securities, Shares (Denominator) | 305 | |
Convertible Senior Notes [Member] | ||
Diluted Earnings Per Share: | ||
Convertible senior notes (Numerator) | $ 1,640 | $ 1,921 |
Dilutive Securities, Shares (Denominator) | 2,282 | 2,537 |
Stock Options [Member] | ||
Diluted Earnings Per Share: | ||
Dilutive Securities, Shares (Denominator) | 280 | 45 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interest - Summary of Activity of Redeemable Noncontrolling Interest (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Jan. 22, 2024 | |
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests [Abstract] | ||||
Beginning Balance | $ 96,160 | $ 93,553 | ||
Increase (decrease): | ||||
Accrued cash dividends | 424 | 1,637 | ||
Accretion - increasing dividend rates | 111 | 687 | ||
Adjustment to maximum redemption value | 6,228 | |||
Cash dividends paid to redeemable noncontrolling interest | (2,923) | (3,012) | $ (2,923) | |
Redemption | (100,000) | $ (102,923) | ||
Ending Balance | $ 0 | $ 92,865 |
Redeemable Noncontrolling Int_4
Redeemable Noncontrolling Interest - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||||
Jan. 22, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Temporary Equity [Line Items] | |||||
Preferred Stock redemption value | $ 102,923 | $ 100,000 | |||
Carrying Value, Redemption Amount | 96,695 | 0 | $ 92,865 | $ 96,160 | $ 93,553 |
Fair value of the warrants | 3,386 | 3,386 | |||
Net income attributable to redeemable noncontrolling interest | 10,149 | 2,324 | |||
Adjustment to maximum redemption value | 6,228 | ||||
Accrued cash dividends | 424 | 1,637 | |||
Accretion - increasing dividend rates | $ 111 | $ 687 | |||
Preferred Stock - Par Value [Member] | Series A Preferred Stock [Member] | |||||
Temporary Equity [Line Items] | |||||
Preferred Stock redemption value | 100,000 | ||||
Unpaid Dividends [Member] | Series A Preferred Stock [Member] | |||||
Temporary Equity [Line Items] | |||||
Preferred Stock redemption value | $ 2,923 |
Equity (Common Stock) - Additio
Equity (Common Stock) - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jan. 24, 2024 | Jan. 22, 2024 |
Class of Stock [Line Items] | ||
Dividends per common share | $ 0.4 | |
Dividends, date of declared | Jan. 24, 2024 | |
Dividends, date of record | Feb. 16, 2024 | |
Dividends, date of payment | Mar. 15, 2024 | |
Maximum [Member] | ||
Class of Stock [Line Items] | ||
Capital Raise From Common Stock Issuance | $ 75,000 |
Equity (Warrants) - Additional
Equity (Warrants) - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Jan. 22, 2024 | Mar. 31, 2024 | |
Class of Stock [Line Items] | ||
Remaining Warrants | 450,000 | |
Fair value of the warrants | $ 3,386 | $ 3,386 |
Warrants | 450,000 | |
Exercise price | $ 54.4 | |
Warrants Expiration Date | Feb. 26, 2025 | |
Original Warrants [Member] | ||
Class of Stock [Line Items] | ||
Underlying Warrants | 300,000 | |
Warrant Increment One [Member] | ||
Class of Stock [Line Items] | ||
Warrants Expiration Date | Dec. 31, 2026 | |
Warrant Increment One [Member] | Amended Warrants [Member] | ||
Class of Stock [Line Items] | ||
Warrants Outstanding One | 150,000 | |
Warrant Increment Two [Member] | ||
Class of Stock [Line Items] | ||
Warrants Expiration Date | Dec. 31, 2027 | |
Warrant Increment Two [Member] | Amended Warrants [Member] | ||
Class of Stock [Line Items] | ||
Warrants Outstanding Two | 150,000 | |
Warrant Increment Three [Member] | ||
Class of Stock [Line Items] | ||
Warrants Expiration Date | Dec. 31, 2028 | |
Warrant Increment Three [Member] | Amended Warrants [Member] | ||
Class of Stock [Line Items] | ||
Warrants outstanding three | 150,000 |
Equity (Noncontrolling Interest
Equity (Noncontrolling Interest) - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Class of Stock [Line Items] | |||
Common stock, outstanding | 10,276,463 | 9,738,183 | |
Purchase of noncontrolling interests | $ 33 | $ 198 | |
Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Repurchase and retirement of common stock, shares | 5,656 | 5,884 | |
TTIG [Member] | |||
Class of Stock [Line Items] | |||
Common stock, outstanding | 80,329,238 | ||
Purchase of noncontrolling interests | $ (33) | $ 198 | |
TTIG [Member] | Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Repurchase and retirement of common stock, shares | 22,787 | 34,108 | |
TTIG [Member] | Noncontrolling Interests [Member] | |||
Class of Stock [Line Items] | |||
Common stock, outstanding | 5,329,238 |
Stock-Based Compensation (2012
Stock-Based Compensation (2012 Omnibus Incentive Plan) - Additional Information (Detail) | Mar. 31, 2024 shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common shares available for grant | 962,406 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Options) - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercised | 0 | 0 | |
Recognized compensation expenses | $ 1,582 | $ 2,106 | |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options vesting period | 4 years | ||
Stock options exercisable contractual term | 10 years | ||
Recognized compensation expenses | $ 14 | 90 | |
Deferred tax benefits recognized | 0 | $ 0 | |
Unrecognized compensation expense related to nonvested stock options | $ 0 | $ 14 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Company's Stock Option Plan Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward] | ||||
Outstanding, Beginning Balance, Number of Options | 590,000 | 440,000 | 440,000 | |
Outstanding, Ending Balance, Number of Options | 590,000 | 440,000 | 590,000 | 440,000 |
Exercisable, Number of Options | 590,000 | 412,500 | ||
Outstanding, Beginning Balance, Weighted Average Exercise Price | $ 51.54 | $ 45.25 | $ 45.25 | |
Outstanding, Ending Balance, Weighted Average Exercise Price | 51.54 | 45.25 | $ 51.54 | $ 45.25 |
Exercisable, Weighted-Average Exercise Price | $ 51.54 | $ 45.07 | ||
Outstanding, Weighted-Average Remaining Contractual Term | 5 years 7 months 6 days | 5 years 3 months 18 days | 5 years 10 months 24 days | 5 years 7 months 6 days |
Exercisable, Weighted-Average Remaining Contractual Term | 5 years 7 months 6 days | 5 years 2 months 12 days | ||
Outstanding, Aggregate Intrinsic Value | $ 38,077 | $ 3,146 | $ 21,156 | $ 0 |
Exercisable, Aggregate Intrinsic Value | $ 38,077 | $ 3,031 |
Stock Based Compensation - Info
Stock Based Compensation - Information with Respect to Unvested Restricted Stock Awards and Incentive Plan (Detail) - Restricted Stock [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning balance, shares | 271,417 | 342,459 |
Granted, Number of Restricted Stock Awards | 6,000 | |
Vested, Number of Restricted Stock Awards | (29,690) | (40,352) |
Forfeited, Number of Restricted Stock Awards | (200) | (2,125) |
Ending balance, shares | 241,527 | 305,982 |
Nonvested, Weighted-Average Grant Date Fair Value, Beginning balance | $ 37.12 | $ 39.86 |
Granted, Weighted-Average Grant Date Fair Value | 51.76 | |
Vested, Weighted-Average Grant Date Fair Value | 56.05 | 54.83 |
Forfeited, Weighted-Average Grant Date Fair Value | 51.87 | 40.33 |
Nonvested, Weighted-Average Grant Date Fair Value, Ending balance | $ 34.78 | $ 38.11 |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Stock Awards) - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized compensation expenses | $ 1,582 | $ 2,106 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized compensation expenses | 867 | $ 1,187 | |
Unrecognized compensation expense related to nonvested restricted stock | $ 3,165 | $ 4,043 | |
Recognition of remaining compensation expense over a weighted-average period | 1 year 4 months 24 days |
Stock-Based Compensation - Info
Stock-Based Compensation - Information about Deferred Tax Benefits Recognized Related to Restricted Stock Awards, Paid Dividends and the Fair Value of Vested Restricted Stock (Detail) - Restricted Stock [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deferred tax benefits recognized | $ 99 | $ 263 |
Tax benefits realized for restricted stock and paid dividends | 511 | 299 |
Fair value of vested restricted stock | $ 1,664 | $ 2,213 |
Stock-Based Compensation (Subsi
Stock-Based Compensation (Subsidiary Equity Plan) - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized compensation expenses | $ 1,582 | $ 2,106 | |
TTIG [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized compensation expenses | 701 | $ 829 | |
Unrecognized compensation expense related to nonvested restricted stock and stock options | $ 3,696 | $ 4,438 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) Reinsurance | Dec. 31, 2023 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||
Number of multi-year reinsurance contracts | Reinsurance | 1 | |
Contractual Obligation | $ 91,350 | |
Unfunded balance | 3,806 | $ 4,205 |
Amount of FIGA assessments payable | $ 1,651 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||||||||
Apr. 24, 2024 $ / shares | Apr. 23, 2024 USD ($) InsurancePolicy | Apr. 17, 2024 TradingDay $ / shares shares | Apr. 01, 2024 USD ($) | Jan. 24, 2024 $ / shares | Mar. 31, 2024 USD ($) | Mar. 31, 2023 shares | Mar. 15, 2028 shares | Mar. 15, 2027 shares | Mar. 15, 2026 shares | Mar. 15, 2025 shares | Dec. 31, 2023 USD ($) | |
Subsequent Event [Line Items] | ||||||||||||
Dividends per common share | $ / shares | $ 0.4 | |||||||||||
Long-Term Line of Credit | $ | $ 50,000 | $ 0 | ||||||||||
Dividends, date of declared | Jan. 24, 2024 | |||||||||||
Dividends, date of record | Feb. 16, 2024 | |||||||||||
Dividends, date of paid | Mar. 15, 2024 | |||||||||||
Annualized Premiums Written | $ | 87,800 | |||||||||||
Revolving Credit Facility [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Long-Term Line of Credit | $ | $ 50,000 | |||||||||||
Restricted Stock [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Granted, Number of Restricted Stock Awards | shares | 6,000 | |||||||||||
Subsequent Event [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Dividends per common share | $ / shares | $ 0.4 | |||||||||||
Repayments of lines of credit | $ | $ 2,000 | |||||||||||
Vesting period, description | The shares will vest equally over a period of four years, with vesting dates of March 15, 2025, 2026, 2027, and 2028, under the condition that the price per share reaches $200 for a period of 30 consecutive trading days. | |||||||||||
Common stock target price | $ / shares | $ 200 | |||||||||||
Number of consecutive trading days required for shares to vest | TradingDay | 30 | |||||||||||
Dividends, date of declared | Apr. 24, 2024 | |||||||||||
Dividends, date of record | May 17, 2024 | |||||||||||
Dividends, date of paid | Jun. 21, 2024 | |||||||||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Long-Term Line of Credit | $ | $ 48,000 | |||||||||||
Subsequent Event [Member] | Restricted Stock [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Granted, Number of Restricted Stock Awards | shares | 200,000 | |||||||||||
Subsequent Event [Member] | Restricted Stock [Member] | Maximum [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Stock options vesting period | 4 years | |||||||||||
Subsequent Event [Member] | Tranche One [Member] | Restricted Stock [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Share-Based Compensation Arrangement, Options, Vested and Expected to Vest, Exercisable, Shares | shares | 50,000 | |||||||||||
Subsequent Event [Member] | Tranche Three [Member] | Restricted Stock [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Share-Based Compensation Arrangement, Options, Vested and Expected to Vest, Exercisable, Shares | shares | 50,000 | |||||||||||
Subsequent Event [Member] | Tranche Two [Member] | Restricted Stock [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Share-Based Compensation Arrangement, Options, Vested and Expected to Vest, Exercisable, Shares | shares | 50,000 | |||||||||||
Subsequent Event [Member] | Tranche Four [Member] | Restricted Stock [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Share-Based Compensation Arrangement, Options, Vested and Expected to Vest, Exercisable, Shares | shares | 50,000 | |||||||||||
Subsequent Event [Member] | Condo Owners Reciprocal Exchange [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Assumed Policies | InsurancePolicy | 148 | |||||||||||
Annualized Premiums Written | $ | $ 15,700 |