Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 27, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | HCI | ||
Entity Registrant Name | HCI Group, Inc. | ||
Entity Central Index Key | 1,400,810 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 9,458,442 | ||
Entity Public Float | $ 375,747,684 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Fixed-maturity securities, available for sale, at fair value (amortized cost: $235,830 and $167,231, respectively) | $ 237,484 | $ 166,248 |
Equity securities, available for sale, at fair value (cost: $53,132 and $47,750, respectively) | 58,911 | 53,035 |
Equity securities, trading, at fair value (cost: $953 and $0, respectively) | 1,045 | 0 |
Limited partnership investments, at equity | 23,184 | 29,263 |
Investment in unconsolidated joint venture, at equity | 1,304 | 2,102 |
Real estate investments (Note 4 - Consolidated Variable Interest Entity) | 58,358 | 48,086 |
Total investments | 380,286 | 298,734 |
Cash and cash equivalents (Note 4 - Consolidated Variable Interest Entity) | 255,884 | 280,531 |
Accrued interest and dividends receivable | 1,983 | 1,654 |
Income taxes receivable | 16,192 | 2,811 |
Premiums receivable | 17,807 | 17,276 |
Prepaid reinsurance premiums | 22,286 | 24,554 |
Reinsurance recoverable: | ||
Paid losses and loss adjustment expenses | 2,344 | |
Unpaid losses and loss adjustment expenses | 100,760 | |
Deferred policy acquisition costs | 16,712 | 16,639 |
Property and equipment, net | 12,465 | 11,374 |
Intangible assets, net | 4,995 | 4,899 |
Deferred income taxes, net | 250 | |
Other assets (Note 4 - Consolidated Variable Interest Entity) | 10,550 | 11,342 |
Total assets | 842,264 | 670,064 |
Liabilities and Stockholders' Equity | ||
Losses and loss adjustment expenses | 198,578 | 70,492 |
Unearned premiums | 164,896 | 175,803 |
Advance premiums | 4,948 | 4,651 |
Assumed reinsurance balances payable | 15 | 3,294 |
Accrued expenses (Note 4 - Consolidated Variable Interest Entity) | 6,035 | 6,513 |
Reinsurance recovered in advance on unpaid losses | 13,885 | |
Deferred income taxes, net | 1,890 | |
Long-term debt | 237,835 | 138,863 |
Other liabilities (Note 4 - Consolidated Variable Interest Entity) | 20,207 | 26,702 |
Total liabilities | 648,289 | 426,318 |
Commitments and contingencies (Note 22) | ||
Stockholders' equity: | ||
Preferred stock | ||
Common stock (no par value, 40,000,000 shares authorized, 8,762,416 and 9,662,761 shares issued and outstanding in 2017 and 2016, respectively) | 0 | 0 |
Additional paid-in capital | 8,139 | |
Retained income | 189,409 | 232,964 |
Accumulated other comprehensive income, net of taxes | 4,566 | 2,643 |
Total stockholders' equity | 193,975 | 243,746 |
Total liabilities and stockholders' equity (or members' capital) | 842,264 | 670,064 |
7% Series A Cumulative Convertible Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock | ||
Series B Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Available-for-sale Debt securities, Amortized cost | $ 235,830 | $ 167,231 |
Available-for-sale Equity securities, Amortized cost | 53,132 | 47,750 |
Trading equity securities, cost | $ 953 | $ 0 |
Preferred stock, no par value | ||
Preferred stock, authorized | 18,100,000 | 18,100,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, no par value | ||
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 8,762,416 | 9,662,761 |
Common stock, outstanding | 8,762,416 | 9,662,761 |
7% Series A Cumulative Convertible Preferred Stock [Member] | ||
Preferred stock, no par value | ||
Preferred stock, authorized | 1,500,000 | 1,500,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Series B Preferred Stock [Member] | ||
Preferred stock, no par value | ||
Preferred stock, authorized | 400,000 | 400,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue | |||
Gross premiums earned | $ 358,253 | $ 378,678 | $ 423,120 |
Premiums ceded | (133,635) | (135,051) | (140,614) |
Net premiums earned | 224,618 | 243,627 | 282,506 |
Net investment income | 11,439 | 9,087 | 3,978 |
Net realized investment gains (losses) | 4,346 | 2,601 | (608) |
Net unrealized investment gains | 92 | ||
Net other-than-temporary impairment losses recognized in income: | |||
Total other-than-temporary impairment losses | (1,116) | (2,252) | (5,275) |
Portion of loss recognized in other comprehensive income, before taxes | (351) | (230) | 594 |
Net other-than-temporary impairment losses | (1,467) | (2,482) | (4,681) |
Policy fee income | 3,622 | 3,914 | 3,496 |
Gain on repurchases of convertible senior notes | 153 | ||
Gain on bargain purchase | 2,071 | ||
Gain on remeasurement of previously held interest | 4,005 | ||
Other | 1,756 | 1,470 | 1,261 |
Total revenue | 244,406 | 264,446 | 285,952 |
Expenses | |||
Losses and loss adjustment expenses | 165,629 | 124,667 | 87,224 |
Policy acquisition and other underwriting expenses | 39,663 | 42,642 | 41,984 |
General and administrative personnel expenses | 25,127 | 26,200 | 28,276 |
Interest expense | 16,767 | 11,079 | 10,754 |
Loss on repurchases of senior notes | 743 | ||
Impairment loss | 38 | 388 | |
Other operating expenses | 12,063 | 12,614 | 11,522 |
Total operating expenses | 260,030 | 217,590 | 179,760 |
(Loss) income before income taxes | (15,624) | 46,856 | 106,192 |
Income tax (benefit) expense | (8,731) | 17,835 | 40,331 |
Net (loss) income | $ (6,893) | $ 29,021 | $ 65,861 |
Basic (loss) earnings per share | $ (0.75) | $ 2.95 | $ 6.51 |
Diluted (loss) earnings per share | (0.75) | 2.92 | 5.90 |
Dividends per share | $ 1.40 | $ 1.20 | $ 1.20 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||||||||||||||
Net (loss) income | $ 12,091 | $ (40,546) | $ 9,542 | $ 12,020 | $ 4,608 | $ 11,333 | $ 7,024 | $ 6,056 | $ 11,090 | $ 7,371 | $ 22,022 | $ 25,378 | $ (6,893) | $ 29,021 | $ 65,861 |
Change in unrealized gain (loss) on investments: | |||||||||||||||
Net unrealized gain (loss) arising during the period | 5,996 | 7,317 | (9,366) | ||||||||||||
Other-than-temporary impairment loss charged to investment income | 1,467 | 2,482 | 4,681 | ||||||||||||
Call and repayment losses charged to investment income | 14 | 20 | 77 | ||||||||||||
Reclassification adjustment for net realized (gain) loss | (4,346) | (2,601) | 608 | ||||||||||||
Net change in unrealized gain (loss) | 3,131 | 7,218 | (4,000) | ||||||||||||
Deferred income taxes on above change | (1,208) | (2,784) | 1,543 | ||||||||||||
Total other comprehensive income (loss), net of income taxes | 1,923 | 4,434 | (2,457) | ||||||||||||
Comprehensive (loss) income | $ 11,914 | $ (38,792) | $ 8,959 | $ 12,949 | $ 2,380 | $ 12,487 | $ 10,742 | $ 7,846 | $ 11,516 | $ 5,023 | $ 19,856 | $ 27,009 | $ (4,970) | $ 33,455 | $ 63,404 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Share Repurchase Plan [Member] | Common Stock [Member] | Common Stock [Member]Share Repurchase Plan [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member]Share Repurchase Plan [Member] | Retained Income [Member] | Accumulated Other Comprehensive (Loss) Income, Net of Tax [Member] |
Beginning Balance at Dec. 31, 2014 | $ 182,585 | $ 20,465 | $ 161,454 | $ 666 | ||||
Beginning Balance, shares at Dec. 31, 2014 | 10,189,128 | |||||||
Net income (loss) | 65,861 | 65,861 | ||||||
Total other comprehensive income (loss), net of income taxes | (2,457) | (2,457) | ||||||
Issuance of restricted stock | 0 | $ 0 | 0 | 0 | 0 | |||
Issuance of restricted stock, shares | 83,260 | |||||||
Exercise of common stock options, value | $ 263 | 263 | ||||||
Exercise of common stock options, shares | 120,000 | 120,000 | ||||||
Shares surrendered upon exercising common stock options | (2,013) | |||||||
Forfeiture of restricted stock, value | $ 0 | $ 0 | 0 | 0 | 0 | |||
Forfeiture of restricted stock, shares | (42,757) | |||||||
Repurchase and retirement of common stock, value | (792) | $ (1,610) | (792) | $ (1,610) | ||||
Repurchase and retirement of common stock, shares | (17,493) | (37,869) | ||||||
Common stock dividends | (11,681) | (11,681) | ||||||
Tax benefits on stock-based compensation | 2,295 | 2,295 | ||||||
Tax shortfalls on stock-based compensation | (1,954) | (1,954) | ||||||
Stock-based compensation | 5,212 | 5,212 | ||||||
Ending Balance at Dec. 31, 2015 | 237,722 | 23,879 | 215,634 | (1,791) | ||||
Ending Balance, shares at Dec. 31, 2015 | 10,292,256 | |||||||
Net income (loss) | 29,021 | 29,021 | ||||||
Total other comprehensive income (loss), net of income taxes | 4,434 | 4,434 | ||||||
Issuance of restricted stock | 0 | $ 0 | 0 | 0 | 0 | |||
Issuance of restricted stock, shares | 142,440 | |||||||
Exercise of common stock options, value | $ 150 | 150 | ||||||
Exercise of common stock options, shares | 60,000 | 60,000 | ||||||
Forfeiture of restricted stock, value | $ 0 | $ 0 | 0 | 0 | 0 | |||
Forfeiture of restricted stock, shares | (13,298) | |||||||
Cancellation of restricted stock | (160,000) | |||||||
Repurchase and retirement of common stock, value | (464) | (20,026) | (464) | (20,026) | ||||
Repurchase and retirement of common stock, shares | (14,934) | (643,703) | ||||||
Common stock dividends | (11,691) | (11,691) | ||||||
Tax benefits on stock-based compensation | 641 | 641 | ||||||
Tax shortfalls on stock-based compensation | (239) | (239) | ||||||
Stock-based compensation | 4,198 | 4,198 | ||||||
Ending Balance at Dec. 31, 2016 | 243,746 | 8,139 | 232,964 | 2,643 | ||||
Ending Balance, shares at Dec. 31, 2016 | 9,662,761 | |||||||
Net income (loss) | (6,893) | (6,893) | ||||||
Total other comprehensive income (loss), net of income taxes | 1,923 | 1,923 | ||||||
Issuance of restricted stock | 0 | $ 0 | 0 | 0 | 0 | |||
Issuance of restricted stock, shares | 154,936 | |||||||
Exercise of common stock options, value | $ 75 | 75 | ||||||
Exercise of common stock options, shares | 30,000 | 30,000 | ||||||
Forfeiture of restricted stock, value | $ 0 | $ 0 | 0 | 0 | 0 | |||
Forfeiture of restricted stock, shares | (23,766) | |||||||
Repurchase and retirement of common stock, value | (21,318) | $ (15,154) | (21,318) | $ (15,154) | ||||
Repurchase and retirement of common stock, shares | (437,240) | (433,175) | ||||||
Repurchase of common stock under prepaid forward contract, value | (9,400) | (9,400) | ||||||
Repurchase of common stock under prepaid forward contract, shares | (191,100) | |||||||
Equity component on 4.25% convertible senior notes (net of offering costs of $543) | 15,151 | 15,151 | ||||||
Deferred taxes on debt discount | (5,845) | (5,845) | ||||||
Common stock dividends | (12,833) | (12,833) | ||||||
Stock-based compensation | 4,523 | 4,523 | ||||||
Additional paid-in capital shortfall allocated to retained income | $ 23,829 | (23,829) | ||||||
Ending Balance at Dec. 31, 2017 | $ 193,975 | $ 189,409 | $ 4,566 | |||||
Ending Balance, shares at Dec. 31, 2017 | 8,762,416 |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parenthetical) - Additional Paid-In Capital [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Stated interest rate on convertible senior notes | 4.25% |
Offering costs for convertible senior notes | $ 543 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net (loss) income | $ (6,893) | $ 29,021 | $ 65,861 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Stock-based compensation | 4,523 | 4,198 | 5,212 |
Net amortization of premiums on investments in fixed-maturity securities | 1,252 | 726 | 855 |
Depreciation and amortization | 9,591 | 5,408 | 5,251 |
Deferred income tax (benefit) expense | (4,913) | 155 | (1,101) |
Net realized investment (gains) losses | (4,346) | (2,601) | 608 |
Net unrealized investment gains | (92) | ||
Other-than-temporary impairment losses | 1,467 | 2,482 | 4,681 |
Income from real estate investment under acquisition, development and construction arrangement | (344) | ||
Loss from unconsolidated joint venture | 234 | 125 | |
Distribution received from unconsolidated joint venture | 147 | ||
Gain on repurchases of convertible senior notes | (153) | ||
Gain on bargain purchase | (2,071) | ||
Loss on repurchases of senior notes | 743 | ||
Gain on remeasurement of previously held investment | (4,005) | ||
Impairment loss | 38 | 388 | |
Net (income) loss from limited partnership interests | (2,334) | (1,207) | 3,244 |
Distributions received from limited partnership interests | 881 | 544 | 12 |
Foreign currency remeasurement (gain) loss | (60) | 29 | 66 |
Other | 134 | 18 | 26 |
Changes in operating assets and liabilities: | |||
Accrued interest and dividends receivable | (329) | (300) | (331) |
Income taxes | (13,381) | (1,192) | 766 |
Premiums receivable | (531) | 2,355 | (3,807) |
Prepaid reinsurance premiums | 2,268 | 16,193 | (6,651) |
Reinsurance recoverable | (103,104) | ||
Deferred policy acquisition costs | (73) | 1,963 | (3,588) |
Other assets | 574 | 29,054 | (7,230) |
Losses and loss adjustment expenses | 128,086 | 18,802 | 2,782 |
Unearned premiums | (10,907) | (11,487) | (26,781) |
Advance premiums | 297 | (332) | 603 |
Assumed reinsurance balances payable | (3,279) | 2,210 | 866 |
Reinsurance recovered in advance on unpaid losses | 13,885 | ||
Accrued expenses and other liabilities | 2,548 | (2,223) | 4,157 |
Net cash provided by operating activities | 16,426 | 87,975 | 45,282 |
Cash flows from investing activities: | |||
Investment in real estate under acquisition, development, and construction arrangement | (6,968) | ||
Proceeds from investment in real estate under acquisition, development and construction arrangement | 10,200 | ||
Acquisition of real estate business, net of cash acquired | (11,651) | ||
Investments in limited partnership interests | (4,226) | (4,670) | (24,636) |
Distributions received from limited partnership interests | 11,758 | ||
Investment in unconsolidated joint venture | (90) | (435) | |
Distribution from unconsolidated joint venture | 417 | ||
Purchase of property and equipment | (2,340) | (865) | (840) |
Purchase of intangible assets | (637) | ||
Purchase of real estate investments | (11,878) | (2,261) | (4,871) |
Purchase of fixed-maturity securities | (114,743) | (85,530) | (98,501) |
Purchase of equity securities - available for sale | (46,909) | (22,434) | (32,878) |
Purchase of equity securities - trading | (3,544) | ||
Proceeds from sales of fixed-maturity securities | 31,759 | 40,454 | 53,711 |
Proceeds from calls, repayments and maturities of fixed-maturity securities | 14,897 | 4,692 | 9,344 |
Proceeds from sales of equity securities - available for sale | 42,657 | 23,127 | 25,695 |
Proceeds from sales of equity securities - trading | 2,625 | ||
Proceeds from sales of real estate investments | 5 | ||
Net cash used in investing activities | (80,164) | (49,028) | (80,374) |
Cash flows from financing activities: | |||
Net borrowing under revolving credit facility | 1,238 | ||
Proceeds from the exercise of common stock options | 75 | 150 | 263 |
Cash dividends paid | (13,906) | (12,438) | (12,428) |
Cash dividends received under share repurchase forward contract | 1,073 | 747 | 747 |
Proceeds from the issuance of long-term debt | 143,859 | 18,200 | |
Repurchases of convertible senior notes | (11,347) | ||
Repurchases of senior notes | (40,250) | ||
Repayment of long-term debt | (974) | (455) | |
Repurchases of common stock | (30,718) | (464) | (792) |
Repurchases of common stock under share repurchase plan | (15,154) | (20,026) | (1,610) |
Purchase of non-controlling interest | (2,064) | ||
Debt issuance costs | (4,975) | (339) | |
Tax benefits on stock-based compensation | 641 | 2,295 | |
Net cash provided by (used in) financing activities | 39,030 | (26,157) | (11,525) |
Effect of exchange rate changes on cash | 61 | 3 | (61) |
Net (decrease) increase in cash and cash equivalents | (24,647) | 12,793 | (46,678) |
Cash and cash equivalents at beginning of year | 280,531 | 267,738 | 314,416 |
Cash and cash equivalents at end of year | 255,884 | 280,531 | 267,738 |
Supplemental disclosure of cash flow information: | |||
Cash paid for income taxes | 11,506 | 18,857 | 38,371 |
Cash paid for interest | 8,906 | 7,222 | 7,211 |
Non-cash investing and financing activities: | |||
Unrealized gain (loss) on investments in available-for-sale securities, net of tax | 1,923 | 4,434 | (2,457) |
Details of business acquisition: | |||
Fair value of assets acquired | 32,569 | ||
Less: Purchase price | (14,514) | ||
Carrying value of previously held interest | (2,859) | ||
Gain on remeasurement of previously held interest | (4,005) | ||
Gain on bargain purchase | (2,071) | ||
Liabilities assumed | 9,120 | ||
Conversion of revolving credit facility to long-term debt | 9,441 | ||
Receivable from sales of available-for-sale securities | 255 | 350 | |
Payable on purchases of available-for-sale securities | $ 4 | $ 50 | $ 1 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Note 1 — Nature 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”), its principal operating subsidiary, and TypTap Insurance Company (“TypTap”). HCPCI is authorized to underwrite various homeowners’ property and casualty insurance products and allied lines business in the state of Florida. HCPCI also offers flood-endorsed and wind-only policies to Florida customers. During 2017, HCPCI received regulatory approval to write residential property and casualty insurance in the states of Arkansas, California, Maryland, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina and Texas. HCPCI has yet to commence operations in these states. TypTap, on the other hand, primarily offers standalone flood policies to Florida homeowners. HCPCI’s and TypTap’s operations are supported by HCI Group, Inc. and certain HCI subsidiaries. In addition, HCI includes various subsidiaries predominantly engaged in the businesses of owning and leasing real estate, operating marina facilities and one restaurant, and developing software products. See Note 16 — “Segment Information.” The Company obtained a majority of its policies through participation in a “take-out |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 — Summary of Significant Accounting Policies Basis of Presentation. Adoption of New Accounting Standards. Effective January 1, 2017, the Company adopted Accounting Standards Update No. 2016-09, In addition, The Company early adopted Accounting Standards Update No. 2017-01, Real Estate Investments Principles of Consolidation. The Company has a 100% equity interest in one venture (treated as a joint venture under U.S. GAAP) that owns a commercial property in Riverview, Florida. The Company consolidates this joint venture as its primary beneficiary (see Consolidated Variable Interest Entity Use of Estimates. Business Acquisitions. Before the adoption of Accounting Standards Update No. 2017-01, in-place in-place in-place After the adoption of the aforementioned guidance, the Company evaluates whether substantially all of the fair value of the gross assets acquired in a real estate transaction is concentrated in a single identifiable asset or group of similar identifiable assets. If such concentration is substantial, the transaction is accounted for as an asset acquisition. As a result, the cost of acquiring real estate is allocated to the individual assets based on the relative fair values of the individual assets. Acquisition related costs are capitalized and allocated among the assets acquired. Cash and Cash Equivalents. Investments in Available-for-Sale Available-for-sale available-for-sale available-for-sale first-in first-out The Company reviews all securities for other-than-temporary impairment on a monthly basis. When the fair value of any investment is lower than its cost, an assessment is made to determine whether the decline is temporary or other-than-temporary. If the decline is determined to be other-than-temporary, the investment is written down to fair value and an impairment loss is recognized in income in the period in which the Company makes such determination. When reviewing impaired fixed-maturity securities, the Company considers its ability and intent to hold these securities and whether it is probable that the Company will be required to sell these securities prior to their anticipated recovery or maturity. For the fixed-maturity securities that the Company intends to sell or it is probable that the Company will have to sell before recovery or maturity, the unrealized losses are recognized as other-than-temporary losses in income. In instances where there are credit related losses associated with the impaired fixed-maturity securities for which the Company asserts that it does not have the intent to sell, and it is probable that the Company will not be required to sell until a market price recovery or maturity, the amount of the other-than-temporary impairment loss related to credit losses is recognized in income, and the amount of the other-than-temporary impairment loss related to other non-credit When determining impairment due to a credit related loss, the Company carefully considers factors such as the issuer’s financial ratios and condition, the security’s current ratings and maturity date, and overall market conditions in estimating the cash flows expected to be collected. The expected cash flows discounted at the effective interest rate of the security implicit at the date of acquisition is then compared with the security’s amortized cost at the measurement date. A credit loss is incurred when the present value of the expected cash flows is less than the security’s amortized cost. The Company considers various factors in determining whether an individual security is other-than-temporarily impaired (see Available-for-Sale Investments in Trading Securities. Trading Securities Limited Partnership Investments. Limited Partnership Investments Pursuant to U.S. GAAP, these limited partnerships which are private equity funds must measure their investments at fair value and reflect the unrealized gains and losses in the fair value of their investments on their statement of income. As a result, the carrying value of limited partnership investments at each reporting date approximates their estimated fair value. Investment in Unconsolidated Joint Venture. When evidence indicates an impairment may occur, the Company evaluates whether a decline in value is other than temporary. Evidence may include continuing operating losses of the joint venture, a declining occupancy rate, a decrease in real estate value, and an oversupply of rental property in close vicinity to the investment property. Should available evidence indicate the recovery of the initial investment is less likely, the Company would compare the carrying value of the investment with its expected residual value and recognize an impairment loss in earnings. Real Estate Investments Prior to August 16, 2016, the Company was party to an Acquisition, Development and Construction loan agreement (“ADC Arrangement”) whereby the Company provided financing to a property developer for the construction of a retail shopping center. Because the Company expected to receive more than 50% of the residual profit from the ADC Arrangement which had characteristics similar to a real estate investment, the costs of the real estate project were capitalized and interest was recognized in net investment income. Real estate and the related depreciable assets are carried at cost, net of accumulated depreciation, which is included in net investment income and allocated over the estimated useful life of the asset using the straight-line method of depreciation. Land is not depreciated. Real estate is evaluated for impairment when events or circumstances indicate the carrying value of the real estate may not be recoverable. Deferred policy acquisition costs. The method followed in computing DAC limits the amount of such deferred costs to their estimated realizable value, which gives effect to the gross premium earned, related investment income, unpaid losses and loss adjustment expenses and certain other costs expected to be incurred as the premium is earned. DAC is reviewed to determine if it is recoverable from future premium income, including investment income. If such costs are determined to be unrecoverable, they are expensed at the time of determination. The amount of DAC considered recoverable could be reduced in the near term if the estimates of total revenues discussed above are reduced or permanently impaired as a result of the disposition of a line of business. The amount of amortization of DAC could be revised in the near term if any of the estimates discussed above are revised. Property and Equipment. internal-use Impairment of Long-Lived Assets. Intangible Assets. in-place Lease Acquisition Costs. Long-Term Debt. To determine the carrying values of the liability and equity components at issuance, the Company measures the fair value of a similar liability, including any embedded features other than the conversion option, and assigns such value to the liability component. The liability component’s fair value is then subtracted from the initial proceeds to determine the carrying value of the debt instrument’s equity component, which is included in additional paid-in Any embedded feature other than the conversion option is evaluated at issuance to determine if it is probable that such embedded feature will be exercised. If the Company concludes that the exercisability of that embedded feature is not probable, the embedded feature is considered to be non-substantive Transaction costs related to issuing a debt instrument that embodies both liability and equity components are allocated to the liability and equity components in proportion to the allocation of the proceeds and accounted for as debt issuance costs and equity issuance costs, respectively. Debt issuance costs are capitalized and presented as a deduction from the carrying value of the debt. Both debt discount and deferred debt issuance costs are amortized to interest expense over the expected life of the debt instrument using the effective interest method. Equity issuance costs are a reduction to the proceeds allocated to the equity component. Prepaid Share Repurchase Forward Contract. paid-in Losses and Loss Adjustment Expenses. The estimates of unpaid losses and LAE are subject to trends in claim severity and frequency and are continually reviewed. As part of the process, the Company reviews historical data and considers various factors, including known and anticipated regulatory and legal developments, changes in social attitudes, inflation and economic conditions. As experience develops and other data becomes available, these estimates are revised, as required, resulting in increases or decreases to the existing unpaid losses and LAE. Adjustments are reflected in the results of operations in the period in which they are made and the liabilities may deviate substantially from prior estimates. Losses and LAE ceded to or recovered from reinsurers are recorded as a reduction to losses and LAE on the consolidated statement of income. Advance Premiums Premium Revenue Reinsurance . st Certain of the Company’s current reinsurance contracts contain retrospective provisions including terms and conditions that adjust premiums, increase the amount of future coverage, or result in profit commissions based on the loss experience under the contracts. In such cases, a with-and-without received upon the expiration of the contracts. The Company receives ceding commissions from ceding gross written premiums to a third-party reinsurer under one flood quota share reinsurance contract. The ceding commissions represent the reimbursement of the Company’s policy acquisition, underwriting and other operating expenses. Ceding commissions received cover a portion of premium taxes and agent commissions capitalized by the Company and a portion of non-capitalized pro-rata Reinsurance Recovered in Advance on Unpaid Losses. Premium Revenue. pro-rata Policy Fees. Florida Insurance Guaranty Association Assessments. in-force obligated-to-write in-force Foreign Currency. Non-monetary Income Taxes. tax-allocation The Company accounts for income taxes in accordance with U.S. GAAP, resulting in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term “more likely than not” means a likelihood of more than fifty percent; the terms “examined” and “upon examination” also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not more-likely-than-not Fair Value of Financial Instruments. Stock-Based Compensation. paid-in-capital paid-in-capital paid-in-capital Basic and diluted earnings (loss) per common share. “two-class Statutory Accounting Practices. Reclassifications. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 3 — Recent Accounting Pronouncements Accounting Standards Update No. 2017-09. No. 2017-09 2017-09”), 2017-09 Accounting Standards Update No. 2017-08. No. 2017-08 2017-08”), 310-20): 2017-08 Accounting Standards Update No. 2017-05. No. 2017-05 2017-05”), 610-20), 2017-15 2017-05 Accounting Standards Update No. 2017-03. No. 2017-03 2017-03”), 2014-09, 2016-02, 2016-13, Accounting Standards Update No. 2017-01. No. 2017-01 2017-01”), 2017-01 Accounting Standards to be Adopted in Fiscal Year 2018 In February 2018, the FASB issued Accounting Standards Update No. 2018-02 2018-02”), In January 2016, the FASB issued Accounting Standards Update No. 2016-01 2016-01”), 825-10), 2016-01 available-for-sale available-for-sale “available-for-sale” In May 2014, the FASB issued Accounting Standards Update No. 2014-09 2014-09”), 2014-09 2014-09 2014-09 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Note 4 — Investments a) Available-for-Sale The Company holds investments in fixed-maturity securities and equity securities that are classified as available-for-sale. available-for-sale Cost or Gross Gross Estimated Value As of December 31, 2017 Fixed-maturity securities U.S. Treasury and U.S. government agencies $ 42,313 $ 1 $ (287 ) $ 42,027 Corporate bonds 106,897 1,110 (904 ) 107,103 State, municipalities, and political subdivisions 78,954 1,816 (75 ) 80,695 Exchange-traded debt 7,666 197 (204 ) 7,659 Total 235,830 3,124 (1,470 ) 237,484 Equity securities 53,132 6,280 (501 ) 58,911 Total available-for-sale $ 288,962 $ 9,404 $ (1,971 ) $ 296,395 As of December 31, 2016 Fixed-maturity securities U.S. Treasury and U.S. government agencies $ 1,975 $ — $ (36 ) $ 1,939 Corporate bonds 75,538 607 (1,641 ) 74,504 State, municipalities, and political subdivisions 78,018 776 (488 ) 78,306 Exchange-traded debt 11,463 36 (237 ) 11,262 Redeemable preferred stock 237 3 (3 ) 237 Total 167,231 1,422 (2,405 ) 166,248 Equity securities 47,750 5,769 (484 ) 53,035 Total available-for-sale $ 214,981 $ 7,191 $ (2,889 ) $ 219,283 At December 31, 2017, fixed-maturity securities included $249 of U.S. Treasury securities related to a statutory deposit held in trust for the South Carolina Director of Insurance. Expected maturities will 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 at December 31, 2017 and 2016 are as follows: December 31, 2017 2016 Amortized Estimated Value Amortized Estimated Value Available-for-sale Due in one year or less $ 35,386 $ 35,364 $ 2,656 $ 2,662 Due after one year through five years 116,575 115,766 49,915 50,023 Due after five years through ten years 57,415 58,984 90,360 89,332 Due after ten years 26,454 27,370 24,300 24,231 $235,830 $237,484 $167,231 $166,248 Sales of Available-for-Sale Proceeds received, and the gross realized gains and losses from sales of available-for-sale Proceeds Gross Gross Year ended December 31, 2017 Fixed-maturity securities $ 31,759 $ 2,176 $ (181 ) Equity securities $ 42,657 $ 3,882 $ (1,565 ) Year ended December 31, 2016 Fixed-maturity securities $ 40,454 $ 604 $ (79 ) Equity securities $ 23,127 $ 2,656 $ (580 ) Year ended December 31, 2015 Fixed-maturity securities $ 53,711 $ 253 $ (470 ) Equity securities $ 25,695 $ 1,327 $ (1,718 ) Other-than-temporary Impairment The Company regularly reviews its individual investment securities for other-than-temporary impairment. The Company considers various factors in determining whether each individual security is other-than-temporarily impaired, including- • the financial condition and near-term prospects of the issuer, including any specific events that may affect its operations or earnings; • the length of time and 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. Fixed-maturity Securities For the year ended December 31, 2017, the Company recognized impairment losses of $428 related to the sale of four intent-to-sell non-credit The following table presents a rollforward of the cumulative credit losses in other-than-temporary impairments recognized in income for available for sale fixed-maturity securities: 2017 2016 2015 Balance at January 1 $ 475 $ 111 $ — Credit impairments on impaired securities — 475 111 Additional credit impairments on previously impaired securities — 293 — Credit impaired security fully disposed of for which there was no prior intent or requirement to sell (475 ) (385 ) — Reduction due to increase in expected cash flows recognized over the remaining life of the previously impaired security — (19 ) — Balance at December 31 $ — $ 475 $ 111 During 2017, the Company sold two fixed-maturity securities with cumulative credit losses totaling $475. The decision to sell these securities before their maturity was primarily driven by the impact of the Tax Cut and Jobs Act signed into law in 2017. Of two fixed-maturity securities with credit related losses existing at December 31, 2015, one matured with full payment of principal and interest and one was sold due to uncertainties surrounding the issuer’s restructuring plan during 2016. Equity Securities In determining whether equity securities are other than temporarily impaired, the Company considers its intent and ability to hold a security for a period of time sufficient to allow for the recovery of cost, the length of time each security has been in an unrealized loss position, the extent of the decline and the near term prospect for recovery. At December 31, 2017, the Company had one equity security that was other-than-temporarily impaired. This compared with nine and 17 equity securities that were other-than-temporarily impaired at December 31, 2016 and 2015, respectively. The Company recognized impairment losses of $1,039, $917 and $4,570 in the consolidated statement of income for the years ended December 31, 2017, 2016 and 2015, respectively. Securities with gross unrealized loss positions at December 31, 2017 and 2016, 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 As of December 31, 2017 Gross Estimated Value Gross Estimated Gross Estimated Value Fixed-maturity securities U.S. Treasury and U.S. government agencies $ (246 ) $ 40,587 $ (41 ) $ 1,938 $ (287 ) $ 42,525 Corporate bonds (174 ) 40,627 (730 ) 30,563 (904 ) 71,190 State, municipalities, and political subdivisions (30 ) 9,775 (45 ) 2,297 (75 ) 12,072 Exchange-traded debt (203 ) 2,481 (1 ) 36 (204 ) 2,517 Total fixed-maturity securities (653 ) 93,470 (817 ) 34,834 (1,470 ) 128,304 Equity securities (449 ) 12,812 (52 ) 1,440 (501 ) 14,252 Total available-for-sale $ (1,102 ) $ 106,282 $ (869 ) $ 36,274 $ (1,971 ) $ 142,556 At December 31, 2017, there were 135 securities in an unrealized loss position. Of these securities, 22 securities had been in an unrealized loss position for 12 months or longer. Less Than Twelve Twelve Months or Total As of December 31, 2016 Gross Estimated Gross Estimated Gross Estimated Fixed-maturity securities U.S. Treasury and U.S. government agencies $ (36 ) $ 1,939 $ — $ — $ (36 ) $ 1,939 Corporate bonds (1,546 ) 43,859 (95 ) 2,814 (1,641 ) 46,673 State, municipalities, and political subdivisions (441 ) 26,029 (47 ) 3,036 (488 ) 29,065 Exchange-traded debt (191 ) 4,980 (46 ) 1,954 (237 ) 6,934 Redeemable preferred stock (3 ) 47 — — (3 ) 47 Total fixed-maturity securities (2,217 ) 76,854 (188 ) 7,804 (2,405 ) 84,658 Equity securities (293 ) 10,042 (191 ) 3,209 (484 ) 13,251 Total available-for-sale $ (2,510 ) $ 86,896 $ (379 ) $ 11,013 $ (2,889 ) $ 97,909 At December 31, 2016, there were 134 securities in an unrealized loss position. Of these securities, 20 securities had been in an unrealized loss position for 12 months or longer. The gross unrealized loss of corporate bonds in an unrealized loss position for twelve months or more included $76 of other-than-temporary impairment losses related to non-credit b) Trading Securities At December 31, 2017, the cost, net unrealized gains, and estimated fair value of the Company’s trading equity securities were $953, $92, and $1,045, respectively. There were no investments in trading equity securities at December 31, 2016. Sales of Trading Securities Proceeds received, and the gross realized gains and losses from sales of trading equity securities, for the year ended December 31, 2017 were as follows: Proceeds Gross Gross Year ended December 31, 2017 Equity securities $ 2,625 $ 111 $ (77 ) The Company did not hold any trading equity securities during 2016. 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. In August 2017, the Company entered into a subscription agreement with another limited partnership. The following table provides information related to the Company’s investments in limited partnerships: December 31, 2017 December 31, 2016 Investment Strategy Carrying Unfunded (%)(a) Carrying Unfunded (%)(a) Primarily in senior secured loans and, to a limited extent, in other debt and equity securities of private U.S. lower-middle-market companies. (b)(c)(e) $ 7,276 $ 5,505 15.37 $ 6,246 $ 6,428 16.50 Value creation through active distressed debt investing primarily in bank loans, public and private corporate bonds, asset-backed securities, and equity securities received in connection with debt restructuring. (b)(d)(e) 7,951 1,745 1.76 7,358 1,360 1.76 Maximum long-term capital appreciation through long and short positions in equity and/or debt securities of publicly traded U.S. and non-U.S. — — — 11,333 — 66.58 High returns and long-term capital appreciation through investments in the power, utility and energy industries, and in the infrastructure sector. (b)(g)(h) 7,509 2,512 0.18 4,326 5,766 0.18 Value-oriented investments in less liquid and mispriced senior and junior debts of private equity-backed companies. (b)(i)(j) 448 4,566 0.47 — — — Total $ 23,184 $ 14,328 $ 29,263 $ 13,554 (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) Expected to have a 10-year (d) Expected to have a three-year term from the end of the capital commitment period, which is March 31, 2018. (e) At the fund manager’s discretion, the term of the fund may be extended for up to two additional one-year (f) The withdrawal was effective on February 15, 2017. As a result, the Company’s investment in this limited partnership was terminated. (g) Expected to have a 10-year (h) With the consent of a super majority of partners, the term of the fund may be extended for up to three additional one-year (i) Expected to have a six-year one-year (j) Unless extended or terminated for reasons specified in the agreement, the capital commitment is expected to expire on December 1, 2018. The following is the aggregated summarized 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. In applying the equity method of accounting, the Company uses the most recently available financial information provided by the general partner of each of these partnerships. The financial statements of these limited partnerships are audited annually. Years Ended December 31, 2017 2016 2015 Operating results: Total income $ 409,169 $ 310,998 $ 4,350 Total expenses 105,281 185,126 77,508 Net income (loss) $ 303,888 $ 125,872 $ (73,158 ) December 31, 2017 2016 Balance Sheet: Total assets $ 4,381,321 $ 2,956,327 Total liabilities $ 382,310 $ 63,813 For the years ended December 31, 2017 and 2016, the Company recognized net investment income of $2,334 and $1,207, respectively, for these investments. For the year ended December 31, 2015, the Company recognized net investment loss of $3,244. At December 31, 2017 and 2016, the Company’s cumulative contributed capital to the partnerships existing at each respective balance sheet date totaled $21,172 and $31,946, respectively, and the Company’s maximum exposure to loss aggregated $23,184 and $29,263, respectively. During the year ended December 31, 2017, the Company received total cash distributions of $12,639, representing $11,758 of returned capital and $881 of return on investment. Included in the return of capital was $11,626 from one limited partnership the Company withdrew from in February 2017. During the year ended December 31, 2016, the Company received in cash $544 of return on investment. There was a return on investment of $12 received by the Company during the year ended December 31, 2015. For the years ended December 31, 2017, 2016 and 2015, the Company recognized its share of earnings or losses based on the respective partnership’s statement of income. The carrying value of these investments approximates the amount the Company expected to recover at December 31, 2017 and 2016. d) Investment in Unconsolidated Joint Venture Melbourne FMA, LLC, a wholly owned subsidiary, currently has a 90% equity interest in FMKT Mel JV, LLC (“FMJV”), a Florida limited liability company treated as a joint venture under U.S. GAAP. FMJV is deemed a variable interest entity due to its lack of sufficient equity to finance its operations without direct or indirect additional financial support from parties to the joint venture. Although Melbourne FMA holds a majority interest in FMJV, certain major economic decisions specified in the agreement are not under Melbourne FMA’s control. As a result, Melbourne FMA is not the primary beneficiary and is not required to consolidate FMJV. In January 2016, FMJV sold a portion of its outparcel land for gross proceeds of $829, of which $515 was used to repay a portion of the construction loan obtained for its real estate development project. FMJV recognized a $404 gain on the outparcel sale of which $383 was allocated to the Company in accordance with the profit allocation specified in the operating agreement. On December 15, 2016, FMJV distributed its entire equity interest in FMKT Mel Manager, LLC (“FMKT MGA”), its wholly owned subsidiary, to Melbourne FMA and the other member, each of which received 90% and 10%, respectively. In addition to operating a retail shopping center business, FMKT MGA owned land which included two outparcels. Melbourne FMA accounted for this transaction as a business step acquisition using the fair value method and, as a result, recognized a $4,005 gain on remeasurement of previously held interest. The gain represented the difference between the fair value of the 90% equity interest and its carrying value under the equity method. The fair value of the equity interest was comprised of the fair value of FMKT MGA’s underlying assets primarily determined by an independent appraiser offset by the fair value of liabilities assumed on the date of distribution. Inputs used by the appraiser included, but were not limited to, information about market and surrounding environments, demographics, and the sale or rent of similar types of property within the vicinity. Due to their short-term nature, the carrying value of current assets and assumed liabilities, including a variable interest rate revolving credit line, approximated fair value. See Pineda Landings - Melbourne, Florida In March 2017, FMJV sold a portion of its outparcel land for gross proceeds of $825 and recognized a $331 gain on sale of which $199 was allocated to the Company in accordance with the profit allocation specified in the operating agreement. During 2017, FMKT MGA was merged with Melbourne FMA, LLC. At December 31, 2017 and 2016, the Company’s maximum exposure to loss relating to the variable interest entity was $1,304 and $2,102, respectively, representing the carrying value of the investment. At December 31, 2017, there was $0 of undistributed income from this equity method investment as compared with an undistributed loss, after an equity distribution, of $25 at December 31, 2016, the amounts of which were included in the Company’s consolidated retained income. For the year ended December 31, 2017, the Company received a cash distribution of $564, representing a combined distribution of $147 in earnings and $417 in capital. The limited liability company members received no cash distributions during 2016 and 2015. The following tables provide FMJV’s summarized unaudited financial results and the unaudited financial positions: Years Ended December 31, 2017 2016 2015 Operating results: Total revenues $ 331 $ — $ 118 Total expenses 483 — 257 Net loss $ (152 ) $ — $ (139 ) The Company’s share of net loss (a) $ (234 ) $ — $ (125 ) (a) Included in net investment income in the Company’s consolidated statements of income. Gain from the sale of the outparcel during 2017 was allocated in accordance with the method specified in the operating agreement. December 31, 2017 2016 Balance Sheet: Construction in progress—real estate $ 27 $ 334 Property and equipment, net 1,199 1,654 Cash 236 179 Other 5 180 Total assets $ 1,467 $ 2,347 Accounts payable $ $ 11 Other liabilities 18 — Members’ capital 1,449 2,336 Total liabilities and members’ capital $ 1,467 $ 2,347 Investment in unconsolidated joint venture, at equity* $ 1,304 $ 2,102 * Included the 90% share of FMKT Mel JV’s operating results. FMJV’s assets at December 31, 2017 and 2016 included primarily three outparcels for sale or lease which have increased in value since the adjacent retail shopping center was completed. The Company determined that there was no impairment loss associated with these assets for the years ended December 31, 2017 and 2016. In the fourth quarter of 2017, FMJV decided to terminate its development plan for nearby land, thereby expensing $382 of deferred costs associated with the land feasibility study. The 2015 results reflected expenses incurred during the initial development stage. Because the Company expected to incur such expenses during development of the property and prior to its occupancy, the Company determined there was no impairment loss for the year ended December 31, 2015. e) Real Estate Investments Real estate investments include buildings with office and retail space for lease, outparcels, wet and dry boat storage, one restaurant, and two marinas. Real estate investments consist of the following as of December 31, 2017 and 2016: December 31, 2017 2016 Land $ 26,315 $ 17,592 Land improvements 9,904 9,336 Building 21,284 16,154 Tenant and leasehold improvements 1,204 872 Construction in progress* — 3,404 Other 3,050 2,683 Total, at cost 61,757 50,041 Less: accumulated depreciation and amortization (3,399 ) (1,955 ) Real estate investments $ 58,358 $ 48,086 * This project, which was developed by the Company’s consolidated variable interest entity, was completed in July 2017. The capitalized costs were reclassified to land, land improvement, and building. On October 17, 2017, the Company, through a wholly owned subsidiary, acquired commercial real estate in Tampa, Florida for a purchase price of $9,100. The acquired assets primarily consisted of land, building and in-place 2017-01 f) Consolidated Variable Interest Entity The Company has a commercial property in Riverview, Florida. The development project of this property was completed in July 2017 through a limited liability company treated under U.S. GAAP as a joint venture in which the Company’s subsidiary had a controlling financial interest and, as a result, it was the primary beneficiary (See Note 27 — “Subsequent Events”). The real estate investments of this limited liability company primarily include a retail strip center with 8,400 square feet of net rentable space and an adjacent parcel of land which is currently leased in its entirety to a large gas station and convenience store chain. The following table summarizes the assets and liabilities related to this variable interest entity which are included in the accompanying consolidated balance sheets. December 31, 2017 2016 Cash and cash equivalents $ — $ 65 Construction in progress included in real estate investments $ — $ 3,404 Real estate investments $ 4,680 $ — Other assets $ 152 $ — Accrued expenses $ 21 $ 68 Other liabilities $ 160 $ 11 g) Net Investment Income Net investment income (loss), by source, is summarized as follows: Years Ended December 31, 2017 2016 2015 Available-for-sale Fixed-maturity securities $ 5,689 $ 4,589 $ 3,935 Equity securities 3,318 3,452 3,710 Investment expense (726 ) (651 ) (673 ) Limited partnership investments 2,334 1,207 (3,244 ) Real estate investments (1,018 ) (592 ) (343 ) Loss from unconsolidated joint venture (234 ) — (125 ) Cash and cash equivalents 2,069 1,036 661 Other 7 46 57 Net investment income $ 11,439 $ 9,087 $ 3,978 At December 31, 2017, $87,092 or 34.1% of the Company’s cash and cash equivalents were deposited at three national banks and included $38,543 in three custodial accounts. At December 31, 2016, $203,139 or 72.6% of the Company’s cash and cash equivalents were deposited at three national banks and included $28,431 in three custodial accounts. At December 31, 2017 and 2016, the Company’s cash deposits at any one bank generally exceed the Federal Deposit Insurance Corporation’s $250 coverage limit for insured deposit accounts. |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Comprehensive Income (Loss) | Note 5 — Comprehensive Income (Loss) Comprehensive income (loss) includes net income (loss) and other comprehensive income or loss, which for the Company includes changes in unrealized gains or losses of investments carried at fair value and changes in the unrealized other-than-temporary impairment 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: Year Ended December 31, 2017 Before Income Tax Net of Unrealized gain arising during the period $ 5,996 $ 2,313 $ 3,683 Other-than-temporary impairment loss 1,467 566 901 Call and repayment losses charged to investment income 14 5 9 Reclassification adjustment for realized gains (4,346 ) (1,676 ) (2,670 ) Total other comprehensive income $ 3,131 $ 1,208 $ 1,923 Year Ended December 31, 2016 Before Income Tax Net of Unrealized gain arising during the period $ 7,317 $ 2,823 $ 4,494 Other-than-temporary impairment loss 2,482 957 1,525 Call and repayment losses charged to investment income 20 8 12 Reclassification adjustment for realized gains (2,601 ) (1,004 ) (1,597 ) Total other comprehensive income $ 7,218 $ 2,784 $ 4,434 Year Ended December 31, 2015 Before Income Tax Net of Unrealized loss arising during the period $ (9,366 ) $ (3,613 ) $ (5,753 ) Other-than-temporary impairment loss 4,681 1,806 2,875 Call and repayment losses charged to investment income 77 29 48 Reclassification adjustment for realized losses 608 235 373 Total other comprehensive loss $ (4,000 ) $ (1,543 ) $ (2,457 ) |
Business Acquisitions
Business Acquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Business Acquisitions | Note 6 — Business Acquisitions Sorrento Hills Village—Sorrento, Florida On August 16, 2016, the Company’s wholly owned subsidiary, Greenleaf Capital, LLC, assigned the right to purchase the developed property in the ADC Arrangement to its subsidiary, Sorrento PBX, LLC. Sorrento PBX simultaneously exercised the purchase option and acquired the property from Sorrento Retail Investments, LLC. The acquired assets included a retail shopping center and appurtenant facilities in Sorrento, Florida as well as existing tenant lease agreements to use the property. The purchase price was $12,250, which was determined using a predetermined capitalization rate and the projected net operating income of the property. The Company recognized a $2,071 gain on bargain purchase, resulting primarily from a favorable fair value at the date of acquisition as compared with the Company’s purchase price. The Company relied on an independent appraisal report, which is based on the weighted results of two valuation approaches, in determining the estimated fair values of the significant assets acquired. This acquisition was financed in part by the proceeds from the issuance of a 3.75% promissory note. See Note 13 — “Long-Term Debt” for additional information. The table below presents an allocation of the purchase price to the net assets acquired based on their fair values at the acquisition date: Identifiable assets acquired and liabilities assumed: Cash $ 194 Land 1,600 Land improvements 3,045 Buildings 7,120 Intangibles 2,580 Tenant improvements 76 Building improvement 29 Other assets 33 Other liabilities (356 ) Total net assets acquired 14,321 Less: Gain on bargain purchase (2,071 ) Purchase price $ 12,250 Pineda Landings — Melbourne, Florida With regard to the 90% equity interest in FMKT MGA distributed by FMJV as described in Investment in Unconsolidated Joint Venture The table below presents the fair values of the net assets acquired at the acquisition date: Identifiable assets acquired and liabilities assumed: Cash $ 502 Land 2,857 Land improvements 4,671 Buildings 5,480 Intangibles 2,619 Tenant improvements 403 Building improvement 403 Other property and equipment 17 Other assets 940 Construction loan (8,214 ) Other liabilities (550 ) Total net assets acquired 9,128 Less: Carrying value of 90% equity method investment (2,859 ) Gain on remeasurement of previously held interest (4,005 ) Payable to the 10% joint venture partner (200 ) Cash paid to the 10% joint venture partner $ 2,064 Subsequent to the acquisition date, the Company incurred an impairment loss of $388 in 2016 resulting from the write-down of lease intangibles and other assets associated with the unexpected closure of one tenant’s business at this property. The acquired businesses, in aggregate, contributed $426 of rental income and $460 of net loss to the Company for the period from the acquisition date to December 31, 2016. Pro forma results of operations are not presented as the effects of the acquisition were not material to the Company’s consolidated results of operations. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 7 — Fair Value Measurements The Company records and discloses certain financial assets at their estimated fair value. 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 assets, 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. Their carrying value approximates fair value due to the short maturity and high liquidity of these funds. Available-for-sale Estimated fair values of the Company’s available-for-sale 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. Limited Partnership Investments As described in Note 4 — “Investments” under Limited Partnership Investments Revolving Credit Facility The interest rate on the Company’s revolving credit facility was periodically adjusted based on the London Interbank Offered Rate plus a spread. As a result, its carrying value at December 31, 2016 approximated fair value. In February 2017, this credit facility was converted into a 3.95% three-year promissory note. See Note 13 — “Long-Term Debt” under 3.95% Promissory Note. Long-term debt The following table summarizes components of the Company’s long-term debt and methods used in estimating their fair values: Maturity Valuation Methodology 8% Senior Notes * Closing price listed on the New York Stock Exchange 3.875% Convertible Senior Notes 2019 Quoted price at January 3, 2018; Discounted cash flow method/Level 3 inputs at December 31, 2016 4.25% Convertible Senior Notes 2037 Quoted price 3.95% Promissory Note 2020 Discounted cash flow method/Level 3 inputs 4% Promissory Note 2031 Discounted cash flow method/Level 3 inputs 3.75% Promissory Note 2036 Discounted cash flow method/Level 3 inputs * Redeemed on April 3, 2017. 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 table indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of December 31, 2017 and 2016: Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total As of December 31, 2017 Financial Assets: Cash and cash equivalents $ 255,884 $ — $ — $ 255,884 Fixed-maturity securities: U.S. Treasury and U.S. government agencies 40,527 1,500 — 42,027 Corporate bonds 106,109 994 — 107,103 State, municipalities, and political subdivisions — 80,695 — 80,695 Exchange-traded debt 7,659 — — 7,659 Total fixed-maturity securities 154,295 83,189 — 237,484 Equity securities 58,911 — — 58,911 Total available-for-sale 213,206 83,189 — 296,395 Trading equity securities 1,045 — — 1,045 Total $ 470,135 $ 83,189 $ — $ 553,324 Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total As of December 31, 2016 Financial Assets: Cash and cash equivalents $ 280,531 $ — $ — $ 280,531 Fixed-maturity securities: U.S. Treasury and U.S. government agencies 1,939 — — 1,939 Corporate bonds 73,519 985 — 74,504 State, municipalities, and political subdivisions — 78,306 — 78,306 Exchange-traded debt 11,262 — — 11,262 Redeemable preferred stock 237 — — 237 Total fixed-maturity securities 86,957 79,291 — 166,248 Equity securities 53,035 — — 53,035 Total available-for-sale 139,992 79,291 — 219,283 Total $ 420,523 $ 79,291 $ — $ 499,814 There were no transfers between Level 1, 2 or 3 during the years ended December 31, 2017 and 2016. Assets and Liabilities Carried at Other Than Fair Value The following tables present fair value information for assets and liabilities that are carried on the balance sheet at amounts other than fair value as of December 31, 2017 and 2016: Carrying Fair Value Measurements Using Estimated Value (Level 1) (Level 2) (Level 3) Fair Value As of December 31, 2017 Financial Assets: Limited partnership investments $ 23,184 $ — $ — $ 23,184 $ 23,184 Financial Liabilities: Long-term debt: 3.875% Convertible senior notes $ 85,436 $ — $ 90,827 $ — $ 90,827 4.25% Convertible senior notes 126,454 — 124,444 — 124,444 3.95% Promissory note 9,270 — — 7,894 7,894 4% Promissory note 8,206 — — 7,820 7,820 3.75% Promissory note 8,469 — — 9,227 9,227 Total long-term debt $ 237,835 $ — $ 215,271 $ 24,941 $ 240,212 Carrying Fair Value Measurements Using Estimated Value (Level 1) (Level 2) (Level 3) Fair Value As of December 31, 2016 Financial Assets: Limited partnership investments $ 29,263 $ — $ — $ 29,263 $ 29,263 Financial Liabilities: Revolving credit facility $ 9,463 $ — $ — $ 9,463 $ 9,463 Long-term debt: 8% Senior notes $ 39,448 $ — $ 41,618 $ — $ 41,618 3.875% Convertible senior notes 81,988 — — 84,696 84,696 4% Promissory note 8,660 — — 8,664 8,664 3.75% Promissory note 8,767 — — 8,506 8,506 Total long-term debt $ 138,863 $ — $ 41,618 $ 101,866 $ 143,484 |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs | 12 Months Ended |
Dec. 31, 2017 | |
Insurance [Abstract] | |
Deferred Policy Acquisition Costs | Note 8 — Deferred Policy Acquisition Costs The following table summarizes the activity with respect to deferred policy acquisition costs: December 31, 2017 2016 Beginning balance $ 16,639 $ 18,602 Policy acquisition costs deferred 35,736 35,905 Amortization (35,663 ) (37,868 ) Ending balance $ 16,712 $ 16,639 The amount of policy acquisition costs amortized and included in policy acquisition and other underwriting expenses for the years ended December 31, 2017, 2016 and 2015 was $35,663, $37,868 and $36,224, respectively. |
Property and Equipment, net
Property and Equipment, net | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Note 9 — Property and Equipment, net Property and equipment, net consists of the following: December 31, 2017 2016 Land $ 1,642 $ 1,642 Building 7,952 7,932 Computer hardware and software 3,964 2,294 Office furniture and equipment 2,014 1,940 Tenant and leasehold improvements 3,320 3,250 Other 1,387 940 Total, at cost 20,279 17,998 Less:accumulated depreciation and amortization (7,814 ) (6,624 ) Property and equipment, net $ 12,465 $ 11,374 Depreciation and amortization expense under property and equipment was $1,237, $1,272 and $1,338, respectively, for the years ended December 31, 2017, 2016 and 2015. |
Intangible Assets, net
Intangible Assets, net | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, net | Note 10 — Intangible Assets, net The Company’s intangible assets, net consist of the following: December 31, 2017 2016 Anchor tenants relationships $ 1,761 $ 1,761 In-place 3,806 3,214 Total, at cost 5,567 4,975 Less: accumulated amortization (572 ) (76 ) Intangible assets, net $ 4,995 $ 4,899 Recognized with the 2017 acquisition of commercial real estate described in Real Estate Investments in-place in-place Amortization expense for intangible assets after December 31, 2017 is as follows: Year Amount 2018 $ 604 2019 604 2020 597 2021 493 2022 419 Thereafter 2,278 Total $ 4,995 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Note 11 — Other Assets The following table summarizes the Company’s other assets: December 31, 2017 2016 Benefits receivable related to retrospective reinsurance contracts $ 2,393 $ 5,810 Prepaid expenses 1,741 1,581 Lease acquisition costs, net 723 641 Restricted cash 809 600 Other 4,884 2,710 Total other assets $ 10,550 $ 11,342 During 2017, benefits receivable related to retrospective reinsurance contracts were adjusted due to the impact from Hurricane Irma. See Note 14 — “Reinsurance.” |
Revolving Credit Facility
Revolving Credit Facility | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Revolving Credit Facility | Note 12 — Revolving Credit Facility In connection with FMJV’s December 15, 2016 distribution of its 90% ownership interest in FMKT MGA as described in Investment in Unconsolidated Joint Venture Pineda Landings—Melbourne, Florida In February 2017, the Company exercised the conversion option under the credit agreement. See 3.95% Promissory Note |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 13 — Long-Term Debt The following table summarizes the Company’s long-term debt: December 31, 2017 2016 8% Senior Notes, redeemed in April 2017 $ — $ 40,250 3.875% Convertible Senior Notes, due March 15, 2019 89,990 89,990 4.25% Convertible Senior Notes, due March 1, 2037 143,750 — 3.95% Promissory note, due through February 17, 2020 9,360 — 4% Promissory note, due through February 1, 2031 8,348 8,821 3.75% Promissory note, due through September 1, 2036 8,613 8,924 Total principal amount 260,061 147,985 Less: unamortized discount and issuance costs (22,226 ) (9,122 ) Total long-term debt $ 237,835 $ 138,863 The following table summarizes future maturities of long-term debt as of December 31, 2017, which takes into consideration the assumption that the 4.25% Convertible Senior Notes are repurchased at the earliest call date. Year 2018 $ 1,049 2019 91,081 2020 9,761 2021 916 2022 144,702 Thereafter 12,552 Total $ 260,061 Information with respect to interest expense related to long-term debt is as follows: Years Ended December 31, 2017 2016 2015 Interest Expense: Contractual interest $ 10,424 $ 7,315 $ 7,211 Non-cash 6,404 3,529 3,543 Capitalized interest (b) (61 ) — — Total $ 16,767 $ 10,844 $ 10,754 (a) Represents amortization of debt discount and issuance costs. (b) Interest was capitalized for a construction project in Riverview, Florida which is intended for lease. Convertible Senior Notes The Company’s Convertible Senior Notes consist of 3.875% Convertible Senior Notes due 2019 (“3.875% Convertible Notes”) and 4.25% Convertible Senior Notes due 2037 (“4.25% Convertible Notes”). The 3.875% Convertible Notes were issued in late 2013 in a private offering for an aggregate principal amount of $103,000. During the first quarter of 2016, the Company repurchased an aggregate of $13,010 in principal, thereby decreasing the aggregate principal balance of its 3.875% Convertible Notes to $89,990. On March 3, 2017, the Company issued 4.25% Convertible Notes in a private offering for an aggregate principal amount of $143,750. The net proceeds of the 4.25% Convertible Notes were $138,775 after $4,975 in related issuance and transaction costs. The following table summarizes the principal and interest payment terms of these Convertible Senior Notes: Convertible Senior Notes Interest Payment Terms 3.875% Convertible Notes, due March 15, 2019 Semiannually in arrears: March 15 and September 15 4.25% Convertible Notes, due March 1, 2037 Semiannually in arrears: March 1 and September 1 The Convertible Senior Notes rank equally in right of payment to the Company’s existing and future unsecured and unsubordinated obligations. These Convertible Senior Notes do not contain any financial or operating covenants or restrictions on the payments of dividends, the incurrence of indebtedness or the issuance or repurchase of securities by the Company or any of its subsidiaries. The Convertible Senior Notes provide no protection to the note holders in the event of a fundamental change or other corporate transaction involving the Company except those described in each respective indenture. These Convertible Senior Notes do not require a sinking fund to be established for the purpose of redemption. In conjunction with the issuances of the Convertible Senior Notes, the Company entered into prepaid share repurchase forward contracts and share repurchase agreements providing for the repurchase of shares of the Company’s common stock. See Note 19 — “Stockholders’ Equity” under Share Repurchase Agreements Prepaid Share Repurchase Forward Contracts The following table summarizes information regarding the equity and liability components of the Convertible Senior Notes: December 31, 2017 2016 Principal amount $ 233,740 $ 89,990 Unamortized discount (17,354 ) (6,795 ) Liability component – net carrying value before issuance costs $ 216,386 $ 83,195 Equity component – conversion, net of offering costs $ 31,051 $ 15,900 Embedded Conversion Feature The conversion feature of these Convertible Senior Notes is subject to conversion rate adjustments upon the occurrence of specified events (including payment of dividends above a specified amount) but will not be adjusted for any accrued and unpaid interest. 3.875% Convertible Notes 4.25% Convertible Notes The holders of the Convertible Senior Notes may convert all or a portion of their Convertible Senior Notes during specified periods as follows: (1) during any calendar quarter commencing after the calendar quarter ending on the dates specified in each respective indenture, if the last reported sale price of the Company’s common stock for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than 130% of the conversion price on each applicable trading day; (2) during the five business-day trading-day The note holders who elect to convert their Convertible Senior Notes in connection with a fundamental change as described in the indentures will be entitled to a “make-whole” adjustment in the form of an increase in the conversion rate. Upon conversion, the Company has options to satisfy its conversion obligation by paying or delivering cash, shares of its common stock or a combination of cash and shares of its common stock. As of December 31, 2017, none of the conditions allowing the holders of either class of the Convertible Senior Notes to convert had been met. The Company determined that the Convertible Senior Notes’ embedded conversion feature is not a derivative financial instrument but rather is required to be separately accounted for in equity because the Company may elect to settle the conversion option entirely or partially in cash. At issuance, the Company accounted for the equity component of the embedded conversion feature as a reduction in the carrying amount of the debt and an increase in additional paid-in Embedded Redemption Feature – Fundamental Change The note holders have the right to require the Company to repurchase for cash all or any portion of the Convertible Senior Notes at par prior to the maturity date should any of the fundamental change events described in the indentures occur. The Company concluded that this embedded redemption feature is not a derivative financial instrument and that it is not probable at issuance that any of the specified fundamental change events will occur. Therefore, this embedded redemption feature is not substantive and will not affect the expected life of the liability component. Embedded Redemption Feature – Put Option of the Note Holder At the option of the holders of the 4.25% Convertible Notes, the Company is required to repurchase for cash all or any portion of the 4.25% Convertible Notes at par on March 1, 2022, March 1, 2027 or March 1, 2032. The Company concluded that this embedded feature is not a derivative financial instrument. In addition, based on economic factors at the time when the 4.25% Convertible Notes were issued, the Company determined it is probable that the note holders will exercise this option. Thus, the Company amortizes the liability component and related issuance costs associated with the 4.25% Convertible Notes over the period from March 3, 2017 to March 1, 2022. The effective interest rates for the 3.875% Convertible Notes and the 4.25% Convertible Notes, taking into account both cash and non-cash 20-year 8% Senior Notes On April 3, 2017, the Company redeemed its 8% publicly traded, unsecured senior notes which had unamortized debt issuance costs of $743 at par for $40,805, including accrued and unpaid interest of $555. For the year ended December 31, 2017, the Company recognized a loss of $743 associated with the early extinguishment of this debt. The redemption was funded by the net proceeds from the issuance of the 4.25% Convertible Senior Notes. 3.95% Promissory Note On February 27, 2017, the Company converted its outstanding revolving credit facility of $9,441 into a three-year mortgage loan primarily collateralized by a retail shopping center in Melbourne, Florida. Shortly after the loan conversion, the Company withdrew an additional amount of $109, thereby increasing the loan amount to $9,550. The loan bears a fixed annual interest rate of 3.95%. Approximately $50 of principal and interest is payable in 35 monthly installments beginning March 17, 2017 plus a final balloon payment of $8,891 including principal and unpaid interest payable on February 17, 2020. The promissory note may be repaid in part or in full at any time without penalty. 3.75% Promissory Note In connection with the business acquisition described in Note 6 — Business Acquisitions, Sorrento PBX, LLC entered into a 20-year 4% Promissory Note On January 14, 2016, HCPCI Holdings, LLC, a subsidiary of the Company, entered into a 15-year |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2017 | |
Insurance [Abstract] | |
Reinsurance | Note 14 — Reinsurance The Company cedes a portion of its homeowners’ insurance exposure to other entities under catastrophe excess of loss reinsurance treaties and one quota share reinsurance agreement. Under the terms of the quota share reinsurance agreement effective January 1, 2017, the Company was entitled to a 30% ceding commission on ceded premiums written. During the third quarter of 2017, the Company entered into a three-year flood catastrophe excess of loss reinsurance contract effective July 1, 2017. The reinsurance premiums under this three-year contract are generally determined on a quarterly basis based on the premiums associated with the applicable flood total insured value in force on the last day of the preceding quarter. Effective September 1, 2017, the quota share reinsurance agreement was terminated and replaced with a new quota share agreement with revised terms and conditions. Under the new agreement, the Company is also entitled to a 30% ceding commission on ceded premiums written. 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 1st each year. The Company purchases reinsurance each year taking into consideration probable maximum losses and reinsurance market conditions. The impact of the reinsurance treaties on premiums written and earned is as follows: Years Ended December 31, 2017 2016 2015 Premiums Written: Direct $ 346,188 $ 352,803 $ 393,009 Assumed 1,158 14,388 3,329 Gross written 347,346 367,191 396,338 Ceded (133,635 ) (135,051 ) (140,614 ) Net premiums written $ 213,711 $ 232,140 $ 255,724 Premiums Earned: Direct $ 347,235 $ 372,699 $ 360,878 Assumed 11,018 5,979 62,242 Gross earned 358,253 378,678 423,120 Ceded (133,635 ) (135,051 ) (140,614 ) Net premiums earned $ 224,618 $ 243,627 $ 282,506 During the year ended December 31, 2017, ceded losses of $214,082 were recognized as a reduction in losses and LAE, $7,400 of which related to Oxbridge Reinsurance Limited, a related party. The reduction in 2017 was primarily related to Hurricane Irma which made landfall in the Florida peninsula and caused significant property damages across the region. During the years ended December 31, 2016 and 2015, there were no recoveries pertaining to reinsurance contracts that were deducted from losses incurred. At December 31, 2017 and 2016, there were 37 and 35 reinsurers, respectively, participating in the Company’s reinsurance program. Amounts receivable with respect to reinsurers at December 31, 2017 and 2016 were $103,104 and $0, respectively. Approximately 29.7% of the reinsurance recoverable balance at December 31, 2017 was concentrated in two reinsurers. Based on the insurance ratings, the payment history and the financial strength of the reinsurers, management believes there was no significant credit risk associated with its reinsurers’ obligations to perform on any prepaid reinsurance contract and to fund any reinsurance recoverable balance as of December 31, 2017. The ratio of assumed premiums earned to net premiums earned for the years ended December 31, 2017, 2016 and 2015 was 4.9%, 2.5%, and 22.0%, respectively. Certain of the reinsurance contracts include retrospective provisions that adjust premiums, increase the amount of future coverage, or result in a profit commission in the event losses are minimal or zero. Due to the losses incurred by Hurricane Irma, the balances of previously accrued benefits and deferred reinsurance premiums were adjusted with the changes recognized in the consolidated statement of income as additional ceded premiums. For the year ended December 31, 2017, the Company recognized net premiums ceded of $5,740, related to these adjustments. Included in these amounts attributable to the Company’s contract with Oxbridge for the year ended December 31, 2017 were $933. In contrast, these adjustments were reflected as a net reduction in premiums ceded of $12,677 and $18,322 for the years ended December 31, 2016 and 2015, respectively, of which $1,929 and $2,797 related to the Company’s contract with Oxbridge. In June 2016, the Company received a total of $37,800 in cash benefits related to two retrospective reinsurance contracts that terminated May 31, 2016 of which $7,560 was received from Oxbridge. In September 2016, the Company received the final cash payment of $5,716 under the terms of the remaining retrospective reinsurance contract which terminated May 31, 2016. In addition, these adjustments are reflected in other assets and prepaid reinsurance premiums. At December 31, 2017 and 2016, other assets included $2,393 and $5,810, respectively, of which $479 and $1,043 related to the contract with Oxbridge and prepaid reinsurance premiums included $0 and $2,152, respectively, of which $0 and $338 related to the contract with Oxbridge. Management believes the credit risk associated with the collectability of these accrued benefits is minimal as the amount receivable is concentrated with one reinsurer and the Company monitors the creditworthiness of this reinsurer based on available information about the reinsurer’s financial condition. |
Losses and Loss Adjustment Expe
Losses and Loss Adjustment Expenses | 12 Months Ended |
Dec. 31, 2017 | |
Insurance [Abstract] | |
Losses and Loss Adjustment Expenses | Note 15 — Losses and Loss Adjustment Expenses The liability for losses and LAE is determined on an individual case basis for all claims reported. The liability also includes amounts for unallocated expenses, anticipated future claim development and losses incurred, but not reported. See Loss and Loss Adjustment Expenses The Company currently writes insurance in the state of Florida, 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: Years Ended December 31, 2017 2016 2015 Gross balance, beginning of year $ 70,492 $ 51,690 $ 48,908 Incurred, net of reinsurance, related to: Current year 146,922 104,128 78,325 Prior years 18,707 20,539 8,899 Total incurred, net of reinsurance 165,629 124,667 87,224 Paid, net of reinsurance, related to: Current year (87,770 ) (64,812 ) (51,095 ) Prior years (50,533 ) (41,053 ) (33,347 ) Total paid, net of reinsurance (138,303 ) (105,865 ) (84,442 ) Net balance, end of year 97,818 70,492 51,690 Add: reinsurance recoverable 100,760 — — Gross balance, end of year $ 198,578 $ 70,492 $ 51,690 The establishment of loss reserves is an inherently uncertain process and changes in loss 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 adjustments are adjusted. During the year ended December 31, 2017, the Company incurred $267,000 of estimated gross losses or approximately $54,000 of estimated net losses related to Hurricane Irma and experienced unfavorable development of $18,715, of which $17,869 pertains to claims in the 2015 and 2016 loss years. The 2017 prior year development was driven by approximately $16,200 of continued reserve strengthening in response to trends involving assignment of insurance benefits and litigation and a $2,500 increase in 2016 loss reserves related to Hurricane Matthew. The following is information about incurred and paid claims development as of December 31, 2017, net of reinsurance, as well as cumulative claim frequency and the total of incurred-but-not-reported Homeowners Multi-peril and Dwelling Fire Insurance (a) As of December 31, 2017 Total of IBNR on Reported Claims Cumulative (Not in Dollar Amounts)(b) Incurred Claims and Allocated Claim Adjustment Expenses, Net of Accident Year For the Years Ended December 31, 2012 2013 2014 2015 2016 2017 2012 $ 66,425 $ 62,742 $ 64,083 $ 66,505 $ 67,058 $ 66,465 $ 155 6,617 2013 — 67,579 69,932 69,906 72,020 71,604 540 7,003 2014 — — 75,810 81,773 84,917 88,054 2,350 7,649 2015 — — — 78,017 90,902 96,173 4,398 7,627 2016 — — — — 81,446 90,878 12,840 6,863 2017 — — — — — 91,443 37,388 5,325 Total $ 504,617 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Accident Year For the Years Ended December 31, 2012 2013 2014 2015 2016 2017 2012 $ 36,914 $ 53,225 $ 59,041 $ 62,836 $ 64,667 $ 65,903 2013 — 40,240 57,374 64,257 68,106 70,224 2014 — — 47,650 68,897 77,712 82,463 2015 — — — 50,939 76,042 87,784 2016 — — — — 51,663 73,037 2017 — — — — — 43,039 Total $ 422,450 All outstanding liabilities before 2012, net of 538 Liabilities for losses and loss adjustment, net of $ 82,705 (a) Excludes losses from Wind-only insurance (2012 through 2017), any hurricane event prior to 2017 and Hurricane Irma (2017). (b) The cumulative number of reported claims is measured as the number of per-policyholder, per-event Homeowners Wind-only Insurance (a) As of December 31, 2017 Total of IBNR on Reported Claims Cumulative (Not in Dollar Amounts)(b) Incurred Claims and Allocated Claim Adjustment Accident Year For the Years Ended December 31, 2012 2013 2014 2015 2016 2017 2015 $ — $ — $ — $ 308 $ 401 $ 569 $ 2 100 2016 — — — — 1,005 1,314 41 228 2017 — — — — — 1,528 866 144 Total $ 3,411 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Accident Year For the Years Ended December 31, 2012 2013 2014 2015 2016 2017 2015 $ — $ — $ — $ 156 $ 332 $ 464 2016 — — — — 689 1,155 2017 — — — — — 484 Total $ 2,103 All outstanding liabilities before 2012, — Liabilities for losses and loss $ 1,308 * The Company began writing Homeowners Wind-only insurance in 2015. (a) Excludes losses from multi-peril and dwelling fire insurance (2012 through 2017), any hurricane event prior to 2017 and Hurricane Irma (2017). (b) The cumulative number of reported claims is measured as the number of per-policyholder, per-event Losses Specific to Any Hurricane Event prior to 2017 As of December 31, 2017 Total of IBNR on Reported Claims Cumulative (Not in Dollar Amounts)(b) Incurred Claims and Allocated Claim Adjustment Expenses, Accident Year For the Years Ended December 31, 2012 2013 2014 2015 2016 2017 2016 $ — $ — $ — $ — $ 21,414 $ 24,126 $ 3,435 2,410 2017 — — — — — 171 — 113 Total $ 24,297 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Accident Year For the Years Ended December 31, 2012 2013 2014 2015 2016 2017 2016 $ — $ — $ — $ — $ 12,227 $ 20,025 2017 — — — — — 163 Total $ 20,188 All outstanding liabilities before 2012, — Liabilities for losses and loss $ 4,109 (b) The cumulative number of reported claims is measured as the number of per-policyholder, per-event Losses Specific to Hurricane Irma (2017) As of December 31, 2017 Total of IBNR on Reported Claims Cumulative (Not in Dollar Amounts)(b) Incurred Claims and Allocated Claim Adjustment Expenses, Accident Year For the Years Ended December 31, 2012 2013 2014 2015 2016 2017 2017 $ — $ — $ — $ — $ — $ 53,430 $ 9,614 17,862 Total $ 53,430 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Accident Year For the Years Ended December 31, 2012 2013 2014 2015 2016 2017 2017 $ — $ — $ — $ — $ — $ 43,742 Total $ 43,742 All outstanding liabilities before 2012, — Liabilities for losses and loss adjustment, $ 9,688 (b) The cumulative number of reported claims is measured as the number of per-policyholder, per-event The reconciliation of the net incurred and paid loss development tables to the liability for losses and loss adjustment expenses is as follows: December 31, Net outstanding liabilities Homeowners multi-peril and dwelling fire insurance $ 82,705 Homeowners Wind-only insurance 1,308 Losses specific to any hurricane prior to 2017 4,109 Losses specific to Hurricane Irma (2017) 9,688 Other short-duration insurance lines 8 Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance 97,818 Reinsurance recoverables 100,760 Total gross liability for unpaid losses and loss adjustment expenses $ 198,578 The following is supplementary and unaudited information about average historical claims duration as of December 31, 2017: Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance Years 1 2 3 4 5 6 Homeowners multi-peril and dwelling fire insurance 53.8 % 24.4 % 10.1 % 5.5 % 2.9 % 1.9 % Homeowners Wind-only insurance 37.2 % 33.2 % 8.7 % * * * Losses specific to any hurricane prior to 2017 51.0 % 32.3 % — — — — Losses specific to Hurricane Irma (2017) 81.9 % — — — — — * The Company began writing Homeowners Wind-only insurance in 2015. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Note 16 — Segment Information The Company’s businesses consist of four operating divisions: property and casualty insurance, reinsurance, investment real estate and information technology. The Company’s chief executive officer who serves as the Company’s chief operating decision maker evaluates each division’s financial and operating performances based on revenue and operating income. The Company aggregates its operating divisions into segments based on organizational structure and revenue source. Due to their economic characteristics, the Company’s property and casualty insurance division and reinsurance division are grouped together into one reportable segment under insurance operations. For the years ended December 31, 2017, 2016 and 2015, revenues from the Company’s insurance operations before intracompany elimination represented 96.2%, 95.5% and 97.5%, respectively, of total revenues of all operating segments. At December 31, 2017, 2016 and 2015, insurance operations’ total assets represented 87.1%, 87.9% and 91.8%, respectively, of the combined assets of all operating segments. See Note 1 — “Nature of Operations” for a description of the Company’s insurance operations. 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 the Year Ended December 31, 2017 Insurance Real Corporate/ Reclassification/ Consolidated Revenue: Net premiums earned $ 224,618 $ — $ — $ — $ 224,618 Net investment income 9,898 6 2,974 (1,439 ) 11,439 Net realized investment gains 3,978 — 368 — 4,346 Net unrealized investment gains — — 92 — 92 Net other-than-temporary impairment losses (1,258 ) — (209 ) — (1,467 ) Policy fee income 3,622 — — — 3,622 Other 693 7,046 4,417 (10,400 ) 1,756 Total revenue 241,551 7,052 7,642 (11,839 ) 244,406 Expenses: Losses and loss adjustment expenses 165,629 — — — 165,629 Amortization of deferred policy acquisition costs 35,663 — — — 35,663 Interest expense — 1,250 15,704 (187 ) 16,767 Loss on repurchases of senior notes — — 743 — 743 Depreciation and amortization 128 2,121 939 (1,950 ) 1,238 Other 27,547 4,022 18,123 (9,702 ) 39,990 Total expenses 228,967 7,393 35,509 (11,839 ) 260,030 Income (loss) before income taxes $ 12,584 $ (341 ) $ (27,867 ) $ — $ (15,624 ) Total revenue from non-affiliates(c) $ 241,551 $ 5,525 $ 6,958 (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 restaurant and marina businesses. (c) Represents amounts before reclassification to conform with an insurance company’s presentation. For the Year Ended December 31, 2016 Insurance Real Corporate/ Reclassification/ Consolidated Revenue: Net premiums earned $ 243,627 $ — $ — $ — $ 243,627 Net investment income (loss) 8,440 18 1,162 (533 ) 9,087 Net realized investment gains 2,450 — 151 — 2,601 Net other-than-temporary impairment losses (2,467 ) — (15 ) — (2,482 ) Policy fee income 3,914 — — — 3,914 Gain on repurchases of convertible senior notes — — 153 — 153 Gain on bargain purchase — 2,071 — — 2,071 Gain on remeasurement of previously held interest — 4,005 — — 4,005 Other 684 4,505 4,104 (7,823 ) 1,470 Total revenue 256,648 10,599 5,555 (8,356 ) 264,446 Expenses: Losses and loss adjustment expenses 124,667 — — — 124,667 Amortization of deferred policy acquisition costs 37,868 — — — 37,868 Interest expense — 561 10,518 — 11,079 Depreciation and amortization 158 814 908 (608 ) 1,272 Other operating expenses 31,351 2,921 16,180 (7,748 ) 42,704 Total expenses 194,044 4,296 27,606 (8,356 ) 217,590 Income (loss) before income taxes $ 62,604 $ 6,303 $ (22,051 ) $ — $ 46,856 Total revenue from non-affiliates(c) $ 256,648 $ 9,072 $ 5,470 (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 restaurant and marina businesses. (c) Represents amounts before reclassification to conform with an insurance company’s presentation. For the Year Ended December 31, 2015 Insurance Real Corporate/ Reclassification/ Consolidated Revenue: Net premiums earned $ 282,506 $ — $ — $ — $ 282,506 Net investment income (loss) 6,841 5 (1,971 ) (897 ) 3,978 Net realized investment (losses) gains (716 ) — 108 — (608 ) Net other-than-temporary impairment losses (4,606 ) — (75 ) — (4,681 ) Policy fee income 3,496 — — — 3,496 Other 564 4,095 3,209 (6,607 ) 1,261 Total revenue 288,085 4,100 1,271 (7,504 ) 285,952 Expenses: Losses and loss adjustment expenses 87,224 — — — 87,224 Amortization of deferred policy acquisition costs 36,224 — — — 36,224 Interest expense — 15 10,739 — 10,754 Depreciation and amortization 185 603 920 (370 ) 1,338 Other operating expenses 30,665 2,822 17,867 (7,134 ) 44,220 Total expenses 154,298 3,440 29,526 (7,504 ) 179,760 Income (loss) before income taxes $ 133,787 $ 660 $ (28,255 ) $ — $ 106,192 Total revenue from non-affiliates(c) $ 288,085 $ 2,612 $ 1,104 (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 restaurant and marina businesses. (c) Represents amounts before reclassification to conform with an insurance company’s presentation. The following table presents segment assets reconciled to the Company’s total assets in the consolidated balance sheets. December 31, 2017 2016 Segment: Insurance Operations $ 652,754 $ 651,927 Real Estate Operations 80,152 71,226 Corporate and Other 127,822 45,623 Consolidation and Elimination (18,464 ) (98,712 ) Total assets $ 842,264 $ 670,064 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 17 — Income Taxes A summary of income tax expense is as follows: Years Ended December 31, 2017 2016 2015 Current: Federal $ (3,933 ) $ 14,918 $ 34,768 State 34 2,666 5,856 Foreign 81 96 68 Total current taxes (3,818 ) 17,680 40,692 Deferred: Federal (4,144 ) 182 (275 ) State (757 ) (9 ) (46 ) Foreign (12 ) (18 ) (40 ) Total deferred taxes (4,913 ) 155 (361 ) Income tax (benefit) expense $ (8,731 ) $ 17,835 $ 40,331 The reasons for the differences between the statutory Federal income tax rate and the effective tax rate are summarized as follows: Years Ended December 31, 2017 2016 2015 Amount % Amount % Amount % Income taxes at statutory rate $ (5,468 ) 35.0 $ 16,395 35.0 $ 37,167 35.0 Increase (decrease) in income taxes resulting from: State income taxes, net of federal tax benefits (657 ) 4.2 1,710 3.6 3,783 3.6 Effects of tax rate changes (1,400 ) 9.0 — — — — Share-based compensation (705 ) 4.5 — — — — Other (501 ) 3.2 (270 ) (0.5 ) (619 ) (0.6 ) Income tax (benefit) expense $ (8,731 ) 55.9 $ 17,835 38.1 $ 40,331 38.0 The Company has no uncertain tax positions or unrecognized tax benefits that, if recognized, would impact the effective income tax rate. The tax returns filed for the years ending December 31, 2016, 2015, and 2014 remain subject to examination by the Company’s major taxing jurisdictions. The Company elected to classify, if any, interest, and penalties arising from uncertain tax positions as income tax expense as permitted by current accounting standards. There have been no material amounts of interest or penalties for the years ended December 31, 2017, 2016 and 2015. In July 2017, the Company received notice from the Internal Revenue Service stating the Company’s 2015 federal income tax return would be examined. The examination is currently in the process of gathering information. On December 22, 2017, the Tax Cuts and Jobs Act (the “2017 Tax Act”) was passed and signed into law. Key components of the 2017 Tax Act are: a permanent reduction to the federal corporate income tax rate from a bracket system with a top tax rate of 35% to a flat rate of 21% beginning on January 1, 2018; implementation of a territorial tax system; an amendment to Internal Revenue Code Section 965 that requires U.S. shareholders (10% or greater) of controlled foreign corporations and other specified foreign corporations to include in income, for the last taxable year of such foreign corporation beginning before January 1, 2018, such U.S. shareholder’s pro rata share of a deemed repatriation amount; and changes to carryback and carryforward rules for net operating losses arising after December 31, 2017. Under U.S. GAAP, the tax effects of changes in tax laws or rates need to be recognized in the period in which the law is enacted. On the same day of the passing and enactment of the 2017 Tax Act, the Securities Exchange Commission staff issued Staff Accounting Bulletin No. 118 to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the 2017 Tax Act. The Company used estimates with regard to several gross temporary book and tax differences, including depreciable assets, deductions for loss reserves and income from limited partnership interests in measuring provisional tax effects. The ultimate outcome may materially differ from these provisional amounts due to, among other things, changes in interpretations and assumptions, and additional regulatory guidance. The Company expects to finalize the accounting for the tax effects when the 2017 U.S. corporate income tax return is filed in October 2018. For the year ended December 31, 2017, the Company recognized a provisional $1,400 tax benefit related to net deferred tax liabilities due to the lower future corporate income tax rates enacted by the 2017 Tax Act in the Company’s consolidated statement of income. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net deferred income tax assets are as follows: December 31, 2017 2016 Deferred tax assets: Unearned premiums $ 5,753 $ 9,331 Other-than-temporary impairment losses 386 1,246 Losses and loss adjustment expenses 3,154 986 Organizational costs 90 61 Stock-based compensation 2,455 3,388 Accrued expenses — 35 Unearned revenue 339 489 State net operating losses 333 — State capital loss carryforwards 175 65 Bad debt reserve 2 3 Total deferred tax assets 12,687 15,604 Deferred tax liabilities: Property and equipment (1,517 ) (1,857 ) Intangible assets (1,541 ) (1,890 ) Deferred policy acquisition costs (4,365 ) (6,601 ) Unrealized net gain on available-for-sale (1,907 ) (1,659 ) Basis difference related to partnership investments (599 ) (5 ) Basis difference related to convertible senior notes (4,099 ) (2,519 ) Prepaid expenses (312 ) (412 ) Accrued expenses (37 ) — Other (200 ) (411 ) Total deferred tax liabilities (14,577 ) (15,354 ) Net deferred tax (liabilities) assets $ (1,890 ) $ 250 The Company has a state net operating loss carryforward of $7,665 for the 2017 tax year which will expire on December 31, 2037. In addition, the Company has state capital loss carryforwards of $1,926 and $1,826 for the 2016 and 2015 tax years, respectively. The 2015 capital loss carryforward is available for tax years up to and including the 2020 tax year. The 2016 capital loss carryforward is available for tax years up to and including the 2021 tax year. A valuation allowance is established if, based upon the relevant facts and circumstances, management believes any portion of the deferred tax assets will not be realized. Although realization of deferred income tax assets is not certain, management believes it is more likely than not that deferred tax assets will be realized. Thus, the Company did not have a valuation allowance established as of December 31, 2017 or 2016. The 2017 Tax Act implemented a mandatory one-time one-time one-time one-time |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 18 — Earnings Per Share U.S. GAAP requires the Company to use the two-class A summary of the numerator and denominator of the basic and fully diluted (loss) earnings per common share is presented below: (Loss) Shares (a) Per Share Year Ended December 31, 2017 Net loss $ (6,893 ) Less: Loss attributable to participating securities 481 Basic and Diluted Loss Per Share: Loss available to common stockholders* $ (6,412 ) 8,558 $ (0.75 ) * Stock options and convertible senior notes were excluded due to antidilutive effect. Year Ended December 31, 2016 Net income $ 29,021 Less: Income attributable to participating securities (1,545 ) Basic Earnings Per Share: Income allocated to common stockholders 27,476 9,326 $ 2.95 Effect of Dilutive Securities: Stock options — 54 Convertible senior notes 4,244 1,493 Diluted Earnings Per Share: Income available to common stockholders and assumed conversions $ 31,720 10,873 $ 2.92 Year Ended December 31, 2015 Net income $ 65,861 Less: Income attributable to participating securities (3,398 ) Basic Earnings Per Share: Income allocated to common stockholders 62,463 9,602 $ 6.51 Effect of Dilutive Securities: Stock options — 102 Convertible senior notes 4,505 1,651 Diluted Earnings Per Share: Income available to common stockholders and assumed conversions $ 66,968 11,355 $ 5.90 (a) Shares in thousands. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | Note 19 — Stockholders’ Equity Common Stock In December 2017, the Company’s Board of Directors authorized a plan to repurchase up to $20,000 of the Company’s common shares before commissions and fees. The repurchase plan allows the Company to repurchase shares from time to time through December 31, 2018. The shares may be purchased for cash in open market purchases, block transactions and privately negotiated transactions in accordance with applicable federal securities laws. The share repurchase plan may be modified, suspended, terminated or extended by the Company any time without prior notice. For each of the last two years, the Company’s Board of Directors authorized a one-year Series B Junior Participating Preferred Share Purchase Right In October 2013, the Company’s Board of Directors declared a dividend of one preferred share purchase right (“Right”) for each outstanding share of the Company’s common stock to shareholders of record at the close of business on November 15, 2013. Each Right entitled the common shareholder to purchase from the Company one one-hundredth one-hundredth The Right would not be exercisable until ten days following a public announcement that a person or group had acquired beneficial ownership of 10% or more of the Company’s common stock or until ten business days after a person or group began a tender or exchange offer that would result in beneficial ownership of 10% or more of the Company’s common stock. The Right could be redeemed or exchanged by the Company for $0.001 per Right at any time until the Right’s expiration date on October 18, 2018. On April 18, 2017, the Company’s Board of Directors terminated the Company’s shareholder rights plan by amending the Right’s expiration date to April 18, 2017. Share Repurchase Agreements In conjunction with the issuance of the 4.25% Convertible Notes as described in Note 13 — “Long-Term Debt” under Convertible Senior Notes Prepaid Share Repurchase Forward Contracts The Company has two outstanding prepaid share repurchase forward contracts, one of which was entered into with Deutsche Bank AG, London Branch in conjunction with the issuance of the 3.875% Convertible Notes. The other was entered into with Societe Generale in conjunction with the issuance of the 4.25% Convertible Notes as described in Note 13 — “Long-Term Debt” under Convertible Senior Notes Each forward contract is subject to early settlement, in whole or in part, at any time prior to the final settlement date at the option of each forward counterparty, as well as early settlement or settlement with alternative consideration in the event of certain corporate transactions. In the event the Company pays any cash dividends on its common shares, each forward counterparty will pay an equivalent amount to the Company. The shares to be purchased under the forward contracts will be treated as retired for financial statement purposes as of the effective date of each forward contract, but will remain outstanding for corporate law purposes, including for purposes of any future stockholders votes. The Company determined that each forward contract does not meet the characteristics of a derivative instrument and, as such, the transaction resulted in an immediate reduction of the outstanding shares used to calculate the weighted-average common shares outstanding for both basic and diluted (loss) earnings per share. Preferred Stock Series A Cumulative Convertible Preferred Stock As of December 31, 2017 and 2016, there were no Series A Cumulative Convertible Preferred Stock issued or outstanding. Series B Junior Participating Preferred Stock (“Series B Preferred”) In connection with the declaration of the Right dividends in 2013, the Company’s Board of Directors established and fixed the rights and preferences of the Series B Preferred. Of the authorized shares, the Company designated 400,000 shares as Series B Preferred. Each Series B Preferred will be entitled to a minimum preferential quarterly dividend payment of $1.00 per share but will be entitled to an aggregate dividend of 100 times the dividend declared per common share of the Company. In the event of liquidation, the holders of the Series B Preferred will be entitled to a minimum preferential liquidation payment of $100 per share but will be entitled to an aggregate payment of 100 times the payment made per common share. Each Series B Preferred will have 100 votes per share, voting together as one class on all matters submitted to a vote of shareholders of the Company. Finally, in the event of any merger, consolidation or other transaction in which common shares are exchanged, each Series B Preferred will be entitled to receive 100 times the amount received per common share. The aforementioned rights of Series B Preferred are protected by customary anti-dilution provisions. As of December 31, 2017 and 2016, there were no Series B Preferred issued or outstanding. Undesignated Preferred Stock The Company is authorized to issue up to an additional 18,100,000 shares of preferred stock, no par value. The authorized but unissued and undesignated preferred stock may be issued in one or more series and the shares of each series shall have such rights as determined by the Company’s Board of Directors subject to the rights of the holders of the Series A Cumulative Convertible Preferred Stock and Series B Preferred. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Note 20 — Stock-Based Compensation Incentive Plan The Company currently has outstanding stock-based awards granted under the 2007 Stock Option and Incentive Plan and the 2012 Omnibus Incentive Plan. Only the 2012 Plan is active and available for future grants. With respect to the 2012 Plan, the Company may grant stock-based awards to employees, directors, consultants, and advisors of the Company. On March 17, 2017, the Company’s board of directors amended the 2012 Omnibus Incentive Plan and reduced the number of shares reserved under the plan from 5,000,000 shares to 3,000,000 shares. At December 31, 2017, there were 1,995,655 shares available for grant. Stock Options Stock options granted and outstanding under the incentive plans vest over periods ranging from immediately vested to five years and are exercisable over the contractual term of ten years. A summary of the stock option activity for the years ended December 31, 2017, 2016 and 2015 is as follows (option amounts not in thousands): Number Weighted Weighted Aggregate Outstanding at January 1, 2015 230,000 $ 3.00 3.0 years $ 9,256 Exercised (120,000 ) $ 2.82 Outstanding at December 31, 2015 110,000 $ 3.19 2.3 years $ 3,482 Exercised (60,000 ) $ 2.50 Outstanding at December 31, 2016 50,000 $ 4.02 2.3 years $ 1,773 Granted 110,000 $ 40.00 Exercised (30,000 ) $ 2.50 Outstanding at December 31, 2017 130,000 $ 34.82 8.2 years $ 472 Exercisable at December 31, 2017 20,000 $ 6.30 3.7 years $ 472 The following table summarizes information about options exercised for the years ended December 31, 2017, 2016 and 2015 (option amounts not in thousands): 2017 2016 2015 Options exercised 30,000 60,000 120,000 Total intrinsic value of exercised options $ 1,319 $ 1,376 $ 4,551 Tax benefits realized $ 509 $ 501 $ 1,697 During the year ended December 31, 2015, a total of 120,000 options were exercised, of which 30,000 options were net settled by surrender of 2,013 shares. For the years ended December 31, 2017, 2016 and 2015, the Company recognized $306, $0 and $0, respectively, of compensation expense which was included in general and administrative personnel expenses. Deferred tax benefits related to stock options were $78, $0 and $0 for the years ended December 31, 2017, 2016 and 2015, respectively. At December 31, 2017 and 2016, there was $941 and $0, respectively, of unrecognized compensation expense related to nonvested stock options. The Company expects to recognize the remaining compensation expense over a weighted-average period of 3.0 years. The following table provides assumptions used in the Black-Scholes option-pricing model to estimate the fair value of the stock options granted during the year ended December 31, 2017: Expected dividend yield 3.53 % Expected volatility 42.86 % Risk-free interest rate 1.92 % Expected life (in years) 5 Restricted Stock Awards From time to time, the Company has granted and may grant restricted stock awards to certain executive officers, other employees and nonemployee 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 fair value of the awards with market-based conditions 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. The determination of fair value with respect to the awards with only performance or service-based conditions is based on the market value of the Company’s stock on the grant date. Information with respect to the activity of unvested restricted stock awards during the years ended December 31, 2017, 2016 and 2015 is as follows: Number of Weighted Nonvested at January 1, 2015 639,705 $ 28.33 Granted 83,260 $ 44.46 Vested (59,695 ) $ 30.13 Forfeited (42,757 ) $ 28.15 Nonvested at December 31, 2015 620,513 $ 30.33 Granted 142,440 $ 32.35 Vested (47,152 ) $ 42.27 Cancelled (160,000 ) $ 26.27 Forfeited (13,298 ) $ 39.06 Nonvested at December 31, 2016 542,503 $ 30.81 Granted 154,936 $ 42.92 Vested (75,983 ) $ 37.95 Forfeited (23,766 ) $ 36.32 Nonvested at December 31, 2017 597,690 $ 32.82 The Company recognized compensation expense related to restricted stock, which is included in general and administrative personnel expenses, of $4,217, $4,198 and $5,212 for the years ended December 31, 2017, 2016 and 2015, respectively. At December 31, 2017 and 2016, there was approximately $9,101 and $7,531, 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 32 months. 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 years ended December 31, 2017, 2016 and 2015. 2017 2016 2015 Deferred tax benefits recognized $ 970 $ 1,619 $ 1,453 Tax benefits realized for restricted stock and paid dividends $ 1,396 $ 140 $ 598 Fair value of vested restricted stock $ 2,884 $ 1,993 $ 1,798 During the years ended December 31, 2017, 2016 and 2015, no awards were issued with other than time-based vesting conditions. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | Note 21 — Employee Benefit Plan The Company has a 401(k) Safe Harbor Profit Sharing Plan (“401(k) Plan”) that qualifies as a defined contribution plan under Section 401(k) of the Internal Revenue Code. Under the 401(k) Plan, participating employees are eligible for company matching and discretionary profit sharing contributions. Plan participants may elect to defer up to one hundred percent of their pre-tax The Company also maintains benefit plans for its employees in India including a statutory post-employment benefit plan, or gratuity plan, providing defined, lump-sum |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 22 — Commitments and Contingencies Obligations under Multi-Year Reinsurance Contracts As of December 31, 2017, the Company has contractual obligations related to three multi-year reinsurance contracts. Two of these contracts have effective dates of June 1, 2016 and the other has an effective date of July 1, 2017. These contracts may be cancelled only with the other party’s consent. The table below presents the future minimum aggregate premiums amount payable to the reinsurers. Year 2018* $ 21,792 2019* 2,392 2020* 1,196 Total $ 25,380 * Premiums payable after December 31, 2017 under one contract are estimated. See Note 14 — “Reinsurance” for additional information. Lease Commitments The Company leases 15,000 square feet of office space in Noida, India. The lease has an initial term of nine years. The monthly rental payment, exclusive of applicable service tax, has increased by five percent every year since the end of the first year of the lease term. In addition, the Company had a lease for office space in Miami, Florida which expired February 28, 2018. Provided the leases are not early terminated, minimum future rental payments under operating leases after December 31, 2017 are as follows: Year Amount 2018 $ 147 2019 142 2020 150 2021 157 Total minimum future payments $ 596 Rental expense under all facility leases was $336, $333 and $304, respectively, during the years ended December 31, 2017, 2016 and 2015. Service Agreement In connection with the lease for office space in India as described in the “ Lease Commitments” Provided the agreement is not early terminated, minimum future payments under the service agreement after December 31, 2017 are as follows: Year Amount 2018 $ 24 2019 26 2020 27 2021 28 Total minimum future payments $ 105 Rental Income The Company leases available space at the Company’s headquarters and at its various investment properties to non-affiliates non-cancellable Year Amount 2018 $ 4,227 2019 4,073 2020 3,651 2021 3,048 2022 2,558 Thereafter 13,786 Total $ 31,343 Capital Commitment As described in Note 4 — “Investments” under Limited Partnership Investments |
Quarterly Results of Operations
Quarterly Results of Operations | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations | Note 23 — Quarterly Results of Operations (Unaudited) The tables below summarize unaudited quarterly results of operations for 2017, 2016 and 2015. Three Months Ended 03/31/17 06/30/17 09/30/17 12/31/17 Net premiums earned $ 63,036 $ 61,847 $ 43,964 $ 55,771 Total revenue 67,713 67,580 47,490 61,623 Losses and loss adjustment expenses 25,529 27,665 89,231 23,204 Policy acquisition and other underwriting expenses 9,649 10,070 9,926 10,018 Interest expense 3,542 4,378 4,408 4,439 Total expenses 48,571 53,275 113,508 44,676 Income (loss) before income taxes 19,142 14,305 (66,018 ) 16,947 Net income (loss) 12,020 9,542 (40,546 ) 12,091 Comprehensive income (loss) 12,949 8,959 (38,792 ) 11,914 Earnings per share: Basic $ 1.27 $ 1.05 $ (4.44 ) $ 1.37 Diluted* $ 1.15 $ 0.93 $ (4.44 ) $ 1.14 * During the quarter ended September 30, 2017, the convertible senior notes and stock options were antidilutive. Three Months Ended 03/31/16 06/30/16 09/30/16 12/31/16 Net premiums earned $ 58,447 $ 58,528 $ 63,300 $ 63,352 Total revenue 60,747 61,520 69,808 72,371 Losses and loss adjustment expenses 27,080 26,272 25,909 45,406 Policy acquisition and other underwriting expenses 11,110 10,879 10,536 10,117 Interest expense 2,829 2,611 2,672 2,967 Total expenses 51,050 50,291 49,779 66,470 Income before income taxes 9,697 11,229 20,029 5,901 Net income 6,056 7,024 11,333 4,608 Comprehensive income 7,846 10,742 12,487 2,380 Earnings per share: Basic $ 0.60 $ 0.71 $ 1.17 $ 0.47 Diluted* $ 0.60 $ 0.71 $ 1.10 $ 0.47 * During the quarters ended March 31, 2016, June 30, 2016 and December 31, 2016, the convertible senior notes were antidilutive. Three Months Ended 03/31/15 06/30/15 09/30/15 12/31/15 Net premiums earned $ 81,728 $ 76,387 $ 62,765 $ 61,626 Total revenue 82,210 79,068 61,262 63,412 Losses and loss adjustment expenses 19,039 20,565 26,200 21,420 Policy acquisition and other underwriting expenses 9,799 10,443 10,675 11,067 Interest expense 2,661 2,679 2,698 2,716 Total expenses 41,164 43,485 49,324 45,787 Income before income taxes 41,046 35,583 11,938 17,625 Net income 25,378 22,022 7,371 11,090 Comprehensive income 27,009 19,856 5,023 11,516 Earnings per share: Basic $ 2.50 $ 2.17 $ 0.72 $ 1.12 Diluted $ 2.21 $ 1.93 $ 0.71 $ 1.05 |
Regulatory Requirements and Res
Regulatory Requirements and Restrictions | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Regulatory Requirements and Restrictions | Note 24 — Regulatory Requirements and Restrictions The Company has no restrictions on the payment of dividends to its shareholders except those restrictions imposed by the Florida Business Corporation Act and those restrictions imposed by insurance statutes and regulations applicable to the Company’s insurance subsidiaries. As of December 2017, without prior regulatory approval, $95,310 of the Company’s consolidated retained earnings was free from restriction under the insurance statutes and regulations and available for the payment of dividends in 2018. The following briefly describes certain related and other requirements and restrictions imposed by the states or jurisdiction in which the Company’s insurance subsidiaries are incorporated. Florida HCPCI and TypTap, which are domiciled in Florida, prepare their statutory financial statements in accordance with accounting principles and practices prescribed or permitted by the Florida Department of Financial Services, Office of Insurance Regulation, which Florida utilizes for determining solvency under the Florida Insurance Code (the “Code”). The commissioner of the FLOIR has the right to permit other practices that may deviate from prescribed practices. Prescribed statutory accounting practices are those practices that are incorporated directly or by reference in state laws, regulations, and general administrative rules applicable to all insurance enterprises domiciled in Florida. Permitted statutory accounting practices encompass all accounting practices that are not prescribed; such practices differ from state to state, may differ from entity to entity within a state, and may change in the future. The Code requires HCPCI to maintain capital and surplus equal to the greater of 10% of their respective liabilities or a statutory minimum as defined in the Code. TypTap, the Company’s insurance subsidiary organized in 2015, is subject to a consent order that requires TypTap to maintain minimum capital and surplus of $20,000 during each of the three years ending December 31, 2018. At December 31, 2017, HCPCI was required to maintain minimum capital and surplus of $25,900. At December 31, 2016, HCPCI was required to maintain minimum capital and surplus of $22,550. TypTap was approved by the FLOIR in January 2016. HCPCI and TypTap were in compliance with these requirements at December 31, 2017 and 2016. U.S. GAAP differs in certain respects from the accounting practices prescribed or permitted by insurance regulatory authorities (statutory-basis). These entities’ statutory-basis financial statements are presented on the basis of accounting practices prescribed or permitted by the FLOIR. The FLOIR has adopted the National Association of Insurance Commissioner’s (“NAIC”) Accounting Practices and Procedures Manual Since inception, HCPCI and TypTap, each has maintained a cash deposit with the Insurance Commissioner of the state of Florida, in the amount of $300, to meet regulatory requirements. Under Florida law, a domestic insurer may not pay any dividend or distribute cash or other property to its stockholders except out of that part of its available and accumulated capital and surplus funds which is derived from realized net operating profits on its business and net realized capital gains. A Florida domestic insurer may not make dividend payments or distributions to stockholders without prior approval of the FLOIR if the dividend or distribution would exceed the larger of (1) the lesser of (a) 10.0% of its capital surplus or (b) net income, not including realized capital gains, plus a two year carry forward, (2) 10.0% of capital surplus with dividends payable constrained to unassigned funds minus 25% of unrealized capital gains or (3) the lesser of (a) 10.0% of capital surplus or (b) net investment income plus a three year carry forward with dividends payable constrained to unassigned funds minus 25% of unrealized capital gains. Alternatively, a Florida domestic insurer may pay a dividend or distribution without the prior written approval of the FLOIR if (1) the dividend is equal to or less than the greater of (a) 10.0% of the insurer’s capital surplus as regards to policyholders derived from realized net operating profits on its business and net realized capital gains or (b) the insurer’s entire net operating profits and realized net capital gains derived during the immediately preceding calendar year, (2) the insurer will have policy holder capital surplus equal to or exceeding 115.0% of the minimum required statutory capital surplus after the dividend or distribution, (3) the insurer files a notice of the dividend or distribution with the FLOIR at least ten business days prior to the dividend payment or distribution and (4) the notice includes a certification by an officer of the insurer attesting that, after the payment of the dividend or distribution, the insurer will have at least 115% of required statutory capital surplus as to policyholders. Except as provided above, a Florida domiciled insurer may only pay a dividend or make a distribution (1) subject to prior approval by the FLOIR or (2) 30 days after the FLOIR has received notice of such dividend or distribution and has not disapproved it within such time. As a result, HCPCI was qualified to make dividend payments at December 31, 2017, 2016 and 2015. In addition, Florida property and casualty insurance companies are required to adhere to prescribed premium-to-capital Years Ended December 31, 2017 2016 2015 HCPCI: Gross 2.01 to 1 1.81 to 1 1.85 to 1 Net 1.11 to 1 1.07 to 1 1.00 to 1 TypTap: Gross 0.33 to 1 0.09 to 1 * Net 0.27 to 1 0.07 to 1 * * TypTap began operations in 2016. Bermuda The Bermuda Monetary Authority requires Claddaugh Casualty Insurance Company, Ltd. (“Claddaugh”), the Company’s Bermuda domiciled reinsurance subsidiary, to maintain minimum capital and surplus of $2,000. At December 31, 2017 and 2016, Claddaugh’s statutory capital and surplus was approximately $63,000 and $88,000, respectively. For the year ended December 31, 2017, Claddaugh reported a statutory net loss of approximately $5,200 in contrast with statutory net profits of approximately $13,200 and $9,900 for the years ended December 31, 2016 and 2015, respectively. During 2017, Claddaugh made a dividend payment of $20,000 to the Company. There were no cash dividends paid by Claddaugh during 2016 and 2015. HCPCI and TypTap are subject to risk-based capital (“RBC”) requirements as specified by the NAIC. Under those requirements, the amount of minimum capital and surplus maintained by a property and casualty insurance company is to be determined based on the various risks related to it. Pursuant to the RBC requirements, insurers having less statutory capital than required by the RBC calculation will be subject to varying degrees of regulatory action, depending on the level of capital inadequacy. At December 31, 2017 and 2016, the Company’s insurance subsidiaries individually exceeded any applicable minimum risk-based capital requirements and no corrective actions have been required. As of December 31, 2017, the combined statutory capital and surplus and minimum capital and surplus of the Company’s U.S. insurance subsidiaries were approximately $177,000 and $45,900, respectively. As of December 31, 2017 and 2016, restricted net assets represented by the Company’s insurance subsidiaries amounted to $180,286 and $148,999, respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 25 — Related Party Transactions Claddaugh has a reinsurance agreement with Oxbridge Reinsurance Limited (“Oxbridge”) whereby a portion of the business assumed from the Company’s insurance subsidiary, HCPCI, is ceded by Claddaugh to Oxbridge. With respect to the period from June 1, 2015 through May 31, 2016, Oxbridge assumed $11,600 of the total covered exposure for $3,340 in premiums. With respect to the period from June 1, 2016 through May 31, 2017, Oxbridge assumed $6,000 of the total covered exposure for approximately $3,400 in premiums. With respect to the period from June 1, 2017 through May 31, 2018, Oxbridge assumed $7,400 of the total covered exposure for approximately $3,400 in premiums. See Note 14 — “Reinsurance” – which includes the amounts due from and paid by Oxbridge during the years ended December 31, 2017 and 2016 with respect to benefits accrued in connection with the Oxbridge agreements. The premiums charged by Oxbridge are at rates which management believes to be competitive with market rates available to Claddaugh. Oxbridge has deposited funds into trust accounts to satisfy certain collateral requirements under its reinsurance contract with Claddaugh. Trust assets may be withdrawn by Claddaugh, the trust beneficiary, in the event amounts are due under the Oxbridge reinsurance agreement. Among the Oxbridge shareholders are Paresh Patel, the Company’s chief executive officer, who is also chairman of the board of directors for Oxbridge, and members of his immediate family and three of the Company’s non-employee During 2015, 2016 and January 2017, one of the Company’s directors was a partner at a law firm that performs certain of the Company’s corporate legal matters. He retired from the practice of law on January 31, 2017. Fees incurred with respect to this law firm for the month ended January 31, 2017 and years ended December 31, 2016 and 2015 were approximately $6, $32 and $50, respectively. In connection with the acquisition of Pineda Landings described in Note 6 — “Business Acquisition,” the Company incurred and paid $20 of legal fees in 2016 for services provided by a law firm that specializes in real estate transactions at which one immediate family member of the Company’s directors is employed. |
Condensed Financial Information
Condensed Financial Information of HCI Group, Inc. | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information of HCI Group, Inc. | Note 26 — Condensed Financial Information of HCI Group, Inc. Condensed financial information of HCI Group, Inc. is as follows: Balance Sheets December 31, 2017 2016 Assets Cash and cash equivalents $ 53,755 $ 2,297 Fixed-maturity securities, available for sale, at fair value 34,529 4,483 Equity securities, available for sale, at fair value 10,238 7,289 Equity securities, trading, at fair value 1,045 — Limited partnership investments, at equity 15,232 21,906 Note receivable – related party 7,280 — Investment in subsidiaries 310,779 411,398 Property and equipment, net 617 664 Income tax receivable 3,023 1,563 Other assets 1,019 940 Total assets $ 437,517 $ 450,540 Liabilities and Stockholders’ Equity Accrued expenses and other liabilities $ 4,499 $ 2,952 Deferred income taxes, net 2,511 949 Long-term debt 211,890 121,436 Due to related parties 24,642 81,457 Total liabilities 243,542 206,794 Total stockholders’ equity 193,975 243,746 Total liabilities and stockholders’ equity $ 437,517 $ 450,540 Statements of Income Years Ended December 31, 2017 2016 2015 Net investment income (loss) $ 2,799 $ 1,204 $ (2,401 ) Net realized gains 367 151 108 Net unrealized gains 92 — — Other-than-temporary impairment losses (209 ) (15 ) (75 ) Gain on repurchases of convertible senior notes — 153 — Other income — — 30 Loss on repurchases of senior notes (743 ) — — Interest expense (15,704 ) (10,346 ) (10,754 ) Operating expenses (5,489 ) (5,158 ) (7,346 ) Loss before income tax benefit and equity in income of subsidiaries (18,887 ) (14,011 ) (20,438 ) Income tax benefit 9,605 4,878 7,835 Net loss before equity in income of subsidiaries (9,282 ) (9,133 ) (12,603 ) Equity in income of subsidiaries 2,389 38,154 78,464 Net (loss) income $ (6,893 ) $ 29,021 $ 65,861 Statements of Cash Flows Years Ended December 31, 2017 2016 2015 Cash flows from operating activities: Net (loss) income $ (6,893 ) $ 29,021 $ 65,861 Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: Stock-based compensation 2,630 2,878 4,341 Net realized investment gains (367 ) (151 ) (108 ) Net unrealized investment gains (92 ) — — Amortization of premiums on investments in fixed-maturity securities 51 — 1 Depreciation and amortization 6,673 3,899 3,996 (Income) loss from limited partnership investments (1,354 ) (523 ) 3,277 Distributions from limited partnership interests 881 544 12 Other-than-temporary impairment losses 209 15 75 Gain on repurchases of convertible senior notes — (153 ) — Loss on repurchases of senior notes 743 — — Loss from disposal of property and equipment 17 — — Equity in income of subsidiaries (2,389 ) (38,154 ) (78,464 ) Deferred income taxes (4,224 ) (1,542 ) (3,218 ) Changes in operating assets and liabilities: Income taxes receivable (1,461 ) (1,563 ) 2,596 Other assets (106 ) (129 ) 228 Accrued expenses and other liabilities 1,544 (716 ) 689 Income taxes payable — (1,518 ) 1,279 Due to related parties (54,896 ) 60,075 (14,831 ) Net cash (used in) provided by operating activities (59,034 ) 51,983 (14,266 ) Cash flows from investing activities: Investment in limited partnership interest (4,611 ) (2,710 ) (19,956 ) Investment in note receivable – related party (7,280 ) — — Purchase of fixed-maturity securities (31,034 ) (371 ) (384 ) Purchase of equity securities, available for sale (8,939 ) (2,853 ) (3,196 ) Purchase of equity securities, trading (3,544 ) — — Purchase of property and equipment (306 ) (202 ) (371 ) Proceeds from sales of fixed-maturity securities 667 423 259 Proceeds from calls, repayments and maturities of fixed-maturity securities — 130 — Proceeds from sales of equity securities, available for sale 6,262 2,602 5,475 Proceeds from sales of equity securities, trading 2,624 — — Distributions from limited partnership interests 11,758 — — Dividends received from subsidiary 105,000 19,000 92,700 Investment in subsidiaries — (25,250 ) (78,536 ) Net cash provided by (used in) investing activities 70,597 (9,231 ) (4,009 ) Statements of Cash Flows (Continued) Years Ended December 31, 2017 2016 2015 Cash flows from financing activities: Repurchases of common stock (30,718 ) (464 ) (792 ) Repurchases of common stock under share repurchase plan (15,154 ) (20,026 ) (1,610 ) Repurchases of convertible senior notes — (11,347 ) — Repurchases of senior notes (40,250 ) — — Debt issuance costs paid (4,975 ) — — Cash dividends paid to stockholders (13,906 ) (12,438 ) (12,428 ) Cash dividends received under share repurchase forward contract 1,073 747 747 Proceeds from exercise of stock options 75 150 263 Proceeds from issuance of long-term debt 143,750 — — Tax benefits on stock-based compensation — 641 2,295 Net cash provided by (used in) financing activities 39,895 (42,737 ) (11,525 ) Net increase (decrease) in cash and cash equivalents 51,458 15 (29,800 ) Cash and cash equivalents at beginning of year 2,297 2,282 32,082 Cash and cash equivalents at end of year $ 53,755 $ 2,297 $ 2,282 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 27 — Subsequent Events On January 15, 2018, the Company’s Board of Directors declared a quarterly dividend of $0.35 per common share. The dividends are scheduled for payment on March 16, 2018 to stockholders of record on February 16, 2018. On January 26, 2018, Greenleaf Essence, LLC, a wholly own subsidiary and party to a joint venture which the Company consolidated as the primary beneficiary to its operations, purchased the interest of the noncontrolling member for $539. See Consolidated Variable Interest Entity Year Amount 2018 $ 116 2019 158 2020 163 2021 41 Total minimum future payments $ 478 On February 8, 2018, the Company granted 40,000 shares of restricted stock and options to purchase 110,000 of the Company’s common shares at an exercise price of $40 per share to its chief executive officer, Paresh Patel. The options will expire on February 8, 2028. These share-based awards were granted pursuant to the 2012 Plan and will vest in equal annual installments over four years, so long as Mr. Patel remains employed by the Company. The grant date fair values of the restricted stock and options were $1,397 and $939, respectively. On February 20, 2018, the Company entered into a subscription agreement with another limited partnership and committed to provide $5,000 of capital for investment. The capital is callable at the discretion of the general partner during a commitment period. |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation. |
Adoption of New Accounting Standards | Adoption of New Accounting Standards. Effective January 1, 2017, the Company adopted Accounting Standards Update No. 2016-09, In addition, The Company early adopted Accounting Standards Update No. 2017-01, Real Estate Investments |
Principles of Consolidation | Principles of Consolidation. The Company has a 100% equity interest in one venture (treated as a joint venture under U.S. GAAP) that owns a commercial property in Riverview, Florida. The Company consolidates this joint venture as its primary beneficiary (see Consolidated Variable Interest Entity |
Use of Estimates | Use of Estimates. |
Business Acquisitions | Business Acquisitions. Before the adoption of Accounting Standards Update No. 2017-01, in-place in-place in-place After the adoption of the aforementioned guidance, the Company evaluates whether substantially all of the fair value of the gross assets acquired in a real estate transaction is concentrated in a single identifiable asset or group of similar identifiable assets. If such concentration is substantial, the transaction is accounted for as an asset acquisition. As a result, the cost of acquiring real estate is allocated to the individual assets based on the relative fair values of the individual assets. Acquisition related costs are capitalized and allocated among the assets acquired. |
Cash and Cash Equivalents | Cash and Cash Equivalents. |
Investments in Available-for-Sale Securities | Investments in Available-for-Sale Available-for-sale available-for-sale available-for-sale first-in first-out The Company reviews all securities for other-than-temporary impairment on a monthly basis. When the fair value of any investment is lower than its cost, an assessment is made to determine whether the decline is temporary or other-than-temporary. If the decline is determined to be other-than-temporary, the investment is written down to fair value and an impairment loss is recognized in income in the period in which the Company makes such determination. When reviewing impaired fixed-maturity securities, the Company considers its ability and intent to hold these securities and whether it is probable that the Company will be required to sell these securities prior to their anticipated recovery or maturity. For the fixed-maturity securities that the Company intends to sell or it is probable that the Company will have to sell before recovery or maturity, the unrealized losses are recognized as other-than-temporary losses in income. In instances where there are credit related losses associated with the impaired fixed-maturity securities for which the Company asserts that it does not have the intent to sell, and it is probable that the Company will not be required to sell until a market price recovery or maturity, the amount of the other-than-temporary impairment loss related to credit losses is recognized in income, and the amount of the other-than-temporary impairment loss related to other non-credit When determining impairment due to a credit related loss, the Company carefully considers factors such as the issuer’s financial ratios and condition, the security’s current ratings and maturity date, and overall market conditions in estimating the cash flows expected to be collected. The expected cash flows discounted at the effective interest rate of the security implicit at the date of acquisition is then compared with the security’s amortized cost at the measurement date. A credit loss is incurred when the present value of the expected cash flows is less than the security’s amortized cost. The Company considers various factors in determining whether an individual security is other-than-temporarily impaired (see Available-for-Sale |
Investments in Trading Securities | Investments in Trading Securities. Trading Securities |
Limited Partnership Investments | Limited Partnership Investments. Limited Partnership Investments Pursuant to U.S. GAAP, these limited partnerships which are private equity funds must measure their investments at fair value and reflect the unrealized gains and losses in the fair value of their investments on their statement of income. As a result, the carrying value of limited partnership investments at each reporting date approximates their estimated fair value. |
Investment in Unconsolidated Joint Venture | Investment in Unconsolidated Joint Venture. When evidence indicates an impairment may occur, the Company evaluates whether a decline in value is other than temporary. Evidence may include continuing operating losses of the joint venture, a declining occupancy rate, a decrease in real estate value, and an oversupply of rental property in close vicinity to the investment property. Should available evidence indicate the recovery of the initial investment is less likely, the Company would compare the carrying value of the investment with its expected residual value and recognize an impairment loss in earnings. |
Real Estate Investments | Real Estate Investments Prior to August 16, 2016, the Company was party to an Acquisition, Development and Construction loan agreement (“ADC Arrangement”) whereby the Company provided financing to a property developer for the construction of a retail shopping center. Because the Company expected to receive more than 50% of the residual profit from the ADC Arrangement which had characteristics similar to a real estate investment, the costs of the real estate project were capitalized and interest was recognized in net investment income. Real estate and the related depreciable assets are carried at cost, net of accumulated depreciation, which is included in net investment income and allocated over the estimated useful life of the asset using the straight-line method of depreciation. Land is not depreciated. Real estate is evaluated for impairment when events or circumstances indicate the carrying value of the real estate may not be recoverable. |
Deferred Policy Acquisition Costs | Deferred policy acquisition costs. The method followed in computing DAC limits the amount of such deferred costs to their estimated realizable value, which gives effect to the gross premium earned, related investment income, unpaid losses and loss adjustment expenses and certain other costs expected to be incurred as the premium is earned. DAC is reviewed to determine if it is recoverable from future premium income, including investment income. If such costs are determined to be unrecoverable, they are expensed at the time of determination. The amount of DAC considered recoverable could be reduced in the near term if the estimates of total revenues discussed above are reduced or permanently impaired as a result of the disposition of a line of business. The amount of amortization of DAC could be revised in the near term if any of the estimates discussed above are revised. |
Property and Equipment | Property and Equipment. internal-use |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets. |
Intangible Assets | Intangible Assets. |
Lease Acquisition Costs | Lease Acquisition Costs. |
Long-Term Debt | Long-Term Debt. To determine the carrying values of the liability and equity components at issuance, the Company measures the fair value of a similar liability, including any embedded features other than the conversion option, and assigns such value to the liability component. The liability component’s fair value is then subtracted from the initial proceeds to determine the carrying value of the debt instrument’s equity component, which is included in additional paid-in capital. Any embedded feature other than the conversion option is evaluated at issuance to determine if it is probable that such embedded feature will be exercised. If the Company concludes that the exercisability of that embedded feature is not probable, the embedded feature is considered to be non-substantive and would not impact the initial measurement and expected life of the debt instrument’s liability component. Transaction costs related to issuing a debt instrument that embodies both liability and equity components are allocated to the liability and equity components in proportion to the allocation of the proceeds and accounted for as debt issuance costs and equity issuance costs, respectively. Debt issuance costs are capitalized and presented as a deduction from the carrying value of the debt. Both debt discount and deferred debt issuance costs are amortized to interest expense over the expected life of the debt instrument using the effective interest method. Equity issuance costs are a reduction to the proceeds allocated to the equity component. |
Prepaid Share Repurchase Forward Contract | Prepaid Share Repurchase Forward Contract. |
Losses and Loss Adjustment Expenses | Losses and Loss Adjustment Expenses. The estimates of unpaid losses and LAE are subject to trends in claim severity and frequency and are continually reviewed. As part of the process, the Company reviews historical data and considers various factors, including known and anticipated regulatory and legal developments, changes in social attitudes, inflation and economic conditions. As experience develops and other data becomes available, these estimates are revised, as required, resulting in increases or decreases to the existing unpaid losses and LAE. Adjustments are reflected in the results of operations in the period in which they are made and the liabilities may deviate substantially from prior estimates. Losses and LAE ceded to or recovered from reinsurers are recorded as a reduction to losses and LAE on the consolidated statement of income. |
Advance Premiums | Advance Premiums Premium Revenue |
Reinsurance | Reinsurance . st Certain of the Company’s current reinsurance contracts contain retrospective provisions including terms and conditions that adjust premiums, increase the amount of future coverage, or result in profit commissions based on the loss experience under the contracts. In such cases, a with-and-without received upon the expiration of the contracts. The Company receives ceding commissions from ceding gross written premiums to a third-party reinsurer under one flood quota share reinsurance contract. The ceding commissions represent the reimbursement of the Company’s policy acquisition, underwriting and other operating expenses. Ceding commissions received cover a portion of premium taxes and agent commissions capitalized by the Company and a portion of non-capitalized pro-rata |
Reinsurance Recovered in Advance on Unpaid Losses | Reinsurance Recovered in Advance on Unpaid Losses. |
Premium Revenue | Premium Revenue. |
Policy Fees | Policy Fees. |
Florida Insurance Guaranty Association Assessments | Florida Insurance Guaranty Association Assessments. |
Foreign Currency | Foreign Currency. |
Income Taxes | Income Taxes. tax-allocation The Company accounts for income taxes in accordance with U.S. GAAP, resulting in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term “more likely than not” means a likelihood of more than fifty percent; the terms “examined” and “upon examination” also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not more-likely-than-not |
Fair Value of Financial Instruments | Fair Value of Financial Instruments. |
Stock-Based Compensation | Stock-Based Compensation. paid-in-capital paid-in-capital paid-in-capital |
Basic and Diluted Earnings (Loss) Per Common Share | Basic and diluted earnings (loss) per common share. “two-class |
Statutory Accounting Practices | Statutory Accounting Practices. |
Reclassifications | Reclassifications. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Value of Available-for-Sale Securities | The Company holds investments in fixed-maturity securities and equity securities that are classified as available-for-sale. available-for-sale Cost or Gross Gross Estimated Value As of December 31, 2017 Fixed-maturity securities U.S. Treasury and U.S. government agencies $ 42,313 $ 1 $ (287 ) $ 42,027 Corporate bonds 106,897 1,110 (904 ) 107,103 State, municipalities, and political subdivisions 78,954 1,816 (75 ) 80,695 Exchange-traded debt 7,666 197 (204 ) 7,659 Total 235,830 3,124 (1,470 ) 237,484 Equity securities 53,132 6,280 (501 ) 58,911 Total available-for-sale $ 288,962 $ 9,404 $ (1,971 ) $ 296,395 As of December 31, 2016 Fixed-maturity securities U.S. Treasury and U.S. government agencies $ 1,975 $ — $ (36 ) $ 1,939 Corporate bonds 75,538 607 (1,641 ) 74,504 State, municipalities, and political subdivisions 78,018 776 (488 ) 78,306 Exchange-traded debt 11,463 36 (237 ) 11,262 Redeemable preferred stock 237 3 (3 ) 237 Total 167,231 1,422 (2,405 ) 166,248 Equity securities 47,750 5,769 (484 ) 53,035 Total available-for-sale $ 214,981 $ 7,191 $ (2,889 ) $ 219,283 |
Scheduled Contractual Maturities of Fixed-Maturity Securities | The scheduled contractual maturities of fixed-maturity securities at December 31, 2017 and 2016 are as follows: December 31, 2017 2016 Amortized Estimated Value Amortized Estimated Value Available-for-sale Due in one year or less $ 35,386 $ 35,364 $ 2,656 $ 2,662 Due after one year through five years 116,575 115,766 49,915 50,023 Due after five years through ten years 57,415 58,984 90,360 89,332 Due after ten years 26,454 27,370 24,300 24,231 $235,830 $237,484 $167,231 $166,248 |
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 Proceeds Gross Gross Year ended December 31, 2017 Fixed-maturity securities $ 31,759 $ 2,176 $ (181 ) Equity securities $ 42,657 $ 3,882 $ (1,565 ) Year ended December 31, 2016 Fixed-maturity securities $ 40,454 $ 604 $ (79 ) Equity securities $ 23,127 $ 2,656 $ (580 ) Year ended December 31, 2015 Fixed-maturity securities $ 53,711 $ 253 $ (470 ) Equity securities $ 25,695 $ 1,327 $ (1,718 ) |
Rollforward of Cumulative Credit Losses in Other-Than-Temporary Impairments Recognized in Income for Available for Sale Fixed-Maturity Securities | The following table presents a rollforward of the cumulative credit losses in other-than-temporary impairments recognized in income for available for sale fixed-maturity securities: 2017 2016 2015 Balance at January 1 $ 475 $ 111 $ — Credit impairments on impaired securities — 475 111 Additional credit impairments on previously impaired securities — 293 — Credit impaired security fully disposed of for which there was no prior intent or requirement to sell (475 ) (385 ) — Reduction due to increase in expected cash flows recognized over the remaining life of the previously impaired security — (19 ) — Balance at December 31 $ — $ 475 $ 111 |
Summary of Securities with Gross Unrealized Loss Positions Aggregated by Investment Category | Securities with gross unrealized loss positions at December 31, 2017 and 2016, 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 As of December 31, 2017 Gross Estimated Value Gross Estimated Gross Estimated Value Fixed-maturity securities U.S. Treasury and U.S. government agencies $ (246 ) $ 40,587 $ (41 ) $ 1,938 $ (287 ) $ 42,525 Corporate bonds (174 ) 40,627 (730 ) 30,563 (904 ) 71,190 State, municipalities, and political subdivisions (30 ) 9,775 (45 ) 2,297 (75 ) 12,072 Exchange-traded debt (203 ) 2,481 (1 ) 36 (204 ) 2,517 Total fixed-maturity securities (653 ) 93,470 (817 ) 34,834 (1,470 ) 128,304 Equity securities (449 ) 12,812 (52 ) 1,440 (501 ) 14,252 Total available-for-sale $ (1,102 ) $ 106,282 $ (869 ) $ 36,274 $ (1,971 ) $ 142,556 At December 31, 2017, there were 135 securities in an unrealized loss position. Of these securities, 22 securities had been in an unrealized loss position for 12 months or longer. Less Than Twelve Twelve Months or Total As of December 31, 2016 Gross Estimated Gross Estimated Gross Estimated Fixed-maturity securities U.S. Treasury and U.S. government agencies $ (36 ) $ 1,939 $ — $ — $ (36 ) $ 1,939 Corporate bonds (1,546 ) 43,859 (95 ) 2,814 (1,641 ) 46,673 State, municipalities, and political subdivisions (441 ) 26,029 (47 ) 3,036 (488 ) 29,065 Exchange-traded debt (191 ) 4,980 (46 ) 1,954 (237 ) 6,934 Redeemable preferred stock (3 ) 47 — — (3 ) 47 Total fixed-maturity securities (2,217 ) 76,854 (188 ) 7,804 (2,405 ) 84,658 Equity securities (293 ) 10,042 (191 ) 3,209 (484 ) 13,251 Total available-for-sale $ (2,510 ) $ 86,896 $ (379 ) $ 11,013 $ (2,889 ) $ 97,909 |
Summary of Proceeds Received, and The Gross Realized Gains and Losses From Sales of Trading Equity Securities | Proceeds received, and the gross realized gains and losses from sales of trading equity securities, for the year ended December 31, 2017 were as follows: Proceeds Gross Gross Year ended December 31, 2017 Equity securities $ 2,625 $ 111 $ (77 ) |
Schedule of Company's Investments in Limited Partnerships | The following table provides information related to the Company’s investments in limited partnerships: December 31, 2017 December 31, 2016 Investment Strategy Carrying Unfunded (%)(a) Carrying Unfunded (%)(a) Primarily in senior secured loans and, to a limited extent, in other debt and equity securities of private U.S. lower-middle-market companies. (b)(c)(e) $ 7,276 $ 5,505 15.37 $ 6,246 $ 6,428 16.50 Value creation through active distressed debt investing primarily in bank loans, public and private corporate bonds, asset-backed securities, and equity securities received in connection with debt restructuring. (b)(d)(e) 7,951 1,745 1.76 7,358 1,360 1.76 Maximum long-term capital appreciation through long and short positions in equity and/or debt securities of publicly traded U.S. and non-U.S. — — — 11,333 — 66.58 High returns and long-term capital appreciation through investments in the power, utility and energy industries, and in the infrastructure sector. (b)(g)(h) 7,509 2,512 0.18 4,326 5,766 0.18 Value-oriented investments in less liquid and mispriced senior and junior debts of private equity-backed companies. (b)(i)(j) 448 4,566 0.47 — — — Total $ 23,184 $ 14,328 $ 29,263 $ 13,554 (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) Expected to have a 10-year (d) Expected to have a three-year term from the end of the capital commitment period, which is March 31, 2018. (e) At the fund manager’s discretion, the term of the fund may be extended for up to two additional one-year (f) The withdrawal was effective on February 15, 2017. As a result, the Company’s investment in this limited partnership was terminated. (g) Expected to have a 10-year (h) With the consent of a super majority of partners, the term of the fund may be extended for up to three additional one-year (i) Expected to have a six-year one-year (j) Unless extended or terminated for reasons specified in the agreement, the capital commitment is expected to expire on December 1, 2018. |
Summary of Unaudited Financial Information and Unaudited Financial Position | The following tables provide FMJV’s summarized unaudited financial results and the unaudited financial positions: Years Ended December 31, 2017 2016 2015 Operating results: Total revenues $ 331 $ — $ 118 Total expenses 483 — 257 Net loss $ (152 ) $ — $ (139 ) The Company’s share of net loss (a) $ (234 ) $ — $ (125 ) (a) Included in net investment income in the Company’s consolidated statements of income. Gain from the sale of the outparcel during 2017 was allocated in accordance with the method specified in the operating agreement. December 31, 2017 2016 Balance Sheet: Construction in progress—real estate $ 27 $ 334 Property and equipment, net 1,199 1,654 Cash 236 179 Other 5 180 Total assets $ 1,467 $ 2,347 Accounts payable $ $ 11 Other liabilities 18 — Members’ capital 1,449 2,336 Total liabilities and members’ capital $ 1,467 $ 2,347 Investment in unconsolidated joint venture, at equity* $ 1,304 $ 2,102 * Included the 90% share of FMKT Mel JV’s operating results. |
Summary of Real Estate Investment | Real estate investments consist of the following as of December 31, 2017 and 2016: December 31, 2017 2016 Land $ 26,315 $ 17,592 Land improvements 9,904 9,336 Building 21,284 16,154 Tenant and leasehold improvements 1,204 872 Construction in progress* — 3,404 Other 3,050 2,683 Total, at cost 61,757 50,041 Less: accumulated depreciation and amortization (3,399 ) (1,955 ) Real estate investments $ 58,358 $ 48,086 * This project, which was developed by the Company’s consolidated variable interest entity, was completed in July 2017. The capitalized costs were reclassified to land, land improvement, and building. |
Investment (Loss) Income Summarized | Net investment income (loss), by source, is summarized as follows: Years Ended December 31, 2017 2016 2015 Available-for-sale Fixed-maturity securities $ 5,689 $ 4,589 $ 3,935 Equity securities 3,318 3,452 3,710 Investment expense (726 ) (651 ) (673 ) Limited partnership investments 2,334 1,207 (3,244 ) Real estate investments (1,018 ) (592 ) (343 ) Loss from unconsolidated joint venture (234 ) — (125 ) Cash and cash equivalents 2,069 1,036 661 Other 7 46 57 Net investment income $ 11,439 $ 9,087 $ 3,978 |
Variable Interest Entity [Member] | |
Summary of Unaudited Financial Information and Unaudited Financial Position | The following table summarizes the assets and liabilities related to this variable interest entity which are included in the accompanying consolidated balance sheets. December 31, 2017 2016 Cash and cash equivalents $ — $ 65 Construction in progress included in real estate investments $ — $ 3,404 Real estate investments $ 4,680 $ — Other assets $ 152 $ — Accrued expenses $ 21 $ 68 Other liabilities $ 160 $ 11 |
Limited Partnership [Member] | |
Summary of Unaudited Financial Information and Unaudited Financial Position | The following is the aggregated summarized 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. In applying the equity method of accounting, the Company uses the most recently available financial information provided by the general partner of each of these partnerships. The financial statements of these limited partnerships are audited annually. Years Ended December 31, 2017 2016 2015 Operating results: Total income $ 409,169 $ 310,998 $ 4,350 Total expenses 105,281 185,126 77,508 Net income (loss) $ 303,888 $ 125,872 $ (73,158 ) December 31, 2017 2016 Balance Sheet: Total assets $ 4,381,321 $ 2,956,327 Total liabilities $ 382,310 $ 63,813 |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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: Year Ended December 31, 2017 Before Income Tax Net of Unrealized gain arising during the period $ 5,996 $ 2,313 $ 3,683 Other-than-temporary impairment loss 1,467 566 901 Call and repayment losses charged to investment income 14 5 9 Reclassification adjustment for realized gains (4,346 ) (1,676 ) (2,670 ) Total other comprehensive income $ 3,131 $ 1,208 $ 1,923 Year Ended December 31, 2016 Before Income Tax Net of Unrealized gain arising during the period $ 7,317 $ 2,823 $ 4,494 Other-than-temporary impairment loss 2,482 957 1,525 Call and repayment losses charged to investment income 20 8 12 Reclassification adjustment for realized gains (2,601 ) (1,004 ) (1,597 ) Total other comprehensive income $ 7,218 $ 2,784 $ 4,434 Year Ended December 31, 2015 Before Income Tax Net of Unrealized loss arising during the period $ (9,366 ) $ (3,613 ) $ (5,753 ) Other-than-temporary impairment loss 4,681 1,806 2,875 Call and repayment losses charged to investment income 77 29 48 Reclassification adjustment for realized losses 608 235 373 Total other comprehensive loss $ (4,000 ) $ (1,543 ) $ (2,457 ) |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Sorrento Hills Village - Sorrento, Florida [Member] | |
Allocation of Purchase Price to Net Assets Acquired Based on their Fair Values at the Acquisition Date | The table below presents an allocation of the purchase price to the net assets acquired based on their fair values at the acquisition date: Identifiable assets acquired and liabilities assumed: Cash $ 194 Land 1,600 Land improvements 3,045 Buildings 7,120 Intangibles 2,580 Tenant improvements 76 Building improvement 29 Other assets 33 Other liabilities (356 ) Total net assets acquired 14,321 Less: Gain on bargain purchase (2,071 ) Purchase price $ 12,250 |
Pineda Landings - Melbourne, Florida [Member] | |
Allocation of Purchase Price to Net Assets Acquired Based on their Fair Values at the Acquisition Date | The table below presents the fair values of the net assets acquired at the acquisition date: Identifiable assets acquired and liabilities assumed: Cash $ 502 Land 2,857 Land improvements 4,671 Buildings 5,480 Intangibles 2,619 Tenant improvements 403 Building improvement 403 Other property and equipment 17 Other assets 940 Construction loan (8,214 ) Other liabilities (550 ) Total net assets acquired 9,128 Less: Carrying value of 90% equity method investment (2,859 ) Gain on remeasurement of previously held interest (4,005 ) Payable to the 10% joint venture partner (200 ) Cash paid to the 10% joint venture partner $ 2,064 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 Valuation Methodology 8% Senior Notes * Closing price listed on the New York Stock Exchange 3.875% Convertible Senior Notes 2019 Quoted price at January 3, 2018; Discounted cash flow method/Level 3 inputs at December 31, 2016 4.25% Convertible Senior Notes 2037 Quoted price 3.95% Promissory Note 2020 Discounted cash flow method/Level 3 inputs 4% Promissory Note 2031 Discounted cash flow method/Level 3 inputs 3.75% Promissory Note 2036 Discounted cash flow method/Level 3 inputs * Redeemed on April 3, 2017. |
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 table indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of December 31, 2017 and 2016: Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total As of December 31, 2017 Financial Assets: Cash and cash equivalents $ 255,884 $ — $ — $ 255,884 Fixed-maturity securities: U.S. Treasury and U.S. government agencies 40,527 1,500 — 42,027 Corporate bonds 106,109 994 — 107,103 State, municipalities, and political subdivisions — 80,695 — 80,695 Exchange-traded debt 7,659 — — 7,659 Total fixed-maturity securities 154,295 83,189 — 237,484 Equity securities 58,911 — — 58,911 Total available-for-sale 213,206 83,189 — 296,395 Trading equity securities 1,045 — — 1,045 Total $ 470,135 $ 83,189 $ — $ 553,324 Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total As of December 31, 2016 Financial Assets: Cash and cash equivalents $ 280,531 $ — $ — $ 280,531 Fixed-maturity securities: U.S. Treasury and U.S. government agencies 1,939 — — 1,939 Corporate bonds 73,519 985 — 74,504 State, municipalities, and political subdivisions — 78,306 — 78,306 Exchange-traded debt 11,262 — — 11,262 Redeemable preferred stock 237 — — 237 Total fixed-maturity securities 86,957 79,291 — 166,248 Equity securities 53,035 — — 53,035 Total available-for-sale 139,992 79,291 — 219,283 Total $ 420,523 $ 79,291 $ — $ 499,814 |
Schedule of Fair Value Information for Financial Assets and Liabilities Carried on Balance Sheet | The following tables present fair value information for assets and liabilities that are carried on the balance sheet at amounts other than fair value as of December 31, 2017 and 2016: Carrying Fair Value Measurements Using Estimated Value (Level 1) (Level 2) (Level 3) Fair Value As of December 31, 2017 Financial Assets: Limited partnership investments $ 23,184 $ — $ — $ 23,184 $ 23,184 Financial Liabilities: Long-term debt: 3.875% Convertible senior notes $ 85,436 $ — $ 90,827 $ — $ 90,827 4.25% Convertible senior notes 126,454 — 124,444 — 124,444 3.95% Promissory note 9,270 — — 7,894 7,894 4% Promissory note 8,206 — — 7,820 7,820 3.75% Promissory note 8,469 — — 9,227 9,227 Total long-term debt $ 237,835 $ — $ 215,271 $ 24,941 $ 240,212 Carrying Fair Value Measurements Using Estimated Value (Level 1) (Level 2) (Level 3) Fair Value As of December 31, 2016 Financial Assets: Limited partnership investments $ 29,263 $ — $ — $ 29,263 $ 29,263 Financial Liabilities: Revolving credit facility $ 9,463 $ — $ — $ 9,463 $ 9,463 Long-term debt: 8% Senior notes $ 39,448 $ — $ 41,618 $ — $ 41,618 3.875% Convertible senior notes 81,988 — — 84,696 84,696 4% Promissory note 8,660 — — 8,664 8,664 3.75% Promissory note 8,767 — — 8,506 8,506 Total long-term debt $ 138,863 $ — $ 41,618 $ 101,866 $ 143,484 |
Deferred Policy Acquisition C41
Deferred Policy Acquisition Costs (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Insurance [Abstract] | |
Summary of Activity with Respect to Deferred Policy Acquisition Costs | The following table summarizes the activity with respect to deferred policy acquisition costs: December 31, 2017 2016 Beginning balance $ 16,639 $ 18,602 Policy acquisition costs deferred 35,736 35,905 Amortization (35,663 ) (37,868 ) Ending balance $ 16,712 $ 16,639 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment, Net | Property and equipment, net consists of the following: December 31, 2017 2016 Land $ 1,642 $ 1,642 Building 7,952 7,932 Computer hardware and software 3,964 2,294 Office furniture and equipment 2,014 1,940 Tenant and leasehold improvements 3,320 3,250 Other 1,387 940 Total, at cost 20,279 17,998 Less:accumulated depreciation and amortization (7,814 ) (6,624 ) Property and equipment, net $ 12,465 $ 11,374 |
Intangible Assets, net (Tables)
Intangible Assets, net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Details of Intangible Assets | The Company’s intangible assets, net consist of the following: December 31, 2017 2016 Anchor tenants relationships $ 1,761 $ 1,761 In-place 3,806 3,214 Total, at cost 5,567 4,975 Less: accumulated amortization (572 ) (76 ) Intangible assets, net $ 4,995 $ 4,899 |
Schedule of Amortization Expense for Intangible Assets | Amortization expense for intangible assets after December 31, 2017 is as follows: Year Amount 2018 $ 604 2019 604 2020 597 2021 493 2022 419 Thereafter 2,278 Total $ 4,995 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of Other Assets | The following table summarizes the Company’s other assets: December 31, 2017 2016 Benefits receivable related to retrospective reinsurance contracts $ 2,393 $ 5,810 Prepaid expenses 1,741 1,581 Lease acquisition costs, net 723 641 Restricted cash 809 600 Other 4,884 2,710 Total other assets $ 10,550 $ 11,342 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Long-term Debt | The following table summarizes the Company’s long-term debt: December 31, 2017 2016 8% Senior Notes, redeemed in April 2017 $ — $ 40,250 3.875% Convertible Senior Notes, due March 15, 2019 89,990 89,990 4.25% Convertible Senior Notes, due March 1, 2037 143,750 — 3.95% Promissory note, due through February 17, 2020 9,360 — 4% Promissory note, due through February 1, 2031 8,348 8,821 3.75% Promissory note, due through September 1, 2036 8,613 8,924 Total principal amount 260,061 147,985 Less: unamortized discount and issuance costs (22,226 ) (9,122 ) Total long-term debt $ 237,835 $ 138,863 |
Summary of Future Maturities of Long-Term Debt | The following table summarizes future maturities of long-term debt as of December 31, 2017, which takes into consideration the assumption that the 4.25% Convertible Senior Notes are repurchased at the earliest call date. Year 2018 $ 1,049 2019 91,081 2020 9,761 2021 916 2022 144,702 Thereafter 12,552 Total $ 260,061 |
Schedule of Interest Expense Related to Long-Term Debt | Information with respect to interest expense related to long-term debt is as follows: Years Ended December 31, 2017 2016 2015 Interest Expense: Contractual interest $ 10,424 $ 7,315 $ 7,211 Non-cash 6,404 3,529 3,543 Capitalized interest (b) (61 ) — — Total $ 16,767 $ 10,844 $ 10,754 (a) Represents amortization of debt discount and issuance costs. (b) Interest was capitalized for a construction project in Riverview, Florida which is intended for lease. |
Summary of Principal and Interest Payment Terms of Convertible Senior Notes | The following table summarizes the principal and interest payment terms of these Convertible Senior Notes: Convertible Senior Notes Interest Payment Terms 3.875% Convertible Notes, due March 15, 2019 Semiannually in arrears: March 15 and September 15 4.25% Convertible Notes, due March 1, 2037 Semiannually in arrears: March 1 and September 1 |
Summary of Equity and Liability Components of the Convertible Senior Notes | The following table summarizes information regarding the equity and liability components of the Convertible Senior Notes: December 31, 2017 2016 Principal amount $ 233,740 $ 89,990 Unamortized discount (17,354 ) (6,795 ) Liability component – net carrying value before issuance costs $ 216,386 $ 83,195 Equity component – conversion, net of offering costs $ 31,051 $ 15,900 |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Insurance [Abstract] | |
Impact of the Reinsurance Treaties on Premiums Written and Earned | The impact of the reinsurance treaties on premiums written and earned is as follows: Years Ended December 31, 2017 2016 2015 Premiums Written: Direct $ 346,188 $ 352,803 $ 393,009 Assumed 1,158 14,388 3,329 Gross written 347,346 367,191 396,338 Ceded (133,635 ) (135,051 ) (140,614 ) Net premiums written $ 213,711 $ 232,140 $ 255,724 Premiums Earned: Direct $ 347,235 $ 372,699 $ 360,878 Assumed 11,018 5,979 62,242 Gross earned 358,253 378,678 423,120 Ceded (133,635 ) (135,051 ) (140,614 ) Net premiums earned $ 224,618 $ 243,627 $ 282,506 |
Losses and Loss Adjustment Ex47
Losses and Loss Adjustment Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Insurance [Abstract] | |
Liability for Losses and Loss Adjustment Expenses | Activity in the liability for losses and LAE is summarized as follows: Years Ended December 31, 2017 2016 2015 Gross balance, beginning of year $ 70,492 $ 51,690 $ 48,908 Incurred, net of reinsurance, related to: Current year 146,922 104,128 78,325 Prior years 18,707 20,539 8,899 Total incurred, net of reinsurance 165,629 124,667 87,224 Paid, net of reinsurance, related to: Current year (87,770 ) (64,812 ) (51,095 ) Prior years (50,533 ) (41,053 ) (33,347 ) Total paid, net of reinsurance (138,303 ) (105,865 ) (84,442 ) Net balance, end of year 97,818 70,492 51,690 Add: reinsurance recoverable 100,760 — — Gross balance, end of year $ 198,578 $ 70,492 $ 51,690 |
Schedule of Incurred and Paid Claims Development | The following is information about incurred and paid claims development as of December 31, 2017, net of reinsurance, as well as cumulative claim frequency and the total of incurred-but-not-reported Homeowners Multi-peril and Dwelling Fire Insurance (a) As of December 31, 2017 Total of IBNR on Reported Claims Cumulative (Not in Dollar Amounts)(b) Incurred Claims and Allocated Claim Adjustment Expenses, Net of Accident Year For the Years Ended December 31, 2012 2013 2014 2015 2016 2017 2012 $ 66,425 $ 62,742 $ 64,083 $ 66,505 $ 67,058 $ 66,465 $ 155 6,617 2013 — 67,579 69,932 69,906 72,020 71,604 540 7,003 2014 — — 75,810 81,773 84,917 88,054 2,350 7,649 2015 — — — 78,017 90,902 96,173 4,398 7,627 2016 — — — — 81,446 90,878 12,840 6,863 2017 — — — — — 91,443 37,388 5,325 Total $ 504,617 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Accident Year For the Years Ended December 31, 2012 2013 2014 2015 2016 2017 2012 $ 36,914 $ 53,225 $ 59,041 $ 62,836 $ 64,667 $ 65,903 2013 — 40,240 57,374 64,257 68,106 70,224 2014 — — 47,650 68,897 77,712 82,463 2015 — — — 50,939 76,042 87,784 2016 — — — — 51,663 73,037 2017 — — — — — 43,039 Total $ 422,450 All outstanding liabilities before 2012, net of 538 Liabilities for losses and loss adjustment, net of $ 82,705 (a) Excludes losses from Wind-only insurance (2012 through 2017), any hurricane event prior to 2017 and Hurricane Irma (2017). (b) The cumulative number of reported claims is measured as the number of per-policyholder, per-event Homeowners Wind-only Insurance (a) As of December 31, 2017 Total of IBNR on Reported Claims Cumulative (Not in Dollar Amounts)(b) Incurred Claims and Allocated Claim Adjustment Accident Year For the Years Ended December 31, 2012 2013 2014 2015 2016 2017 2015 $ — $ — $ — $ 308 $ 401 $ 569 $ 2 100 2016 — — — — 1,005 1,314 41 228 2017 — — — — — 1,528 866 144 Total $ 3,411 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Accident Year For the Years Ended December 31, 2012 2013 2014 2015 2016 2017 2015 $ — $ — $ — $ 156 $ 332 $ 464 2016 — — — — 689 1,155 2017 — — — — — 484 Total $ 2,103 All outstanding liabilities before 2012, — Liabilities for losses and loss $ 1,308 * The Company began writing Homeowners Wind-only insurance in 2015. (a) Excludes losses from multi-peril and dwelling fire insurance (2012 through 2017), any hurricane event prior to 2017 and Hurricane Irma (2017). (b) The cumulative number of reported claims is measured as the number of per-policyholder, per-event Losses Specific to Any Hurricane Event prior to 2017 As of December 31, 2017 Total of IBNR on Reported Claims Cumulative (Not in Dollar Amounts)(b) Incurred Claims and Allocated Claim Adjustment Expenses, Accident Year For the Years Ended December 31, 2012 2013 2014 2015 2016 2017 2016 $ — $ — $ — $ — $ 21,414 $ 24,126 $ 3,435 2,410 2017 — — — — — 171 — 113 Total $ 24,297 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Accident Year For the Years Ended December 31, 2012 2013 2014 2015 2016 2017 2016 $ — $ — $ — $ — $ 12,227 $ 20,025 2017 — — — — — 163 Total $ 20,188 All outstanding liabilities before 2012, — Liabilities for losses and loss $ 4,109 (b) The cumulative number of reported claims is measured as the number of per-policyholder, per-event Losses Specific to Hurricane Irma (2017) As of December 31, 2017 Total of IBNR on Reported Claims Cumulative (Not in Dollar Amounts)(b) Incurred Claims and Allocated Claim Adjustment Expenses, Accident Year For the Years Ended December 31, 2012 2013 2014 2015 2016 2017 2017 $ — $ — $ — $ — $ — $ 53,430 $ 9,614 17,862 Total $ 53,430 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Accident Year For the Years Ended December 31, 2012 2013 2014 2015 2016 2017 2017 $ — $ — $ — $ — $ — $ 43,742 Total $ 43,742 All outstanding liabilities before 2012, — Liabilities for losses and loss adjustment, $ 9,688 (b) The cumulative number of reported claims is measured as the number of per-policyholder, per-event |
Reconciliation of Net Incurred and Paid Loss Development Tables to Liability for Losses and Loss Adjustment Expenses | The reconciliation of the net incurred and paid loss development tables to the liability for losses and loss adjustment expenses is as follows: December 31, Net outstanding liabilities Homeowners multi-peril and dwelling fire insurance $ 82,705 Homeowners Wind-only insurance 1,308 Losses specific to any hurricane prior to 2017 4,109 Losses specific to Hurricane Irma (2017) 9,688 Other short-duration insurance lines 8 Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance 97,818 Reinsurance recoverables 100,760 Total gross liability for unpaid losses and loss adjustment expenses $ 198,578 |
Supplementary and Unaudited Information about Average Historical Claims Duration | The following is supplementary and unaudited information about average historical claims duration as of December 31, 2017: Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance Years 1 2 3 4 5 6 Homeowners multi-peril and dwelling fire insurance 53.8 % 24.4 % 10.1 % 5.5 % 2.9 % 1.9 % Homeowners Wind-only insurance 37.2 % 33.2 % 8.7 % * * * Losses specific to any hurricane prior to 2017 51.0 % 32.3 % — — — — Losses specific to Hurricane Irma (2017) 81.9 % — — — — — * The Company began writing Homeowners Wind-only insurance in 2015. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 the Year Ended December 31, 2017 Insurance Real Corporate/ Reclassification/ Consolidated Revenue: Net premiums earned $ 224,618 $ — $ — $ — $ 224,618 Net investment income 9,898 6 2,974 (1,439 ) 11,439 Net realized investment gains 3,978 — 368 — 4,346 Net unrealized investment gains — — 92 — 92 Net other-than-temporary impairment losses (1,258 ) — (209 ) — (1,467 ) Policy fee income 3,622 — — — 3,622 Other 693 7,046 4,417 (10,400 ) 1,756 Total revenue 241,551 7,052 7,642 (11,839 ) 244,406 Expenses: Losses and loss adjustment expenses 165,629 — — — 165,629 Amortization of deferred policy acquisition costs 35,663 — — — 35,663 Interest expense — 1,250 15,704 (187 ) 16,767 Loss on repurchases of senior notes — — 743 — 743 Depreciation and amortization 128 2,121 939 (1,950 ) 1,238 Other 27,547 4,022 18,123 (9,702 ) 39,990 Total expenses 228,967 7,393 35,509 (11,839 ) 260,030 Income (loss) before income taxes $ 12,584 $ (341 ) $ (27,867 ) $ — $ (15,624 ) Total revenue from non-affiliates(c) $ 241,551 $ 5,525 $ 6,958 (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 restaurant and marina businesses. (c) Represents amounts before reclassification to conform with an insurance company’s presentation. For the Year Ended December 31, 2016 Insurance Real Corporate/ Reclassification/ Consolidated Revenue: Net premiums earned $ 243,627 $ — $ — $ — $ 243,627 Net investment income (loss) 8,440 18 1,162 (533 ) 9,087 Net realized investment gains 2,450 — 151 — 2,601 Net other-than-temporary impairment losses (2,467 ) — (15 ) — (2,482 ) Policy fee income 3,914 — — — 3,914 Gain on repurchases of convertible senior notes — — 153 — 153 Gain on bargain purchase — 2,071 — — 2,071 Gain on remeasurement of previously held interest — 4,005 — — 4,005 Other 684 4,505 4,104 (7,823 ) 1,470 Total revenue 256,648 10,599 5,555 (8,356 ) 264,446 Expenses: Losses and loss adjustment expenses 124,667 — — — 124,667 Amortization of deferred policy acquisition costs 37,868 — — — 37,868 Interest expense — 561 10,518 — 11,079 Depreciation and amortization 158 814 908 (608 ) 1,272 Other operating expenses 31,351 2,921 16,180 (7,748 ) 42,704 Total expenses 194,044 4,296 27,606 (8,356 ) 217,590 Income (loss) before income taxes $ 62,604 $ 6,303 $ (22,051 ) $ — $ 46,856 Total revenue from non-affiliates(c) $ 256,648 $ 9,072 $ 5,470 (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 restaurant and marina businesses. (c) Represents amounts before reclassification to conform with an insurance company’s presentation. For the Year Ended December 31, 2015 Insurance Real Corporate/ Reclassification/ Consolidated Revenue: Net premiums earned $ 282,506 $ — $ — $ — $ 282,506 Net investment income (loss) 6,841 5 (1,971 ) (897 ) 3,978 Net realized investment (losses) gains (716 ) — 108 — (608 ) Net other-than-temporary impairment losses (4,606 ) — (75 ) — (4,681 ) Policy fee income 3,496 — — — 3,496 Other 564 4,095 3,209 (6,607 ) 1,261 Total revenue 288,085 4,100 1,271 (7,504 ) 285,952 Expenses: Losses and loss adjustment expenses 87,224 — — — 87,224 Amortization of deferred policy acquisition costs 36,224 — — — 36,224 Interest expense — 15 10,739 — 10,754 Depreciation and amortization 185 603 920 (370 ) 1,338 Other operating expenses 30,665 2,822 17,867 (7,134 ) 44,220 Total expenses 154,298 3,440 29,526 (7,504 ) 179,760 Income (loss) before income taxes $ 133,787 $ 660 $ (28,255 ) $ — $ 106,192 Total revenue from non-affiliates(c) $ 288,085 $ 2,612 $ 1,104 (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 restaurant and marina businesses. (c) Represents amounts before reclassification to conform with an insurance company’s presentation. |
Summary of Segment Assets Reconciled to Consolidated Balance Sheet | The following table presents segment assets reconciled to the Company’s total assets in the consolidated balance sheets. December 31, 2017 2016 Segment: Insurance Operations $ 652,754 $ 651,927 Real Estate Operations 80,152 71,226 Corporate and Other 127,822 45,623 Consolidation and Elimination (18,464 ) (98,712 ) Total assets $ 842,264 $ 670,064 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Tax Expense | A summary of income tax expense is as follows: Years Ended December 31, 2017 2016 2015 Current: Federal $ (3,933 ) $ 14,918 $ 34,768 State 34 2,666 5,856 Foreign 81 96 68 Total current taxes (3,818 ) 17,680 40,692 Deferred: Federal (4,144 ) 182 (275 ) State (757 ) (9 ) (46 ) Foreign (12 ) (18 ) (40 ) Total deferred taxes (4,913 ) 155 (361 ) Income tax (benefit) expense $ (8,731 ) $ 17,835 $ 40,331 |
Summary of the Differences Between the Statutory Federal Income Tax Rate and the Effective Tax Rate | The reasons for the differences between the statutory Federal income tax rate and the effective tax rate are summarized as follows: Years Ended December 31, 2017 2016 2015 Amount % Amount % Amount % Income taxes at statutory rate $ (5,468 ) 35.0 $ 16,395 35.0 $ 37,167 35.0 Increase (decrease) in income taxes resulting from: State income taxes, net of federal tax benefits (657 ) 4.2 1,710 3.6 3,783 3.6 Effects of tax rate changes (1,400 ) 9.0 — — — — Share-based compensation (705 ) 4.5 — — — — Other (501 ) 3.2 (270 ) (0.5 ) (619 ) (0.6 ) Income tax (benefit) expense $ (8,731 ) 55.9 $ 17,835 38.1 $ 40,331 38.0 |
Significant Components of Net Deferred Income Tax Asset | Significant components of the Company’s net deferred income tax assets are as follows: December 31, 2017 2016 Deferred tax assets: Unearned premiums $ 5,753 $ 9,331 Other-than-temporary impairment losses 386 1,246 Losses and loss adjustment expenses 3,154 986 Organizational costs 90 61 Stock-based compensation 2,455 3,388 Accrued expenses — 35 Unearned revenue 339 489 State net operating losses 333 — State capital loss carryforwards 175 65 Bad debt reserve 2 3 Total deferred tax assets 12,687 15,604 Deferred tax liabilities: Property and equipment (1,517 ) (1,857 ) Intangible assets (1,541 ) (1,890 ) Deferred policy acquisition costs (4,365 ) (6,601 ) Unrealized net gain on available-for-sale (1,907 ) (1,659 ) Basis difference related to partnership investments (599 ) (5 ) Basis difference related to convertible senior notes (4,099 ) (2,519 ) Prepaid expenses (312 ) (412 ) Accrued expenses (37 ) — Other (200 ) (411 ) Total deferred tax liabilities (14,577 ) (15,354 ) Net deferred tax (liabilities) assets $ (1,890 ) $ 250 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Summary of Numerator and Denominator of Basic and Fully Diluted (Loss) Earnings Per Common Share | A summary of the numerator and denominator of the basic and fully diluted (loss) earnings per common share is presented below: (Loss) Shares (a) Per Share Year Ended December 31, 2017 Net loss $ (6,893 ) Less: Loss attributable to participating securities 481 Basic and Diluted Loss Per Share: Loss available to common stockholders* $ (6,412 ) 8,558 $ (0.75 ) * Stock options and convertible senior notes were excluded due to antidilutive effect. Year Ended December 31, 2016 Net income $ 29,021 Less: Income attributable to participating securities (1,545 ) Basic Earnings Per Share: Income allocated to common stockholders 27,476 9,326 $ 2.95 Effect of Dilutive Securities: Stock options — 54 Convertible senior notes 4,244 1,493 Diluted Earnings Per Share: Income available to common stockholders and assumed conversions $ 31,720 10,873 $ 2.92 Year Ended December 31, 2015 Net income $ 65,861 Less: Income attributable to participating securities (3,398 ) Basic Earnings Per Share: Income allocated to common stockholders 62,463 9,602 $ 6.51 Effect of Dilutive Securities: Stock options — 102 Convertible senior notes 4,505 1,651 Diluted Earnings Per Share: Income available to common stockholders and assumed conversions $ 66,968 11,355 $ 5.90 (a) Shares in thousands. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Company's Stock Option Plan Activity | A summary of the stock option activity for the years ended December 31, 2017, 2016 and 2015 is as follows (option amounts not in thousands): Number Weighted Weighted Aggregate Outstanding at January 1, 2015 230,000 $ 3.00 3.0 years $ 9,256 Exercised (120,000 ) $ 2.82 Outstanding at December 31, 2015 110,000 $ 3.19 2.3 years $ 3,482 Exercised (60,000 ) $ 2.50 Outstanding at December 31, 2016 50,000 $ 4.02 2.3 years $ 1,773 Granted 110,000 $ 40.00 Exercised (30,000 ) $ 2.50 Outstanding at December 31, 2017 130,000 $ 34.82 8.2 years $ 472 Exercisable at December 31, 2017 20,000 $ 6.30 3.7 years $ 472 |
Information about Options Exercised | The following table summarizes information about options exercised for the years ended December 31, 2017, 2016 and 2015 (option amounts not in thousands): 2017 2016 2015 Options exercised 30,000 60,000 120,000 Total intrinsic value of exercised options $ 1,319 $ 1,376 $ 4,551 Tax benefits realized $ 509 $ 501 $ 1,697 |
Assumptions Used to Estimate the Fair Value of Stock Options Granted | The following table provides assumptions used in the Black-Scholes option-pricing model to estimate the fair value of the stock options granted during the year ended December 31, 2017: Expected dividend yield 3.53 % Expected volatility 42.86 % Risk-free interest rate 1.92 % Expected life (in years) 5 |
Information with Respect to Unvested Restricted Stock Awards Stock Option and Incentive Plan | Information with respect to the activity of unvested restricted stock awards during the years ended December 31, 2017, 2016 and 2015 is as follows: Number of Weighted Nonvested at January 1, 2015 639,705 $ 28.33 Granted 83,260 $ 44.46 Vested (59,695 ) $ 30.13 Forfeited (42,757 ) $ 28.15 Nonvested at December 31, 2015 620,513 $ 30.33 Granted 142,440 $ 32.35 Vested (47,152 ) $ 42.27 Cancelled (160,000 ) $ 26.27 Forfeited (13,298 ) $ 39.06 Nonvested at December 31, 2016 542,503 $ 30.81 Granted 154,936 $ 42.92 Vested (75,983 ) $ 37.95 Forfeited (23,766 ) $ 36.32 Nonvested at December 31, 2017 597,690 $ 32.82 |
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 years ended December 31, 2017, 2016 and 2015. 2017 2016 2015 Deferred tax benefits recognized $ 970 $ 1,619 $ 1,453 Tax benefits realized for restricted stock and paid dividends $ 1,396 $ 140 $ 598 Fair value of vested restricted stock $ 2,884 $ 1,993 $ 1,798 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Contractual Obligations | The table below presents the future minimum aggregate premiums amount payable to the reinsurers. Year 2018* $ 21,792 2019* 2,392 2020* 1,196 Total $ 25,380 * Premiums payable after December 31, 2017 under one contract are estimated. See Note 14 — “Reinsurance” for additional information. |
Minimum Future Rental Payments Under Operating Leases | Provided the leases are not early terminated, minimum future rental payments under operating leases after December 31, 2017 are as follows: Year Amount 2018 $ 147 2019 142 2020 150 2021 157 Total minimum future payments $ 596 |
Minimum Future Payments Under the Service Agreements | Provided the agreement is not early terminated, minimum future payments under the service agreement after December 31, 2017 are as follows: Year Amount 2018 $ 24 2019 26 2020 27 2021 28 Total minimum future payments $ 105 |
Rental Income Due Under Non-Cancellable Operating Leases | Expected annual rental income due under non-cancellable Year Amount 2018 $ 4,227 2019 4,073 2020 3,651 2021 3,048 2022 2,558 Thereafter 13,786 Total $ 31,343 |
Miami Lakes, Florida [Member] | |
Minimum Future Rental Payments Under Operating Leases | Future minimum lease payments, inclusive of sales tax, are as follows: Year Amount 2018 $ 116 2019 158 2020 163 2021 41 Total minimum future payments $ 478 |
Quarterly Results of Operatio53
Quarterly Results of Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Unaudited Quarterly Results of Operations | The tables below summarize unaudited quarterly results of operations for 2017, 2016 and 2015. Three Months Ended 03/31/17 06/30/17 09/30/17 12/31/17 Net premiums earned $ 63,036 $ 61,847 $ 43,964 $ 55,771 Total revenue 67,713 67,580 47,490 61,623 Losses and loss adjustment expenses 25,529 27,665 89,231 23,204 Policy acquisition and other underwriting expenses 9,649 10,070 9,926 10,018 Interest expense 3,542 4,378 4,408 4,439 Total expenses 48,571 53,275 113,508 44,676 Income (loss) before income taxes 19,142 14,305 (66,018 ) 16,947 Net income (loss) 12,020 9,542 (40,546 ) 12,091 Comprehensive income (loss) 12,949 8,959 (38,792 ) 11,914 Earnings per share: Basic $ 1.27 $ 1.05 $ (4.44 ) $ 1.37 Diluted* $ 1.15 $ 0.93 $ (4.44 ) $ 1.14 * During the quarter ended September 30, 2017, the convertible senior notes and stock options were antidilutive. Three Months Ended 03/31/16 06/30/16 09/30/16 12/31/16 Net premiums earned $ 58,447 $ 58,528 $ 63,300 $ 63,352 Total revenue 60,747 61,520 69,808 72,371 Losses and loss adjustment expenses 27,080 26,272 25,909 45,406 Policy acquisition and other underwriting expenses 11,110 10,879 10,536 10,117 Interest expense 2,829 2,611 2,672 2,967 Total expenses 51,050 50,291 49,779 66,470 Income before income taxes 9,697 11,229 20,029 5,901 Net income 6,056 7,024 11,333 4,608 Comprehensive income 7,846 10,742 12,487 2,380 Earnings per share: Basic $ 0.60 $ 0.71 $ 1.17 $ 0.47 Diluted* $ 0.60 $ 0.71 $ 1.10 $ 0.47 * During the quarters ended March 31, 2016, June 30, 2016 and December 31, 2016, the convertible senior notes were antidilutive. Three Months Ended 03/31/15 06/30/15 09/30/15 12/31/15 Net premiums earned $ 81,728 $ 76,387 $ 62,765 $ 61,626 Total revenue 82,210 79,068 61,262 63,412 Losses and loss adjustment expenses 19,039 20,565 26,200 21,420 Policy acquisition and other underwriting expenses 9,799 10,443 10,675 11,067 Interest expense 2,661 2,679 2,698 2,716 Total expenses 41,164 43,485 49,324 45,787 Income before income taxes 41,046 35,583 11,938 17,625 Net income 25,378 22,022 7,371 11,090 Comprehensive income 27,009 19,856 5,023 11,516 Earnings per share: Basic $ 2.50 $ 2.17 $ 0.72 $ 1.12 Diluted $ 2.21 $ 1.93 $ 0.71 $ 1.05 |
Regulatory Requirements and R54
Regulatory Requirements and Restrictions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Summary of Required Ratio of Gross and Net Written Premium to Surplus | The required ratio of gross and net written premium to surplus, which the Company’s insurance companies had exceeded, is summarized below: Years Ended December 31, 2017 2016 2015 HCPCI: Gross 2.01 to 1 1.81 to 1 1.85 to 1 Net 1.11 to 1 1.07 to 1 1.00 to 1 TypTap: Gross 0.33 to 1 0.09 to 1 * Net 0.27 to 1 0.07 to 1 * * TypTap began operations in 2016. |
Condensed Financial Informati55
Condensed Financial Information of HCI Group, Inc. (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Balance Sheets | Balance Sheets December 31, 2017 2016 Assets Cash and cash equivalents $ 53,755 $ 2,297 Fixed-maturity securities, available for sale, at fair value 34,529 4,483 Equity securities, available for sale, at fair value 10,238 7,289 Equity securities, trading, at fair value 1,045 — Limited partnership investments, at equity 15,232 21,906 Note receivable – related party 7,280 — Investment in subsidiaries 310,779 411,398 Property and equipment, net 617 664 Income tax receivable 3,023 1,563 Other assets 1,019 940 Total assets $ 437,517 $ 450,540 Liabilities and Stockholders’ Equity Accrued expenses and other liabilities $ 4,499 $ 2,952 Deferred income taxes, net 2,511 949 Long-term debt 211,890 121,436 Due to related parties 24,642 81,457 Total liabilities 243,542 206,794 Total stockholders’ equity 193,975 243,746 Total liabilities and stockholders’ equity $ 437,517 $ 450,540 |
Statements of Income | Statements of Income Years Ended December 31, 2017 2016 2015 Net investment income (loss) $ 2,799 $ 1,204 $ (2,401 ) Net realized gains 367 151 108 Net unrealized gains 92 — — Other-than-temporary impairment losses (209 ) (15 ) (75 ) Gain on repurchases of convertible senior notes — 153 — Other income — — 30 Loss on repurchases of senior notes (743 ) — — Interest expense (15,704 ) (10,346 ) (10,754 ) Operating expenses (5,489 ) (5,158 ) (7,346 ) Loss before income tax benefit and equity in income of subsidiaries (18,887 ) (14,011 ) (20,438 ) Income tax benefit 9,605 4,878 7,835 Net loss before equity in income of subsidiaries (9,282 ) (9,133 ) (12,603 ) Equity in income of subsidiaries 2,389 38,154 78,464 Net (loss) income $ (6,893 ) $ 29,021 $ 65,861 |
Statements of Cash Flows | Statements of Cash Flows Years Ended December 31, 2017 2016 2015 Cash flows from operating activities: Net (loss) income $ (6,893 ) $ 29,021 $ 65,861 Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: Stock-based compensation 2,630 2,878 4,341 Net realized investment gains (367 ) (151 ) (108 ) Net unrealized investment gains (92 ) — — Amortization of premiums on investments in fixed-maturity securities 51 — 1 Depreciation and amortization 6,673 3,899 3,996 (Income) loss from limited partnership investments (1,354 ) (523 ) 3,277 Distributions from limited partnership interests 881 544 12 Other-than-temporary impairment losses 209 15 75 Gain on repurchases of convertible senior notes — (153 ) — Loss on repurchases of senior notes 743 — — Loss from disposal of property and equipment 17 — — Equity in income of subsidiaries (2,389 ) (38,154 ) (78,464 ) Deferred income taxes (4,224 ) (1,542 ) (3,218 ) Changes in operating assets and liabilities: Income taxes receivable (1,461 ) (1,563 ) 2,596 Other assets (106 ) (129 ) 228 Accrued expenses and other liabilities 1,544 (716 ) 689 Income taxes payable — (1,518 ) 1,279 Due to related parties (54,896 ) 60,075 (14,831 ) Net cash (used in) provided by operating activities (59,034 ) 51,983 (14,266 ) Cash flows from investing activities: Investment in limited partnership interest (4,611 ) (2,710 ) (19,956 ) Investment in note receivable – related party (7,280 ) — — Purchase of fixed-maturity securities (31,034 ) (371 ) (384 ) Purchase of equity securities, available for sale (8,939 ) (2,853 ) (3,196 ) Purchase of equity securities, trading (3,544 ) — — Purchase of property and equipment (306 ) (202 ) (371 ) Proceeds from sales of fixed-maturity securities 667 423 259 Proceeds from calls, repayments and maturities of fixed-maturity securities — 130 — Proceeds from sales of equity securities, available for sale 6,262 2,602 5,475 Proceeds from sales of equity securities, trading 2,624 — — Distributions from limited partnership interests 11,758 — — Dividends received from subsidiary 105,000 19,000 92,700 Investment in subsidiaries — (25,250 ) (78,536 ) Net cash provided by (used in) investing activities 70,597 (9,231 ) (4,009 ) Statements of Cash Flows (Continued) Years Ended December 31, 2017 2016 2015 Cash flows from financing activities: Repurchases of common stock (30,718 ) (464 ) (792 ) Repurchases of common stock under share repurchase plan (15,154 ) (20,026 ) (1,610 ) Repurchases of convertible senior notes — (11,347 ) — Repurchases of senior notes (40,250 ) — — Debt issuance costs paid (4,975 ) — — Cash dividends paid to stockholders (13,906 ) (12,438 ) (12,428 ) Cash dividends received under share repurchase forward contract 1,073 747 747 Proceeds from exercise of stock options 75 150 263 Proceeds from issuance of long-term debt 143,750 — — Tax benefits on stock-based compensation — 641 2,295 Net cash provided by (used in) financing activities 39,895 (42,737 ) (11,525 ) Net increase (decrease) in cash and cash equivalents 51,458 15 (29,800 ) Cash and cash equivalents at beginning of year 2,297 2,282 32,082 Cash and cash equivalents at end of year $ 53,755 $ 2,297 $ 2,282 |
Nature of Operations - Addition
Nature of Operations - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017Restaurants | |
Collaboration Arrangement Disclosure [Abstract] | |
Number of restaurant owned | 1 |
Offer renewals on the policies acquired | 3 years |
Summary of Significant Accoun57
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2017USD ($)JointVenture | Dec. 31, 2016USD ($) | Dec. 15, 2016 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of investment in unconsolidated entities | 90.00% | 90.00% | |
ADC Arrangement | Prior to August 16, 2016, the Company was party to an Acquisition, Development and Construction loan agreement (“ADC Arrangement”) whereby the Company provided financing to a property developer for the construction of a retail shopping center. Because the Company expected to receive more than 50% of the residual profit from the ADC Arrangement which had characteristics similar to a real estate investment, the costs of the real estate project were capitalized and interest was recognized in net investment income. | ||
Period for establishing allowance on insurance premiums receivable | 90 days | ||
Allowance on insurance premiums receivable | $ 0 | $ 0 | |
Percentage of minimum tax benefit realized upon settlement | 50.00% | ||
Likelihood of tax realization upon settlement | 50.00% | ||
Operating expenses totaling reclassified to general and administrative personnel expenses | $ 7,163,000 | $ 8,136,000 | |
Capitalized Software Cost [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 7 years | ||
Building [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful lives of Property and Equipment | 39 years | ||
Computer Hardware and Software [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful lives of Property and Equipment | 3 years | ||
Minimum [Member] | Office Furniture and Equipment [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful lives of Property and Equipment | 3 years | ||
Maximum [Member] | Office Furniture and Equipment [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful lives of Property and Equipment | 7 years | ||
Investment in Joint Venture [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of investment in unconsolidated entities | 90.00% | ||
Variable Interest Entity [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of investment in unconsolidated entities | 100.00% | ||
Number of joint venture | JointVenture | 1 |
Investments - Summary of Amorti
Investments - Summary of Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Value of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed-maturity securities, Cost or Amortized Cost | $ 235,830 | $ 167,231 |
Equity securities, Cost or Amortized Cost | 53,132 | 47,750 |
Total available-for-sale securities, Cost or Amortized Cost | 288,962 | 214,981 |
Total available-for-sale securities, Gross Unrealized Gain | 3,124 | 1,422 |
Total available-for-sale securities, Gross Unrealized Gain | 6,280 | 5,769 |
Total available-for-sale securities, Gross Unrealized Gain | 9,404 | 7,191 |
Total available-for-sale securities, Gross Unrealized Loss | (1,470) | (2,405) |
Total available-for-sale securities, Gross Unrealized Loss | (501) | (484) |
Total available-for-sale securities, Gross Unrealized Loss | (1,971) | (2,889) |
Fixed-maturity securities, Estimated Fair Value | 237,484 | 166,248 |
Equity securities, Estimated Fair Value | 58,911 | 53,035 |
Total available-for-sale securities, Estimated Fair Value | 296,395 | 219,283 |
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 | 42,313 | 1,975 |
Total available-for-sale securities, Gross Unrealized Gain | 1 | |
Total available-for-sale securities, Gross Unrealized Loss | (287) | (36) |
Fixed-maturity securities, Estimated Fair Value | 42,027 | 1,939 |
Fixed-Maturity Securities [Member] | Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed-maturity securities, Cost or Amortized Cost | 106,897 | 75,538 |
Total available-for-sale securities, Gross Unrealized Gain | 1,110 | 607 |
Total available-for-sale securities, Gross Unrealized Loss | (904) | (1,641) |
Fixed-maturity securities, Estimated Fair Value | 107,103 | 74,504 |
Fixed-Maturity Securities [Member] | State, Municipalities, and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed-maturity securities, Cost or Amortized Cost | 78,954 | 78,018 |
Total available-for-sale securities, Gross Unrealized Gain | 1,816 | 776 |
Total available-for-sale securities, Gross Unrealized Loss | (75) | (488) |
Fixed-maturity securities, Estimated Fair Value | 80,695 | 78,306 |
Fixed-Maturity Securities [Member] | Exchange-Traded Debt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed-maturity securities, Cost or Amortized Cost | 7,666 | 11,463 |
Total available-for-sale securities, Gross Unrealized Gain | 197 | 36 |
Total available-for-sale securities, Gross Unrealized Loss | (204) | (237) |
Fixed-maturity securities, Estimated Fair Value | $ 7,659 | 11,262 |
Fixed-Maturity Securities [Member] | Redeemable Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed-maturity securities, Cost or Amortized Cost | 237 | |
Total available-for-sale securities, Gross Unrealized Gain | 3 | |
Total available-for-sale securities, Gross Unrealized Loss | (3) | |
Fixed-maturity securities, Estimated Fair Value | $ 237 |
Investments- Additional Informa
Investments- Additional Information (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
US Treasury Securities [Member] | |
Schedule of Investments [Line Items] | |
Statutory deposit held in trust for the South Carolina Director of Insurance | $ 249 |
Investments - Scheduled Contrac
Investments - Scheduled Contractual Maturities of Fixed-Maturity Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Available-for-sale | ||
Due in one year or less, Amortized Cost | $ 35,386 | $ 2,656 |
Due after one year through five years, Amortized Cost | 116,575 | 49,915 |
Due after five years through ten years, Amortized Cost | 57,415 | 90,360 |
Due after ten years, Amortized Cost | 26,454 | 24,300 |
Fixed-maturity securities, Cost or Amortized Cost | 235,830 | 167,231 |
Due in one year or less, Fair Value | 35,364 | 2,662 |
Due after one year through five years, Fair Value | 115,766 | 50,023 |
Due after five years through ten years, Fair Value | 58,984 | 89,332 |
Due after ten years, Fair Value | 27,370 | 24,231 |
Fair Value Total | $ 237,484 | $ 166,248 |
Investments - Summary of Procee
Investments - Summary of Proceeds Received and Gross Realized Gains and Losses from Sales of Available for Sale Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fixed-Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds | $ 31,759 | $ 40,454 | $ 53,711 |
Gross Realized Gains | 2,176 | 604 | 253 |
Gross Realized Losses | (181) | (79) | (470) |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds | 42,657 | 23,127 | 25,695 |
Gross Realized Gains | 3,882 | 2,656 | 1,327 |
Gross Realized Losses | $ (1,565) | $ (580) | $ (1,718) |
Investments (Other-than-tempora
Investments (Other-than-temporary Impairment) - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)Securities | Dec. 31, 2016USD ($)Securities | Dec. 31, 2015USD ($)Securities | |
Schedule of Investments [Line Items] | |||
Other-than-temporary impairment losses | $ 1,467 | $ 2,482 | $ 4,681 |
Other-than-temporary impairment losses related to additional loss | $ 1,116 | $ 2,252 | $ 5,275 |
Number of securities in an unrealized loss position | Securities | 135 | 134 | |
Number of securities had been in an unrealized loss position for 12 months or longer | Securities | 22 | 20 | |
Fixed-Maturity Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Other-than-temporary impairment losses, number of securities sold | Securities | 4 | ||
Other-than-temporary impairment losses, number of securities | Securities | 4 | 2 | |
Other-than-temporary impairment losses | $ 428 | $ 1,565 | $ 705 |
Other-than-temporary impairment losses related to additional loss | 1,335 | ||
Impairment loss recorded in other comprehensive income | $ 230 | ||
Other-than-temporary impairment losses related to credit losses | 111 | ||
Accumulated other-than-temporary impairment losses related to non-credit losses | $ 594 | ||
Equity Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Other-than-temporary impairment losses, number of securities | Securities | 1 | 9 | 17 |
Other-than-temporary impairment losses related to additional loss | $ 1,039 | $ 917 | $ 4,570 |
Two Fixed Maturities [Member] | |||
Schedule of Investments [Line Items] | |||
Fixed-maturity securities with cumulative credit losses | $ 475 | ||
Corporate Bonds [Member] | |||
Schedule of Investments [Line Items] | |||
Accumulated other-than-temporary impairment losses related to non-credit losses | $ 76 |
Investments - Rollforward of Cu
Investments - Rollforward of Cumulative Credit Losses in Other-Than-Temporary Impairments Recognized in Income for Available for Sale Fixed-Maturity Securities (Detail) - Available-for-Sale Securities [Member] - Fixed-Maturity Securities [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Beginning Balance | $ 475 | $ 111 | |
Credit impairments on impaired securities | 0 | 475 | $ 111 |
Additional credit impairments on previously impaired securities | 0 | 293 | |
Credit impaired security fully disposed of for which there was no prior intent or requirement to sell | (475) | (385) | |
Reduction due to increase in expected cash flows recognized over the remaining life of the previously impaired security | 0 | (19) | |
Ending Balance | $ 0 | $ 475 | $ 111 |
Investments - Summary of Securi
Investments - Summary of Securities with Gross Unrealized Loss Positions Aggregated by Investment Category (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Loss, Less than Twelve Months | $ (1,102) | $ (2,510) |
Fair Value, Less than Twelve Months | 106,282 | 86,896 |
Gross Unrealized Loss, Twelve Months or Longer | (869) | (379) |
Fair Value, Twelve Months or Longer | 36,274 | 11,013 |
Gross Unrealized Loss, Total | (1,971) | (2,889) |
Fair Value, Total | 142,556 | 97,909 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Loss, Less than Twelve Months | (449) | (293) |
Fair Value, Less than Twelve Months | 12,812 | 10,042 |
Gross Unrealized Loss, Twelve Months or Longer | (52) | (191) |
Fair Value, Twelve Months or Longer | 1,440 | 3,209 |
Gross Unrealized Loss, Total | (501) | (484) |
Fair Value, Total | 14,252 | 13,251 |
Fixed-Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Loss, Less than Twelve Months | (653) | (2,217) |
Fair Value, Less than Twelve Months | 93,470 | 76,854 |
Gross Unrealized Loss, Twelve Months or Longer | (817) | (188) |
Fair Value, Twelve Months or Longer | 34,834 | 7,804 |
Gross Unrealized Loss, Total | (1,470) | (2,405) |
Fair Value, Total | 128,304 | 84,658 |
Fixed-Maturity Securities [Member] | U.S. Treasury and U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Loss, Less than Twelve Months | (246) | (36) |
Fair Value, Less than Twelve Months | 40,587 | 1,939 |
Gross Unrealized Loss, Twelve Months or Longer | (41) | |
Fair Value, Twelve Months or Longer | 1,938 | |
Gross Unrealized Loss, Total | (287) | (36) |
Fair Value, Total | 42,525 | 1,939 |
Fixed-Maturity Securities [Member] | Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Loss, Less than Twelve Months | (174) | (1,546) |
Fair Value, Less than Twelve Months | 40,627 | 43,859 |
Gross Unrealized Loss, Twelve Months or Longer | (730) | (95) |
Fair Value, Twelve Months or Longer | 30,563 | 2,814 |
Gross Unrealized Loss, Total | (904) | (1,641) |
Fair Value, Total | 71,190 | 46,673 |
Fixed-Maturity Securities [Member] | State, Municipalities, and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Loss, Less than Twelve Months | (30) | (441) |
Fair Value, Less than Twelve Months | 9,775 | 26,029 |
Gross Unrealized Loss, Twelve Months or Longer | (45) | (47) |
Fair Value, Twelve Months or Longer | 2,297 | 3,036 |
Gross Unrealized Loss, Total | (75) | (488) |
Fair Value, Total | 12,072 | 29,065 |
Fixed-Maturity Securities [Member] | Exchange-Traded Debt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Loss, Less than Twelve Months | (203) | (191) |
Fair Value, Less than Twelve Months | 2,481 | 4,980 |
Gross Unrealized Loss, Twelve Months or Longer | (1) | (46) |
Fair Value, Twelve Months or Longer | 36 | 1,954 |
Gross Unrealized Loss, Total | (204) | (237) |
Fair Value, Total | $ 2,517 | 6,934 |
Fixed-Maturity Securities [Member] | Redeemable Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Loss, Less than Twelve Months | (3) | |
Fair Value, Less than Twelve Months | 47 | |
Gross Unrealized Loss, Total | (3) | |
Fair Value, Total | $ 47 |
Investments (Trading Securities
Investments (Trading Securities) - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Amortized Cost and Fair Value Debt Securities [Abstract] | ||
Trading securities cost | $ 953 | $ 0 |
Trading securities net unrealized gains | 92 | |
Trading securities estimated fair value | $ 1,045 | $ 0 |
Investments - Summary of Proc66
Investments - Summary of Proceeds Received and The Gross Realized Gains and Losses From Sales of Trading Equity Securities (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Proceeds sales of trading equity securities | $ 2,625 |
Equity Securities [Member] | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Proceeds sales of trading equity securities | 2,625 |
Gross Realized Gains sales of trading equity securities | 111 |
Gross Realized Losses sales of trading equity securities | $ (77) |
Investments - Schedule of Compa
Investments - Schedule of Company's Investments in Limited Partnerships (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Investment Securities [Line Items] | ||
Carrying Value | $ 23,184 | $ 29,263 |
Unfunded Balance | 14,328 | 13,554 |
Private US Lower Middle Market Companies [Member] | ||
Investment Securities [Line Items] | ||
Carrying Value | 7,276 | 6,246 |
Unfunded Balance | $ 5,505 | $ 6,428 |
Percentage investment held by the entity | 15.37% | 16.50% |
Bank Loans Public and Private Corporate Bonds Asset Backed Securities Equity and Debt Restructuring [Member] | ||
Investment Securities [Line Items] | ||
Carrying Value | $ 7,951 | $ 7,358 |
Unfunded Balance | $ 1,745 | $ 1,360 |
Percentage investment held by the entity | 1.76% | 1.76% |
Power Utility and Energy Industries and Infrastructure [Member] | ||
Investment Securities [Line Items] | ||
Carrying Value | $ 7,509 | $ 4,326 |
Unfunded Balance | $ 2,512 | $ 5,766 |
Percentage investment held by the entity | 0.18% | 0.18% |
Equity and Debt Securities Publicly Traded US and Non US Issuers [Member] | ||
Investment Securities [Line Items] | ||
Carrying Value | $ 11,333 | |
Percentage investment held by the entity | 66.58% | |
Senior and Junior Debts of Private Equity-Backed Companies [Member] | ||
Investment Securities [Line Items] | ||
Carrying Value | $ 448 | |
Unfunded Balance | $ 4,566 | |
Percentage investment held by the entity | 0.47% |
Investments - Schedule of Com68
Investments - Schedule of Company's Investments in Limited Partnerships (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Private US Lower Middle Market Companies [Member] | |
Investment Securities [Line Items] | |
Expected term | 10 years |
Expiration date of capital commitment | Sep. 3, 2019 |
Investment additional maturity term | 2 years |
Bank Loans Public and Private Corporate Bonds Asset Backed Securities Equity and Debt Restructuring [Member] | |
Investment Securities [Line Items] | |
Expected term | 3 years |
Expiration date of capital commitment | Mar. 31, 2018 |
Investment additional maturity term | 2 years |
Power Utility and Energy Industries and Infrastructure [Member] | |
Investment Securities [Line Items] | |
Expected term | 10 years |
Expiration date of capital commitment | Jun. 30, 2020 |
Investment additional maturity term | 3 years |
Senior and Junior Debts of Private Equity-Backed Companies [Member] | |
Investment Securities [Line Items] | |
Expected term | 6 years |
Expiration date of capital commitment | Dec. 1, 2018 |
Investment additional maturity term | 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 | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating results: | |||||||||||||||
Total income | $ 61,623 | $ 47,490 | $ 67,580 | $ 67,713 | $ 72,371 | $ 69,808 | $ 61,520 | $ 60,747 | $ 63,412 | $ 61,262 | $ 79,068 | $ 82,210 | $ 244,406 | $ 264,446 | $ 285,952 |
Total expenses | 44,676 | $ 113,508 | $ 53,275 | $ 48,571 | 66,470 | $ 49,779 | $ 50,291 | $ 51,050 | $ 45,787 | $ 49,324 | $ 43,485 | $ 41,164 | |||
Limited Partnership [Member] | |||||||||||||||
Operating results: | |||||||||||||||
Total income | 409,169 | 310,998 | 4,350 | ||||||||||||
Total expenses | 105,281 | 185,126 | 77,508 | ||||||||||||
Net income (loss) | 303,888 | 125,872 | $ (73,158) | ||||||||||||
Balance Sheet: | |||||||||||||||
Total assets | 4,381,321 | 2,956,327 | 4,381,321 | 2,956,327 | |||||||||||
Total liabilities | $ 382,310 | $ 63,813 | $ 382,310 | $ 63,813 |
Investments (Limited Partnershi
Investments (Limited Partnership Investments) - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Investments [Line Items] | ||||
Recognized investment income (loss) | $ 2,334 | $ 1,207 | $ (3,244) | |
Maximum exposure loss relating to VIE | 1,304 | 2,102 | ||
Return on investment | 881 | 544 | 12 | |
Limited Partnership [Member] | ||||
Schedule of Investments [Line Items] | ||||
Recognized investment income (loss) | 2,334 | 1,207 | (3,244) | |
Company's contributed capital to the partnership | 21,172 | 31,946 | ||
Maximum exposure loss relating to VIE | 23,184 | 29,263 | ||
Cash distributions | 12,639 | |||
Return on investment | 881 | $ 544 | $ 12 | |
Return of capital | $ 11,626 | $ 11,758 |
Investments (Investment in Unco
Investments (Investment in Unconsolidated Joint Venture) - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Mar. 31, 2017 | Jan. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 15, 2016 | Dec. 31, 2015 | |
Schedule of Investments [Line Items] | ||||||
Equity interest percentage | 90.00% | 90.00% | ||||
Amount of gains (losses) on sale of investment to company | $ 199,000 | $ 383,000 | ||||
Gain on remeasurement of previously held interest | $ 4,005,000 | $ 4,005,000 | ||||
Ownership percentage | 90.00% | |||||
Maximum exposure loss relating to VIE | $ 1,304,000 | 2,102,000 | ||||
Undistributed gain (loss) after equity distribution | 0 | (25,000) | ||||
Earnings distribution | 147,000 | |||||
Capital distribution | 417,000 | |||||
Impairment loss | 0 | 0 | ||||
Deferred costs | $ 382,000 | |||||
FMKT Mel JV, LLC [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Equity interest percentage | 90.00% | |||||
Gross proceeds from outparcel land | 825,000 | 829,000 | ||||
Repayment of construction loan | 515,000 | |||||
Gain on sale of land | $ 331,000 | $ 404,000 | ||||
Non-controlling interest | 10.00% | 10.00% | ||||
Cash distribution | $ 564,000 | $ 0 | $ 0 | |||
Earnings distribution | 147,000 | |||||
Capital distribution | $ 417,000 |
Investments - Summary of Unau72
Investments - Summary of Unaudited Financial Information and Unaudited Financial Position of Joint Venture (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2015 | |
Operating results: | ||||||||||||||
Total expenses | $ 44,676 | $ 113,508 | $ 53,275 | $ 48,571 | $ 66,470 | $ 49,779 | $ 50,291 | $ 51,050 | $ 45,787 | $ 49,324 | $ 43,485 | $ 41,164 | ||
The Company's share of net loss | $ (234) | $ (125) | ||||||||||||
Balance Sheet: | ||||||||||||||
Other | 10,550 | 11,342 | 10,550 | |||||||||||
Total assets | 842,264 | 670,064 | 842,264 | |||||||||||
Other liabilities | 20,207 | 26,702 | 20,207 | |||||||||||
Total liabilities and stockholders' equity (or members' capital) | 842,264 | 670,064 | 842,264 | |||||||||||
Investment in unconsolidated joint venture, at equity | 1,304 | 2,102 | 1,304 | |||||||||||
Unconsolidated Joint Venture [Member] | ||||||||||||||
Operating results: | ||||||||||||||
Total revenues | 331 | 118 | ||||||||||||
Total expenses | 483 | 257 | ||||||||||||
Net income (loss) | (152) | (139) | ||||||||||||
Balance Sheet: | ||||||||||||||
Construction in progress - real estate | 27 | 334 | 27 | |||||||||||
Property and equipment, net | 1,199 | 1,654 | 1,199 | |||||||||||
Cash | 236 | 179 | 236 | |||||||||||
Other | 5 | 180 | 5 | |||||||||||
Total assets | 1,467 | 2,347 | 1,467 | |||||||||||
Accounts payable | 11 | |||||||||||||
Other liabilities | 18 | 18 | ||||||||||||
Members' capital | 1,449 | 2,336 | 1,449 | |||||||||||
Total liabilities and stockholders' equity (or members' capital) | $ 1,467 | $ 2,347 | 1,467 | |||||||||||
Operating Expense [Member] | ||||||||||||||
Operating results: | ||||||||||||||
The Company's share of net loss | $ (234) | $ (125) |
Investments - Summary of Unau73
Investments - Summary of Unaudited Financial Information and Unaudited Financial Position of Joint Venture (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 15, 2016 | |
Investments, Debt and Equity Securities [Abstract] | ||
Percentage of operating results | 90.00% | 90.00% |
Investments (Real Estate Invest
Investments (Real Estate Investments) - Additional Information (Detail) $ in Thousands | Oct. 17, 2017USD ($) | Aug. 16, 2016USD ($) | Dec. 31, 2017USD ($)RestaurantMarina | Dec. 31, 2016USD ($)RestaurantMarinaAcquisition | Dec. 31, 2015USD ($) |
Schedule of Investments [Line Items] | |||||
Commercial real estate purchase price | $ 9,100 | $ 12,250 | |||
Acquisition related costs | $ 115 | ||||
Depreciation and amortization expenses under real estate investments | $ 1,238 | $ 1,272 | $ 1,338 | ||
Number of business acquisitions in current period | Acquisition | 2 | ||||
Real Estate Investments [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of restaurants | Restaurant | 1 | 1 | |||
Number of marinas | Marina | 2 | 2 | |||
Depreciation and amortization expenses under real estate investments | $ 1,447 | $ 531 | $ 370 |
Investments - Summary of Real E
Investments - Summary of Real Estate Investment (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Real Estate [Abstract] | ||
Land | $ 26,315 | $ 17,592 |
Land improvements | 9,904 | 9,336 |
Building | 21,284 | 16,154 |
Tenant and leasehold improvements | 1,204 | 872 |
Construction in progress | 3,404 | |
Other | 3,050 | 2,683 |
Total, at cost | 61,757 | 50,041 |
Less: accumulated depreciation and amortization | (3,399) | (1,955) |
Real estate investments | $ 58,358 | $ 48,086 |
Investments (Consolidated Varia
Investments (Consolidated Variable Interest Entity) - Additional Information (Detail) | Dec. 31, 2017ft² |
Amortized Cost and Fair Value Debt Securities [Abstract] | |
Net rentable space | 8,400 |
Investments - Summary of Assets
Investments - Summary of Assets and Liabilities Related to Company's Consolidated Variable Interest Entity (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | $ 255,884 | $ 280,531 | $ 267,738 | $ 314,416 |
Construction in progress included in real estate investments | 3,404 | |||
Real estate investments | 58,358 | 48,086 | ||
Other assets | 10,550 | 11,342 | ||
Accrued expenses | 6,035 | 6,513 | ||
Other liabilities | 20,207 | 26,702 | ||
Variable Interest Entity [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | 65 | |||
Construction in progress included in real estate investments | 3,404 | |||
Real estate investments | 4,680 | |||
Other assets | 152 | |||
Accrued expenses | 21 | 68 | ||
Other liabilities | $ 160 | $ 11 |
Investments - Investment (Loss)
Investments - Investment (Loss) Income Summarized (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Investment income | $ 2,334 | $ 1,207 | $ (3,244) |
Net investment income (loss) from real estate investments | (1,018) | (592) | (343) |
Loss from unconsolidated joint venture | (234) | (125) | |
Net investment income | 11,439 | 9,087 | 3,978 |
Limited Partnership Investment [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investment income | 2,334 | 1,207 | (3,244) |
Cash and Cash Equivalents [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investment income | 2,069 | 1,036 | 661 |
Other Types Of Investments [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investment income | 7 | 46 | 57 |
Investment Expense [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investment expense | (726) | (651) | (673) |
Available-for-Sale Securities [Member] | Fixed-Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investment income | 5,689 | 4,589 | 3,935 |
Available-for-Sale Securities [Member] | Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investment income | $ 3,318 | $ 3,452 | $ 3,710 |
Investments (Net Investment Inc
Investments (Net Investment Income) - Additional Information (Detail) $ in Thousands | Dec. 31, 2017USD ($)AccountsBank | Dec. 31, 2016USD ($)AccountsBank | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Schedule of Investments [Line Items] | ||||
Cash and cash equivalents | $ 255,884 | $ 280,531 | $ 267,738 | $ 314,416 |
Deposits representing cash and cash equivalents in percentage | 34.10% | 72.60% | ||
Number of national banks | Bank | 3 | 3 | ||
Number of custodial accounts | Accounts | 3 | 3 | ||
Federal Deposit Insurance Corporation's coverage limit for insured deposit accounts | $ 250 | $ 250 | ||
Custodial Accounts [Member] | ||||
Schedule of Investments [Line Items] | ||||
Cash and cash equivalents | 38,543 | 28,431 | ||
Bank Deposits [Member] | ||||
Schedule of Investments [Line Items] | ||||
Cash and cash equivalents | $ 87,092 | $ 203,139 |
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 | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Before Tax | |||
Unrealized gain (loss) arising during the period, Before Tax | $ 5,996 | $ 7,317 | $ (9,366) |
Other-than-temporary impairment loss, Before Tax | 1,467 | 2,482 | 4,681 |
Call and repayment losses charged to investment income, Before Tax | 14 | 20 | 77 |
Reclassification adjustment for realized (gains) losses, Before Tax | (4,346) | (2,601) | 608 |
Total other comprehensive income (loss), Before Tax | 3,131 | 7,218 | (4,000) |
Income Tax Expense (Benefit) | |||
Unrealized gain (loss) arising during the period, Income Tax Expense (Benefit) | 2,313 | 2,823 | (3,613) |
Other-than-temporary impairment loss, Income Tax Expense (Benefit) | 566 | 957 | 1,806 |
Call and repayment losses charged to investment income, Income Tax Expense (Benefit) | 5 | 8 | 29 |
Reclassification adjustment for realized (gains) losses, Income Tax Expense (Benefit) | (1,676) | (1,004) | 235 |
Total other comprehensive income (loss), Income Tax Expense (Benefit) | 1,208 | 2,784 | (1,543) |
Net of Tax | |||
Unrealized gain (loss) arising during the period, Net of Tax | 3,683 | 4,494 | (5,753) |
Other-than-temporary impairment loss, Net of Tax | 901 | 1,525 | 2,875 |
Call and repayment losses charged to investment income, Net of Tax | 9 | 12 | 48 |
Reclassification adjustment for realized (gains) losses, Net of Tax | (2,670) | (1,597) | 373 |
Total other comprehensive income (loss), net of income taxes | $ 1,923 | $ 4,434 | $ (2,457) |
Business Acquisitions - Additio
Business Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Oct. 17, 2017 | Dec. 15, 2016 | Aug. 16, 2016 | Dec. 31, 2016 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 15, 2016 | Dec. 31, 2015 | Jan. 31, 2017 |
Business Acquisition [Line Items] | ||||||||||||||||||||||
Purchase price | $ 9,100 | $ 12,250 | ||||||||||||||||||||
Gain on bargain purchase | $ 2,071 | $ 2,071 | ||||||||||||||||||||
Equity interest percentage | 90.00% | 90.00% | ||||||||||||||||||||
Cash funded for equity interest | 871 | |||||||||||||||||||||
Additional borrowings from revolving credit facility | $ 1,193 | |||||||||||||||||||||
Impairment loss | $ 38 | 388 | ||||||||||||||||||||
Net loss | $ 12,091 | $ (40,546) | $ 9,542 | $ 12,020 | $ 4,608 | $ 11,333 | $ 7,024 | $ 6,056 | $ 11,090 | $ 7,371 | $ 22,022 | $ 25,378 | $ (6,893) | 29,021 | $ 65,861 | |||||||
Pineda Landings - Melbourne, Florida [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Purchase price | $ 2,064 | $ 2,064 | ||||||||||||||||||||
Equity interest percentage | 90.00% | 90.00% | ||||||||||||||||||||
Non-controlling interest | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | ||||||||||||||||
Contingent arrangement | $ 200 | |||||||||||||||||||||
Additional borrowings from revolving credit facility | $ 1,193 | |||||||||||||||||||||
Impairment loss | $ 388 | |||||||||||||||||||||
Rental income contributed | $ 426 | |||||||||||||||||||||
Net loss | $ 460 | |||||||||||||||||||||
3.75% Promissory Note [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Debt instrument stated interest rate | 3.75% | 3.75% | 3.75% |
Business Acquisitions - Allocat
Business Acquisitions - Allocation of Purchase Price to Net Assets Acquired Based on their Fair Values at the Acquisition Date (Detail) - USD ($) $ in Thousands | Oct. 17, 2017 | Dec. 15, 2016 | Aug. 16, 2016 | Dec. 31, 2016 | Dec. 31, 2017 |
Identifiable assets acquired and liabilities assumed: | |||||
Cash | $ 194 | ||||
Land | 1,600 | ||||
Land improvements | 3,045 | ||||
Buildings | 7,120 | ||||
Intangibles | 2,580 | $ 5,199 | $ 5,199 | ||
Tenant improvements | 76 | ||||
Building improvement | 29 | ||||
Other assets | 33 | ||||
Other liabilities | (356) | ||||
Total net assets acquired | 14,321 | ||||
Less: Gain on bargain purchase | (2,071) | (2,071) | |||
Cash paid to the 10% joint venture partner | $ 9,100 | $ 12,250 | |||
Pineda Landings - Melbourne, Florida [Member] | |||||
Identifiable assets acquired and liabilities assumed: | |||||
Cash | $ 502 | ||||
Land | 2,857 | ||||
Land improvements | 4,671 | ||||
Buildings | 5,480 | ||||
Intangibles | 2,619 | ||||
Tenant improvements | 403 | ||||
Building improvement | 403 | ||||
Other property and equipment | 17 | ||||
Other assets | 940 | ||||
Construction loan | (8,214) | ||||
Other liabilities | (550) | ||||
Total net assets acquired | 9,128 | ||||
Less:Carrying value of 90% equity method investment | (2,859) | ||||
Gain on remeasurement of previously held interest | (4,005) | ||||
Payable to the 10% joint venture partner | (200) | ||||
Cash paid to the 10% joint venture partner | $ 2,064 | $ 2,064 |
Business Acquisitions - Alloc83
Business Acquisitions - Allocation of Purchase Price to Net Assets Acquired Based on their Fair Values at the Acquisition Date (Parenthetical) (Detail) | Dec. 15, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 15, 2016 |
Business Acquisition [Line Items] | ||||
Equity interest percentage | 90.00% | 90.00% | ||
Pineda Landings - Melbourne, Florida [Member] | ||||
Business Acquisition [Line Items] | ||||
Equity interest percentage | 90.00% | 90.00% | ||
Non-controlling interest percentage of joint venture partner | 10.00% | 10.00% | 10.00% |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Feb. 27, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value transfers between Level 1, 2 or 3 | $ 0 | $ 0 | ||
3.95% Promissory Note [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt instrument stated interest rate | 3.95% | 3.95% | ||
3.95% Promissory Note [Member] | Revolving Credit Facility [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt instrument stated interest rate | 3.95% | |||
Debt instrument, maturity term | 3 years |
Fair Value Measurements - Compo
Fair Value Measurements - Components of Long-Term Debt and Methods Used in Estimating Fair Values (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Valuation Methodology | Closing price listed on the New York Stock Exchange |
3.875% Convertible Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | 2,019 |
Valuation Methodology | Quoted price at January 3, 2018; Discounted cash flow method/Level 3 inputs at December 31, 2016 |
4.25% Convertible Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | 2,037 |
Valuation Methodology | Quoted price |
3.95% Promissory Note [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | 2,020 |
Valuation Methodology | Discounted cash flow method/Level 3 inputs |
4% Promissory Note [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | 2,031 |
Valuation Methodology | Discounted cash flow method/Level 3 inputs |
3.75% Promissory Note [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | 2,036 |
Valuation Methodology | Discounted cash flow method/Level 3 inputs |
Fair Value Measurements - Com86
Fair Value Measurements - Components of Long-Term Debt and Methods Used in Estimating Fair Values (Parenthetical) (Detail) | Dec. 31, 2017 | Apr. 03, 2017 | Mar. 03, 2017 | Feb. 27, 2017 | Aug. 16, 2016 | Jan. 14, 2016 |
Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fixed annual rate of interest | 8.00% | 8.00% | ||||
3.875% Convertible Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument stated interest rate | 3.875% | |||||
4.25% Convertible Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument stated interest rate | 4.25% | 4.25% | 4.25% | |||
3.95% Promissory Note [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument stated interest rate | 3.95% | 3.95% | ||||
4% Promissory Note [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument stated interest rate | 4.00% | 4.00% | ||||
3.75% Promissory Note [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument stated interest rate | 3.75% | 3.75% |
Fair Value Measurements - Avail
Fair Value Measurements - Available-for-Sale Securities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financial Assets: | ||
Total fixed-maturity securities | $ 237,484 | $ 166,248 |
Equity securities | 58,911 | 53,035 |
Total available-for-sale securities | 296,395 | 219,283 |
Trading equity securities | 1,045 | 0 |
Fair Value, Measurements, Recurring [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 255,884 | 280,531 |
Total fixed-maturity securities | 237,484 | 166,248 |
Equity securities | 58,911 | 53,035 |
Total available-for-sale securities | 296,395 | 219,283 |
Trading equity securities | 1,045 | |
Total financial assets | 553,324 | 499,814 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury and U.S. Government Agencies [Member] | ||
Financial Assets: | ||
Total fixed-maturity securities | 42,027 | 1,939 |
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | ||
Financial Assets: | ||
Total fixed-maturity securities | 107,103 | 74,504 |
Fair Value, Measurements, Recurring [Member] | State, Municipalities, and Political Subdivisions [Member] | ||
Financial Assets: | ||
Total fixed-maturity securities | 80,695 | 78,306 |
Fair Value, Measurements, Recurring [Member] | Exchange-Traded Debt [Member] | ||
Financial Assets: | ||
Total fixed-maturity securities | 7,659 | 11,262 |
Fair Value, Measurements, Recurring [Member] | Redeemable Preferred Stock [Member] | ||
Financial Assets: | ||
Total fixed-maturity securities | 237 | |
Fair Value, Measurements, Recurring [Member] | (Level 1) [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 255,884 | 280,531 |
Total fixed-maturity securities | 154,295 | 86,957 |
Equity securities | 58,911 | 53,035 |
Total available-for-sale securities | 213,206 | 139,992 |
Trading equity securities | 1,045 | |
Total financial assets | 470,135 | 420,523 |
Fair Value, Measurements, Recurring [Member] | (Level 1) [Member] | U.S. Treasury and U.S. Government Agencies [Member] | ||
Financial Assets: | ||
Total fixed-maturity securities | 40,527 | 1,939 |
Fair Value, Measurements, Recurring [Member] | (Level 1) [Member] | Corporate Bonds [Member] | ||
Financial Assets: | ||
Total fixed-maturity securities | 106,109 | 73,519 |
Fair Value, Measurements, Recurring [Member] | (Level 1) [Member] | Exchange-Traded Debt [Member] | ||
Financial Assets: | ||
Total fixed-maturity securities | 7,659 | 11,262 |
Fair Value, Measurements, Recurring [Member] | (Level 1) [Member] | Redeemable Preferred Stock [Member] | ||
Financial Assets: | ||
Total fixed-maturity securities | 237 | |
Fair Value, Measurements, Recurring [Member] | (Level 2) [Member] | ||
Financial Assets: | ||
Total fixed-maturity securities | 83,189 | 79,291 |
Total available-for-sale securities | 83,189 | 79,291 |
Total financial assets | 83,189 | 79,291 |
Fair Value, Measurements, Recurring [Member] | (Level 2) [Member] | U.S. Treasury and U.S. Government Agencies [Member] | ||
Financial Assets: | ||
Total fixed-maturity securities | 1,500 | |
Fair Value, Measurements, Recurring [Member] | (Level 2) [Member] | Corporate Bonds [Member] | ||
Financial Assets: | ||
Total fixed-maturity securities | 994 | 985 |
Fair Value, Measurements, Recurring [Member] | (Level 2) [Member] | State, Municipalities, and Political Subdivisions [Member] | ||
Financial Assets: | ||
Total fixed-maturity securities | $ 80,695 | $ 78,306 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Information for Financial Assets and Liabilities Carried on Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financial Assets: | ||
Limited partnership investments | $ 23,184 | $ 29,263 |
Financial Liabilities: | ||
Total long-term debt | 237,835 | 138,863 |
Estimate of Fair Value Measurement [Member] | ||
Financial Assets: | ||
Limited partnership investments | 23,184 | 29,263 |
Financial Liabilities: | ||
Total long-term debt | 240,212 | 143,484 |
Revolving credit facility | 9,463 | |
Estimate of Fair Value Measurement [Member] | Senior Notes [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 41,618 | |
Estimate of Fair Value Measurement [Member] | 3.875% Convertible Senior Notes [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 90,827 | 84,696 |
Estimate of Fair Value Measurement [Member] | 4% Promissory Note [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 7,820 | 8,664 |
Estimate of Fair Value Measurement [Member] | 3.75% Promissory Note [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 9,227 | 8,506 |
Estimate of Fair Value Measurement [Member] | 4.25% Convertible Senior Notes [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 124,444 | |
Estimate of Fair Value Measurement [Member] | 3.95% Promissory Note [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 7,894 | |
Estimate of Fair Value Measurement [Member] | (Level 2) [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 215,271 | 41,618 |
Estimate of Fair Value Measurement [Member] | (Level 2) [Member] | Senior Notes [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 41,618 | |
Estimate of Fair Value Measurement [Member] | (Level 2) [Member] | 3.875% Convertible Senior Notes [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 90,827 | |
Estimate of Fair Value Measurement [Member] | (Level 2) [Member] | 4.25% Convertible Senior Notes [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 124,444 | |
Estimate of Fair Value Measurement [Member] | (Level 3) [Member] | ||
Financial Assets: | ||
Limited partnership investments | 23,184 | 29,263 |
Financial Liabilities: | ||
Total long-term debt | 24,941 | 101,866 |
Revolving credit facility | 9,463 | |
Estimate of Fair Value Measurement [Member] | (Level 3) [Member] | 3.875% Convertible Senior Notes [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 84,696 | |
Estimate of Fair Value Measurement [Member] | (Level 3) [Member] | 4% Promissory Note [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 7,820 | 8,664 |
Estimate of Fair Value Measurement [Member] | (Level 3) [Member] | 3.75% Promissory Note [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 9,227 | 8,506 |
Estimate of Fair Value Measurement [Member] | (Level 3) [Member] | 3.95% Promissory Note [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 7,894 | |
Carrying Value [Member] | ||
Financial Assets: | ||
Limited partnership investments | 23,184 | 29,263 |
Financial Liabilities: | ||
Total long-term debt | 237,835 | 138,863 |
Revolving credit facility | 9,463 | |
Carrying Value [Member] | Senior Notes [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 39,448 | |
Carrying Value [Member] | 3.875% Convertible Senior Notes [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 85,436 | 81,988 |
Carrying Value [Member] | 4% Promissory Note [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 8,206 | 8,660 |
Carrying Value [Member] | 3.75% Promissory Note [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 8,469 | $ 8,767 |
Carrying Value [Member] | 4.25% Convertible Senior Notes [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 126,454 | |
Carrying Value [Member] | 3.95% Promissory Note [Member] | ||
Financial Liabilities: | ||
Total long-term debt | $ 9,270 |
Fair Value Measurements - Sch89
Fair Value Measurements - Schedule of Fair Value Information for Financial Assets and Liabilities Carried on Balance Sheet (Parenthetical) (Detail) | Dec. 31, 2017 | Apr. 03, 2017 | Mar. 03, 2017 | Dec. 31, 2016 | Aug. 16, 2016 | Jan. 14, 2016 |
Senior Notes [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Fixed annual rate of interest | 8.00% | 8.00% | ||||
3.875% Convertible Senior Notes [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Debt instrument stated interest rate | 3.875% | |||||
4% Promissory Note [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Debt instrument stated interest rate | 4.00% | 4.00% | ||||
3.75% Promissory Note [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Debt instrument stated interest rate | 3.75% | 3.75% | ||||
4.25% Convertible Senior Notes [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Debt instrument stated interest rate | 4.25% | 4.25% | 4.25% | |||
Estimate of Fair Value Measurement [Member] | Senior Notes [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Fixed annual rate of interest | 8.00% | |||||
Estimate of Fair Value Measurement [Member] | 3.875% Convertible Senior Notes [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Debt instrument stated interest rate | 3.875% | 3.875% | ||||
Estimate of Fair Value Measurement [Member] | 4% Promissory Note [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Debt instrument stated interest rate | 4.00% | 4.00% | ||||
Estimate of Fair Value Measurement [Member] | 3.75% Promissory Note [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Debt instrument stated interest rate | 3.75% | 3.75% | ||||
Estimate of Fair Value Measurement [Member] | 4.25% Convertible Senior Notes [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Debt instrument stated interest rate | 4.25% | |||||
Estimate of Fair Value Measurement [Member] | 3.95% Promissory Note [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Debt instrument stated interest rate | 3.95% | |||||
Carrying Value [Member] | Senior Notes [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Fixed annual rate of interest | 8.00% | |||||
Carrying Value [Member] | 3.875% Convertible Senior Notes [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Debt instrument stated interest rate | 3.875% | 3.875% | ||||
Carrying Value [Member] | 4% Promissory Note [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Debt instrument stated interest rate | 4.00% | 4.00% | ||||
Carrying Value [Member] | 3.75% Promissory Note [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Debt instrument stated interest rate | 3.75% | 3.75% | ||||
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] | 3.95% Promissory Note [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Debt instrument stated interest rate | 3.95% |
Deferred Policy Acquisition C90
Deferred Policy Acquisition Costs - Summary of Activity with Respect to Deferred Policy Acquisition Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Beginning balance | $ 16,639 | $ 18,602 | |
Policy acquisition costs deferred | 35,736 | 35,905 | |
Amortization | (35,663) | (37,868) | $ (36,224) |
Ending balance | $ 16,712 | $ 16,639 | $ 18,602 |
Deferred Policy Acquisition C91
Deferred Policy Acquisition Costs - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Amortization | $ 35,663 | $ 37,868 | $ 36,224 |
Property and Equipment, net - S
Property and Equipment, net - Summary of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Total, at cost | $ 20,279 | $ 17,998 |
Less:accumulated depreciation and amortization | (7,814) | (6,624) |
Property and equipment, net | 12,465 | 11,374 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | 1,642 | 1,642 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | 7,952 | 7,932 |
Computer Hardware and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | 3,964 | 2,294 |
Office Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | 2,014 | 1,940 |
Tenant and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | 3,320 | 3,250 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | $ 1,387 | $ 940 |
Property and Equipment, net - A
Property and Equipment, net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense | $ 1,237 | $ 1,272 | $ 1,338 |
Intangible Assets, Net - Detail
Intangible Assets, Net - Details of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 5,567 | $ 4,975 |
Less: accumulated amortization | (572) | (76) |
Intangible assets, net | 4,995 | 4,899 |
Anchor Tenants Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 1,761 | 1,761 |
In-Place Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 3,806 | $ 3,214 |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Aug. 16, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Intangibles | $ 5,199 | $ 5,199 | $ 2,580 |
Accumulated amortization | $ 503 | $ 77 | |
Remaining weighted-average amortization period | 13 years 3 months 19 days | ||
Anchor Tenants Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Remaining weighted-average amortization period | 17 years 3 months 19 days | ||
In-Place Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Remaining weighted-average amortization period | 11 years 4 months 24 days |
Intangible Assets, Net - Schedu
Intangible Assets, Net - Schedule of Amortization Expense for Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ||
2,018 | $ 604 | |
2,019 | 604 | |
2,020 | 597 | |
2,021 | 493 | |
2,022 | 419 | |
Thereafter | 2,278 | |
Intangible assets, net | $ 4,995 | $ 4,899 |
Other Assets - Summary of Other
Other Assets - Summary of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Benefits receivable related to retrospective reinsurance contracts | $ 2,393 | $ 5,810 |
Prepaid expenses | 1,741 | 1,581 |
Lease acquisition costs, net | 723 | 641 |
Restricted cash | 809 | 600 |
Other | 4,884 | 2,710 |
Total other assets | $ 10,550 | $ 11,342 |
Revolving Credit Facility - Add
Revolving Credit Facility - Additional Information (Detail) - USD ($) | Dec. 15, 2016 | Dec. 15, 2016 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 15, 2016 | Dec. 31, 2015 | Feb. 28, 2017 | Feb. 27, 2017 |
Line of Credit Facility [Line Items] | ||||||||||||||||||||
Equity interest percentage | 90.00% | 90.00% | ||||||||||||||||||
Current borrowing capacity under secured credit agreement | $ 8,214,000 | $ 8,214,000 | ||||||||||||||||||
Maximum borrowing limit | $ 9,550,000 | $ 9,550,000 | $ 9,550,000 | |||||||||||||||||
Interest rate | 2.70% | |||||||||||||||||||
Credit agreement maturity date | Feb. 27, 2017 | |||||||||||||||||||
Credit agreement conversion description | The Company had an option to convert the outstanding balance at the initial maturity date into a three-year mortgage loan payable in 36 monthly installments at a fixed interest rate. | |||||||||||||||||||
Additional borrowings from revolving credit facility | $ 1,193,000 | |||||||||||||||||||
Outstanding balance under revolving credit facility | $ 9,463,000 | $ 9,463,000 | ||||||||||||||||||
Interest expense for revolving credit facility | $ 4,439,000 | $ 4,408,000 | $ 4,378,000 | $ 3,542,000 | $ 2,967,000 | $ 2,672,000 | $ 2,611,000 | $ 2,829,000 | $ 2,716,000 | $ 2,698,000 | $ 2,679,000 | $ 2,661,000 | $ 16,767,000 | $ 11,079,000 | $ 10,754,000 | |||||
3.95% Promissory Note [Member] | ||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||
Maximum borrowing limit | $ 9,550,000 | |||||||||||||||||||
Debt instrument stated interest rate | 3.95% | 3.95% | 3.95% | |||||||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||
Interest expense for revolving credit facility | $ 11,000 | $ 235,000 | ||||||||||||||||||
Revolving Credit Facility [Member] | 3.95% Promissory Note [Member] | ||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||
Debt instrument stated interest rate | 3.95% | |||||||||||||||||||
FMKT MGA [Member] | ||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||
Equity interest percentage | 90.00% | |||||||||||||||||||
FMKT Mel JV, LLC [Member] | ||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||
Equity interest percentage | 90.00% | |||||||||||||||||||
Non-controlling interest | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 03, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2013 |
Debt Instrument [Line Items] | |||||
Total principal amount | $ 260,061 | $ 147,985 | |||
Less: unamortized discount and issuance costs | (22,226) | (9,122) | |||
Total long-term debt | 237,835 | 138,863 | |||
Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total principal amount | 40,250 | ||||
3.875% Convertible Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total principal amount | 89,990 | 89,990 | $ 89,990 | $ 103,000 | |
4.25% Convertible Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total principal amount | 143,750 | $ 143,750 | |||
3.95% Promissory Note [Member] | |||||
Debt Instrument [Line Items] | |||||
Total principal amount | 9,360 | ||||
4% Promissory Note [Member] | |||||
Debt Instrument [Line Items] | |||||
Total principal amount | 8,348 | 8,821 | |||
3.75% Promissory Note [Member] | |||||
Debt Instrument [Line Items] | |||||
Total principal amount | $ 8,613 | $ 8,924 |
Long-Term Debt - Summary of 100
Long-Term Debt - Summary of Long-Term Debt (Parenthetical) (Detail) | 12 Months Ended | |||||
Dec. 31, 2017 | Apr. 03, 2017 | Mar. 03, 2017 | Feb. 27, 2017 | Aug. 16, 2016 | Jan. 14, 2016 | |
Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fixed annual rate of interest | 8.00% | 8.00% | ||||
Debt instrument, repurchase date | Apr. 3, 2017 | |||||
3.875% Convertible Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument stated interest rate | 3.875% | |||||
Debt instrument, maturity date | Mar. 15, 2019 | |||||
4.25% Convertible Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument stated interest rate | 4.25% | 4.25% | 4.25% | |||
Debt instrument, maturity date | Mar. 1, 2037 | |||||
3.95% Promissory Note [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument stated interest rate | 3.95% | 3.95% | ||||
Debt instrument, maturity date | Feb. 17, 2020 | |||||
4% Promissory Note [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument stated interest rate | 4.00% | 4.00% | ||||
Debt instrument, maturity date | Feb. 1, 2031 | |||||
3.75% Promissory Note [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument stated interest rate | 3.75% | 3.75% | ||||
Debt instrument, maturity date | Sep. 1, 2036 |
Long-Term Debt - Summary of Fut
Long-Term Debt - Summary of Future Maturities of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Long-term Debt, Rolling Maturity [Abstract] | ||
2,018 | $ 1,049 | |
2,019 | 91,081 | |
2,020 | 9,761 | |
2,021 | 916 | |
2,022 | 144,702 | |
Thereafter | 12,552 | |
Total | $ 260,061 | $ 147,985 |
Long-Term Debt - Schedule of In
Long-Term Debt - Schedule of Interest Expense Related to Long-Term Debt (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest Expense, Debt [Abstract] | |||
Contractual interest | $ 10,424 | $ 7,315 | $ 7,211 |
Non-cash expense | 6,404 | 3,529 | 3,543 |
Capitalized interest | (61) | ||
Total | $ 16,767 | $ 10,844 | $ 10,754 |
Long-Term Debt (Convertible Sen
Long-Term Debt (Convertible Senior Notes) - Additional Information (Detail) $ / shares in Units, $ in Thousands | Apr. 03, 2017USD ($) | Mar. 03, 2017USD ($) | Jan. 31, 2015$ / shares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2017USD ($)d$ / shares | Dec. 31, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2013USD ($) |
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 260,061 | $ 260,061 | $ 147,985 | |||||
Debt extinguishment costs | $ (743) | |||||||
3.875% Convertible Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, stated interest rate | 3.875% | 3.875% | ||||||
Debt conversion date | 2,019 | |||||||
Debt instrument, face amount | $ 89,990 | $ 89,990 | 89,990 | $ 89,990 | $ 103,000 | |||
Aggregate amount of debt repurchased | $ 13,010 | |||||||
Convertible debt, conversion ratio | 16.2172 | |||||||
Convertible debt, conversion price | $ / shares | $ 61.66 | $ 61.66 | ||||||
Debt instrument, effective interest rate | 8.30% | 8.30% | ||||||
Debt discount, remaining amortization period | 1 year 2 months 12 days | |||||||
3.875% Convertible Senior Notes [Member] | Convertible Debt Instrument Conversion Period Two [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Cash dividends on common stock | $ / shares | $ 0.275 | |||||||
4.25% Convertible Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, stated interest rate | 4.25% | 4.25% | 4.25% | 4.25% | ||||
Debt conversion date | 2,037 | |||||||
Debt instrument, face amount | $ 143,750 | $ 143,750 | $ 143,750 | |||||
Proceeds from senior convertible notes net | 138,775 | |||||||
Debt issuance and transaction costs | $ 4,975 | |||||||
Convertible debt, conversion ratio | 16.2635 | |||||||
Convertible debt, conversion price | $ / shares | $ 61.49 | $ 61.49 | ||||||
Debt instrument, effective interest rate | 7.60% | 7.60% | ||||||
Debt discount, remaining amortization period | 4 years 2 months 12 days | |||||||
Debt Instrument effective Rate | 5.40% | |||||||
Debt Instrument term | 20 years | |||||||
4.25% Convertible Senior Notes [Member] | Debt Instrument, Redemption, Period One [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument put date | Mar. 1, 2022 | |||||||
4.25% Convertible Senior Notes [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument put date | Mar. 1, 2027 | |||||||
4.25% Convertible Senior Notes [Member] | Debt Instrument, Redemption, Period Three [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument put date | Mar. 1, 2032 | |||||||
Convertible Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 233,740 | $ 233,740 | 89,990 | |||||
Convertible debt, conversion debt description | The holders of the Convertible Senior Notes may convert all or a portion of their Convertible Senior Notes during specified periods as follows: (1) during any calendar quarter commencing after the calendar quarter ending on the dates specified in each respective indenture, if the last reported sale price of the Company’s common stock for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than 130% of the conversion price on each applicable trading day; (2) during the five business-day period after any ten consecutive trading-day period in which the trading price per $1 principal amount of the Convertible Senior Notes is less than 98% of the product of the last reported sale price and the conversion rate on each such trading day; (3) if specified corporate events, including a change in control, occur; or (4) at any time on or after the dates specified in each respective indenture. | |||||||
Convertible debt, threshold trading days | d | 20 | |||||||
Convertible debt, threshold consecutive trading days | d | 30 | |||||||
Convertible debt, threshold percentage of stock trigger price | 130.00% | |||||||
Convertible Senior Notes [Member] | Convertible Debt Instrument Conversion Period Two [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Convertible debt, threshold consecutive trading days | d | 10 | |||||||
Convertible debt, threshold trading days | 5 days | |||||||
Convertible debt, threshold percentage of stock trigger price | 98.00% | |||||||
Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 40,250 | |||||||
Extinguishment of debt | $ 40,805 | |||||||
Fixed annual rate of interest | 8.00% | 8.00% | 8.00% | |||||
Unamortized debt issuance costs | $ 743 | |||||||
Accrued and unpaid interest | $ 555 | |||||||
Debt extinguishment costs | $ 743 |
Long-Term Debt - Summary of Pri
Long-Term Debt - Summary of Principal and Interest Payment Terms of Convertible Senior Notes (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
3.875% Convertible Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Convertible senior notes, interest payment terms | Semiannually in arrears: March 15 and September 15 |
4.25% Convertible Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Convertible senior notes, interest payment terms | Semiannually in arrears: March 1 and September 1 |
Long-Term Debt - Summary of Equ
Long-Term Debt - Summary of Equity and Liability Components of the Convertible Senior Notes (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Principal amount | $ 260,061 | $ 147,985 |
Convertible Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount | 233,740 | 89,990 |
Unamortized discount | (17,354) | (6,795) |
Liability component - net carrying value before issuance costs | 216,386 | 83,195 |
Equity component - conversion, net of offering costs | $ 31,051 | $ 15,900 |
Long-Term Debt (3.95% Promissor
Long-Term Debt (3.95% Promissory Note) - Additional Information (Detail) | Feb. 27, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 15, 2016USD ($) |
Debt Instrument [Line Items] | ||||
Outstanding balance under revolving credit facility | $ 9,441,000 | |||
Additional borrowings from revolving credit facility | $ 143,859,000 | $ 18,200,000 | ||
Maximum borrowing limit | $ 9,550,000 | |||
3.95% Promissory Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Outstanding balance under revolving credit facility | $ 9,441,000 | |||
Debt Instrument term | 3 years | |||
Additional borrowings from revolving credit facility | $ 109,000 | |||
Maximum borrowing limit | $ 9,550,000 | |||
Fixed annual interest rate | 3.95% | 3.95% | ||
Debt instrument periodic payment | $ 50,000 | |||
Debt instrument, payment frequency description | Monthly | |||
Number of installment payments | 35 | |||
Date of initial payment | Mar. 17, 2017 | |||
Debt instrument, balloon payment to be paid | $ 8,891,000 | |||
Debt instruments, payment terms description | The promissory note may be repaid in part or in full at any time without penalty. |
Long-Term Debt (3.75% Promissor
Long-Term Debt (3.75% Promissory Note) - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Aug. 16, 2016 | |
Debt Instrument [Line Items] | |||
Proceeds from the issuance of long-term debt | $ 143,859 | $ 18,200 | |
3.75% Promissory Note [Member] | |||
Debt Instrument [Line Items] | |||
Secured loan agreement period | 20 years | ||
Proceeds from the issuance of long-term debt | $ 9,000 | ||
Fixed annual interest rate | 3.75% | 3.75% | |
Debt instrument, payment frequency description | 240 monthly | ||
Debt instrument periodic payment | $ 53 | ||
Debt instruments, payment terms description | The promissory note may be repaid in full after September 1, 2017 as long as the Company provides at least 60 days' written notice and pays a prepayment premium as specified in the loan agreement. In addition, the lender may require full payment of the outstanding principal and unpaid interest on September 1, 2031 provided a written notice of its intention to call the note is given at least six months in advance. | ||
Outstanding principal and interest payment due date | Sep. 1, 2031 |
Long-Term Debt (4% Promissory N
Long-Term Debt (4% Promissory Note) - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 14, 2016 | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||
Proceeds from the issuance of long-term debt | $ 143,859 | $ 18,200 | |
4% Promissory Note [Member] | |||
Debt Instrument [Line Items] | |||
Secured loan agreement period | 15 years | ||
Proceeds from the issuance of long-term debt | $ 9,200 | ||
Fixed annual interest rate | 4.00% | 4.00% | |
Debt instrument, payment frequency description | 180 monthly | ||
Debt instrument periodic payment | $ 68 | ||
Debt instruments, payment terms description | The promissory note may be repaid in full after February 1, 2017 as long as the Company provides at least 60 days' written notice and pays a prepayment premium as specified in the loan agreement. The proceeds were used for real estate development projects or other general business purposes. |
Reinsurance - Additional Inform
Reinsurance - Additional Information (Detail) | 1 Months Ended | 4 Months Ended | 12 Months Ended | |||
Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2017USD ($)Reinsurers | Dec. 31, 2017USD ($)Reinsurers | Dec. 31, 2016USD ($)Reinsurers | Dec. 31, 2015USD ($) | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||||
Percentage of ceding commission on ceded premiums written | 30.00% | 30.00% | ||||
Excess of loss reinsurance contract period | 3 years | |||||
Reinsurance recoverable | $ 100,760,000 | $ 100,760,000 | $ 0 | $ 0 | ||
Number of reinsurers | Reinsurers | 37 | 37 | 35 | |||
Recoveries pertaining to reinsurance contracts | $ 103,104,000 | $ 0 | ||||
Number of reinsurers in which major reinsurance recoverable concentrated | Reinsurers | 2 | 2 | ||||
Percentage of reinsurance recoverable major reinsurers | 29.70% | |||||
Percentage of assumed premiums to net premium earned | 4.90% | 2.50% | 22.00% | |||
Credit risk associated with reinsurance receivables | $ 0 | $ 0 | ||||
Ceded losses recognized as a reduction in losses and LAE | 214,082,000 | |||||
Net reduction in premiums ceded | $ 12,677,000 | $ 18,322,000 | ||||
Net increase in premiums ceded | 5,740,000 | |||||
Amount received from retrospective reinsurance contracts | $ 5,716,000 | $ 37,800,000 | ||||
Other assets | 10,550,000 | 10,550,000 | 11,342,000 | |||
Prepaid reinsurance premiums | 22,286,000 | 22,286,000 | 24,554,000 | |||
Oxbridge [Member] | ||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||||
Ceded losses recognized as a reduction in losses and LAE | 7,400,000 | |||||
Net reduction in premiums ceded | 1,929,000 | $ 2,797,000 | ||||
Net increase in premiums ceded | 933,000 | |||||
Amount received from retrospective reinsurance contracts | $ 7,560,000 | |||||
Other assets | 479,000 | 479,000 | 1,043,000 | |||
Prepaid reinsurance premiums | 0 | 0 | 338,000 | |||
Reinsurance [Member] | ||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||||
Other assets | 2,393,000 | 2,393,000 | 5,810,000 | |||
Prepaid reinsurance premiums | $ 0 | $ 0 | $ 2,152,000 |
Reinsurance - Impact of the Rei
Reinsurance - Impact of the Reinsurance Treaties on Premiums Written and Earned (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Premiums Written: | |||||||||||||||
Direct | $ 346,188 | $ 352,803 | $ 393,009 | ||||||||||||
Assumed | 1,158 | 14,388 | 3,329 | ||||||||||||
Gross written | 347,346 | 367,191 | 396,338 | ||||||||||||
Ceded | (133,635) | (135,051) | (140,614) | ||||||||||||
Net premiums written | 213,711 | 232,140 | 255,724 | ||||||||||||
Premiums Earned: | |||||||||||||||
Direct | 347,235 | 372,699 | 360,878 | ||||||||||||
Assumed | 11,018 | 5,979 | 62,242 | ||||||||||||
Gross earned | 358,253 | 378,678 | 423,120 | ||||||||||||
Ceded | (133,635) | (135,051) | (140,614) | ||||||||||||
Net premiums earned | $ 55,771 | $ 43,964 | $ 61,847 | $ 63,036 | $ 63,352 | $ 63,300 | $ 58,528 | $ 58,447 | $ 61,626 | $ 62,765 | $ 76,387 | $ 81,728 | $ 224,618 | $ 243,627 | $ 282,506 |
Losses and Loss Adjustment E111
Losses and Loss Adjustment Expenses - Losses and LAE (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Gross balance, beginning of year | $ 70,492 | $ 51,690 | $ 48,908 |
Incurred, net of reinsurance, related to: | |||
Current year | 146,922 | 104,128 | 78,325 |
Prior years | 18,707 | 20,539 | 8,899 |
Total incurred, net of reinsurance | 165,629 | 124,667 | 87,224 |
Paid, net of reinsurance, related to: | |||
Current year | (87,770) | (64,812) | (51,095) |
Prior years | (50,533) | (41,053) | (33,347) |
Total paid, net of reinsurance | (138,303) | (105,865) | (84,442) |
Net balance, end of year | 97,818 | 70,492 | 51,690 |
Add: reinsurance recoverable | 100,760 | ||
Gross balance, end of year | $ 198,578 | $ 70,492 | $ 51,690 |
Losses and Loss Adjustment E112
Losses and Loss Adjustment Expenses - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reserves For Losses And Loss Adjustment Expenses [Line Items] | |||
Unpaid claims and claim adjustment expenses overall development | $ 18,707 | $ 20,539 | $ 8,899 |
Reserve Strengthening [Member] | |||
Reserves For Losses And Loss Adjustment Expenses [Line Items] | |||
Unpaid claims and claim adjustment expenses overall development | 16,200 | ||
2015 and 2016 Loss Years [Member | |||
Reserves For Losses And Loss Adjustment Expenses [Line Items] | |||
Unpaid claims and claim adjustment expenses overall development | 17,869 | ||
Accident Year 2017 [Member] | Hurricane Irma [Member] | |||
Reserves For Losses And Loss Adjustment Expenses [Line Items] | |||
Preliminary losses estimated | 267,000 | ||
Preliminary net loss estimated | 54,000 | ||
Accident Year 2016 [Member] | Hurricane Matthew [Member] | |||
Reserves For Losses And Loss Adjustment Expenses [Line Items] | |||
Unpaid claims and claim adjustment expenses overall development | $ 2,500 |
Losses and Loss Adjustment E113
Losses and Loss Adjustment Expenses - Schedule of Incurred and Paid Claims Development (Detail) $ in Thousands | Dec. 31, 2017USD ($)Claims | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) |
Homeowners Multi-peril and Dwelling Fire Insurance [Member] | ||||||
Claims Development [Line Items] | ||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 504,617 | |||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 422,450 | |||||
All outstanding liabilities before 2012, net of reinsurance | 538 | |||||
Liabilities for losses and loss adjustment, net of reinsurance | 82,705 | |||||
Homeowners Wind-only Insurance [Member] | ||||||
Claims Development [Line Items] | ||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 3,411 | |||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 2,103 | |||||
Liabilities for losses and loss adjustment, net of reinsurance | 1,308 | |||||
Any Hurricane Prior to 2017 [Member] | ||||||
Claims Development [Line Items] | ||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 24,297 | |||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 20,188 | |||||
Liabilities for losses and loss adjustment, net of reinsurance | 4,109 | |||||
Hurricane Irma [Member] | ||||||
Claims Development [Line Items] | ||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 53,430 | |||||
Total of IBNR Plus Expected Development on Reported Claims | $ 9,614 | |||||
Cumulative Number of Reported Claims | Claims | 17,862 | |||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 43,742 | |||||
Liabilities for losses and loss adjustment, net of reinsurance | 9,688 | |||||
Accident Year 2012 [Member] | Homeowners Multi-peril and Dwelling Fire Insurance [Member] | ||||||
Claims Development [Line Items] | ||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 66,465 | $ 67,058 | $ 66,505 | $ 64,083 | $ 62,742 | $ 66,425 |
Total of IBNR Plus Expected Development on Reported Claims | $ 155 | |||||
Cumulative Number of Reported Claims | Claims | 6,617 | |||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 65,903 | 64,667 | 62,836 | 59,041 | 53,225 | $ 36,914 |
Accident Year 2013 [Member] | Homeowners Multi-peril and Dwelling Fire Insurance [Member] | ||||||
Claims Development [Line Items] | ||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 71,604 | 72,020 | 69,906 | 69,932 | 67,579 | |
Total of IBNR Plus Expected Development on Reported Claims | $ 540 | |||||
Cumulative Number of Reported Claims | Claims | 7,003 | |||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 70,224 | 68,106 | 64,257 | 57,374 | $ 40,240 | |
Accident Year 2014 [Member] | Homeowners Multi-peril and Dwelling Fire Insurance [Member] | ||||||
Claims Development [Line Items] | ||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 88,054 | 84,917 | 81,773 | 75,810 | ||
Total of IBNR Plus Expected Development on Reported Claims | $ 2,350 | |||||
Cumulative Number of Reported Claims | Claims | 7,649 | |||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 82,463 | 77,712 | 68,897 | $ 47,650 | ||
Accident Year 2015 [Member] | Homeowners Multi-peril and Dwelling Fire Insurance [Member] | ||||||
Claims Development [Line Items] | ||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 96,173 | 90,902 | 78,017 | |||
Total of IBNR Plus Expected Development on Reported Claims | $ 4,398 | |||||
Cumulative Number of Reported Claims | Claims | 7,627 | |||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 87,784 | 76,042 | 50,939 | |||
Accident Year 2015 [Member] | Homeowners Wind-only Insurance [Member] | ||||||
Claims Development [Line Items] | ||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 569 | 401 | 308 | |||
Total of IBNR Plus Expected Development on Reported Claims | $ 2 | |||||
Cumulative Number of Reported Claims | Claims | 100 | |||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 464 | 332 | $ 156 | |||
Accident Year 2016 [Member] | Homeowners Multi-peril and Dwelling Fire Insurance [Member] | ||||||
Claims Development [Line Items] | ||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 90,878 | 81,446 | ||||
Total of IBNR Plus Expected Development on Reported Claims | $ 12,840 | |||||
Cumulative Number of Reported Claims | Claims | 6,863 | |||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 73,037 | 51,663 | ||||
Accident Year 2016 [Member] | Homeowners Wind-only Insurance [Member] | ||||||
Claims Development [Line Items] | ||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,314 | 1,005 | ||||
Total of IBNR Plus Expected Development on Reported Claims | $ 41 | |||||
Cumulative Number of Reported Claims | Claims | 228 | |||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 1,155 | 689 | ||||
Accident Year 2016 [Member] | Any Hurricane Prior to 2017 [Member] | ||||||
Claims Development [Line Items] | ||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 24,126 | 21,414 | ||||
Total of IBNR Plus Expected Development on Reported Claims | $ 3,435 | |||||
Cumulative Number of Reported Claims | Claims | 2,410 | |||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 20,025 | $ 12,227 | ||||
Accident Year 2017 [Member] | Homeowners Multi-peril and Dwelling Fire Insurance [Member] | ||||||
Claims Development [Line Items] | ||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 91,443 | |||||
Total of IBNR Plus Expected Development on Reported Claims | $ 37,388 | |||||
Cumulative Number of Reported Claims | Claims | 5,325 | |||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 43,039 | |||||
Accident Year 2017 [Member] | Homeowners Wind-only Insurance [Member] | ||||||
Claims Development [Line Items] | ||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,528 | |||||
Total of IBNR Plus Expected Development on Reported Claims | $ 866 | |||||
Cumulative Number of Reported Claims | Claims | 144 | |||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 484 | |||||
Accident Year 2017 [Member] | Any Hurricane Prior to 2017 [Member] | ||||||
Claims Development [Line Items] | ||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 171 | |||||
Cumulative Number of Reported Claims | Claims | 113 | |||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 163 |
Losses and Loss Adjustment E114
Losses and Loss Adjustment Expenses - Reconciliation of Net Incurred and Paid Loss Development Tables to Liability for Losses and Loss Adjustment Expenses (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | $ 198,578,000 | $ 70,492,000 | $ 51,690,000 | $ 48,908,000 |
Reinsurance recoverables | 100,760,000 | $ 0 | $ 0 | |
Total gross liability for unpaid losses and loss adjustment expenses | 198,578,000 | |||
Homeowners Multi-peril and Dwelling Fire Insurance [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | 82,705,000 | |||
Homeowners Wind-only Insurance [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | 1,308,000 | |||
Losses Specific to Any Hurricane Prior to 2017 [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | 4,109,000 | |||
Hurricane Irma [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | 9,688,000 | |||
Other Short-duration Insurance Product Lines [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | $ 8,000 |
Losses and Loss Adjustment E115
Losses and Loss Adjustment Expenses - Supplementary and Unaudited Information about Average Historical Claims Duration (Detail) | Dec. 31, 2017 |
Homeowners Multi-peril and Dwelling Fire Insurance [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance, Year 1 | 53.80% |
Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance, Year 2 | 24.40% |
Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance, Year 3 | 10.10% |
Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance, Year 4 | 5.50% |
Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance, Year 5 | 2.90% |
Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance, Year 6 | 1.90% |
Homeowners Wind-only Insurance [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance, Year 1 | 37.20% |
Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance, Year 2 | 33.20% |
Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance, Year 3 | 8.70% |
Losses Specific to Any Hurricane Prior to 2017 [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance, Year 1 | 51.00% |
Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance, Year 2 | 32.30% |
Hurricane Irma [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance, Year 1 | 81.90% |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - Segments | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Number of operating divisions | 4 | ||
Sales Revenue, Net [Member] | Segment Concentration Risk [Member] | Insurance Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 96.20% | 95.50% | 97.50% |
Assets [Member] | Segment Concentration Risk [Member] | Insurance Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 87.10% | 87.90% | 91.80% |
Segment Information - Summary o
Segment Information - Summary of Segment Information Reconciled to Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | Aug. 16, 2016 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 15, 2016 | Dec. 31, 2015 |
Revenue: | |||||||||||||||||
Net premiums earned | $ 55,771 | $ 43,964 | $ 61,847 | $ 63,036 | $ 63,352 | $ 63,300 | $ 58,528 | $ 58,447 | $ 61,626 | $ 62,765 | $ 76,387 | $ 81,728 | $ 224,618 | $ 243,627 | $ 282,506 | ||
Net investment income (loss) | 11,439 | 9,087 | 3,978 | ||||||||||||||
Net realized investment (losses) gains | 4,346 | 2,601 | (608) | ||||||||||||||
Net unrealized investment gains | 92 | ||||||||||||||||
Net other-than-temporary impairment losses | (1,467) | (2,482) | (4,681) | ||||||||||||||
Policy fee income | 3,622 | 3,914 | 3,496 | ||||||||||||||
Gain on repurchases of convertible senior notes | 153 | ||||||||||||||||
Gain on bargain purchase | $ 2,071 | 2,071 | |||||||||||||||
Gain on remeasurement of previously held interest | 4,005 | $ 4,005 | |||||||||||||||
Other | 1,756 | 1,470 | 1,261 | ||||||||||||||
Total revenue | 61,623 | 47,490 | 67,580 | 67,713 | 72,371 | 69,808 | 61,520 | 60,747 | 63,412 | 61,262 | 79,068 | 82,210 | 244,406 | 264,446 | 285,952 | ||
Expenses: | |||||||||||||||||
Losses and loss adjustment expenses | 23,204 | 89,231 | 27,665 | 25,529 | 45,406 | 25,909 | 26,272 | 27,080 | 21,420 | 26,200 | 20,565 | 19,039 | 165,629 | 124,667 | 87,224 | ||
Amortization of deferred policy acquisition costs | 35,663 | 37,868 | 36,224 | ||||||||||||||
Interest expense | 4,439 | 4,408 | 4,378 | 3,542 | 2,967 | 2,672 | 2,611 | 2,829 | 2,716 | 2,698 | 2,679 | 2,661 | 16,767 | 11,079 | 10,754 | ||
Loss on repurchases of senior notes | 743 | ||||||||||||||||
Depreciation and amortization | 1,238 | 1,272 | 1,338 | ||||||||||||||
Other operating expenses | 39,990 | 42,704 | 44,220 | ||||||||||||||
Total operating expenses | 260,030 | 217,590 | 179,760 | ||||||||||||||
Income (loss) before income taxes | $ 16,947 | $ (66,018) | $ 14,305 | $ 19,142 | $ 5,901 | $ 20,029 | $ 11,229 | $ 9,697 | $ 17,625 | $ 11,938 | $ 35,583 | $ 41,046 | (15,624) | 46,856 | 106,192 | ||
Operating Segments [Member] | Insurance Operations [Member] | |||||||||||||||||
Revenue: | |||||||||||||||||
Net premiums earned | 224,618 | 243,627 | 282,506 | ||||||||||||||
Net investment income (loss) | 9,898 | 8,440 | 6,841 | ||||||||||||||
Net realized investment (losses) gains | 3,978 | 2,450 | (716) | ||||||||||||||
Net other-than-temporary impairment losses | (1,258) | (2,467) | (4,606) | ||||||||||||||
Policy fee income | 3,622 | 3,914 | 3,496 | ||||||||||||||
Other | 693 | 684 | 564 | ||||||||||||||
Total revenue | 241,551 | 256,648 | 288,085 | ||||||||||||||
Expenses: | |||||||||||||||||
Losses and loss adjustment expenses | 165,629 | 124,667 | 87,224 | ||||||||||||||
Amortization of deferred policy acquisition costs | 35,663 | 37,868 | 36,224 | ||||||||||||||
Depreciation and amortization | 128 | 158 | 185 | ||||||||||||||
Other operating expenses | 27,547 | 31,351 | 30,665 | ||||||||||||||
Total operating expenses | 228,967 | 194,044 | 154,298 | ||||||||||||||
Income (loss) before income taxes | 12,584 | 62,604 | 133,787 | ||||||||||||||
Total revenue from non-affiliates | 241,551 | 256,648 | 288,085 | ||||||||||||||
Operating Segments [Member] | Real Estate Operations [Member] | |||||||||||||||||
Revenue: | |||||||||||||||||
Net investment income (loss) | 6 | 18 | 5 | ||||||||||||||
Gain on bargain purchase | 2,071 | ||||||||||||||||
Gain on remeasurement of previously held interest | 4,005 | ||||||||||||||||
Other | 7,046 | 4,505 | 4,095 | ||||||||||||||
Total revenue | 7,052 | 10,599 | 4,100 | ||||||||||||||
Expenses: | |||||||||||||||||
Interest expense | 1,250 | 561 | 15 | ||||||||||||||
Depreciation and amortization | 2,121 | 814 | 603 | ||||||||||||||
Other operating expenses | 4,022 | 2,921 | 2,822 | ||||||||||||||
Total operating expenses | 7,393 | 4,296 | 3,440 | ||||||||||||||
Income (loss) before income taxes | (341) | 6,303 | 660 | ||||||||||||||
Total revenue from non-affiliates | 5,525 | 9,072 | 2,612 | ||||||||||||||
Operating Segments [Member] | Corporate and Other [Member] | |||||||||||||||||
Revenue: | |||||||||||||||||
Net investment income (loss) | 2,974 | 1,162 | (1,971) | ||||||||||||||
Net realized investment (losses) gains | 368 | 151 | 108 | ||||||||||||||
Net unrealized investment gains | 92 | ||||||||||||||||
Net other-than-temporary impairment losses | (209) | (15) | (75) | ||||||||||||||
Gain on repurchases of convertible senior notes | 153 | ||||||||||||||||
Other | 4,417 | 4,104 | 3,209 | ||||||||||||||
Total revenue | 7,642 | 5,555 | 1,271 | ||||||||||||||
Expenses: | |||||||||||||||||
Interest expense | 15,704 | 10,518 | 10,739 | ||||||||||||||
Loss on repurchases of senior notes | 743 | ||||||||||||||||
Depreciation and amortization | 939 | 908 | 920 | ||||||||||||||
Other operating expenses | 18,123 | 16,180 | 17,867 | ||||||||||||||
Total operating expenses | 35,509 | 27,606 | 29,526 | ||||||||||||||
Income (loss) before income taxes | (27,867) | (22,051) | (28,255) | ||||||||||||||
Total revenue from non-affiliates | 6,958 | 5,470 | 1,104 | ||||||||||||||
Intersegment Eliminations [Member] | |||||||||||||||||
Revenue: | |||||||||||||||||
Net investment income (loss) | (1,439) | (533) | (897) | ||||||||||||||
Other | (10,400) | (7,823) | (6,607) | ||||||||||||||
Total revenue | (11,839) | (8,356) | (7,504) | ||||||||||||||
Expenses: | |||||||||||||||||
Interest expense | (187) | ||||||||||||||||
Depreciation and amortization | (1,950) | (608) | (370) | ||||||||||||||
Other operating expenses | (9,702) | (7,748) | (7,134) | ||||||||||||||
Total operating expenses | $ (11,839) | $ (8,356) | $ (7,504) |
Segment Information - Summar118
Segment Information - Summary of Segment Assets Reconciled to Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 842,264 | $ 670,064 |
Consolidation, Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | (18,464) | (98,712) |
Insurance Operations [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 652,754 | 651,927 |
Real Estate Operations [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 80,152 | 71,226 |
Corporate and Other [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 127,822 | $ 45,623 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||
Federal | $ (3,933) | $ 14,918 | $ 34,768 |
State | 34 | 2,666 | 5,856 |
Foreign | 81 | 96 | 68 |
Total current taxes | (3,818) | 17,680 | 40,692 |
Deferred: | |||
Federal | (4,144) | 182 | (275) |
State | (757) | (9) | (46) |
Foreign | (12) | (18) | (40) |
Total deferred taxes | (4,913) | 155 | (361) |
Income tax (benefit) expense | $ (8,731) | $ 17,835 | $ 40,331 |
Income Taxes - Summarized the D
Income Taxes - Summarized the Differences Between the Statutory Federal Income Tax Rate and the Effective Tax Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Income taxes at statutory rate | $ (5,468) | $ 16,395 | $ 37,167 |
State income taxes, net of federal tax benefits | (657) | 1,710 | 3,783 |
Effects of tax rate changes | (1,400) | ||
Share-based compensation | (705) | ||
Other | (501) | (270) | (619) |
Income tax (benefit) expense | $ (8,731) | $ 17,835 | $ 40,331 |
Income taxes at statutory rate, percentage | 35.00% | 35.00% | 35.00% |
Increase (decrease) in income taxes resulting from: | |||
State income taxes, net of federal tax benefits, percentage | 4.20% | 3.60% | 3.60% |
Effects of tax rate changes, percentage | 9.00% | ||
Share-based compensation, percentage | 4.50% | ||
Other, percentage | 3.20% | (0.50%) | (0.60%) |
Income tax (benefit) expense | 55.90% | 38.10% | 38.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Line Items] | |||||
Uncertain tax positions or unrecognized tax benefits | $ 0 | $ 0 | $ 0 | ||
Accrued interest and penalty | $ 0 | $ 0 | $ 0 | ||
Income taxes at statutory rate, percentage | 35.00% | 35.00% | 35.00% | ||
Effects of tax rate | $ (1,400,000) | ||||
Valuation Allowance | $ 0 | $ 0 | |||
Illiquid Assets [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Percentage of mandatory one time tax | 8.00% | ||||
Cash and Cash Equivalents [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Percentage of mandatory one time tax | 15.50% | ||||
Tax Year 2017 [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Net operating loss carryforward | $ 7,665,000 | ||||
Net operating loss carryforward expiration date | Dec. 31, 2037 | ||||
Tax Year 2016 [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Capital loss carryforward | $ 1,926,000 | ||||
Tax Year 2015 [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Capital loss carryforward | $ 1,826,000 | ||||
Minimum [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Percentage of shareholding by controlled foreign corporations and other specified foreign corporations | 10.00% | ||||
Scenario, Forecast [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Income taxes at statutory rate, percentage | 21.00% |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Income Taxes (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Unearned premiums | $ 5,753 | $ 9,331 |
Other-than-temporary impairment losses | 386 | 1,246 |
Losses and loss adjustment expenses | 3,154 | 986 |
Organizational costs | 90 | 61 |
Stock-based compensation | 2,455 | 3,388 |
Accrued expenses | 35 | |
Unearned revenue | 339 | 489 |
State net operating losses | 333 | |
State capital loss carryforwards | 175 | 65 |
Bad debt reserve | 2 | 3 |
Total deferred tax assets | 12,687 | 15,604 |
Deferred tax liabilities: | ||
Property and equipment | (1,517) | (1,857) |
Intangible assets | (1,541) | (1,890) |
Deferred policy acquisition costs | (4,365) | (6,601) |
Unrealized net gain on available-for-sale securities | (1,907) | (1,659) |
Basis difference related to partnership investments | (599) | (5) |
Basis difference related to convertible senior notes | (4,099) | (2,519) |
Prepaid expenses | (312) | (412) |
Accrued expenses | (37) | |
Other | (200) | (411) |
Total deferred tax liabilities | $ (14,577) | $ (15,354) |
Income Taxes - Significant C123
Income Taxes - Significant Components of Net Deferred Income Tax Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Income Tax Disclosure [Abstract] | ||
Total deferred tax assets | $ 12,687 | $ 15,604 |
Total deferred tax liabilities | (14,577) | (15,354) |
Net deferred tax liabilities | $ (1,890) | |
Net deferred tax assets | $ 250 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Numerator and Denominator of Basic and Fully Diluted (Loss) Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Basic Earnings Per Share: | |||||||||||||||
Income allocated to common stockholders, Income (Numerator) | $ (6,412) | $ 27,476 | $ 62,463 | ||||||||||||
Income allocated to common stockholders, Shares (Denominator) | 9,326 | 9,602 | |||||||||||||
Income allocated to common stockholders, Per Share Amount | $ 1.37 | $ (4.44) | $ 1.05 | $ 1.27 | $ 0.47 | $ 1.17 | $ 0.71 | $ 0.60 | $ 1.12 | $ 0.72 | $ 2.17 | $ 2.50 | $ (0.75) | $ 2.95 | $ 6.51 |
Net income (loss) | $ 12,091 | $ (40,546) | $ 9,542 | $ 12,020 | $ 4,608 | $ 11,333 | $ 7,024 | $ 6,056 | $ 11,090 | $ 7,371 | $ 22,022 | $ 25,378 | $ (6,893) | $ 29,021 | $ 65,861 |
Effect of Dilutive Securities: | |||||||||||||||
Less: Income attributable to participating securities | $ 481 | (1,545) | (3,398) | ||||||||||||
Diluted Earnings Per Share: | |||||||||||||||
Income available to common stockholders and assumed conversions, Income (Numerator) | $ 31,720 | $ 66,968 | |||||||||||||
Income available to common stockholders and assumed conversions, Shares (Denominator) | 10,873 | 11,355 | |||||||||||||
Income available to common stockholders and assumed conversions, Per Share Amount | $ 1.14 | $ (4.44) | $ 0.93 | $ 1.15 | $ 0.47 | $ 1.10 | $ 0.71 | $ 0.60 | $ 1.05 | $ 0.71 | $ 1.93 | $ 2.21 | $ (0.75) | $ 2.92 | $ 5.90 |
Basic and Diluted Loss Per Share: | |||||||||||||||
Income (loss) allocated to common stockholders, Income (loss) (Numerator) | $ (6,412) | $ 27,476 | $ 62,463 | ||||||||||||
Income allocated to common stockholders, Shares (Denominator) | 8,558 | ||||||||||||||
Income allocated to common stockholders, Per Share Amount | $ (0.75) | ||||||||||||||
Net income (loss) | $ 12,091 | $ (40,546) | $ 9,542 | $ 12,020 | $ 4,608 | $ 11,333 | $ 7,024 | $ 6,056 | $ 11,090 | $ 7,371 | $ 22,022 | $ 25,378 | $ (6,893) | 29,021 | 65,861 |
Less: Income attributable to participating securities | $ 481 | (1,545) | (3,398) | ||||||||||||
Convertible Senior Notes [Member] | |||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||
Dilutive Securities, Income (Numerator) | $ 4,244 | $ 4,505 | |||||||||||||
Dilutive Securities, Shares (Denominator) | 1,493 | 1,651 | |||||||||||||
Stock Options [Member] | |||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||
Dilutive Securities, Income (Numerator) | $ 0 | $ 0 | |||||||||||||
Dilutive Securities, Shares (Denominator) | 54 | 102 |
Stockholders' Equity (Common St
Stockholders' Equity (Common Stock) - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | |||
Stock repurchased and retired, total costs | $ 21,318,000 | $ 464,000 | $ 792,000 |
Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Repurchase and retirement of common stock, shares | 437,240 | 14,934 | 17,493 |
2017 Plan [Member] | |||
Class of Stock [Line Items] | |||
Common stock repurchase authorized amount | $ 20,000,000 | ||
Time through the company is allowed to repurchase shares | Dec. 31, 2018 | ||
Share Repurchase Plan [Member] | |||
Class of Stock [Line Items] | |||
Stock repurchased and retired, total costs | $ 15,154,000 | $ 20,026,000 | $ 1,610,000 |
Share Repurchase Plan [Member] | Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Repurchase and retirement of common stock, shares | 433,175 | 643,703 | 37,869 |
Share Repurchase Plan [Member] | 2016 and 2015 Plan [Member] | |||
Class of Stock [Line Items] | |||
Common stock repurchase authorized amount | $ 20,000,000 | $ 20,000,000 | |
Common stock repurchased and retired, weighted average price | $ 34.94 | $ 31.07 | |
Stock repurchased and retired, total costs | $ 15,155,000 | $ 20,026,000 | |
Fees and commissions average price repurchase common stock | $ 34.98 | $ 31.11 | |
Share Repurchase Plan [Member] | 2016 and 2015 Plan [Member] | Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Repurchase and retirement of common stock, shares | 433,175 | 643,703 |
Stockholders' Equity (Series B
Stockholders' Equity (Series B Junior Participating Preferred Share Purchase Right) - Additional Information (Detail) - Share Repurchase Plan [Member] - Series B Junior Participating Preferred Stock [Member] | 1 Months Ended | 12 Months Ended |
Oct. 31, 2013Right$ / shares | Dec. 31, 2017 | |
Subsequent Event [Line Items] | ||
Dividends Payable, Right Per Share | Right | 1 | |
Exercise price per one one-hundredth of each preferred share | $ 125 | |
Purchase right of common shareholder | One one-hundredth | |
Expiry of preferred stock purchase rights | Oct. 18, 2018 | |
Minimum percentage of ownership that triggers exercise rights | 10.00% | |
Number of days that must lapse after ownership percentage change | 10 days | |
Preferred stock purchase right exchange or redemption price | $ 0.001 |
Stockholders' Equity (Share Rep
Stockholders' Equity (Share Repurchase Agreement) - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 03, 2017 | Mar. 03, 2017 | |
Class of Stock [Line Items] | |||||
Repurchase and retirement of common stock, value | $ 21,318 | $ 464 | $ 792 | ||
Share Repurchase Plan [Member] | |||||
Class of Stock [Line Items] | |||||
Repurchase and retirement of common stock, value | 15,154 | $ 20,026 | $ 1,610 | ||
Institutional Investors [Member] | Share Repurchase Plan [Member] | |||||
Class of Stock [Line Items] | |||||
Repurchase and retirement of common stock, value | $ 20,345 | ||||
Repurchase and retirement of common stock, shares | 413,600 | ||||
Common stock repurchased and retired, price per share | $ 49.19 | ||||
4.25% Convertible Senior Notes [Member] | |||||
Class of Stock [Line Items] | |||||
Debt instrument stated interest rate | 4.25% | 4.25% | 4.25% |
Stockholders' Equity (Prepaid S
Stockholders' Equity (Prepaid Share Repurchase Forward Contract) - Additional Information (Detail) - Share Repurchase Plan [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)shares | |
Subsequent Event [Line Items] | |
Number of outstanding prepaid share repurchase forward contract | 2 |
Deutsche Bank AG, London Branch [Member] | 3.875% Convertible Senior Notes [Member] | |
Subsequent Event [Line Items] | |
Repurchase of common stock under prepaid forward contract | $ | $ 29,923 |
Repurchase of Common stock, shares | shares | 622,751 |
Prepaid stock repurchases forward contract settlement period | 2,019 |
Societe Generale [Member] | 4.25% Convertible Senior Notes [Member] | |
Subsequent Event [Line Items] | |
Repurchase of common stock under prepaid forward contract | $ | $ 9,400 |
Repurchase of Common stock, shares | shares | 191,100 |
Prepaid stock repurchases forward contract settlement period | 2,022 |
Stockholders' Equity (Preferred
Stockholders' Equity (Preferred Stock) - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2017shares | Dec. 31, 2013Vote$ / sharesshares | Dec. 31, 2016shares | |
Subsequent Event [Line Items] | |||
Preferred shares issued | 0 | 0 | |
Preferred shares outstanding | 0 | 0 | |
Preferred shares Authorized | 18,100,000 | 18,100,000 | |
Additional shares of preferred stock authorized to issue, no par value | 18,100,000 | ||
Series B Preferred Stock [Member] | |||
Subsequent Event [Line Items] | |||
Preferred shares issued | 0 | 0 | |
Preferred shares outstanding | 0 | 0 | |
Preferred shares Authorized | 400,000 | 400,000 | 400,000 |
Minimum dividend payment per shares | $ / shares | $ 1 | ||
Ratio of maximum aggregate preferred stock dividend to common stock dividend per share | 100 | ||
Number of votes per shares | Vote | 100 | ||
Ratio of maximum aggregate preferred stock liquidation payment to common stock liquidation payment | 100 | ||
Series B Preferred Stock [Member] | Minimum [Member] | |||
Subsequent Event [Line Items] | |||
Preferred stock liquidation preference | $ / shares | $ 100 | ||
Series A Cumulative Convertible Preferred Stock [Member] | |||
Subsequent Event [Line Items] | |||
Preferred shares issued | 0 | 0 | |
Preferred shares outstanding | 0 | 0 |
Stock-Based Compensation (Incen
Stock-Based Compensation (Incentive Plans) - Additional Information (Detail) - Omnibus Incentive Plan New Plan 2012 [Member] - shares | Dec. 31, 2017 | Mar. 17, 2017 | Dec. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares available for grant | 1,995,655 | ||
Common shares reserved for future issuance | 3,000,000 | 5,000,000 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Options) - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise of common stock options, shares | 30,000 | 60,000 | 120,000 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option contractual term | 10 years | ||
Exercise of common stock options, shares | 120,000 | ||
Options were net settled | 30,000 | ||
Surrender of Shares | 2,013 | ||
Recognized compensation expenses | $ 306 | $ 0 | $ 0 |
Deferred tax benefits recognized | 78 | 0 | $ 0 |
Unrecognized compensation expense related to nonvested stock options | $ 941 | $ 0 | |
Recognition of remaining compensation expense over a weighted-average period | 3 years | ||
Stock Options [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options maximum vesting period | 5 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Company's Stock Option Plan Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Granted, Number of options | 110,000 | |||
Exercised, Number of Options | (30,000) | (60,000) | (120,000) | |
Outstanding, Number of Options | 130,000 | 50,000 | 110,000 | 230,000 |
Exercisable, Number of Options | 20,000 | |||
Granted, Weighted Average Exercise Price | $ 40 | |||
Exercised, Weighted-Average Exercise Price | 2.50 | $ 2.50 | $ 2.82 | |
Outstanding, Weighted Average Exercise Price | 34.82 | $ 4.02 | $ 3.19 | $ 3 |
Exercisable, Weighted-Average Exercise Price | $ 6.30 | |||
Outstanding, Weighted-Average Remaining Contractual Term | 8 years 2 months 12 days | 2 years 3 months 19 days | 2 years 3 months 19 days | 3 years |
Exercisable, Weighted-Average Remaining Contractual Term | 3 years 8 months 12 days | |||
Outstanding, Aggregate Intrinsic Value | $ 472 | $ 1,773 | $ 3,482 | $ 9,256 |
Exercisable, Aggregate Intrinsic Value | $ 472 |
Stock-Based Compensation - Info
Stock-Based Compensation - Information about Options Exercised (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Activity [Abstract] | |||
Options exercised | 30,000 | 60,000 | 120,000 |
Total intrinsic value of exercised options | $ 1,319 | $ 1,376 | $ 4,551 |
Tax benefits realized | $ 509 | $ 501 | $ 1,697 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Used to Estimate the Fair Value of Stock Options Granted (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Expected dividend yield | 3.53% |
Expected volatility | 42.86% |
Risk-free interest rate | 1.92% |
Expected life (in years) | 5 years |
Stock Based Compensation - Info
Stock Based Compensation - Information with Respect to Unvested Restricted Stock Awards Stock Option and Incentive Plan (Detail) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning balance, shares | 542,503 | 620,513 | 639,705 |
Granted, Number of Restricted Stock Awards | 154,936 | 142,440 | 83,260 |
Vested, Number of Restricted Stock Awards | (75,983) | (47,152) | (59,695) |
Cancelled, Number of Restricted Stock Awards | (160,000) | ||
Forfeited, Number of Restricted Stock Awards | (23,766) | (13,298) | (42,757) |
Ending balance, shares | 597,690 | 542,503 | 620,513 |
Nonvested, Weighted-Average Grant Date Fair Value, Beginning balance | $ 30.81 | $ 30.33 | $ 28.33 |
Granted, Weighted-Average Grant Date Fair Value | 42.92 | 32.35 | 44.46 |
Vested, Weighted-Average Grant Date Fair Value | 37.95 | 42.27 | 30.13 |
Cancelled, Weighted-Average Grant Date Fair Value | 26.27 | ||
Forfeited, Weighted-Average Grant Date Fair Value | 36.32 | 39.06 | 28.15 |
Nonvested, Weighted-Average Grant Date Fair Value, Ending balance | $ 32.82 | $ 30.81 | $ 30.33 |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Stock Awards) - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized compensation expenses | $ 4,217 | $ 4,198 | $ 5,212 |
Total unrecognized compensation expense, Nonvested restricted stock arrangements granted | $ 9,101 | $ 7,531 | |
Recognition of remaining compensation expense over a weighted-average period | 32 months | ||
Awards issued during the period | 154,936 | 142,440 | 83,260 |
Other Than Time-based Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards issued during the period | 0 | 0 | 0 |
Stock-Based Compensation - I137
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 | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred tax benefits recognized | $ 970 | $ 1,619 | $ 1,453 |
Tax benefits realized for restricted stock and paid dividends | 1,396 | 140 | 598 |
Fair value of vested restricted stock | $ 2,884 | $ 1,993 | $ 1,798 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2017USD ($)Plans | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
US Employees [Member] | |||
Employee Benefit Plan [Line Items] | |||
Maximum percentage of employee contribution | 100.00% | ||
Company contribution in the plan | $ 560 | $ 415 | $ 371 |
India Employees [Member] | |||
Employee Benefit Plan [Line Items] | |||
Employment benefit accrued | $ 58,000 | 42,000 | |
Matching contribution, number of defined contribution plans | Plans | 2 | ||
Defined benefit plan amount recognized | $ 17,000 | $ 14,000 | $ 9,000 |
Maximum [Member] | US Employees [Member] | |||
Employee Benefit Plan [Line Items] | |||
Maximum percentage of employer contribution | 4.00% | ||
Deferred Profit Sharing [Member] | US Employees [Member] | |||
Employee Benefit Plan [Line Items] | |||
Company contribution in the plan | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)Contract | Dec. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($) | |
Commitment And Contingencies [Line Items] | |||
Number of multi year reinsurance contracts | Contract | 3 | ||
Percentage increase in monthly rental payment | 5.00% | ||
Rental expense under all facility leases | $ 336 | $ 333 | $ 304 |
Percentage increase in monthly service agreement payment | 5.00% | ||
Unfunded Balance | $ 14,328 | $ 13,554 | |
Noida, India [Member] | |||
Commitment And Contingencies [Line Items] | |||
Company agreement to lease | ft² | 15,000 |
Commitments and Contingencie140
Commitments and Contingencies - Summary of Contractual Obligations (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2,018 | $ 21,792 |
2,019 | 2,392 |
2,020 | 1,196 |
Total | $ 25,380 |
Commitments and Contingencie141
Commitments and Contingencies - Summary of Contractual Obligations (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Purchase Obligation, Fiscal Year Maturity [Abstract] | |
Number of multi-year flood reinsurance contracts | 1 |
Commitments and Contingencie142
Commitments and Contingencies - Minimum Future Rental Payments Under Operating Leases (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,018 | $ 147 |
2,019 | 142 |
2,020 | 150 |
2,021 | 157 |
Total minimum future payments | $ 596 |
Commitments and Contingencie143
Commitments and Contingencies - Minimum Future Payments Under the Service Agreements (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,018 | $ 24 |
2,019 | 26 |
2,020 | 27 |
2,021 | 28 |
Total minimum future payments | $ 105 |
Commitments and Contingencie144
Commitments and Contingencies - Rental Income Due Under Non-Cancellable Operating Leases (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,018 | $ 4,227 |
2,019 | 4,073 |
2,020 | 3,651 |
2,021 | 3,048 |
2,022 | 2,558 |
Thereafter | 13,786 |
Total | $ 31,343 |
Quarterly Results of Operati145
Quarterly Results of Operations - Summarize Unaudited Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Net premiums earned | $ 55,771 | $ 43,964 | $ 61,847 | $ 63,036 | $ 63,352 | $ 63,300 | $ 58,528 | $ 58,447 | $ 61,626 | $ 62,765 | $ 76,387 | $ 81,728 | $ 224,618 | $ 243,627 | $ 282,506 |
Total revenue | 61,623 | 47,490 | 67,580 | 67,713 | 72,371 | 69,808 | 61,520 | 60,747 | 63,412 | 61,262 | 79,068 | 82,210 | 244,406 | 264,446 | 285,952 |
Losses and loss adjustment expenses | 23,204 | 89,231 | 27,665 | 25,529 | 45,406 | 25,909 | 26,272 | 27,080 | 21,420 | 26,200 | 20,565 | 19,039 | 165,629 | 124,667 | 87,224 |
Policy acquisition and other underwriting expenses | 10,018 | 9,926 | 10,070 | 9,649 | 10,117 | 10,536 | 10,879 | 11,110 | 11,067 | 10,675 | 10,443 | 9,799 | 39,663 | 42,642 | 41,984 |
Interest expense | 4,439 | 4,408 | 4,378 | 3,542 | 2,967 | 2,672 | 2,611 | 2,829 | 2,716 | 2,698 | 2,679 | 2,661 | 16,767 | 11,079 | 10,754 |
Total expenses | 44,676 | 113,508 | 53,275 | 48,571 | 66,470 | 49,779 | 50,291 | 51,050 | 45,787 | 49,324 | 43,485 | 41,164 | |||
Income (loss) before income taxes | 16,947 | (66,018) | 14,305 | 19,142 | 5,901 | 20,029 | 11,229 | 9,697 | 17,625 | 11,938 | 35,583 | 41,046 | (15,624) | 46,856 | 106,192 |
Net income | 12,091 | (40,546) | 9,542 | 12,020 | 4,608 | 11,333 | 7,024 | 6,056 | 11,090 | 7,371 | 22,022 | 25,378 | (6,893) | 29,021 | 65,861 |
Comprehensive income | $ 11,914 | $ (38,792) | $ 8,959 | $ 12,949 | $ 2,380 | $ 12,487 | $ 10,742 | $ 7,846 | $ 11,516 | $ 5,023 | $ 19,856 | $ 27,009 | $ (4,970) | $ 33,455 | $ 63,404 |
Earnings per share: | |||||||||||||||
Basic | $ 1.37 | $ (4.44) | $ 1.05 | $ 1.27 | $ 0.47 | $ 1.17 | $ 0.71 | $ 0.60 | $ 1.12 | $ 0.72 | $ 2.17 | $ 2.50 | $ (0.75) | $ 2.95 | $ 6.51 |
Diluted | $ 1.14 | $ (4.44) | $ 0.93 | $ 1.15 | $ 0.47 | $ 1.10 | $ 0.71 | $ 0.60 | $ 1.05 | $ 0.71 | $ 1.93 | $ 2.21 | $ (0.75) | $ 2.92 | $ 5.90 |
Regulatory Requirements and 146
Regulatory Requirements and Restrictions - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2018USD ($) | |
Statutory Accounting Practices [Line Items] | ||||
Payment of dividends | $ 95,310,000 | |||
Minimum percentage of capital and surplus requires to maintain by Company | 10.00% | |||
Statutory capital and surplus | $ 153,000,000 | $ 183,000,000 | $ 195,000,000 | |
Dividend distribution open capital surplus under condition 1 | 10.00% | |||
Dividend distribution open capital surplus under condition 2 | 10.00% | |||
Percentage of unrealized capital gain under condition 2 | 25.00% | |||
Dividend distribution open capital surplus under condition 3 | 10.00% | |||
Percentage of unrealized capital gain under condition 3 | 25.00% | |||
Restricted net assets of Company's insurance subsidiaries | $ 180,286,000 | 148,999,000 | ||
HCPCI Domiciled in Florida [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Statutory net income (loss) Amount | $ (10,500,000) | 5,900,000 | 57,400,000 | |
Statutory accounting practices, Future dividend payments restrictions, Capital Surplus Percentage | 10.00% | |||
Statutory accounting practices, Future dividend payments restrictions, Statutory Capital surplus Percentage | 115.00% | |||
Statutory accounting practices, Future dividend payments restrictions, Notice Period | 30 days | |||
Premium to capital surplus ratios, percentage of written premiums | 90.00% | |||
TypTap [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Statutory capital and surplus | $ 24,000,000 | 25,000,000 | ||
Statutory net income (loss) Amount | $ 797,000 | $ 364,000 | ||
Premium to capital surplus ratio for gross written premiums | 0.33 | 0.09 | ||
Premium to capital surplus ratio for net written premiums | 0.27 | 0.07 | ||
HCPCI and TypTap [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Deposit in Trust with state regulatory authorities | $ 300,000 | |||
Claddaugh Domiciled in Bermuda [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Minimum amount of statutory capital and surplus required | 2,000,000 | |||
Statutory capital and surplus | 63,000,000 | $ 88,000,000 | ||
Statutory net income (loss) Amount | (5,200,000) | 13,200,000 | 9,900,000 | |
Payment of cash dividend to parent | 20,000,000 | 0 | $ 0 | |
Us Insurance Subsidiaries [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Statutory capital and surplus | $ 177,000,000 | |||
Maximum [Member] | Insurance Subsidiaries Domiciled in Florida [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Premium to capital surplus ratio for gross written premiums | 10 | |||
Premium to capital surplus ratio for net written premiums | 4 | |||
Minimum [Member] | HCPCI Domiciled in Florida [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Minimum amount of statutory capital and surplus required | $ 25,900,000 | 22,550,000 | ||
Minimum [Member] | TypTap [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Minimum amount of statutory capital and surplus required | 20,000,000 | $ 20,000,000 | ||
Minimum [Member] | TypTap [Member] | Scenario, Forecast [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Minimum amount of statutory capital and surplus required | $ 20,000,000 | |||
Minimum [Member] | Us Insurance Subsidiaries [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Minimum amount of statutory capital and surplus required | $ 45,900,000 |
Regulatory Requirements and 147
Regulatory Requirements and Restrictions - Summary of Required Ratio of Gross and Net Written Premium to Surplus (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
HCPCI [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Premium to capital surplus ratio for gross written premiums | 2.01 | 1.81 | 1.85 |
Premium to capital surplus ratio for net written premiums | 1.11 | 1.07 | 1 |
TypTap [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Premium to capital surplus ratio for gross written premiums | 0.33 | 0.09 | |
Premium to capital surplus ratio for net written premiums | 0.27 | 0.07 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2017USD ($) | Dec. 31, 2017USD ($)Directors | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Related Party Transaction [Line Items] | ||||
Fees incurred with respect to law firm | $ 6 | $ 32 | $ 50 | |
Real Estate Transactions [Member] | Pineda Landings - Melbourne, Florida [Member] | ||||
Related Party Transaction [Line Items] | ||||
Fees incurred with respect to law firm | $ 20 | |||
Oxbridge [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number of non-employee directors | Directors | 3 | |||
Oxbridge [Member] | Period from June 1, 2015 through May 31, 2016 [Member] | ||||
Related Party Transaction [Line Items] | ||||
Assumed total covered exposure | $ 11,600 | |||
Transaction amount | 3,340 | |||
Oxbridge [Member] | Period From June 1, 2016 Through May 31, 2017 [Member] | ||||
Related Party Transaction [Line Items] | ||||
Assumed total covered exposure | 6,000 | |||
Transaction amount | 3,400 | |||
Oxbridge [Member] | Period From June 1, 2017 Through May 31, 2018 [Member] | ||||
Related Party Transaction [Line Items] | ||||
Assumed total covered exposure | 7,400 | |||
Premiums paid | $ 3,400 |
Condensed Financial Informat149
Condensed Financial Information of HCI Group, Inc. - Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||||
Cash and cash equivalents | $ 255,884 | $ 280,531 | $ 267,738 | $ 314,416 |
Fixed-maturity securities, available for sale, at fair value | 237,484 | 166,248 | ||
Equity securities, available for sale, at fair value | 58,911 | 53,035 | ||
Equity securities, trading, at fair value | 1,045 | 0 | ||
Limited partnership investments, at equity | 23,184 | 29,263 | ||
Property and equipment, net | 12,465 | 11,374 | ||
Income tax receivable | 16,192 | 2,811 | ||
Other assets | 10,550 | 11,342 | ||
Total assets | 842,264 | 670,064 | ||
Liabilities and Stockholders' Equity | ||||
Deferred income taxes, net | 1,890 | |||
Long-term debt | 237,835 | 138,863 | ||
Total liabilities | 648,289 | 426,318 | ||
Total stockholders' equity | 193,975 | 243,746 | 237,722 | 182,585 |
Total liabilities and stockholders' equity | 842,264 | 670,064 | ||
HCI Group [Member] | ||||
Assets | ||||
Cash and cash equivalents | 53,755 | 2,297 | $ 2,282 | $ 32,082 |
Fixed-maturity securities, available for sale, at fair value | 34,529 | 4,483 | ||
Equity securities, available for sale, at fair value | 10,238 | 7,289 | ||
Equity securities, trading, at fair value | 1,045 | |||
Limited partnership investments, at equity | 15,232 | 21,906 | ||
Note receivable - related party | 7,280 | |||
Investment in subsidiaries | 310,779 | 411,398 | ||
Property and equipment, net | 617 | 664 | ||
Income tax receivable | 3,023 | 1,563 | ||
Other assets | 1,019 | 940 | ||
Total assets | 437,517 | 450,540 | ||
Liabilities and Stockholders' Equity | ||||
Accrued expenses and other liabilities | 4,499 | 2,952 | ||
Deferred income taxes, net | 2,511 | 949 | ||
Long-term debt | 211,890 | 121,436 | ||
Due to related parties | 24,642 | 81,457 | ||
Total liabilities | 243,542 | 206,794 | ||
Total stockholders' equity | 193,975 | 243,746 | ||
Total liabilities and stockholders' equity | $ 437,517 | $ 450,540 |
Condensed Financial Informat150
Condensed Financial Information of HCI Group, Inc. - Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||
Net investment income (loss) | $ 11,439 | $ 9,087 | $ 3,978 | ||||||||||||
Net realized gains | 4,346 | 2,601 | (608) | ||||||||||||
Net unrealized gains | 92 | ||||||||||||||
Other-than-temporary impairment losses | (1,467) | (2,482) | (4,681) | ||||||||||||
Gain on repurchases of convertible senior notes | 153 | ||||||||||||||
Other income | 1,756 | 1,470 | 1,261 | ||||||||||||
Loss on repurchases of senior notes | (743) | ||||||||||||||
Interest expense | $ (4,439) | $ (4,408) | $ (4,378) | $ (3,542) | $ (2,967) | $ (2,672) | $ (2,611) | $ (2,829) | $ (2,716) | $ (2,698) | $ (2,679) | $ (2,661) | (16,767) | (11,079) | (10,754) |
Operating expenses | (44,676) | (113,508) | (53,275) | (48,571) | (66,470) | (49,779) | (50,291) | (51,050) | (45,787) | (49,324) | (43,485) | (41,164) | |||
Income tax benefit | 8,731 | (17,835) | (40,331) | ||||||||||||
Net (loss) income | $ 12,091 | $ (40,546) | $ 9,542 | $ 12,020 | $ 4,608 | $ 11,333 | $ 7,024 | $ 6,056 | $ 11,090 | $ 7,371 | $ 22,022 | $ 25,378 | (6,893) | 29,021 | 65,861 |
HCI Group [Member] | |||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||
Net investment income (loss) | 2,799 | 1,204 | (2,401) | ||||||||||||
Net realized gains | 367 | 151 | 108 | ||||||||||||
Net unrealized gains | 92 | ||||||||||||||
Other-than-temporary impairment losses | (209) | (15) | (75) | ||||||||||||
Gain on repurchases of convertible senior notes | 153 | ||||||||||||||
Other income | 30 | ||||||||||||||
Loss on repurchases of senior notes | (743) | ||||||||||||||
Interest expense | (15,704) | (10,346) | (10,754) | ||||||||||||
Operating expenses | (5,489) | (5,158) | (7,346) | ||||||||||||
Loss before income tax benefit and equity in income of subsidiaries | (18,887) | (14,011) | (20,438) | ||||||||||||
Income tax benefit | 9,605 | 4,878 | 7,835 | ||||||||||||
Net loss before equity in income of subsidiaries | (9,282) | (9,133) | (12,603) | ||||||||||||
Equity in income of subsidiaries | 2,389 | 38,154 | 78,464 | ||||||||||||
Net (loss) income | $ (6,893) | $ 29,021 | $ 65,861 |
Condensed Financial Informat151
Condensed Financial Information of HCI Group, Inc. - Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||||||||||||||
Net (loss) income | $ 12,091 | $ (40,546) | $ 9,542 | $ 12,020 | $ 4,608 | $ 11,333 | $ 7,024 | $ 6,056 | $ 11,090 | $ 7,371 | $ 22,022 | $ 25,378 | $ (6,893) | $ 29,021 | $ 65,861 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||||||||||||||
Stock-based compensation | 4,523 | 4,198 | 5,212 | ||||||||||||
Net realized investment gains | (4,346) | (2,601) | 608 | ||||||||||||
Net unrealized investment gains | (92) | ||||||||||||||
Amortization of premiums on investments in fixed-maturity securities | 1,252 | 726 | 855 | ||||||||||||
Depreciation and amortization | 9,591 | 5,408 | 5,251 | ||||||||||||
(Income) loss from limited partnership investments | (2,334) | (1,207) | 3,244 | ||||||||||||
Distributions from limited partnership interests | 881 | 544 | 12 | ||||||||||||
Other-than-temporary impairment losses | 1,467 | 2,482 | 4,681 | ||||||||||||
Gain on repurchases of convertible senior notes | (153) | ||||||||||||||
Loss on repurchases of senior notes | 743 | ||||||||||||||
Deferred income taxes | (4,913) | 155 | (361) | ||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||
Other assets | 574 | 29,054 | (7,230) | ||||||||||||
Accrued expenses and other liabilities | 2,548 | (2,223) | 4,157 | ||||||||||||
Income taxes payable | (13,381) | (1,192) | 766 | ||||||||||||
Net cash provided by operating activities | 16,426 | 87,975 | 45,282 | ||||||||||||
Cash flows from investing activities: | |||||||||||||||
Investment in limited partnership interest | (4,226) | (4,670) | (24,636) | ||||||||||||
Purchase of fixed-maturity securities | (114,743) | (85,530) | (98,501) | ||||||||||||
Purchase of equity securities, available for sale | (46,909) | (22,434) | (32,878) | ||||||||||||
Purchase of equity securities, trading | (3,544) | ||||||||||||||
Purchase of property and equipment | (2,340) | (865) | (840) | ||||||||||||
Proceeds from sales of fixed-maturity securities | 31,759 | 40,454 | 53,711 | ||||||||||||
Proceeds from calls, repayments and maturities of fixed-maturity securities | 14,897 | 4,692 | 9,344 | ||||||||||||
Proceeds from sales of equity securities, available for sale | 42,657 | 23,127 | 25,695 | ||||||||||||
Proceeds from sales of equity securities, trading | 2,625 | ||||||||||||||
Distributions from limited partnership interests | 11,758 | ||||||||||||||
Net cash used in investing activities | (80,164) | (49,028) | (80,374) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||
Repurchases of common stock | (30,718) | (464) | (792) | ||||||||||||
Repurchases of common stock under share repurchase plan | (15,154) | (20,026) | (1,610) | ||||||||||||
Repurchases of convertible senior notes | (11,347) | ||||||||||||||
Repurchases of senior notes | (40,250) | ||||||||||||||
Debt issuance costs paid | (4,975) | (339) | |||||||||||||
Cash dividends paid to stockholders | (13,906) | (12,438) | (12,428) | ||||||||||||
Cash dividends received under share repurchase forward contract | 1,073 | 747 | 747 | ||||||||||||
Proceeds from exercise of stock options | 75 | 150 | 263 | ||||||||||||
Proceeds from issuance of long-term debt | 143,859 | 18,200 | |||||||||||||
Tax benefits on stock-based compensation | 641 | 2,295 | |||||||||||||
Net cash provided by (used in) financing activities | 39,030 | (26,157) | (11,525) | ||||||||||||
Net (decrease) increase in cash and cash equivalents | (24,647) | 12,793 | (46,678) | ||||||||||||
Cash and cash equivalents at beginning of year | 280,531 | 267,738 | 314,416 | 280,531 | 267,738 | 314,416 | |||||||||
Cash and cash equivalents at end of year | 255,884 | 280,531 | 267,738 | 255,884 | 280,531 | 267,738 | |||||||||
HCI Group [Member] | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||
Net (loss) income | (6,893) | 29,021 | 65,861 | ||||||||||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||||||||||||||
Stock-based compensation | 2,630 | 2,878 | 4,341 | ||||||||||||
Net realized investment gains | (367) | (151) | (108) | ||||||||||||
Net unrealized investment gains | (92) | ||||||||||||||
Amortization of premiums on investments in fixed-maturity securities | 51 | 1 | |||||||||||||
Depreciation and amortization | 6,673 | 3,899 | 3,996 | ||||||||||||
(Income) loss from limited partnership investments | (1,354) | (523) | 3,277 | ||||||||||||
Distributions from limited partnership interests | 881 | 544 | 12 | ||||||||||||
Other-than-temporary impairment losses | 209 | 15 | 75 | ||||||||||||
Gain on repurchases of convertible senior notes | (153) | ||||||||||||||
Loss on repurchases of senior notes | 743 | ||||||||||||||
Loss from disposal of property and equipment | 17 | ||||||||||||||
Equity in income of subsidiaries | (2,389) | (38,154) | (78,464) | ||||||||||||
Deferred income taxes | (4,224) | (1,542) | (3,218) | ||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||
Income taxes receivable | (1,461) | (1,563) | 2,596 | ||||||||||||
Other assets | (106) | (129) | 228 | ||||||||||||
Accrued expenses and other liabilities | 1,544 | (716) | 689 | ||||||||||||
Income taxes payable | (1,518) | 1,279 | |||||||||||||
Due to related parties | (54,896) | 60,075 | (14,831) | ||||||||||||
Net cash provided by operating activities | (59,034) | 51,983 | (14,266) | ||||||||||||
Cash flows from investing activities: | |||||||||||||||
Investment in limited partnership interest | (4,611) | (2,710) | (19,956) | ||||||||||||
Investment in note receivable - related party | (7,280) | ||||||||||||||
Purchase of fixed-maturity securities | (31,034) | (371) | (384) | ||||||||||||
Purchase of equity securities, available for sale | (8,939) | (2,853) | (3,196) | ||||||||||||
Purchase of equity securities, trading | (3,544) | ||||||||||||||
Purchase of property and equipment | (306) | (202) | (371) | ||||||||||||
Proceeds from sales of fixed-maturity securities | 667 | 423 | 259 | ||||||||||||
Proceeds from calls, repayments and maturities of fixed-maturity securities | 130 | ||||||||||||||
Proceeds from sales of equity securities, available for sale | 6,262 | 2,602 | 5,475 | ||||||||||||
Proceeds from sales of equity securities, trading | 2,624 | ||||||||||||||
Distributions from limited partnership interests | 11,758 | ||||||||||||||
Dividends received from subsidiary | 105,000 | 19,000 | 92,700 | ||||||||||||
Investment in subsidiaries | (25,250) | (78,536) | |||||||||||||
Net cash used in investing activities | 70,597 | (9,231) | (4,009) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||
Repurchases of common stock | (30,718) | (464) | (792) | ||||||||||||
Repurchases of common stock under share repurchase plan | (15,154) | (20,026) | (1,610) | ||||||||||||
Repurchases of convertible senior notes | (11,347) | ||||||||||||||
Repurchases of senior notes | (40,250) | ||||||||||||||
Debt issuance costs paid | (4,975) | ||||||||||||||
Cash dividends paid to stockholders | (13,906) | (12,438) | (12,428) | ||||||||||||
Cash dividends received under share repurchase forward contract | 1,073 | 747 | 747 | ||||||||||||
Proceeds from exercise of stock options | 75 | 150 | 263 | ||||||||||||
Proceeds from issuance of long-term debt | 143,750 | ||||||||||||||
Tax benefits on stock-based compensation | 641 | 2,295 | |||||||||||||
Net cash provided by (used in) financing activities | 39,895 | (42,737) | (11,525) | ||||||||||||
Net (decrease) increase in cash and cash equivalents | 51,458 | 15 | (29,800) | ||||||||||||
Cash and cash equivalents at beginning of year | $ 2,297 | $ 2,282 | $ 32,082 | 2,297 | 2,282 | 32,082 | |||||||||
Cash and cash equivalents at end of year | $ 53,755 | $ 2,297 | $ 2,282 | $ 53,755 | $ 2,297 | $ 2,282 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Feb. 08, 2018 | Jan. 26, 2018 | Jan. 15, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Feb. 20, 2018 |
Subsequent Event [Line Items] | |||||||
Dividends per common share | $ 1.40 | $ 1.20 | $ 1.20 | ||||
Options to purchase common shares granted | 110,000 | ||||||
Options exercise price per share | $ 40 | ||||||
Grant date fair value of restricted stock | $ 0 | $ 0 | $ 0 | ||||
Capital committed for investment | $ 14,328,000 | $ 13,554,000 | |||||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Dividends per common share | $ 0.35 | ||||||
Date of dividend payable | Mar. 16, 2018 | ||||||
Record date of dividend payable | Feb. 16, 2018 | ||||||
Subsequent Event [Member] | Chief Executive Officer [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Shares of restricted stock granted | 40,000 | ||||||
Options to purchase common shares granted | 110,000 | ||||||
Options exercise price per share | $ 40 | ||||||
Options expiration date | Feb. 8, 2028 | ||||||
Vesting period | 4 years | ||||||
Grant date fair value of restricted stock | $ 1,397,000 | ||||||
Grant date fair value of stock options | $ 939,000 | ||||||
Subsequent Event [Member] | Greenleaf Essence, LLC [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Purchase of noncontrolling interest | $ 539,000 | ||||||
Gain or loss on acquisition of noncontrolling interest | $ 0 | ||||||
Subsequent Event [Member] | Limited Partnership [Member] | Subscription Agreement [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Capital committed for investment | $ 5,000,000 |
Subsequent Events - Minimum Fut
Subsequent Events - Minimum Future Rental Payments Under Operating Leases (Detail) - USD ($) $ in Thousands | Feb. 02, 2018 | Dec. 31, 2017 |
Operating Leased Assets [Line Items] | ||
2,018 | $ 147 | |
2,019 | 142 | |
2,020 | 150 | |
2,021 | 157 | |
Total minimum future payments | $ 596 | |
Miami Lakes, Florida [Member] | Subsequent Event [Member] | ||
Operating Leased Assets [Line Items] | ||
2,018 | $ 116 | |
2,019 | 158 | |
2,020 | 163 | |
2,021 | 41 | |
Total minimum future payments | $ 478 |