Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
| Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||
Capital Market |
ITEM | Page Number | |||||||
F- 1 | ||||||||
Item 1. Financial Statements (Unaudited) | F- 3 | |||||||
F- 3 | ||||||||
F- 4 | ||||||||
Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023 | F- 5 | |||||||
F- 6 | ||||||||
F- 7 | ||||||||
F- 8 | ||||||||
F- 8 | ||||||||
F- 8 | ||||||||
F- 9 | ||||||||
F- 9 | ||||||||
F- 11 | ||||||||
F- 17 | ||||||||
F- 17 | ||||||||
F- 20 | ||||||||
F- 21 | ||||||||
F- 23 | ||||||||
F- 24 | ||||||||
F- 31 | ||||||||
F- 32 | ||||||||
F- 33 | ||||||||
F- 34 | ||||||||
F- 35 | ||||||||
F- 37 | ||||||||
F- 38 | ||||||||
F- 41 | ||||||||
F- 42 | ||||||||
F- 42 | ||||||||
F- 43 | ||||||||
F- 43 | ||||||||
Item 4. Controls and Procedures | ||||||||
As of | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Assets: | |||||||||||
Investments: | |||||||||||
Available for sale securities, at fair value, net of allowance for credit losses | $ | $ | |||||||||
Loans, at fair value | |||||||||||
Equity securities | |||||||||||
Other investments | |||||||||||
Total investments | |||||||||||
Cash and cash equivalents | |||||||||||
Restricted cash | |||||||||||
Notes and accounts receivable, net | |||||||||||
Reinsurance recoverable | |||||||||||
Prepaid reinsurance premiums | |||||||||||
Deferred acquisition costs | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Stockholders’ Equity | |||||||||||
Liabilities: | |||||||||||
Debt, net | $ | $ | |||||||||
Unearned premiums | |||||||||||
Policy liabilities and unpaid claims | |||||||||||
Deferred revenue | |||||||||||
Reinsurance payable | |||||||||||
Other liabilities and accrued expenses | |||||||||||
Total liabilities | $ | $ | |||||||||
Stockholders’ Equity: | |||||||||||
Preferred stock: $ | $ | $ | |||||||||
Common stock: $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive income (loss), net of tax | ( | ( | |||||||||
Retained earnings | |||||||||||
Total Tiptree Inc. stockholders’ equity | |||||||||||
Non-controlling interests: | |||||||||||
Fortegra preferred interests | |||||||||||
Common interests | |||||||||||
Total non-controlling interests | |||||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Revenues: | |||||||||||
Earned premiums, net | $ | $ | |||||||||
Service and administrative fees | |||||||||||
Ceding commissions | |||||||||||
Net investment income | |||||||||||
Net realized and unrealized gains (losses) | |||||||||||
Other revenue | |||||||||||
Total revenues | |||||||||||
Expenses: | |||||||||||
Policy and contract benefits | |||||||||||
Commission expense | |||||||||||
Employee compensation and benefits | |||||||||||
Interest expense | |||||||||||
Depreciation and amortization | |||||||||||
Other expenses | |||||||||||
Total expenses | |||||||||||
Income (loss) before taxes | |||||||||||
Less: provision (benefit) for income taxes | |||||||||||
Net income (loss) | |||||||||||
Less: net income (loss) attributable to non-controlling interests | |||||||||||
Net income (loss) attributable to common stockholders | $ | $ | ( | ||||||||
Net income (loss) per common share: | |||||||||||
Basic earnings per share | $ | $ | ( | ||||||||
Diluted earnings per share | $ | $ | ( | ||||||||
Weighted average number of common shares: | |||||||||||
Basic | |||||||||||
Diluted | |||||||||||
Dividends declared per common share | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net income (loss) | $ | $ | |||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Change in unrealized gains (losses) on available for sale securities | ( | ||||||||||
Change in unrealized currency translation adjustments | |||||||||||
Related (provision) benefit for income taxes | ( | ||||||||||
Other comprehensive income (loss), net of tax | ( | ||||||||||
Comprehensive income (loss) | |||||||||||
Less: comprehensive income (loss) attributable to non-controlling interests | |||||||||||
Comprehensive income (loss) attributable to common stockholders | $ | $ |
Common stock | Non-controlling interests | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares | Par value | Additional paid-in capital | Accumulated other comprehensive income (loss) | Retained earnings | Total Tiptree Inc. stockholders’ equity | Fortegra preferred interests | Common interests | Total stockholders' equity | |||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2023 | $ | $ | $ | ( | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of share-based incentive compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of share-based incentive compensation | — | ( | — | — | ( | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interest contributions | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interest distributions | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends declared | — | — | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | ( | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Subsidiary preferred dividends declared | — | — | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2024 | $ | $ | $ | ( | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Common stock | Non-controlling interests | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares | Par value | Additional paid-in capital | Accumulated other comprehensive income (loss) | Retained earnings | Total Tiptree Inc. stockholders’ equity | Fortegra preferred interests | Common interests | Total stockholders' equity | |||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | ( | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of share-based incentive compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of share-based incentive compensation | ( | — | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Shares issued upon exercise of options | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interest distributions | — | — | ( | — | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Net change in non-controlling interests and other | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends declared | — | — | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary preferred dividends declared | — | — | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | ( | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Operating Activities: | |||||||||||
Net income (loss) attributable to common stockholders | $ | $ | ( | ||||||||
Net income (loss) attributable to non-controlling interests | |||||||||||
Net income (loss) | |||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | |||||||||||
Net realized and unrealized (gains) losses | ( | ( | |||||||||
Non-cash compensation expense | |||||||||||
Amortization/accretion of premiums and discounts | ( | ( | |||||||||
Depreciation and amortization expense | |||||||||||
Non-cash lease expense | |||||||||||
Deferred provision (benefit) for income taxes | |||||||||||
Amortization of deferred financing costs | |||||||||||
Change in fair value of liability classified warrants | ( | ||||||||||
Other | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Mortgage loans originated for sale | ( | ( | |||||||||
Proceeds from the sale of mortgage loans originated for sale | |||||||||||
(Increase) decrease in notes and accounts receivable | ( | ||||||||||
(Increase) decrease in reinsurance recoverable | ( | ||||||||||
(Increase) decrease in prepaid reinsurance premiums | ( | ( | |||||||||
(Increase) decrease in deferred acquisition costs | ( | ||||||||||
(Increase) decrease in other assets | ( | ||||||||||
Increase (decrease) in unearned premiums | ( | ||||||||||
Increase (decrease) in policy liabilities and unpaid claims | |||||||||||
Increase (decrease) in deferred revenue | ( | ||||||||||
Increase (decrease) in reinsurance payable | ( | ||||||||||
Increase (decrease) in other liabilities and accrued expenses | ( | ( | |||||||||
Net cash provided by (used in) operating activities | |||||||||||
Investing Activities: | |||||||||||
Purchases of investments | ( | ( | |||||||||
Proceeds from sales and maturities of investments | |||||||||||
Purchases of property, plant and equipment | ( | ( | |||||||||
Proceeds from notes receivable | |||||||||||
Issuance of notes receivable | ( | ( | |||||||||
Business and asset acquisitions, net of cash and deposits | ( | ||||||||||
Net cash provided by (used in) investing activities | ( | ||||||||||
Financing Activities: | |||||||||||
Dividends paid | ( | ( | |||||||||
Net non-controlling interest (redemptions) contributions and other | ( | ||||||||||
Payment of debt issuance costs | ( | ( | |||||||||
Proceeds from borrowings and mortgage notes payable | |||||||||||
Principal paydowns of borrowings and mortgage notes payable | ( | ( | |||||||||
Net cash provided by (used in) financing activities | |||||||||||
Effect of exchange rate changes on cash | ( | ||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | ( | ||||||||||
Cash, cash equivalents and restricted cash – beginning of period | |||||||||||
Cash, cash equivalents and restricted cash – end of period | $ | $ | |||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities: | |||||||||||
Right of use asset obtained in exchange for lease liability | $ | $ | |||||||||
As of | |||||||||||
Reconciliation of cash, cash equivalents and restricted cash | March 31, 2024 | December 31, 2023 | |||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | $ | $ |
Accounting Standard Update | Description | Adoption Date | Impact on Financial Statements | ||||||||
2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and 2022-06 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 | The amendments in these updates provide optional guidance for a limited period to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform if certain criteria are met. | The standard is effective for all entities as of March 12, 2020, through December 31, 2024. | The Company is evaluating its option to adopt the guidance when it is applicable. | ||||||||
2023-07 (Topic 280) Improvements to Reportable Segment Disclosures | In November 2023, the Financial Accounting Standards Board (FASB) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires an enhanced disclosure of significant segment expenses on an annual and interim basis. This guidance will be effective for the annual periods beginning the year ended December 31, 2024, and for interim periods beginning January 1, 2025. Early adoption is permitted. Upon adoption, the guidance should be applied retrospectively to all prior periods presented in the financial statements. | The amendments in this update are effective for annual periods beginning after December 31, 2024. | The Company does not expect the adoption of this guidance to have a material impact on our consolidated financial statements | ||||||||
2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures | The amendments in this update enhance the transparency and decision usefulness of income tax disclosures. Investors, lenders, creditors, and other allocators of capital (collectively, “investors”) indicated that the existing income tax disclosures should be enhanced to provide information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. Investors currently rely on the rate reconciliation table and other disclosures, including total income taxes paid, to evaluate income tax risks and opportunities. While investors find these disclosures helpful, they suggested possible enhancements to better (1) understand an entity’s exposure to potential changes in jurisdictional tax legislation and the ensuing risks and opportunities, (2) assess income tax information that affects cash flow forecasts and capital allocation decisions, and (3) identify potential opportunities to increase future cash flows. | The amendments in this update are effective for annual periods beginning after December 15, 2024. | The Company is evaluating timing on when to adopt the guidance within the year. | ||||||||
Three Months Ended March 31, 2024 | |||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||
Insurance | Mortgage | Other | Total | ||||||||||||||||||||
Total revenues | $ | $ | $ | $ | |||||||||||||||||||
Total expenses | ( | ( | ( | ( | |||||||||||||||||||
Corporate expenses | — | — | — | ( | |||||||||||||||||||
Income (loss) before taxes | $ | $ | $ | $ | |||||||||||||||||||
Less: provision (benefit) for income taxes | |||||||||||||||||||||||
Net income (loss) | $ | ||||||||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | |||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||
Insurance | Mortgage | Other | Total | ||||||||||||||||||||
Total revenues | $ | $ | $ | $ | |||||||||||||||||||
Total expenses | ( | ( | ( | ( | |||||||||||||||||||
Corporate expenses | — | — | — | ( | |||||||||||||||||||
Income (loss) before taxes | $ | $ | ( | $ | $ | ||||||||||||||||||
Less: provision (benefit) for income taxes | |||||||||||||||||||||||
Net income (loss) | $ | ||||||||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | |||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | ( |
As of March 31, 2024 | As of December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tiptree Capital | Tiptree Capital | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance | Mortgage | Other | Corporate | Total | Insurance | Mortgage | Other | Corporate | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
As of March 31, 2024 | |||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||
Insurance | Mortgage | Other | Total | ||||||||||||||||||||
Available for sale securities, at fair value, net of allowance for credit losses | $ | $ | $ | $ | |||||||||||||||||||
Loans, at fair value | |||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||
Other investments | |||||||||||||||||||||||
Total investments | $ | $ | $ | $ |
As of December 31, 2023 | |||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||
Insurance | Mortgage | Other | Total | ||||||||||||||||||||
Available for sale securities, at fair value, net of allowance for credit losses | $ | $ | $ | $ | |||||||||||||||||||
Loans, at fair value | |||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||
Other investments | |||||||||||||||||||||||
Total investments | $ | $ | $ | $ |
As of March 31, 2024 | |||||||||||||||||||||||||||||
Amortized cost | Allowance for credit losses(1) | Gross unrealized gains | Gross unrealized losses | Fair value | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Obligations of state and political subdivisions | ( | ( | |||||||||||||||||||||||||||
Corporate securities | ( | ( | |||||||||||||||||||||||||||
Asset backed securities | ( | ( | |||||||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||||||||
Obligations of foreign governments | ( | ||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||
As of December 31, 2023 | |||||||||||||||||||||||||||||
Amortized cost | Allowance for credit losses(1) | Gross unrealized gains | Gross unrealized losses | Fair value | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Obligations of state and political subdivisions | ( | ( | |||||||||||||||||||||||||||
Corporate securities | ( | ( | |||||||||||||||||||||||||||
Asset backed securities | ( | ( | |||||||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||||||||
Obligations of foreign governments | ( | ||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ |
As of | |||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
Amortized cost | Fair value | Amortized cost | Fair value | ||||||||||||||||||||
Due in one year or less | $ | $ | $ | $ | |||||||||||||||||||
Due after one year through five years | |||||||||||||||||||||||
Due after five years through ten years | |||||||||||||||||||||||
Due after ten years | |||||||||||||||||||||||
Asset backed securities | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
As of March 31, 2024 | |||||||||||||||||||||||||||||||||||
Less Than or Equal to One Year | More Than One Year | ||||||||||||||||||||||||||||||||||
Fair value | Gross unrealized losses | # of Securities(1) | Fair value | Gross unrealized losses | # of Securities(1) | ||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||
Obligations of state and political subdivisions | ( | ( | |||||||||||||||||||||||||||||||||
Corporate securities | ( | ( | |||||||||||||||||||||||||||||||||
Asset backed securities | ( | ||||||||||||||||||||||||||||||||||
Obligations of foreign governments | ( | ||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||
As of December 31, 2023 | |||||||||||||||||||||||||||||||||||
Less Than or Equal to One Year | More Than One Year | ||||||||||||||||||||||||||||||||||
Fair value | Gross unrealized losses | # of Securities(1) | Fair value | Gross unrealized losses | # of Securities(1) | ||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||
Obligations of state and political subdivisions | ( | ( | |||||||||||||||||||||||||||||||||
Corporate securities | ( | ( | |||||||||||||||||||||||||||||||||
Asset backed securities | ( | ( | |||||||||||||||||||||||||||||||||
Obligations of foreign governments | ( | ||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( |
Obligations of state and political subdivisions | Corporate securities | Asset backed securities | Obligations of foreign governments | Total | |||||||||||||||||||||||||
Balance at December 31, 2022 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||
(Increase) in allowance for credit losses | ( | ( | |||||||||||||||||||||||||||
Gains from recoveries of amounts previously written off | |||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||
Balance at December 31, 2023 | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||
(Increase) in allowance for credit losses | ( | ( | ( | ||||||||||||||||||||||||||
Additions for AFS securities purchased with credit deterioration during the year | ( | ( | |||||||||||||||||||||||||||
Reduction in credit losses due to AFS securities sold during the year | |||||||||||||||||||||||||||||
Gains from recoveries of amounts previously written off | |||||||||||||||||||||||||||||
Balance at March 31, 2024 | $ | ( | $ | ( | $ | ( | $ | $ | ( |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net gains from recoveries (credit losses) on AFS securities | $ | ( | $ |
As of | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Fair value of restricted investments in trust pursuant to reinsurance agreements | $ | $ | |||||||||
Fair value of restricted investments for special deposits required by state insurance departments | |||||||||||
Total fair value of restricted investments | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Purchases of AFS securities | $ | $ | |||||||||
Proceeds from maturities, calls and prepayments of AFS securities | $ | $ | |||||||||
Gross proceeds from sales of AFS securities | $ | $ | |||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Gross realized (losses) | ( | ( | |||||||||
Total net realized gains (losses) from investment sales and redemptions | $ | ( | $ | ( |
As of March 31, 2024 | As of December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Fair value | Unpaid principal balance (UPB) | Fair value exceeds / (below) UPB | Pledged as collateral | Fair value | Unpaid principal balance (UPB) | Fair value exceeds / (below) UPB | Pledged as collateral | ||||||||||||||||||||||||||||||||||||||||
Insurance: | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate loans (1) | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
Mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale (2) | |||||||||||||||||||||||||||||||||||||||||||||||
Total loans, at fair value | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ |
As of March 31, 2024 | |||||||||||||||||||||||||||||||||||
Insurance | Tiptree Capital - Other | Total | |||||||||||||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||||||||||
Invesque | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Fixed income exchange traded funds | |||||||||||||||||||||||||||||||||||
Other equity securities | |||||||||||||||||||||||||||||||||||
Total equity securities | $ | $ | $ | $ | $ | $ |
As of December 31, 2023 | |||||||||||||||||||||||||||||||||||
Insurance | Tiptree Capital - Other | Total | |||||||||||||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||||||||||
Invesque | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Fixed income exchange traded funds | |||||||||||||||||||||||||||||||||||
Other equity securities | |||||||||||||||||||||||||||||||||||
Total equity securities | $ | $ | $ | $ | $ | $ |
As of March 31, 2024 | |||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||
Insurance | Mortgage | Other | Total | ||||||||||||||||||||
Corporate bonds, at fair value (1) | $ | $ | $ | $ | |||||||||||||||||||
Debentures | |||||||||||||||||||||||
Investment in credit fund | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total other investments | $ | $ | $ | $ |
As of December 31, 2023 | |||||||||||||||||||||||
Tiptree Capital | |||||||||||||||||||||||
Insurance | Mortgage | Other | Total | ||||||||||||||||||||
Corporate bonds, at fair value (1) | $ | $ | $ | $ | |||||||||||||||||||
Debentures | |||||||||||||||||||||||
Investment in credit fund | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total other investments | $ | $ | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Interest: | |||||||||||
AFS securities | $ | $ | |||||||||
Loans, at fair value | |||||||||||
Other investments | |||||||||||
Dividends from equity securities | |||||||||||
Subtotal | |||||||||||
Less: investment expenses | |||||||||||
Net investment income | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Interest income from Loans, at fair value | $ | $ | |||||||||
Loan fee income | |||||||||||
Other | |||||||||||
Other investment income | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net realized gains (losses) | |||||||||||
Insurance: | |||||||||||
Reclass of unrealized gains (losses) on AFS securities from OCI | $ | ( | $ | ( | |||||||
Net gains from recoveries (credit losses) on AFS securities | ( | ||||||||||
Net realized gains (losses) on loans | |||||||||||
Net realized gains (losses) on equity securities | ( | ||||||||||
Net realized gains (losses) on corporate bonds | ( | ||||||||||
Other | ( | ( | |||||||||
Tiptree Capital | |||||||||||
Mortgage: | |||||||||||
Net realized gains (losses) on loans | |||||||||||
Other | |||||||||||
Other: | |||||||||||
Net realized gains (losses) on equity securities | |||||||||||
Total net realized gains (losses) | $ | $ | |||||||||
Net unrealized gains (losses) | |||||||||||
Insurance: | |||||||||||
Net change in unrealized gains (losses) on loans | $ | ( | $ | ( | |||||||
Net unrealized gains (losses) on equity securities held at period end | ( | ||||||||||
Reclass of unrealized (gains) losses from prior periods for equity securities sold | ( | ( | |||||||||
Other | ( | ||||||||||
Tiptree Capital | |||||||||||
Mortgage: | |||||||||||
Net change in unrealized gains (losses) on loans | ( | ||||||||||
Other | ( | ||||||||||
Other: | |||||||||||
Net unrealized gains (losses) on equity securities held at period end | ( | ( | |||||||||
Reclass of unrealized (gains) losses from prior periods for equity securities sold | ( | ||||||||||
Total net unrealized gains (losses) | ( | ( | |||||||||
Total net realized and unrealized gains (losses) | $ | $ |
As of | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Accounts and premiums receivable, net | $ | $ | |||||||||
Retrospective commissions receivable | |||||||||||
Notes receivable, net | |||||||||||
Other receivables | |||||||||||
Total notes and accounts receivable, net | $ | $ |
Valuation allowance | Bad Debt Expense | ||||||||||||||||||||||
As of | Three Months Ended March 31, | ||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | 2024 | 2023 | ||||||||||||||||||||
Notes receivable, net - premium financing program (1) | $ | $ | $ | $ | |||||||||||||||||||
Accounts and premiums receivable, net | $ | $ | $ | $ |
Direct Amount | Ceded to Other Companies | Assumed from Other Companies | Net Amount | Percentage of Amount - Assumed to Net | |||||||||||||||||||||||||
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||
Premiums written: | |||||||||||||||||||||||||||||
Life insurance | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Accident and health insurance | % | ||||||||||||||||||||||||||||
Property and liability insurance | % | ||||||||||||||||||||||||||||
Total premiums written | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Premiums earned: | |||||||||||||||||||||||||||||
Life insurance | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Accident and health insurance | % | ||||||||||||||||||||||||||||
Property and liability insurance | % | ||||||||||||||||||||||||||||
Total premiums earned | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||
Premiums written: | |||||||||||||||||||||||||||||
Life insurance | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Accident and health insurance | % | ||||||||||||||||||||||||||||
Property and liability insurance | % | ||||||||||||||||||||||||||||
Total premiums written | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Premiums earned: | |||||||||||||||||||||||||||||
Life insurance | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Accident and health insurance | % | ||||||||||||||||||||||||||||
Property and liability insurance | % | ||||||||||||||||||||||||||||
Total premiums earned | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Direct Amount | Ceded to Other Companies | Assumed from Other Companies | Net Amount | Percentage of Amount - Assumed to Net | |||||||||||||||||||||||||
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||
Losses and LAE Incurred | |||||||||||||||||||||||||||||
Life insurance | $ | $ | $ | ( | $ | ( | % | ||||||||||||||||||||||
Accident and health insurance | % | ||||||||||||||||||||||||||||
Property and liability insurance | % | ||||||||||||||||||||||||||||
Total losses and LAE incurred | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Member benefit claims (1) | |||||||||||||||||||||||||||||
Total policy and contract benefits | $ | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||
Losses and LAE Incurred | |||||||||||||||||||||||||||||
Life insurance | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Accident and health insurance | % | ||||||||||||||||||||||||||||
Property and liability insurance | % | ||||||||||||||||||||||||||||
Total losses and LAE incurred | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Member benefit claims (1) | |||||||||||||||||||||||||||||
Total policy and contract benefits | $ | ||||||||||||||||||||||||||||
As of | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Ceded claim reserves: | |||||||||||
Life insurance | $ | $ | |||||||||
Accident and health insurance | |||||||||||
Property and liability insurance | |||||||||||
Total ceded claim reserves recoverable | |||||||||||
Other reinsurance settlements recoverable | |||||||||||
Total reinsurance recoverable | $ | $ |
As of | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Prepaid reinsurance premiums: | |||||||||||
Life insurance (1) | $ | $ | |||||||||
Accident and health insurance (1) | |||||||||||
Property and liability insurance | |||||||||||
Total prepaid reinsurance premiums | $ | $ |
As of | |||||
March 31, 2024 | |||||
Total of the three largest receivable balances from non-affiliated reinsurers | $ |
As of March 31, 2024 | As of December 31, 2023 | ||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets: | Insurance | Other | Total | Insurance | Other | Total | |||||||||||||||||||||||||||||
Customer relationships | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Accumulated amortization | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Trade names | |||||||||||||||||||||||||||||||||||
Accumulated amortization | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Software licensing | |||||||||||||||||||||||||||||||||||
Accumulated amortization | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Insurance policies and contracts acquired | |||||||||||||||||||||||||||||||||||
Accumulated amortization | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Accumulated amortization | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Total finite-lived intangible assets | |||||||||||||||||||||||||||||||||||
Indefinite-Lived Intangible Assets: (1) | |||||||||||||||||||||||||||||||||||
Insurance licensing agreements | |||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Total indefinite-lived intangible assets | |||||||||||||||||||||||||||||||||||
Total intangible assets, net | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||||||||
Total goodwill and intangible assets, net | $ | $ | $ | $ | $ | $ |
Insurance | Other | Total | |||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | ||||||||||||||
Goodwill acquired (1) | |||||||||||||||||
Foreign currency translation and other | |||||||||||||||||
Balance at December 31, 2023 | $ | $ | $ | ||||||||||||||
Foreign currency translation and other | ( | ( | |||||||||||||||
Balance at March 31, 2024 | $ | $ | $ | ||||||||||||||
Insurance | Other | Total | |||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | ||||||||||||||
Intangible assets acquired (1) | |||||||||||||||||
Amortization expense | ( | ( | ( | ||||||||||||||
Foreign currency translation and other | |||||||||||||||||
Impairment | ( | ( | |||||||||||||||
Balance at December 31, 2023 | $ | $ | $ | ||||||||||||||
Amortization expense | ( | ( | ( | ||||||||||||||
Foreign currency translation and other | ( | ( | |||||||||||||||
Balance at March 31, 2024 | $ | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Amortization expense on intangible assets | $ | $ |
As of March 31, 2024 | |||||||||||||||||
Insurance (1) | Other | Total | |||||||||||||||
Remainder of 2024 | $ | $ | $ | ||||||||||||||
2025 | |||||||||||||||||
2026 | |||||||||||||||||
2027 | |||||||||||||||||
2028 | |||||||||||||||||
2029 and thereafter | |||||||||||||||||
Total | $ | $ | $ |
As of March 31, 2024 | As of December 31, 2023 | ||||||||||||||||||||||||||||||||||
Notional values | Asset derivatives | Liability derivatives | Notional values | Asset derivatives | Liability derivatives | ||||||||||||||||||||||||||||||
Interest rate lock commitments | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Forward delivery contracts | |||||||||||||||||||||||||||||||||||
TBA mortgage-backed securities | |||||||||||||||||||||||||||||||||||
Fortegra Additional Warrants (Warburg)(1) | |||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
As of March 31, 2024 | |||||||||||||||||
Corporate debt | Insurance | Mortgage | Total | ||||||||||||||
Secured revolving credit agreements (1) | $ | $ | $ | ||||||||||||||
Preferred trust securities (LIBOR + | |||||||||||||||||
Total corporate debt | |||||||||||||||||
Asset based debt | |||||||||||||||||
Asset based revolving financing (SOFR + | |||||||||||||||||
Residential mortgage warehouse borrowings ( | |||||||||||||||||
Total asset based debt | |||||||||||||||||
Total debt, face value | |||||||||||||||||
Unamortized deferred financing costs | ( | ( | ( | ||||||||||||||
Total debt, net | $ | $ | $ | ||||||||||||||
As of December 31, 2023 | |||||||||||||||||
Corporate debt | Insurance | Mortgage | Total | ||||||||||||||
Secured revolving credit agreements (1) | $ | $ | $ | ||||||||||||||
Preferred trust securities (LIBOR + | |||||||||||||||||
Total corporate debt | |||||||||||||||||
Asset based debt | |||||||||||||||||
Asset based revolving financing (LIBOR + | |||||||||||||||||
Residential mortgage warehouse borrowings ( | |||||||||||||||||
Total asset based debt | |||||||||||||||||
Total debt, face value | |||||||||||||||||
Unamortized deferred financing costs | ( | ( | ( | ||||||||||||||
Total debt, net | $ | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Interest expense - corporate debt | $ | $ | |||||||||
Interest expense - asset based debt | |||||||||||
Total interest expense on debt | $ | $ |
As of March 31, 2024 | |||||
Remainder of 2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
2029 and thereafter | |||||
Total | $ |
As of March 31, 2024 | |||||||||||||||||||||||
Quoted prices in active markets Level 1 | Other significant observable inputs Level 2 | Significant unobservable inputs Level 3 | Fair value | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Available for sale securities, at fair value: | |||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | $ | $ | $ | |||||||||||||||||||
Obligations of state and political subdivisions | |||||||||||||||||||||||
Obligations of foreign governments | |||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||
Asset backed securities | |||||||||||||||||||||||
Corporate securities | |||||||||||||||||||||||
Total available for sale securities, at fair value | |||||||||||||||||||||||
Loans, at fair value: | |||||||||||||||||||||||
Corporate loans | |||||||||||||||||||||||
Mortgage loans held for sale | |||||||||||||||||||||||
Total loans, at fair value | |||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Invesque | |||||||||||||||||||||||
Fixed income ETFs | |||||||||||||||||||||||
Other equity securities | |||||||||||||||||||||||
Total equity securities | |||||||||||||||||||||||
Other investments, at fair value: | |||||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total other investments, at fair value | |||||||||||||||||||||||
Mortgage servicing rights (1) | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: (2) | |||||||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||
Fortegra Additional Warrants (Warburg) | |||||||||||||||||||||||
Contingent consideration payable | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
As of December 31, 2023 | |||||||||||||||||||||||
Quoted prices in active markets Level 1 | Other significant observable inputs Level 2 | Significant unobservable inputs Level 3 | Fair value | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Available for sale securities, at fair value: | |||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | $ | $ | $ | |||||||||||||||||||
Obligations of state and political subdivisions | |||||||||||||||||||||||
Obligations of foreign governments | |||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||
Asset backed securities | |||||||||||||||||||||||
Corporate securities | |||||||||||||||||||||||
Total available for sale securities, at fair value | |||||||||||||||||||||||
Loans, at fair value: | |||||||||||||||||||||||
Corporate loans | |||||||||||||||||||||||
Mortgage loans held for sale | |||||||||||||||||||||||
Total loans, at fair value | |||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Invesque | |||||||||||||||||||||||
Fixed income ETFs | |||||||||||||||||||||||
Other equity securities | |||||||||||||||||||||||
Total equity securities | |||||||||||||||||||||||
Other investments, at fair value: | |||||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total other investments, at fair value | |||||||||||||||||||||||
Mortgage servicing rights (1) | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: (2) | |||||||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||
Fortegra Additional Warrants (Warburg) | |||||||||||||||||||||||
Contingent consideration payable | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Balance at January 1, | $ | $ | |||||||||
Net realized and unrealized gains or losses included in: | |||||||||||
( | |||||||||||
( | |||||||||||
Origination of IRLCs | |||||||||||
Sales and repayments | ( | ||||||||||
Distributions | ( | ||||||||||
Conversions to mortgage loans held for sale | ( | ( | |||||||||
Transfer out of Level 3 | ( | ||||||||||
Balance at March 31, | $ | $ | |||||||||
$ | $ | ( | |||||||||
Changes in unrealized gains (losses) included in OCI related to assets still held at period end | $ | $ | ( |
As of | As of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | Valuation technique | Unobservable input(s) | March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Fair value | Range | WA (1) | Range | WA (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
IRLCs | $ | $ | Internal model | Pull through rate | to | to | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | External model | Discount rate | to | to | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost to service | $ | to | $ | $ | $ | to | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||
Prepayment speed | to | to | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | Internal model | Forecast EBITDAR | $ | to | $ | N/A | $ | to | $ | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||
Corporate loans | External model | Bid marks | $ | to | $ | $ | $ | to | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fortegra Additional Warrants (Warburg) | $ | $ | External Model | Discount rate | to | to | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Implied Equity Volatility | to | to | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingent consideration payable | Cash Flow model | Forecast Cash EBITDA | $ | to | $ | N/A | $ | to | $ | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||
Forecast Underwriting EBITDA | $ | to | $ | N/A | $ | to | $ | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ |
As of March 31, 2024 | As of December 31, 2023 | ||||||||||||||||||||||||||||||||||
Level within fair value hierarchy | Fair value | Carrying value | Level within fair value hierarchy | Fair value | Carrying value | ||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Debentures | 2 | $ | $ | 2 | $ | $ | |||||||||||||||||||||||||||||
Notes receivable, net | 2 | 2 | |||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Debt | 3 | $ | $ | 3 | $ | $ | |||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Policy liabilities and unpaid claims balance as of January 1, | $ | $ | |||||||||
Less: liabilities of policy-holder account balances, gross | ( | ( | |||||||||
Less: non-insurance warranty benefit claim liabilities | ( | ( | |||||||||
Gross liabilities for unpaid losses and loss adjustment expenses | |||||||||||
Less: reinsurance recoverable on unpaid losses - short duration | ( | ( | |||||||||
Less: other lines, gross | ( | ( | |||||||||
Net balance as of January 1, short duration | |||||||||||
Incurred (short duration) related to: | |||||||||||
Current year | |||||||||||
Prior years | |||||||||||
Total incurred | |||||||||||
Paid (short duration) related to: | |||||||||||
Current year | |||||||||||
Prior years | |||||||||||
Total paid | |||||||||||
Net balance as of March 31, short duration | |||||||||||
Plus: reinsurance recoverable on unpaid losses - short duration | |||||||||||
Plus: other lines, gross | |||||||||||
Gross liabilities for unpaid losses and loss adjustment expenses | |||||||||||
Plus: liabilities of policy-holder account balances, gross | |||||||||||
Plus: non-insurance warranty benefit claim liabilities | |||||||||||
Policy liabilities and unpaid claims balance as of March 31, | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Short duration incurred | $ | $ | |||||||||
Other lines incurred | ( | ( | |||||||||
Unallocated loss adjustment expenses | |||||||||||
Total losses incurred | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Service and Administrative Fees: | |||||||||||
Service contract revenue | $ | $ | |||||||||
Motor club revenue | |||||||||||
Other | |||||||||||
Revenue from contracts with customers | $ | $ |
January 1, 2024 | March 31, 2024 | ||||||||||||||||||||||
Beginning balance | Additions | Amortization | Ending balance | ||||||||||||||||||||
Deferred acquisition costs | |||||||||||||||||||||||
Service and Administrative Fees: | |||||||||||||||||||||||
Service contract revenue | $ | $ | $ | $ | |||||||||||||||||||
Motor club revenue | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Deferred revenue | |||||||||||||||||||||||
Service and Administrative Fees: | |||||||||||||||||||||||
Service contract revenue | $ | $ | $ | $ | |||||||||||||||||||
Motor club revenue | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
As of | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Accrued investment income | $ | $ | |||||||||
Loans eligible for repurchase | |||||||||||
Mortgage servicing rights | |||||||||||
Income tax receivable | |||||||||||
Furniture, fixtures and equipment, net | |||||||||||
Prepaid expenses | |||||||||||
Other | |||||||||||
Total other assets | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Depreciation expense related to furniture, fixtures and equipment | $ | $ |
As of | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Accounts payable and accrued expenses | $ | $ | |||||||||
Loans eligible for repurchase liability | |||||||||||
Deferred tax liabilities, net | |||||||||||
Commissions payable | |||||||||||
Derivative liabilities | |||||||||||
Due to broker/trustee | |||||||||||
Other | |||||||||||
Total other liabilities and accrued expenses | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Other investment income (1) | $ | $ | |||||||||
Financing interest income | |||||||||||
Other (2) | |||||||||||
Total other revenue | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
General and administrative | $ | $ | |||||||||
Professional fees | |||||||||||
Premium taxes | |||||||||||
Mortgage origination expenses | |||||||||||
Rent and related | |||||||||||
Other | |||||||||||
Total other expenses | $ | $ |
Dividends per share for the | |||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
First quarter | $ | $ | |||||||||
Total cash dividends declared | $ | $ |
As of | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Fortegra preferred interests | $ | $ | |||||||||
Fortegra common interests | |||||||||||
Total non-controlling interests | $ | $ |
As of | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Amount available for ordinary dividends of the Company's insurance company subsidiaries | $ | $ |
Unrealized gains (losses) on available for sale securities | Foreign currency translation adjustment | Total AOCI | Amount attributable to non-controlling interests | Total AOCI to Tiptree Inc. | |||||||||||||||||||||||||
Balance at December 31, 2022 | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||
Other comprehensive income (losses) before reclassifications | ( | ||||||||||||||||||||||||||||
Amounts reclassified from AOCI | ( | ( | ( | ||||||||||||||||||||||||||
OCI | ( | ||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||
Balance at December 31, 2023 | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||
Other comprehensive income (losses) before reclassifications | ( | ( | ( | ||||||||||||||||||||||||||
Amounts reclassified from AOCI | |||||||||||||||||||||||||||||
OCI | ( | ( | ( | ||||||||||||||||||||||||||
Balance at March 31, 2024 | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||
Three Months Ended March 31, | Affected line item in condensed consolidated statements of operations | |||||||||||||||||||
Components of AOCI | 2024 | 2023 | ||||||||||||||||||
Unrealized gains (losses) on available for sale securities | $ | ( | $ | Net realized and unrealized gains (losses) | ||||||||||||||||
Related tax (expense) benefit | ( | Provision for income tax | ||||||||||||||||||
Net of tax | $ | ( | $ | |||||||||||||||||
2017 Equity Plan | Number of shares | ||||
Available for issuance as of December 31, 2023 | |||||
RSU, stock and option awards granted | ( | ||||
PRSU awards granted | ( | ||||
Available for issuance as of March 31, 2024 |
Number of shares issuable | Weighted average grant date fair value | ||||||||||
Unvested units as of December 31, 2023 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Unvested units as of March 31, 2024 (1) | $ |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||
Granted | 2024 | 2023 | Vested | 2024 | 2023 | |||||||||||||||||||||
Directors | Directors | |||||||||||||||||||||||||
Employees | Employees | |||||||||||||||||||||||||
Total Granted | Total Vested | |||||||||||||||||||||||||
Taxes | ( | ( | ||||||||||||||||||||||||
Net Vested |
Original Tiptree Share Price Target | Number of PRSUs that Vest | |||||||
$ | ||||||||
$ | ||||||||
$ | ||||||||
$ | ||||||||
$ |
Valuation Input | June 2022 | October 2022 | January 2024 | |||||||||||||||||
Historical volatility | ||||||||||||||||||||
Risk-free rate | ||||||||||||||||||||
Dividend yield | ||||||||||||||||||||
Cost of equity | ||||||||||||||||||||
Expected term (years) |
Options outstanding | Weighted average exercise price (in dollars per stock option) | Weighted average grant date value (in dollars per stock option) | Options exercisable | ||||||||||||||||||||
Balance, December 31, 2023 | $ | $ | |||||||||||||||||||||
Balance, March 31, 2024 | $ | $ | |||||||||||||||||||||
Weighted average remaining contractual term at March 31, 2024 (in years) |
Grant date fair value of equity shares issuable | |||||
Unvested balance as of December 31, 2023 | $ | ||||
Granted | |||||
Vested | ( | ||||
Performance assumption adjustment | ( | ||||
Unvested balance as of March 31, 2024 | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Employee compensation and benefits | $ | $ | |||||||||
Director compensation | |||||||||||
Income tax benefit | ( | ( | |||||||||
Net stock based compensation expense | $ | $ |
As of March 31, 2024 | |||||||||||||||||
Subsidiary Stock options | Restricted stock awards and RSUs | Performance Restricted Stock Units | |||||||||||||||
Unrecognized compensation cost related to non-vested awards (1) | $ | $ | $ | ||||||||||||||
Weighted - average recognition period (in years) |
Three Months Ended March 31, | |||||||||||||||||
2024 | 2023 | ||||||||||||||||
Total income tax expense (benefit) | $ | $ | |||||||||||||||
Effective tax rate (ETR) | % | (1) | % | (1) |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Rent expense for office leases | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net income (loss) | $ | $ | |||||||||
Less: | |||||||||||
Net income (loss) attributable to non-controlling interests | |||||||||||
Net income allocated to participating securities | |||||||||||
Net income (loss) attributable to Tiptree Inc. common shares - basic | ( | ||||||||||
Effect of Dilutive Securities: | |||||||||||
Securities of subsidiaries | ( | ||||||||||
Net income (loss) attributable to Tiptree Inc. common shares - diluted | $ | $ | ( | ||||||||
Weighted average number of shares of common stock outstanding - basic | |||||||||||
Weighted average number of incremental shares of common stock issuable from exchangeable interests and contingent considerations | |||||||||||
Weighted average number of shares of common stock outstanding - diluted | |||||||||||
Basic net income (loss) attributable to common shares | $ | $ | ( | ||||||||
Diluted net income (loss) attributable to common shares | $ | $ | ( |
($ in thousands, except per share information) | Three Months Ended March 31, | ||||||||||
GAAP: | 2024 | 2023 | |||||||||
Total revenues | $ | 498,221 | $ | 381,625 | |||||||
Net income (loss) attributable to common stockholders | $ | 9,050 | $ | (1,062) | |||||||
Diluted earnings per share | $ | 0.22 | $ | (0.03) | |||||||
Cash dividends paid per common share | $ | 0.06 | $ | 0.05 | |||||||
Return on average equity | 8.6 | % | (1.1) | % | |||||||
Non-GAAP: (1) | |||||||||||
Adjusted net income | $ | 20,533 | $ | 12,559 | |||||||
Adjusted return on average equity | 19.5 | % | 12.6 | % | |||||||
Book value per share | $ | 11.55 | $ | 10.91 |
($ in thousands) | Three Months Ended March 31, | ||||||||||
2024 | 2023 | ||||||||||
Net realized and unrealized gains (losses) - Invesque | $ | (3,536) | $ | (1,698) | |||||||
Net realized and unrealized gains (losses)(1) | $ | 9,656 | $ | (4,675) |
($ in thousands) | Three Months Ended March 31, | ||||||||||
2024 | 2023 | ||||||||||
Revenues: | |||||||||||
Insurance | $ | 478,756 | $ | 368,444 | |||||||
Mortgage | 15,891 | 11,561 | |||||||||
Tiptree Capital - other | 3,574 | 1,620 | |||||||||
Corporate | — | — | |||||||||
Total revenues | $ | 498,221 | $ | 381,625 | |||||||
Income (loss) before taxes: | |||||||||||
Insurance | $ | 36,811 | $ | 19,445 | |||||||
Mortgage | 753 | (2,565) | |||||||||
Tiptree Capital - other | 2,993 | 1,442 | |||||||||
Corporate | $ | (10,858) | $ | (10,149) | |||||||
Total income (loss) before taxes | $ | 29,699 | $ | 8,173 | |||||||
Non-GAAP - Adjusted net income: (1) | |||||||||||
Insurance | $ | 27,057 | $ | 18,214 | |||||||
Mortgage | (309) | (853) | |||||||||
Tiptree Capital - other | 653 | 1,413 | |||||||||
Corporate | (6,868) | (6,215) | |||||||||
Total adjusted net income | $ | 20,533 | $ | 12,559 |
($ in thousands) | Three Months Ended March 31, | ||||||||||||||||||||||
2024 | 2023 | Change | % Change | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Earned premiums, net | $ | 347,310 | $ | 265,330 | $ | 81,980 | 30.9 | % | |||||||||||||||
Service and administrative fees | 110,487 | 92,032 | 18,455 | 20.1 | % | ||||||||||||||||||
Ceding commissions | 2,744 | 3,645 | (901) | (24.7) | % | ||||||||||||||||||
Net investment income | 6,758 | 5,109 | 1,649 | 32.3 | % | ||||||||||||||||||
Net realized and unrealized gains (losses) | 2,819 | (4,607) | 7,426 | (161.2) | % | ||||||||||||||||||
Other revenue | 8,638 | 6,935 | 1,703 | 24.6 | % | ||||||||||||||||||
Total revenues | $ | 478,756 | $ | 368,444 | $ | 110,312 | 29.9 | % | |||||||||||||||
Expenses: | |||||||||||||||||||||||
Net losses and loss adjustment expenses | $ | 175,380 | $ | 114,327 | $ | 61,053 | 53.4 | % | |||||||||||||||
Member benefit claims | 32,284 | 27,348 | 4,936 | 18.0 | % | ||||||||||||||||||
Commission expense | 156,948 | 146,450 | 10,498 | 7.2 | % | ||||||||||||||||||
Employee compensation and benefits | 31,450 | 24,613 | 6,837 | 27.8 | % | ||||||||||||||||||
Interest expense | 7,639 | 6,081 | 1,558 | 25.6 | % | ||||||||||||||||||
Depreciation and amortization | 5,083 | 4,811 | 272 | 5.7 | % | ||||||||||||||||||
Other expenses | 33,161 | 25,369 | 7,792 | 30.7 | % | ||||||||||||||||||
Total expenses | $ | 441,945 | $ | 348,999 | $ | 92,946 | 26.6 | % | |||||||||||||||
Income (loss) before taxes (1) | $ | 36,811 | $ | 19,445 | $ | 17,366 | 89.3 | % | |||||||||||||||
Key Performance Metrics: | |||||||||||||||||||||||
Gross written premiums and premium equivalents | $ | 663,417 | $ | 621,158 | $ | 42,259 | 6.8 | % | |||||||||||||||
Net written premiums | $ | 318,151 | $ | 281,146 | $ | 37,005 | 13.2 | % | |||||||||||||||
Loss ratio | 46.3 | % | 40.5 | % | |||||||||||||||||||
Acquisition ratio | 31.2 | % | 37.4 | % | |||||||||||||||||||
Underwriting ratio | 77.5 | % | 77.9 | % | |||||||||||||||||||
Operating expense ratio | 12.8 | % | 13.7 | % | |||||||||||||||||||
Combined ratio | 90.3 | % | 91.6 | % | |||||||||||||||||||
Return on average equity | 22.3 | % | 16.7 | % | |||||||||||||||||||
Non-GAAP Financial Measures (2): | |||||||||||||||||||||||
Adjusted net income (before NCI) | $ | 34,133 | $ | 22,939 | $ | 11,194 | 48.8 | % | |||||||||||||||
Adjusted return on average equity | 28.3 | % | 26.1 | % |
($ in thousands) | Three Months Ended March 31, | ||||||||||
2024 | 2023 | ||||||||||
Property and short-tail | $ | 149,193 | $ | 105,172 | |||||||
Contractual liability | 83,209 | 95,611 | |||||||||
General liability | 72,470 | 79,449 | |||||||||
Alternative risks | 76,668 | 78,614 | |||||||||
Professional liability | 68,168 | 58,874 | |||||||||
Europe | 41,708 | 29,572 | |||||||||
Commercial lines | $ | 491,416 | $ | 447,292 | |||||||
Personal lines | $ | 78,435 | $ | 84,543 | |||||||
Insurance | $ | 569,851 | $ | 531,835 | |||||||
Auto and consumer goods warranty | 81,968 | 77,769 | |||||||||
Other services | 11,598 | 11,554 | |||||||||
Services | $ | 93,566 | $ | 89,323 | |||||||
Total (1,2) | $ | 663,417 | $ | 621,158 |
($ in thousands) | Three Months Ended March 31, | ||||||||||
2024 | 2023 | ||||||||||
Property and short-tail | $ | 108,436 | $ | 73,902 | |||||||
Contractual liability | 21,765 | 19,258 | |||||||||
General liability | 28,460 | 34,324 | |||||||||
Alternative risks | 56,488 | 55,831 | |||||||||
Professional liability | 22,305 | 23,739 | |||||||||
Europe | 41,708 | 29,572 | |||||||||
Commercial lines | $ | 279,162 | $ | 236,626 | |||||||
Personal lines | $ | 38,989 | $ | 44,520 | |||||||
Insurance | $ | 318,151 | $ | 281,146 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
($ in thousands) | 2024 | 2023 | |||||||||||||||||||||||||||||||||
Insurance | Services | Total | Insurance | Services | Total | ||||||||||||||||||||||||||||||
Underwriting and Fee Revenues (1) | $ | 350,192 | $ | 97,891 | $ | 448,083 | $ | 269,131 | $ | 81,084 | $ | 350,215 | |||||||||||||||||||||||
Net losses and loss adjustment expenses | 175,380 | — | 175,380 | 114,327 | — | 114,327 | |||||||||||||||||||||||||||||
Member benefit claims | — | 32,284 | 32,284 | — | 27,348 | 27,348 | |||||||||||||||||||||||||||||
Commission expense (2) | 105,370 | 34,215 | 139,585 | 102,999 | 27,944 | 130,943 | |||||||||||||||||||||||||||||
Underwriting and Fee Margin (1) | $ | 69,442 | $ | 31,392 | $ | 100,834 | $ | 51,805 | $ | 25,792 | $ | 77,597 | |||||||||||||||||||||||
Loss ratio | 50.1 | % | 33.0 | % | 46.3 | % | 42.5 | % | 33.7 | % | 40.5 | % | |||||||||||||||||||||||
Acquisition ratio | 30.1 | % | 35.0 | % | 31.2 | % | 38.3 | % | 34.5 | % | 37.4 | % | |||||||||||||||||||||||
Underwriting ratio | 80.2 | % | 68.0 | % | 77.5 | % | 80.8 | % | 68.2 | % | 77.9 | % |
($ in thousands) | Three Months Ended March 31, | ||||||||||
2024 | 2023 | ||||||||||
Revenues: | |||||||||||
Net realized and unrealized gains (losses) | $ | 10,664 | $ | 7,107 | |||||||
Other revenue | 5,227 | 4,454 | |||||||||
Total revenues | $ | 15,891 | $ | 11,561 | |||||||
Expenses: | |||||||||||
Employee compensation and benefits | $ | 9,239 | $ | 8,220 | |||||||
Interest expense | 651 | 384 | |||||||||
Depreciation and amortization | 125 | 172 | |||||||||
Other expenses | 5,123 | 5,350 | |||||||||
Total expenses | $ | 15,138 | $ | 14,126 | |||||||
Income (loss) before taxes | $ | 753 | $ | (2,565) | |||||||
Key Performance Metrics: | |||||||||||
Origination volumes | $ | 210,402 | $ | 202,835 | |||||||
Gain on sale margins | 5.0 | % | 4.8 | % | |||||||
Return on average equity | 4.5 | % | (14.5) | % | |||||||
Non-GAAP Financial Measures (1): | |||||||||||
Adjusted net income (1) | $ | (309) | $ | (853) | |||||||
Adjusted return on average equity (1) | (2.4) | % | (6.3) | % |
Three Months Ended March 31, | |||||||||||||||||||||||
($ in thousands) | Total revenue | Income (loss) before taxes | |||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Senior living (Invesque) | $ | (2,925) | $ | (1,405) | $ | (2,925) | $ | (1,405) | |||||||||||||||
Maritime transportation (1) | 566 | 360 | (15) | 190 | |||||||||||||||||||
Other | 5,933 | 2,665 | 5,933 | 2,657 | |||||||||||||||||||
Total | $ | 3,574 | $ | 1,620 | $ | 2,993 | $ | 1,442 | |||||||||||||||
($ in thousands) | Three Months Ended March 31, | ||||||||||
2024 | 2023 | ||||||||||
Maritime transportation | (15) | 169 | |||||||||
Other | 668 | 1,244 | |||||||||
Total | $ | 653 | $ | 1,413 | |||||||
($ in thousands) | Three Months Ended March 31, | ||||||||||
2024 | 2023 | ||||||||||
Employee compensation and benefits | $ | 1,796 | $ | 1,955 | |||||||
Employee incentive compensation expense | 6,594 | 5,834 | |||||||||
Depreciation and amortization | 360 | 251 | |||||||||
Other expenses | 2,108 | 2,109 | |||||||||
Total expenses | $ | 10,858 | $ | 10,149 |
As of March 31, 2024 | |||||||||||||||||||||||||||||
($ in thousands) | Tiptree Capital | ||||||||||||||||||||||||||||
Insurance | Mortgage | Other | Corporate | Total | |||||||||||||||||||||||||
Total assets | 4,930,405 | $ | 164,794 | $ | 70,697 | $ | 24,043 | $ | 5,189,939 | ||||||||||||||||||||
Corporate debt | $ | 289,000 | $ | — | $ | — | $ | — | $ | 289,000 | |||||||||||||||||||
Asset based debt | 69,218 | 56,456 | — | — | 125,674 | ||||||||||||||||||||||||
Tiptree Inc. stockholders’ equity (1) | $ | 339,798 | $ | 52,885 | $ | 69,980 | $ | (37,928) | $ | 424,735 | |||||||||||||||||||
Non-controlling interests: | |||||||||||||||||||||||||||||
Fortegra preferred interests | 77,679 | — | — | — | 77,679 | ||||||||||||||||||||||||
Common interests | 96,224 | — | — | — | 96,224 | ||||||||||||||||||||||||
Total stockholders’ equity | $ | 513,701 | $ | 52,885 | $ | 69,980 | $ | (37,928) | $ | 598,638 |
($ in thousands) | Three Months Ended March 31, | ||||||||||
2024 | 2023 | ||||||||||
Total revenues | $ | 478,756 | $ | 368,444 | |||||||
Less: Net investment income | (6,758) | (5,109) | |||||||||
Less: Net realized and unrealized gains (losses) | (2,819) | 4,607 | |||||||||
Less: Ceding fees (1) | (14,619) | (11,862) | |||||||||
Less: Ceding commissions | (2,744) | (3,645) | |||||||||
Less: Cash and cash equivalent interest income (2) | (3,733) | (2,220) | |||||||||
Underwriting and fee revenues (3) | $ | 448,083 | $ | 350,215 |
($ in thousands) | Three Months Ended March 31, | ||||||||||
2024 | 2023 | ||||||||||
Income (loss) before income taxes | $ | 36,811 | $ | 19,445 | |||||||
Less: Net investment income | (6,758) | (5,109) | |||||||||
Less: Net realized and unrealized gains (losses) | (2,819) | 4,607 | |||||||||
Less: Cash and cash equivalent interest income (1) | (3,733) | (2,220) | |||||||||
Plus: Depreciation and amortization | 5,083 | 4,811 | |||||||||
Plus: Interest expense | 7,639 | 6,081 | |||||||||
Plus: Employee compensation and benefits | 31,450 | 24,613 | |||||||||
Plus: Other expenses | 33,161 | 25,369 | |||||||||
Underwriting and fee margin (2) | $ | 100,834 | $ | 77,597 |
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||
($ in thousands) | Tiptree Capital | ||||||||||||||||||||||||||||
Insurance | Mortgage | Other | Corporate | Total | |||||||||||||||||||||||||
Income (loss) before taxes | $ | 36,811 | $ | 753 | $ | 2,993 | $ | (10,858) | $ | 29,699 | |||||||||||||||||||
Less: Income tax (benefit) expense | (9,922) | (163) | (692) | (3,041) | (13,818) | ||||||||||||||||||||||||
Less: Net realized and unrealized gains (losses) (1) | (2,819) | (1,160) | (2,141) | — | (6,120) | ||||||||||||||||||||||||
Plus: Intangibles amortization (2) | 3,971 | — | — | — | 3,971 | ||||||||||||||||||||||||
Plus: Stock-based compensation expense | 782 | — | — | 3,053 | 3,835 | ||||||||||||||||||||||||
Plus: Non-recurring expenses (3) | 3,170 | — | — | — | 3,170 | ||||||||||||||||||||||||
Plus: Non-cash fair value adjustments (4) | 4,211 | — | — | — | 4,211 | ||||||||||||||||||||||||
Plus: Impact of tax deconsolidation of Fortegra (5) | — | — | — | 4,465 | 4,465 | ||||||||||||||||||||||||
Less: Tax on adjustments (6) | (2,071) | 261 | 493 | (487) | (1,804) | ||||||||||||||||||||||||
Adjusted net income (before NCI) | $ | 34,133 | $ | (309) | $ | 653 | $ | (6,868) | $ | 27,609 | |||||||||||||||||||
Less: Impact of non-controlling interests | (7,076) | — | — | — | (7,076) | ||||||||||||||||||||||||
Adjusted net income | $ | 27,057 | $ | (309) | $ | 653 | $ | (6,868) | $ | 20,533 | |||||||||||||||||||
Adjusted net income (before NCI) | $ | 34,133 | $ | (309) | $ | 653 | $ | (6,868) | $ | 27,609 | |||||||||||||||||||
Average stockholders’ equity | $ | 483,158 | $ | 52,591 | $ | 97,899 | $ | (46,047) | $ | 587,601 | |||||||||||||||||||
Adjusted return on average equity (7) | 28.3 | % | (2.4) | % | 2.7 | % | NM% | 18.8 | % | ||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||
($ in thousands) | Tiptree Capital | ||||||||||||||||||||||||||||
Insurance | Mortgage | Other | Corporate | Total | |||||||||||||||||||||||||
Income (loss) before taxes | $ | 19,445 | $ | (2,565) | $ | 1,442 | $ | (10,149) | $ | 8,173 | |||||||||||||||||||
Less: Income tax (benefit) expense | (4,747) | 613 | (263) | (625) | (5,022) | ||||||||||||||||||||||||
Less: Net realized and unrealized gains (losses) (1) | 4,607 | 1,443 | 323 | — | 6,373 | ||||||||||||||||||||||||
Plus: Intangibles amortization (2) | 3,894 | — | — | — | 3,894 | ||||||||||||||||||||||||
Plus: Stock-based compensation expense | 33 | — | — | 2,282 | 2,315 | ||||||||||||||||||||||||
Plus: Non-recurring expenses (3) | 2,125 | — | — | — | 2,125 | ||||||||||||||||||||||||
Plus: Non-cash fair value adjustments (4) | (118) | — | — | — | (118) | ||||||||||||||||||||||||
Plus: Impact of tax deconsolidation of Fortegra (5) | — | — | — | 2,314 | 2,314 | ||||||||||||||||||||||||
Less: Tax on adjustments (6) | (2,300) | (344) | (89) | (37) | (2,770) | ||||||||||||||||||||||||
Adjusted net income (before NCI) | $ | 22,939 | $ | (853) | $ | 1,413 | $ | (6,215) | $ | 17,284 | |||||||||||||||||||
Less: Impact of non-controlling interests | (4,725) | — | — | — | (4,725) | ||||||||||||||||||||||||
Adjusted net income | $ | 18,214 | $ | (853) | $ | 1,413 | $ | (6,215) | $ | 12,559 | |||||||||||||||||||
Adjusted net income (before NCI) | $ | 22,939 | $ | (853) | $ | 1,413 | $ | (6,215) | $ | 17,284 | |||||||||||||||||||
Average stockholders’ equity | $ | 351,953 | $ | 53,768 | $ | 114,219 | $ | 17,626 | $ | 537,566 | |||||||||||||||||||
Adjusted return on average equity (7) | 26.1 | % | (6.3) | % | 4.9 | % | NM% | 12.9 | % | ||||||||||||||||||||
($ in thousands, except per share information) | As of March 31, | ||||||||||
2024 | 2023 | ||||||||||
Total stockholders’ equity | $ | 598,638 | $ | 541,557 | |||||||
Less: Non-controlling interests | 173,903 | 140,910 | |||||||||
Total stockholders’ equity, net of non-controlling interests | $ | 424,735 | $ | 400,647 | |||||||
Total common shares outstanding | 36,781 | 36,735 | |||||||||
Book value per share | $ | 11.55 | $ | 10.91 |
($ in thousands) | Three Months Ended March 31, | ||||||||||
2024 | 2023 | ||||||||||
Cash and cash equivalents provided by (used in): | |||||||||||
Operating activities | $ | 62,704 | $ | 43,046 | |||||||
Investing activities | 40,469 | (247,523) | |||||||||
Financing activities | 7,977 | 78,302 | |||||||||
Effect of exchange rate changes on cash | (754) | 1,258 |
($ in thousands) | Three Months Ended March 31, | ||||||||||
2024 | 2023 | ||||||||||
Change in cash, cash equivalents and restricted cash | $ | 110,396 | $ | (124,917) |
Period | Purchaser | Total Number of Shares Purchased(1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value ($ in thousands of Shares That May Yet Be Purchased Under the Plans or Programs(1) | ||||||||||||
January 1, 2024 to January 31, 2024 | Tiptree Inc. | — | $ | — | — | ||||||||||||
February 1, 2024 to February 29, 2024 | Tiptree Inc. | — | $ | — | — | ||||||||||||
March 1, 2024 to March 31, 2024 | Tiptree Inc. | — | $ | — | — | ||||||||||||
Total | — | $ | — | — | $ | 11,945 |
The following documents are filed as a part of this Form 10-Q: | |||||
Financial Statements (Unaudited): | |||||
Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 | F- 3 | ||||
Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 | F- 4 | ||||
Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023 | F- 5 | ||||
Condensed Consolidated Statements of Changes in Stockholders’ Equity for the periods ended March 31, 2024 and 2023 | F- 6 | ||||
Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 | F- 7 | ||||
Notes to Condensed Consolidated Financial Statements | F- 8 | ||||
Exhibits: | |||||
The Exhibits listed in the Index of Exhibits, which appears immediately following the signature page, is incorporated herein by reference and is filed as part of this Form 10-Q. |
Tiptree Inc. | ||||||||||||||
Date: | May 1, 2024 | By:/s/ Michael Barnes | ||||||||||||
Michael Barnes | ||||||||||||||
Executive Chairman | ||||||||||||||
Date: | May 1, 2024 | By:/s/ Jonathan Ilany | ||||||||||||
Jonathan Ilany | ||||||||||||||
Chief Executive Officer | ||||||||||||||
Date: | May 1, 2024 | By:/s/ Scott McKinney | ||||||||||||
Scott McKinney | ||||||||||||||
Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
Exhibit No. | Description | ||||
31.1 | |||||
31.2 | |||||
31.3 | |||||
32.1 | |||||
32.2 | |||||
32.3 | |||||
101.INS | XBRL Instance Document* | ||||
101.SCH | XBRL Taxonomy Extension Schema Document* | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document* | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document* | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document* | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document* | ||||
104 | Cover page from Tiptree’s Form 10-Q for the quarter ended March 31, 2024 formatted in iXBRL (included in Exhibit 101). |
1. | I have reviewed this Quarterly Report on Form 10-Q of Tiptree Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | May 1, 2024 | /s/ Michael Barnes | |||||||||
Michael Barnes | |||||||||||
Executive Chairman |
1. | I have reviewed this Quarterly Report on Form 10-Q of Tiptree Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | May 1, 2024 | /s/ Jonathan Ilany | |||||||||
Jonathan Ilany | |||||||||||
Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of Tiptree Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | May 1, 2024 | /s/ Scott McKinney | |||||||||
Scott McKinney | |||||||||||
Chief Financial Officer |
/s/ Michael Barnes | ||
Michael Barnes | ||
Executive Chairman |
/s/ Jonathan Ilany | ||
Jonathan Ilany | ||
Chief Executive Officer |
/s/ Scott McKinney | ||
Scott McKinney | ||
Chief Financial Officer |
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 36,781,281 | 36,756,187 |
Common stock, shares outstanding (in shares) | 36,781,281 | 36,756,187 |
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 15,881 | $ 3,151 |
Other comprehensive income (loss), net of tax: | ||
Change in unrealized gains (losses) on available for sale securities | (4,756) | 9,501 |
Change in unrealized currency translation adjustments | 420 | 2,932 |
Related (provision) benefit for income taxes | 1,796 | (4,035) |
Other comprehensive income (loss), net of tax | (2,540) | 8,398 |
Comprehensive income (loss) | 13,341 | 11,549 |
Less: comprehensive income (loss) attributable to non-controlling interests | 6,146 | 6,275 |
Comprehensive income (loss) attributable to common stockholders | $ 7,195 | $ 5,274 |
Organization |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Tiptree Inc. (together with its consolidated subsidiaries, collectively, Tiptree, the Company, or we) is a Maryland Corporation that was incorporated on March 19, 2007. Tiptree’s common stock trades on the Nasdaq Capital Market under the symbol “TIPT”. Tiptree is a holding company that allocates capital across a broad spectrum of businesses, assets and other investments. We classify our business into two reportable segments: Insurance and Mortgage. We refer to our non-insurance operations, assets and other investments, which is comprised of our Mortgage reportable segment and our non-reportable segments and other business activities, as Tiptree Capital. On June 21, 2022, the Company closed the WP Transaction whereby Warburg invested $200,000 in Fortegra in exchange for Fortegra Common Stock, Fortegra Preferred Stock, Fortegra Warrants and Fortegra Additional Warrants. See Note (16) Stockholders' Equity for additional information regarding the terms of the securities issued in connection with the closing of the WP Transaction. As of March 31, 2024, Fortegra was owned approximately 79.3% by Tiptree Holdings, 17.7% by Warburg and 3.0% by management and directors of Fortegra, before giving effect to the exercise of outstanding warrants and the conversion of outstanding preferred stock.
|
Summary of Significant Accounting Policies |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements of Tiptree have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) and include the accounts of the Company and its subsidiaries. The condensed consolidated financial statements are presented in U.S. dollars, the main operating currency of the Company. The unaudited condensed consolidated financial statements presented herein should be read in conjunction with the annual audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. In the opinion of management, the accompanying unaudited interim financial information reflects all adjustments, including normal recurring adjustments necessary to present fairly the Company’s financial position, results of operations, comprehensive income and cash flows for each of the interim periods presented. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the full year ending on December 31, 2024. Non-controlling interests (NCI) on the condensed consolidated balance sheets represent the ownership interests in certain consolidated subsidiaries held by entities or persons other than Tiptree. Accounts and transactions between consolidated entities have been eliminated. Recent Accounting Standards Recently Adopted Accounting Pronouncements During the three months ended March 31, 2024, there were no accounting standards adopted by the Company. Recently Issued Accounting Pronouncements, Not Yet Adopted
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Acquisitions |
3 Months Ended |
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Mar. 31, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions Acquisition of Premia Solutions Limited On February 6, 2023, a subsidiary of Fortegra acquired a majority of the equity interests in Premia for total cash consideration of approximately $19,726, net of cash acquired of $3,873. Premia is an intermediate provider of automotive protection products in the United Kingdom. Identifiable assets acquired were primarily made up of goodwill and intangible assets. Management’s allocation of the purchase price to the net assets acquired resulted in the recording of goodwill and intangible assets of $18,359 and $18,152, respectively. See Note (8) Goodwill and Intangible Assets, net.
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Operating Segment Data |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Segment Data | Operating Segment Data Tiptree is a holding company that allocates capital across a broad spectrum of businesses, assets and other investments. Tiptree’s principal operating subsidiary, Fortegra, is a leading provider of specialty insurance, service contract products and related service solutions. Based on the quantitative analysis performed related to Accounting Standard Codification (“ASC”) 280, Segment Reporting, our reportable segments are Insurance and Mortgage. We refer to our non-insurance operations, assets and other investments, comprised of our Mortgage reportable segment and our non-reportable operating segments and other business activities, as Tiptree Capital. Corporate activities include holding company interest expense, employee compensation and benefits, and other expenses. Our reportable segments’ income or loss is reported before income taxes and non-controlling interests. Segment results incorporate the revenues and expenses of these subsidiaries since they commenced operations or were acquired. Intercompany transactions are eliminated. Descriptions of our Insurance reportable segment and Tiptree Capital, including our Mortgage reportable segment, are as follows: Insurance operations are conducted through Fortegra, which is a leading provider of specialty insurance products and related services. Fortegra designs, markets and underwrites specialty property and casualty insurance products incorporating value-added coverages and services for select target markets or niches. Fortegra’s products and services include niche commercial and personal lines, service contracts, and other insurance services. Tiptree Capital: Mortgage operations are conducted through Reliance. The Company’s mortgage business originates loans for sale to institutional investors, including GSEs and FHA/VA and services loans on behalf of Fannie Mae, Freddie Mac, and Ginnie Mae. Other includes our remaining maritime shipping operations, asset management and other investments. The tables below present the components of revenue, expense, income (loss) before taxes, and assets for our reportable segments as well as Tiptree Capital - Other for the following periods:
The Company conducts its operations primarily in the U.S. with 5.2% and 4.0% of total revenues generated overseas for the three months ended March 31, 2024 and 2023, respectively. The following table presents the reportable segments, Tiptree Capital - Other and Corporate assets for the following periods:
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Investments |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments The following table presents the Company's investments related to insurance operations and other Tiptree investing activities, measured at fair value as of the following periods:
Available for Sale Securities, at fair value A majority of the Company’s investments in Available for Sale Securities, at fair value, net of allowance for credit losses (AFS securities) as of March 31, 2024 and December 31, 2023 are held by subsidiaries in the insurance segment. The following tables present the Company's investments in AFS securities:
(1) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in net realized and unrealized gains (losses) as a credit loss on AFS securities. Amount excludes unrealized losses relating to non-credit factors. The amortized cost and fair values of AFS securities, by contractual maturity date, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
The following tables present the gross unrealized losses on AFS securities by length of time that individual AFS securities have been in a continuous unrealized loss position for less than twelve months, and twelve months or greater and do not have an allowance for credit losses:
(1) Presented in whole numbers. Management believes that it is more likely than not that the Company will be able to hold the fixed maturity AFS securities that were in an unrealized loss position as of March 31, 2024 until full recovery of their amortized cost basis. The table below presents a roll-forward of the activity in the allowance for credit losses on AFS securities by type as of March 31, 2024:
The Company applies a discounted cash flow model, based on assumptions and model outputs provided by an investment management company, in determining its lifetime expected credit losses on AFS securities. This includes determining the present value of expected future cash flows discounted at the book yield of the security. The table below presents the amount of gains from recoveries (credit losses) on AFS securities recorded by the Company for the following period:
Pursuant to certain reinsurance agreements and statutory licensing requirements, the Company has deposited invested assets in custody accounts or insurance department safekeeping accounts. The Company cannot remove or replace investments in regulatory deposit accounts without prior approval of the contractual party or regulatory authority, as applicable. The following table presents the Company's restricted investments included in the Company's AFS securities:
The following table presents additional information on the Company’s AFS securities:
The following table presents the gross realized gains and gross realized losses from sales and redemptions of AFS securities:
Loans, at fair value The following table presents the Company’s investments in loans measured at fair value and the Company’s investments in loans measured at fair value pledged as collateral:
(1) The cost basis of Corporate loans was approximately $12,671 and $14,671 at March 31, 2024 and December 31, 2023, respectively. (2) As of March 31, 2024, there were three mortgage loans held for sale that were 90 days or more past due. As of December 31, 2023, there were three mortgage loans held for sale that were 90 days or more past due. Equity Securities Equity securities consist mainly of publicly traded common and preferred stocks and fixed income exchange traded funds. Included within the equity securities balance are 16.98 million shares of Invesque as of March 31, 2024 and December 31, 2023, for which the Company has elected to apply the fair value option. The following table presents information on the cost and fair value of the Company’s equity securities related to Insurance and Tiptree Capital as of the following periods:
Other Investments The following table contains information regarding the Company’s other investments as of the following periods:
(1) The cost basis of corporate bonds was $39,378 and $59,315 as of March 31, 2024 and December 31, 2023, respectively. Net Investment Income - Insurance Net investment income represents investment income and expense from investments related to insurance operations as disclosed within net investment income on the condensed consolidated statements of operations. The following table presents the components of net investment income by source of income:
Other Investment Income - Tiptree Capital Other investment income represents revenue from non-insurance activities as disclosed within other revenue on the condensed consolidated statements of operations, see Note (15) Other Revenue and Other Expenses. The following tables present the components of other investment income by type:
Net Realized and Unrealized Gains (Losses) The following table presents the components of net realized and unrealized gains (losses) recorded on the condensed consolidated statements of operations. Net unrealized gains (losses) on AFS securities are included within other comprehensive income (loss) (“OCI”), net of tax, and, as such, are not included in this table. Net realized and unrealized gains (losses) on non-investment related financial assets and liabilities are included below:
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Notes and Accounts Receivable, net |
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Notes and Accounts Receivable, net | Notes and Accounts Receivable, net The following table presents the total notes and accounts receivable, net:
The following table presents the total valuation allowance and bad debt expense for the following periods:
(1) As of March 31, 2024 and December 31, 2023, there were $398 and $219 in balances classified as 90 days plus past due, respectively.
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Reinsurance Recoverable and Prepaid Reinsurance Premiums |
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Reinsurance Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance Recoverable and Prepaid Reinsurance Premiums | Reinsurance Recoverable and Prepaid Reinsurance Premiums The following table presents the effect of reinsurance on premiums written and earned by our insurance business for the following periods:
The following table presents the components of policy and contract benefits, including the effect of reinsurance on losses and loss adjustment expenses (LAE) incurred:
(1) Member benefit claims are not covered by reinsurance. The following table presents the components of the reinsurance recoverable:
The following table presents the components of prepaid reinsurance premiums:
(1) Including policyholder account balances ceded. The following table presents the aggregate amount included in reinsurance receivables that is comprised of the three largest receivable balances from non-affiliated reinsurers:
As of March 31, 2024, the non-affiliated reinsurers from whom our insurance business has the largest receivable balances were: Accredited Insurance (Europe) Limited (A.M. Best Rating: A- rated) (Accredited), Allianz Global Corporate & Specialty SE (A.M. Best Rating: A+ rated) (Allianz), and Accident Fund Insurance Company of America (A.M. Best Rating: A rated) (Accident). Accredited balances are collateralized; the Accident and Allianz balances do not require collateral based on the authorized status of the parties. The Company monitors authorization status, financial statements and A.M. Best ratings of its reinsurers periodically. As of March 31, 2024, the Company does not believe there is a risk of loss due to the concentration of credit risk in the reinsurance program given the related collateralization or reinsurer A.M. Best rating.
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Goodwill and Intangible Assets, net |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets, net | Goodwill and Intangible Assets, net The following table presents identifiable finite and indefinite-lived intangible assets, accumulated amortization, and goodwill by operating segment and/or reporting unit, as appropriate:
(1) Impairment tests are performed at least annually on indefinite-lived intangible assets. Goodwill The following table presents the activity in goodwill, by operating segment and/or reporting unit, as appropriate, and includes the adjustments made to the balance of goodwill to reflect the effect of the final valuation adjustments made for acquisitions, as well as the reduction to any goodwill attributable to impairment related charges:
(1) See Note (3) Acquisitions for more information. The Company conducts annual impairment tests of its goodwill as of October 1. For the three months ended March 31, 2024 and 2023, no impairments were recorded on the Company’s goodwill. There was no accumulated impairment recorded in the goodwill balance as of March 31, 2024. Intangible Assets, net The following table presents the activity, by operating segment and/or reporting unit, as appropriate, in finite and indefinite-lived other intangible assets and includes the adjustments made to the balance to reflect the effect of any final valuation adjustments made for acquisitions, as well as any reduction attributable to impairment-related charges:
(1) See Note (3) Acquisitions for more information. The following table presents the amortization expense on finite-lived intangible assets for the following periods:
For the three months ended March 31, 2024 and 2023, no impairments were recorded on the Company’s intangible assets. The Company recorded $728 of accumulated impairment on intangible assets as of March 31, 2024. The following table presents the amortization expense on finite-lived intangible assets for the next five years and thereafter by operating segment and/or reporting unit, as appropriate:
(1) Does not include foreign currency translation adjustment of $46 as of March 31, 2024.
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Derivative Financial Instruments and Hedging |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments and Hedging | Derivative Financial Instruments and Hedging The Company selectively utilizes derivative financial instruments as part of its overall investment and hedging activities. Derivative contracts are subject to additional risk that can result in a loss of all or part of an investment. The Company’s derivative activities are primarily entered into in order to manage underlying credit risk, market risk, interest rate risk and currency exchange rate risk. In addition, the Company is also subject to counterparty risk should its counterparties fail to meet the contract terms. Derivative assets are reported in other investments. Derivative liabilities are reported within . Derivatives for our mortgage business are primarily comprised of interest rate lock commitments (IRLCs), forward delivery contracts, and TBA mortgage-backed securities. Interest Rate Lock Commitments The fair value of these instruments is based upon valuation pricing models, which represent the amount the Company would expect to receive or pay at the balance sheet date to exit the position. Our mortgage origination subsidiary issues IRLCs to their customers, which are carried at estimated fair value on the Company’s condensed consolidated balance sheets. The estimated fair values of these commitments are generally calculated by reference to the value of the underlying loan associated with the IRLC net of costs to produce and an expected pull through assumption. The fair values of these commitments generally fall under Level 3 in the fair value hierarchy. Forward Delivery Contracts and TBA Mortgage-Backed Securities Our mortgage origination subsidiary manages their exposure by entering into forward delivery commitments with loan investors. For loans not locked with investors under a forward delivery commitment, the Company enters into hedge instruments, primarily TBAs, to protect against movements in interest rates. The fair values of TBA mortgage-backed securities and forward delivery contracts generally fall under Level 2 in the fair value hierarchy. The remaining derivatives are generally comprised of a combination of swaps, currency forwards and options, which are generally classified as Level 2 in the fair value hierarchy. In addition, the Fortegra Additional Warrant (Warburg) is a derivative liability and classified as Level 3 in the fair value hierarchy. See Note (16) Stockholders' Equity for additional information regarding the Fortegra Additional Warrant. The following table presents the gross notional and fair value amounts of derivatives (on a gross basis) categorized by underlying risk:
(1) See Note (16) Stockholders' Equity for additional information.
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Debt, net |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt, net | Debt, net The following table presents the balance of the Company’s debt obligations, net of discounts and deferred financing costs for our corporate and asset based debt. Asset based debt is generally recourse only to specific assets and related cash flows.
(1) The secured credit agreements include separate tranches with multiple rate structures that are adjustable based on Fortegra’s senior leverage ratio, which as of March 31, 2024 and December 31, 2023 was SOFR + 1.50%. (2) As of March 31, 2024, included (i) a $50,000 line of credit at 1.75%, 2.00% and 2.50% over the one month SOFR rate, (ii) a $25,000 line of credit at 1.75% or 2.25% over the one month SOFR rate, with a floor of 4.00%, and (iii) a $25,000 line of credit at 1.875% over the one month SOFR rate. As of December 31, 2023, included (i) a $50,000 line of credit at 1.75%, 2.00% and 2.50% over the one month SOFR rate, and (ii) a $65,000 line of credit at 1.75%, 2.25% and 2.75% over the one month SOFR rate, with a floor of 4.00%. (3) The weighted average coupon rate for residential mortgage warehouse borrowings was 7.18% and 7.15% at March 31, 2024 and December 31, 2023, respectively. The following table presents the amount of interest expense the Company incurred on its debt for the following periods:
The following table presents the contractual principal payments and future maturities of the unpaid principal balance on the Company’s debt for the following periods:
The following narrative is a summary of certain terms of our debt agreements for the three months ended March 31, 2024: Corporate Debt Secured Revolving Credit Agreements As of March 31, 2024 and December 31, 2023, a total of $129,000 and $130,000, respectively, was outstanding under the revolving line of credit in our insurance business. The maximum borrowing capacity under the agreements as of March 31, 2024 was $200,000. Asset Based Debt Asset Based Revolving Financing On October 6, 2023, subsidiaries of Fortegra amended the asset based revolving financing to increase the revolving commitment to $125,000 and transition to SOFR. As of March 31, 2024 and December 31, 2023, a total of $69,218 and $67,138, respectively, was outstanding under the borrowing related to our premium finance offerings in our insurance business. Residential Mortgage Warehouse Borrowings As of March 31, 2024, our mortgage business had three warehouse lines of credit with three separate lending partners totaling $100,000 of borrowing capacity. The $50,000 line of credit matures in August 2024 and the two $25,000 lines of credit mature in September 2024 and February 2025. As of March 31, 2024 and December 31, 2023, a total of $56,456 and $54,350, respectively, was outstanding under such financing agreements.
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Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs to the extent possible to measure a financial instrument’s fair value. Observable inputs reflect the assumptions market participants would use in pricing an asset or liability, and are affected by the type of product, whether the product is traded on an active exchange or in the secondary market, as well as current market conditions. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Fair value is estimated by applying the hierarchy discussed in Note (2) Summary of Significant Accounting Policies of our Annual Report on Form 10-K which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized within Level 3 of the fair value hierarchy. The Company’s fair value measurements are based primarily on a market approach, which utilizes prices and other relevant information generated by market transactions involving identical or comparable financial instruments. Sources of inputs to the market approach include third-party pricing services, independent broker quotations and pricing matrices. Management analyzes the third-party valuation methodologies and its related inputs to perform assessments to determine the appropriate level within the fair value hierarchy and to assess reliability of values. Further, management has a process in place to review all changes in fair value that occurred during each measurement period. Any discrepancies or unusual observations are followed through to resolution through the source of the pricing as well as utilizing comparisons, if applicable, to alternate pricing sources. The Company utilizes observable and unobservable inputs within its valuation methodologies. Observable inputs may include: benchmark yields, reported trades, broker-dealer quotes, issuer spreads, benchmark securities, bids, offers and reference data. In addition, specific issuer information and other market data is used. Broker quotes are obtained from sources recognized to be market participants. Unobservable inputs may include: expected cash flow streams, default rates, supply and demand considerations and market volatility. Available for Sale Securities, at fair value The fair values of AFS securities are based on prices provided by an independent pricing service and a third-party investment manager. The Company obtains an understanding of the methods, models and inputs used by the independent pricing service and the third-party investment manager by analyzing the investment manager-provided pricing report. The following details the methods and assumptions used to estimate the fair value of each class of AFS securities and the applicable level each security falls within the fair value hierarchy: U.S. Treasury Securities, Obligations of U.S. Government Authorities and Agencies, Obligations of State and Political Subdivisions, Corporate Securities, Asset Backed Securities, and Obligations of Foreign Governments: Fair values were obtained from an independent pricing service and a third-party investment manager. The prices provided by the independent pricing service and third-party investment manager are based on quoted market prices, when available, non-binding broker quotes, or matrix pricing and fall under Level 2 or Level 3 in the fair value hierarchy. Certificates of Deposit: The estimated fair value of certificates of deposit approximate carrying value and fall under Level 1 of the fair value hierarchy. Equity Securities The fair values of publicly traded common and preferred equity securities and exchange traded funds (“ETFs”) are obtained from market value quotations provided by an independent pricing service and fall under Level 1 in the fair value hierarchy. The fair values of non-publicly traded common and preferred stocks are based on prices derived from multiples of comparable public companies and fall under Level 3 in the fair value hierarchy. Loans, at fair value Corporate Loans: These loans are comprised of middle market loans and bank loans and are generally classified under either Level 2 or Level 3 in the fair value hierarchy. To determine fair value, the Company uses quoted prices, including those provided from pricing vendors, which provide coverage of secondary market participants, where available. The values represent a composite of mark-to-market bid/offer prices. In certain circumstances, the Company will make its own determination of fair value of loans based on internal models and other unobservable inputs. Mortgage Loans Held for Sale: Mortgage loans held for sale are generally classified under Level 2 in the fair value hierarchy and fair value is based upon forward sales contracts with third-party investors, including estimated loan costs. Derivative Assets and Liabilities Derivatives for our mortgage business are primarily comprised of IRLCs, forward delivery contracts and TBA mortgage-backed securities. The fair value of these instruments is based upon valuation pricing models, which represent the amount the Company would expect to receive or pay at the balance sheet date to exit the position. Our mortgage origination subsidiaries issue IRLCs to their customers, which are carried at estimated fair value on the Company’s condensed consolidated balance sheets. The estimated fair values of these commitments are generally calculated by reference to the value of the underlying loan associated with the IRLC net of costs to produce and an expected pull through assumption. The fair values of these commitments generally fall under Level 3 in the fair value hierarchy. Our mortgage origination subsidiaries manage their exposure by entering into forward delivery commitments with loan investors. For loans not locked with investors under a forward delivery commitment, the Company enters into hedge instruments, primarily TBAs, to protect against movements in interest rates. The fair values of TBA mortgage-backed securities and forward delivery contracts generally fall under Level 2 in the fair value hierarchy. The remaining derivatives are generally comprised of a combination of swaps, currency forwards and options, which are generally classified as Level 2 in the fair value hierarchy. In addition, the Fortegra Additional Warrants (Warburg) are a derivative liability and classified as Level 3 in the fair value hierarchy. See Note (16) Stockholders' Equity for additional information regarding the Fortegra Additional Warrants. Corporate Bonds Corporate bonds are generally classified under Level 2 in the fair value hierarchy and fair value is based on quoted market prices. We perform internal price verification procedures to ensure that the prices provided are reasonable. Securities Sold, Not Yet Purchased Securities sold, not yet purchased are generally classified under Level 1 or Level 2 in the fair value hierarchy, based on the leveling of the securities sold short, and fair value is provided by a third-party investment manager, based on quoted market prices. We perform internal price verification procedures monthly to ensure that the prices provided are reasonable. Mortgage Servicing Rights Mortgage servicing rights are classified under Level 3 in the fair value hierarchy and fair value is provided by a third-party valuation service. Various observable and unobservable inputs are used to determine fair value, including discount rate, cost to service and weighted average prepayment speed. The following tables present the Company’s fair value hierarchies for financial assets and liabilities, measured on a recurring basis:
(1) Included in other assets. See Note (14) Other Assets and Other Liabilities and Accrued Expenses. (2) Included in other liabilities and accrued expenses. See Note (14) Other Assets and Other Liabilities and Accrued Expenses.
(1) Included in other assets. See Note (14) Other Assets and Other Liabilities and Accrued Expenses. (2) Included in other liabilities and accrued expenses. See Note (14) Other Assets and Other Liabilities and Accrued Expenses. Transfers between Level 2 and 3 were a result of subjecting third-party pricing on assets to various liquidity, depth, bid-ask spread and benchmarking criteria as well as assessing the availability of observable inputs affecting their fair valuation. The following table presents additional information about assets that are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value for the following periods:
The following table presents the range and weighted average (WA) used to develop significant unobservable inputs for the fair value measurements of Level 3 assets and liabilities:
(1) Unobservable inputs were weighted by the relative fair value of the instruments. The following table presents the carrying amounts and estimated fair values of financial assets and liabilities that are not recorded at fair value and their respective levels within the fair value hierarchy:
Debentures: Since interest rates on debentures are at current market rates for similar credit risks, the carrying amount approximates fair value. These values are net of allowance for doubtful accounts. See Note (5) Investments. Notes Receivable, net: To the extent that carrying amounts differ from fair value, fair value is determined based on contractual cash flows discounted at market rates for similar credits. Categorized under Level 2 in the fair value hierarchy. See Note (6) Notes and Accounts Receivable, net. Debt: The carrying value, which approximates fair value of floating rate debt, represents the total debt balance at face value excluding the unamortized discount. The fair value of the Junior subordinated notes is determined based on dealer quotes. Categorized under Level 3 in the fair value hierarchy. Additionally, the following financial assets and liabilities on the condensed consolidated balance sheets are not carried at fair value, but whose carrying amounts approximate their fair value: Cash and Cash Equivalents: The carrying amounts of cash and cash equivalents are carried at cost which approximates fair value. Categorized under Level 1 in the fair value hierarchy. Accounts and Premiums Receivable, net, Retrospective Commissions Receivable and Other Receivables: The carrying amounts approximate fair value since no interest rate is charged on these short duration assets. Categorized under Level 2 in the fair value hierarchy. See Note (6) Notes and Accounts Receivable, net. Due from Brokers, Dealers, and Trustees and Due to Brokers, Dealers and Trustees: The carrying amounts are included in other assets and other liabilities and accrued expenses and approximate their fair value due to their short term nature. Categorized under Level 2 in the fair value hierarchy.
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Liability for Unpaid Claims and Claim Adjustment Expenses |
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Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liability for Unpaid Claims and Claim Adjustment Expenses | Liability for Unpaid Claims and Claim Adjustment Expenses Roll forward of Claim Liability The following table presents the activity in the net liability for unpaid losses and allocated loss adjustment expenses of short duration contracts for the following periods:
The following schedule reconciles the total amount of losses incurred on short duration contracts per the table above to the amount of total losses incurred as presented in the condensed consolidated statements of operations, excluding the amount for member benefit claims:
During the three months ended March 31, 2024, the Company experienced unfavorable prior year development of $773, primarily driven by higher-than-expected claims paid development in our commercial lines of business, primarily with a single partner. During the three months ended March 31, 2023, the Company experienced unfavorable prior year development of $328, primarily as a result of higher-than-expected claim severity in our personal and commercial lines of business. Management considers the prior year development for each of these years to be insignificant when considered in the context of our annual earned premiums, net as well as our net losses and loss adjustment expenses and member benefit claims expenses. We analyze our development on a quarterly basis and given the short duration nature of our products, favorable or adverse development emerges quickly and allows for timely reserve strengthening, if necessary, or modifications to our product pricing or offerings. The unfavorable prior year development of $773 in the three months ended March 31, 2024 represented 2.1% of our insurance business income before taxes of $36,811 and 0.2% of the opening net liability for losses and loss adjustment expenses of $393,455, as of January 1, 2024. The unfavorable prior year development of $328 in the three months ended March 31, 2023 represented 1.7% of our insurance business income before taxes of $19,445, and 0.1% of the opening net liability for losses and loss adjustment expenses of $298,057, as of January 1, 2023. Based upon our internal analysis and our review of the statement of actuarial opinions provided by our actuarial consultants, we believe that the amounts recorded for policy liabilities and unpaid claims reasonably represent the amount necessary to pay all claims and related expenses which may arise from incidents that have occurred as of the balance sheet date.
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Revenue from Contracts with Customers |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | Revenue from Contracts with Customers The Company’s revenues from insurance and contractual and liability insurance operations are primarily accounted for under Financial Services-Insurance (ASC 944) that are not within the scope of Revenue for Contracts with Customers (ASC 606). The Company’s remaining revenues that are within the scope of ASC 606 are primarily comprised of revenues from contracts with customers for monthly membership dues for motor clubs, monthly administration fees for services provided for premiums, claims and reinsurance processing revenues, vehicle service contracts, vessel related revenue and revenues for household goods and appliances service contracts (collectively, remaining contracts). The following table presents the disaggregated amounts of revenue from contracts with customers by product type for the following periods:
Service and Administrative Fees Service and administrative fees are generated from non-insurance programs including warranty service contracts, motor clubs and other services. Service and administrative fees are recognized consistent with the earnings recognition pattern of the underlying policies, debt cancellation contracts and motor club memberships being administered, using pro rata, Rule of 78’s, modified Rule of 78’s, or other methods as appropriate for the contract. Management selects the appropriate method based on available information, and periodically reviews the selections as additional information becomes available. Management reviews the financial results under each significant contract on a monthly basis. Any losses that may occur due to a specific contract would be recognized in the period in which the loss is determined to be probable. We do not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was not material as of March 31, 2024. The timing of our revenue recognition may differ from the timing of payment by our customers. We record a receivable when revenue is recognized prior to payment and we have an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, we record deferred revenue until the performance obligations are satisfied. The following table presents the activity in the deferred assets and liabilities related to revenue from contracts with customers for the following period:
For the periods presented, no write-offs for unrecoverable deferred acquisition costs and deferred revenue were recognized.
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Other Assets and Other Liabilities and Accrued Expenses |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Other Liabilities and Accrued Expenses | Other Assets and Other Liabilities and Accrued Expenses Other Assets The following table presents the components of other assets as reported in the condensed consolidated balance sheets:
(1) See Note (20) Commitments and Contingencies for additional information. The following table presents the depreciation expense related to furniture, fixtures and equipment for the following periods:
Other Liabilities and Accrued Expenses The following table presents the components of other liabilities and accrued expenses as reported in the condensed consolidated balance sheets:
(1) See Note (20) Commitments and Contingencies for additional information.
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Other Assets and Other Liabilities and Accrued Expenses | Other Assets and Other Liabilities and Accrued Expenses Other Assets The following table presents the components of other assets as reported in the condensed consolidated balance sheets:
(1) See Note (20) Commitments and Contingencies for additional information. The following table presents the depreciation expense related to furniture, fixtures and equipment for the following periods:
Other Liabilities and Accrued Expenses The following table presents the components of other liabilities and accrued expenses as reported in the condensed consolidated balance sheets:
(1) See Note (20) Commitments and Contingencies for additional information.
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Other Revenue and Other Expenses |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Revenue and Other Expenses | Other Revenue and Other Expenses Other Revenue The following table presents the components of other revenue as reported in the condensed consolidated statement of operations.
(1) See Note (5) Investments for the components of Other investment income. (2) Includes $4,378 and $3,118 for the three months ended March 31, 2024 and 2023, respectively, related to Insurance. Other Expenses The following table presents the components of other expenses as reported in the condensed consolidated statement of operations:
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Stockholders' Equity |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders' Equity Stock Repurchases The Board of Directors authorized the Company to make repurchases of up to $20,000 of shares of the Company’s outstanding common stock in the aggregate, at the discretion of the Company's Executive Committee. There were no shares repurchased during the three months ended March 31, 2024. As of March 31, 2024, the remaining repurchase authorization was $11,945. Dividends The Company declared cash dividends per share for the following periods presented below:
Fortegra Non-Controlling Interests On June 21, 2022, the Company closed the WP Transaction. On that date, Fortegra converted to a Delaware corporation and Warburg made a $200,000 investment in Fortegra in exchange for Fortegra Common Stock, Fortegra Preferred Stock, Fortegra Warrants and Fortegra Additional Warrants. Also, in connection with the closing of the WP Transaction, Tiptree was issued Fortegra Additional Warrants, and management’s interests in LOTS Intermediate were exchanged for interests in Fortegra. On March 28, 2024, Tiptree and Warburg contributed $29,229 and $9,621, respectively, to Fortegra in exchange for Fortegra Common Stock. As of March 31, 2024, Fortegra was owned approximately 79.3% by Tiptree Holdings, 17.7% by Warburg and 3.0% by management and directors of Fortegra. Fortegra Preferred Stock The face amount of the Fortegra Preferred Stock is $80,000. Dividends are cumulative and accrue at a rate of 8% per annum, compounding quarterly. Any quarterly dividend may be paid in cash, at Fortegra’s option. For the three months ended March 31, 2024, cash dividends declared were $1,595. Warburg has the option to convert, at any time, its shares of Fortegra Preferred Stock into shares of Fortegra Common Stock at an initial conversion premium of 33% to Warburg’s initial investment valuation (the “Fortegra Preferred Stock Conversion Price”). The Fortegra Preferred Stock Conversion Price is adjusted for any Fortegra Common Stock splits, dividends, extraordinary dividends and similar transactions. All of the Fortegra Preferred Stock will automatically convert into shares of Fortegra Common Stock at the Fortegra Preferred Stock Conversion Price upon the closing of a qualifying initial public offering, subject to a five year make-whole provision. Upon conversion, the Fortegra Preferred Stock would result in Warburg owning an additional 6.3% interest in Fortegra, for a total as converted ownership of 24.1% (including its ownership of Fortegra Common Stock). Fortegra Warrants The Fortegra Warrants have a seven-year term and an exercise premium of 33% to Warburg’s initial investment valuation (the “Fortegra Warrant Exercise Price”). The Fortegra Warrant Exercise Price will be reduced by any Fortegra Common Stock cash dividends made by Fortegra and adjusted for stock splits, common stock dividends, extraordinary dividends and similar transactions. The Fortegra Warrants, if exercised with cash, would result in Warburg owning an additional 3.7% interest in Fortegra. Fortegra Additional Warrants The Fortegra Additional Warrants issued to both Warburg and Tiptree have a seven-year term and an exercise price of $0.01 per share of Fortegra Common Stock. The Fortegra Additional Warrants issued to Warburg will be forfeited based on Warburg achieving an all-in return on its investment in excess of 23%, as measured primarily by Fortegra’s Common Stock price. The Fortegra Additional Warrants issued to Warburg are classified as liabilities, at fair value. The Fortegra Additional Warrants issued to Tiptree will vest based on Warburg achieving an all-in return on its investment in excess of 30%, as measured primarily by Fortegra’s Common Stock price. The number of shares of Fortegra Common Stock issuable to Warburg or Tiptree with respect to the Fortegra Additional Warrants is subject to adjustment for Fortegra Common Stock splits, stock or cash dividends and similar transactions. The Fortegra Additional Warrants are exercisable from the earlier of a transaction that results in Warburg having sold 50% of its Fortegra Common Stock or the fifth anniversary of the closing date. The maximum number of shares issued to Warburg or Tiptree, if exercised with cash, would be an additional 1.7% interest in Fortegra on an as converted basis (including its ownership of Fortegra Common and Preferred Stock). The following table presents the components of non-controlling interests as reported in the condensed consolidated balance sheets:
Statutory Reporting and Insurance Company Subsidiaries Dividend Restrictions The Company’s U.S. insurance subsidiaries prepare financial statements in accordance with Statutory Accounting Principles (SAP) prescribed or permitted by the insurance departments of their states of domicile. Prescribed SAP includes the Accounting Practices and Procedures Manual of the NAIC as well as state laws, regulations and administrative rules. Statutory Capital and Surplus The Company’s insurance company subsidiaries must maintain minimum amounts of statutory capital and surplus as required by regulatory authorities, including the NAIC; their capital and surplus levels exceeded respective minimum requirements as of March 31, 2024 and December 31, 2023. Under the NAIC Risk-Based Capital Act of 1995, a company's Risk-Based Capital (RBC) is calculated by applying certain risk factors to various asset, claim and reserve items. If a company's adjusted surplus falls below calculated RBC thresholds, regulatory intervention or oversight is required. The Company's U.S. domiciled insurance company subsidiaries' RBC levels, as calculated in accordance with the NAIC’s RBC instructions, exceeded all RBC thresholds as of March 31, 2024 and December 31, 2023. The Company also has a foreign insurance subsidiary that is not subject to SAP. The statutory capital and surplus amounts and statutory net income presented above do not include the foreign insurance subsidiary in accordance with SAP. Statutory Dividends The Company’s U.S. domiciled insurance company subsidiaries may pay dividends to the Company, subject to statutory restrictions. Payments in excess of statutory restrictions (extraordinary dividends) to the Company are permitted only with prior approval of the insurance department of the applicable state of domicile. The Company eliminates all dividends from its subsidiaries in the condensed consolidated financial statements. There were no dividends paid to the Company by its U.S. domiciled insurance company subsidiaries for the three months ended March 31, 2024 and 2023. The combined amount available for ordinary dividends of the Company's U.S. domiciled insurance company subsidiaries for the following periods:
At March 31, 2024, the maximum amount of dividends that our U.S. domiciled insurance company subsidiaries could pay under applicable laws and regulations without regulatory approval was approximately $24,327. The Company may seek regulatory approval to pay dividends in excess of this permitted amount, but there can be no assurance that the Company would receive regulatory approval if sought.
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Accumulated Other Comprehensive Income (Loss) (AOCI) |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) (AOCI) | Accumulated Other Comprehensive Income (Loss) (AOCI) The following table presents the activity of AFS securities in AOCI, net of tax, for the following periods:
The following table presents the reclassification adjustments out of AOCI included in net income and the impacted line items on the condensed consolidated statement of operations for the following periods:
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Stock Based Compensation |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Based Compensation | Stock Based Compensation Tiptree Equity Plans The table below summarizes changes to the issuances under the Company’s 2017 Omnibus Incentive Equity Plan for the periods indicated, excluding awards granted under the Company’s subsidiary incentive plans that are exchangeable for Tiptree common stock:
Restricted Stock Units (RSUs) and Stock Awards The Company values RSUs at their grant-date fair value as measured by Tiptree’s common stock price. Generally, the Tiptree RSUs vest and become non-forfeitable either (i) after the third anniversary, or (ii) with respect to one-third of Tiptree shares granted on each of the first, second and third year anniversaries of the grant date. RSU awards are expensed using the straight-line method over the requisite service period. The RSUs include a retirement provision and are amortized over the lesser of the service condition or expected retirement date. Stock awards issued as director compensation are deemed to be granted and immediately vested upon issuance. The following table presents changes to the issuances of RSUs under the 2017 Omnibus Incentive Equity Plan for the periods indicated:
(1) Includes 139,888, 81,873 and 78,360 shares that vest in 2025, 2026 and 2027, respectively. The following tables present the detail of the granted and vested RSUs for the periods indicated:
Tiptree Senior Management Incentive Plan On August 4, 2021, a total of 3,500,000 Performance Restricted Stock Units (PRSUs) were awarded to members of the Company’s senior management. An additional 350,000 PRSUs were awarded on October 14, 2022. The PRSUs have a 10-year term and are subject to the recipient’s continuous service and a market requirement. A portion of the PRSUs will generally vest upon the achievement of each of five Tiptree share price target milestones ranging from $15 to $60, adjusted for dividends paid, within five pre-established determination periods (subject to a catch-up vesting mechanism) occurring on the second, fourth, sixth, eighth and tenth anniversaries of the grant date. In November 2021, the first tranche of the PRSUs vested, resulting in a net issuance of 215,583 shares of Tiptree common stock. On January 1, 2024, Tiptree granted 1,420,833 PRSUs to members of the Company’s senior management. The PRSUs will generally vest upon achievement of a $70 Tiptree share price target (adjusted for dividends paid) prior to the tenth anniversary of the date of grant, subject to the Grantee’s continued employment with Tiptree. As of March 31, 2024, 5,037,500 PRSUs were unvested. The below table illustrates the aggregate number of PRSUs that will vest upon the achievement of each Tiptree share price target. Such price targets are adjusted down for cumulative dividends paid by the Company since grant (e.g., the next share price target is $19.50 as adjusted for cumulative dividends paid to date).
Upon vesting, the Company will issue shares, or if shares are not available under the 2017 Equity Plan, then the Company may in its sole discretion instead deliver cash equal to the fair market value of the underlying shares. The fair value of the PRSUs was estimated using a Black-Scholes-Merton option pricing formula embedded within a Monte Carlo model used to simulate the future stock prices of the Company, which assumes that the market requirement is achieved. The historical volatility was computed based on historical daily returns of the Company’s stock price simulated over the performance period using a lookback period of 10 years. The valuation was done under a risk-neutral framework using the 10-year zero-coupon risk-free interest rate derived from the Treasury Constant Maturities yield curve on the reporting date. The quarterly dividend rates in effect as of the reporting date are used to calculate a spot dividend yield for use in the model. The following table presents the assumptions used to measure the fair value of the PRSUs as of the respective grant date, or June 7, 2022, when the original tranches were converted to equity awards.
Stock Option Awards Between 2016 and 2020, option awards were granted to the Executive Committee with an exercise price equal to the fair market value of our common stock on the date of grant. The option awards have a 10-year term and are subject to the recipient’s continuous service, a market requirement, and vest one third on each of the , , and five-year anniversaries of the grant date. As of March 31, 2024, the market requirement for all outstanding options has been achieved. There were no stock option awards granted from 2021 to March 31, 2024. The following table presents the Company's stock option activity for the current period:
Subsidiary Equity Plans Certain of the Company’s subsidiaries have established incentive plans under which they are authorized to issue equity of those subsidiaries to certain of their employees. Such awards are accounted for as equity unless otherwise noted. These awards are subject to performance-vesting criteria based on the performance of the subsidiary (performance vesting awards) and time-vesting subject to continued employment (time vesting awards). The Company has the option, but not the obligation to settle the exchange right in cash. Fortegra Equity Incentive Plan Fortegra adopted the 2022 Equity Incentive Plan (“Fortegra Plan”) on June 21, 2022, and further amended on January 18, 2024, which permits the grant of RSUs, stock based awards and options up to 11.0% of Fortegra Common Stock (assuming conversion of the Fortegra Preferred Stock), of which the substantial majority is expected to be delivered in options. As of March 31, 2024, time vesting RSUs and time and performance vesting options representing approximately 4.7% of Fortegra Common Stock (assuming conversion of the Fortegra Preferred Stock) have been granted and remain unvested. The general purpose of the Fortegra Plan is to attract, motivate and retain selected employees of Fortegra, to provide them with incentives and rewards for performance and to better align their interests with those of Fortegra’s stockholders. Unless otherwise extended, the Fortegra Plan terminates automatically on June 21, 2032. The awards under the Fortegra Plan are not exchangeable for Tiptree common stock. In May 2023 and November 2023, Fortegra granted management options with a strike price equal to the per share price on the date of the WP Transaction, delivered in equal portions of time and performance vested grants equal to approximately 4.5% of Fortegra Common Stock (assuming cash exercise, after conversion of the Fortegra Preferred Stock and excluding forfeitures). The time vested options vest in equal parts over five years. The performance vested options vest based on specific internal rate of return targets determined at the time of a change of control of Fortegra or sale by Warburg of more than 50% of its Fortegra securities (on an as converted basis) acquired in 2022. These time and performance options must be exercised in the calendar year they vest and shall be deemed automatically exercised if not otherwise done so by December 31 of the calendar year in which they vest. The fair value option grants were estimated on the date of grant using a Black-Scholes Merton option pricing formula embedded within a Monte Carlo model used to simulate the future value of Fortegra Common Stock, which assumes the market requirement is achieved. Key assumptions used in the model were a historical volatility of 45.0%, a risk free rate of 3.7%, no dividend yield and an expected term of 4.2 years. In May 2023 and March 2024, Fortegra granted time vesting RSUs equal to approximately 0.2% of Fortegra Common Stock (assuming conversion of the Fortegra Preferred Stock). The RSUs include a retirement provision and are amortized over the lesser of the service condition or expected retirement date. In May 2023 and November 2023, Fortegra granted performance based restricted stock units (Fortegra PRSUs) that vest based on the achievement of specified gross written premium volume targets and underwriting ratios for selected specialty insurance lines written in 2024. Upon vesting, the Fortegra PRSUs entitle recipients to participate in an aggregate pool of between $5,000 and $20,000 payable in shares of Fortegra. The Fortegra PRSUs are accounted for as liability awards and were unvested as of March 31, 2024. The following table presents changes to the issuances of subsidiary awards under the subsidiary incentive plans for the periods indicated:
Stock Based Compensation Expense The following table presents total stock based compensation expense and the related income tax benefit recognized on the condensed consolidated statements of operations:
Additional information on total non-vested stock based compensation is as follows:
(1) Includes unrecognized compensation cost of $16,963 related to stock options, $1,772 related to RSUs, and $513 related to PRSUs at The Fortegra Group.
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Income Taxes |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The following table presents the Company’s provision (benefit) for income taxes reflected as a component of income (loss):
(1) Higher than the U.S. federal statutory income tax rate of 21% primarily due to the impact of outside basis deferred taxes on Tiptree’s investment in Fortegra and other discrete items. Tiptree owns less than 80% of Fortegra and is required to record deferred taxes on the outside basis on its investment in Fortegra. This deferred tax liability represents the tax that would be due, before consideration of loss carryforwards, if Tiptree were to sell all of its Fortegra stock at its carrying value on Tiptree’s balance sheet. For the three months ended March 31, 2024, the deferred tax liability relating to Fortegra increased by $3,930, of which $535 of benefit was recorded in OCI, and $4,465 expense was recorded as a provision for income taxes. For the three months ended March 31, 2023, the deferred tax liability decreased by $4,144, of which $1,808 expense was recorded in OCI, and $2,336 expense was recorded as a provision for income taxes. Excluding the impact of these deferred taxes, the effective tax rates for the three months ended March 31, 2024 and 2023 were 31.5% and 32.9%, respectively. The Organization for Economic Cooperation and Development (“OECD”) has introduced a framework to implement a global minimum corporate tax rate of 15%, commonly referred to as Pillar Two. Many aspects of Pillar Two are effective beginning calendar year 2024 and other aspects will be effective beginning in calendar year 2025. While it is uncertain whether the U.S. will adopt Pillar Two, certain countries in which the Company operates have adopted legislation and other countries are in the process of introducing legislation to implement Pillar Two. While we do not expect Pillar Two to have a material impact on the Company, our analysis is ongoing as the OECD releases additional guidance and countries implement additional legislation.
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Commitments and Contingencies |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies The following table presents rent expense for the Company’s office leases recorded in other expenses on the condensed consolidated statements of operations for the following periods:
The Company entered into a sublease of its former corporate office space in December 2022. As a result of the sublease, future lease payments will be offset by $1,842 annually from July 2023 through August 2029. Litigation The Company is a defendant in Mullins v. Southern Financial Life Insurance Co., a class action filed in February 2006, in Pike County Circuit Court in the Commonwealth of Kentucky on behalf of Kentucky consumers that purchased certain credit life and disability insurance coverage between 1997-2007. The action alleges violations of the Kentucky Consumer Protection Act (“KCPA”) and certain insurance statutes, common law fraud and breach of contract and the covenant of good faith and fair dealing. The plaintiffs seek compensatory and punitive damages, attorneys’ fees and interest. Two classes were certified in June 2010: Subclass A includes class members who suffered a disability during the coverage period but allegedly received less than full disability benefits; Subclass B includes all class members whose loan termination date extended beyond the termination date of the credit disability coverage period. In a series of orders issued in October 2022 on competing motions for partial summary judgment, the court found in favor of the plaintiffs as to the Subclass A breach of contract claim (the Subclass A Order) and, as to Subclass B, found that the Company was unjustly enriched to the extent the premium it collected exceeded the proportion of the premium for which the Company provided benefits coverage (the Subclass B Order). The court found in favor of the Company as to the plaintiffs’ claims for common law fraud and violation of Kentucky’s insurance statutes and ordered the plaintiffs’ Motion for Sanctions for Spoliation of Evidence held in abeyance. The Company has appealed the Subclass A Order and Subclass B Order and all interlocutory orders made final by entry of the Subclass A Order and Subclass B Order. In December 2022, the court dismissed the plaintiffs’ KCPA claims as to both Subclass A Order and Subclass B Order. The court also dismissed the plaintiffs’ breach of covenant of good faith and fair dealing claim as to Subclass B Order but declined to dismiss such claim as to Subclass A Order pending resolution of the Company’s appeal. The trial, previously scheduled for December 2023, has been remanded while the matter is on appeal. The Company considers such litigation customary in the insurance industry. In management's opinion, based on information available at this time, the ultimate resolution of such litigation, which it is vigorously defending, should not be materially adverse to the financial position of the Company. It should be noted that large punitive damage awards, bearing little relation to actual damages sustained by plaintiffs, have been awarded in certain states against other companies in the credit insurance business. At this time, the Company cannot estimate a range of loss that is reasonably possible. The Company and its subsidiaries are parties to other legal proceedings in the ordinary course of business. Although the Company’s legal and financial liability with respect to such proceedings cannot be estimated with certainty, the Company does not believe that these proceedings, either individually or in the aggregate, are likely to have a material adverse effect on the Company’s financial position.
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share The Company calculates basic net income per share of common stock (common share) based on the weighted average number of common shares outstanding, which includes vested corporate RSUs. Unvested corporate RSUs have a non-forfeitable right to participate in dividends declared and paid on the Company’s common stock on an as vested basis and are therefore considered a participating security. The Company calculates basic earnings per share using the “two-class” method under which the income available to common stockholders is allocated to the unvested corporate RSUs. Diluted net income attributable to common stockholders includes the effect of unvested subsidiaries’ RSUs, when dilutive. The assumed exercise of all potentially dilutive instruments is included in the diluted net income per common share calculation, if dilutive. The following table presents a reconciliation of basic and diluted net income per common share for the following periods:
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Related Party Transactions |
3 Months Ended |
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Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Tiptree Advisors is a related party of the Company because Tiptree Advisors is deemed to be controlled by Michael Barnes, the Company’s Executive Chairman. The Company is invested in funds managed by Tiptree Advisors (the Tiptree Advisors Funds) and Tiptree Advisors manages investment portfolio accounts of Fortegra and certain of its subsidiaries under an investment advisory agreement (the IAA). With respect to the Tiptree Advisors Funds and the IAA, the Company incurred $1,421 and $1,102 of management and incentive fees for the three months ended March 31, 2024 and 2023, respectively. Beginning on January 1, 2024, Tiptree’s percentage of profits interest in Tiptree Advisors was 40.8%. As of January 1, 2025, Tiptree’s percentage interest will increase to 51.0%. Pursuant to the Transition Services Agreement, Tiptree and Tiptree Advisors have mutually agreed to provide certain services to one another. Payments under the Transition Services Agreement in the three months ended March 31, 2024 and 2023 were not material. Pursuant to a Partner Emeritus Agreement, Tiptree agreed to provide Mr. Inayatullah, a greater than 5% stockholder of the Company, support services and reimburse Mr. Inayatullah for a portion of benefit expenses in exchange for advice and other consulting services as requested by the Company’s Executive Committee. Transactions related to the Partner Emeritus Agreement in the three months ended March 31, 2024 and 2023 were not material.
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Subsequent Events |
3 Months Ended |
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Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On April 30, 2024, the Company’s board of directors declared a quarterly cash dividend of $0.06 per share to holders of common stock with a record date of May 20, 2024, and a payment date of May 28, 2024.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2024 |
Mar. 31, 2023 |
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Pay vs Performance Disclosure | ||
Net income (loss) attributable to common stockholders | $ 9,050 | $ (1,062) |
Insider Trading Arrangements |
3 Months Ended |
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Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accounting Policies (Policies) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements of Tiptree have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) and include the accounts of the Company and its subsidiaries. The condensed consolidated financial statements are presented in U.S. dollars, the main operating currency of the Company. The unaudited condensed consolidated financial statements presented herein should be read in conjunction with the annual audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. In the opinion of management, the accompanying unaudited interim financial information reflects all adjustments, including normal recurring adjustments necessary to present fairly the Company’s financial position, results of operations, comprehensive income and cash flows for each of the interim periods presented. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the full year ending on December 31, 2024. Non-controlling interests (NCI) on the condensed consolidated balance sheets represent the ownership interests in certain consolidated subsidiaries held by entities or persons other than Tiptree. Accounts and transactions between consolidated entities have been eliminated.
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Recent Accounting Standards | Recent Accounting Standards Recently Adopted Accounting Pronouncements During the three months ended March 31, 2024, there were no accounting standards adopted by the Company. Recently Issued Accounting Pronouncements, Not Yet Adopted
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Segment Data | Tiptree is a holding company that allocates capital across a broad spectrum of businesses, assets and other investments. Tiptree’s principal operating subsidiary, Fortegra, is a leading provider of specialty insurance, service contract products and related service solutions. Based on the quantitative analysis performed related to Accounting Standard Codification (“ASC”) 280, Segment Reporting, our reportable segments are Insurance and Mortgage. We refer to our non-insurance operations, assets and other investments, comprised of our Mortgage reportable segment and our non-reportable operating segments and other business activities, as Tiptree Capital. Corporate activities include holding company interest expense, employee compensation and benefits, and other expenses. Our reportable segments’ income or loss is reported before income taxes and non-controlling interests. Segment results incorporate the revenues and expenses of these subsidiaries since they commenced operations or were acquired. Intercompany transactions are eliminated. Descriptions of our Insurance reportable segment and Tiptree Capital, including our Mortgage reportable segment, are as follows: Insurance operations are conducted through Fortegra, which is a leading provider of specialty insurance products and related services. Fortegra designs, markets and underwrites specialty property and casualty insurance products incorporating value-added coverages and services for select target markets or niches. Fortegra’s products and services include niche commercial and personal lines, service contracts, and other insurance services. Tiptree Capital: Mortgage operations are conducted through Reliance. The Company’s mortgage business originates loans for sale to institutional investors, including GSEs and FHA/VA and services loans on behalf of Fannie Mae, Freddie Mac, and Ginnie Mae. Other includes our remaining maritime shipping operations, asset management and other investments.
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Derivative Financial Instruments and Hedging | The Company selectively utilizes derivative financial instruments as part of its overall investment and hedging activities. Derivative contracts are subject to additional risk that can result in a loss of all or part of an investment. The Company’s derivative activities are primarily entered into in order to manage underlying credit risk, market risk, interest rate risk and currency exchange rate risk. In addition, the Company is also subject to counterparty risk should its counterparties fail to meet the contract terms. Derivative assets are reported in other investments. Derivative liabilities are reported within . Derivatives for our mortgage business are primarily comprised of interest rate lock commitments (IRLCs), forward delivery contracts, and TBA mortgage-backed securities. Interest Rate Lock Commitments The fair value of these instruments is based upon valuation pricing models, which represent the amount the Company would expect to receive or pay at the balance sheet date to exit the position. Our mortgage origination subsidiary issues IRLCs to their customers, which are carried at estimated fair value on the Company’s condensed consolidated balance sheets. The estimated fair values of these commitments are generally calculated by reference to the value of the underlying loan associated with the IRLC net of costs to produce and an expected pull through assumption. The fair values of these commitments generally fall under Level 3 in the fair value hierarchy. Forward Delivery Contracts and TBA Mortgage-Backed Securities Our mortgage origination subsidiary manages their exposure by entering into forward delivery commitments with loan investors. For loans not locked with investors under a forward delivery commitment, the Company enters into hedge instruments, primarily TBAs, to protect against movements in interest rates. The fair values of TBA mortgage-backed securities and forward delivery contracts generally fall under Level 2 in the fair value hierarchy. The remaining derivatives are generally comprised of a combination of swaps, currency forwards and options, which are generally classified as Level 2 in the fair value hierarchy. In addition, the Fortegra Additional Warrant (Warburg) is a derivative liability and classified as Level 3 in the fair value hierarchy. See Note (16) Stockholders' Equity for additional information regarding the Fortegra Additional Warrant.
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Fair Value of Financial Instruments | The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs to the extent possible to measure a financial instrument’s fair value. Observable inputs reflect the assumptions market participants would use in pricing an asset or liability, and are affected by the type of product, whether the product is traded on an active exchange or in the secondary market, as well as current market conditions. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Fair value is estimated by applying the hierarchy discussed in Note (2) Summary of Significant Accounting Policies of our Annual Report on Form 10-K which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized within Level 3 of the fair value hierarchy. The Company’s fair value measurements are based primarily on a market approach, which utilizes prices and other relevant information generated by market transactions involving identical or comparable financial instruments. Sources of inputs to the market approach include third-party pricing services, independent broker quotations and pricing matrices. Management analyzes the third-party valuation methodologies and its related inputs to perform assessments to determine the appropriate level within the fair value hierarchy and to assess reliability of values. Further, management has a process in place to review all changes in fair value that occurred during each measurement period. Any discrepancies or unusual observations are followed through to resolution through the source of the pricing as well as utilizing comparisons, if applicable, to alternate pricing sources. The Company utilizes observable and unobservable inputs within its valuation methodologies. Observable inputs may include: benchmark yields, reported trades, broker-dealer quotes, issuer spreads, benchmark securities, bids, offers and reference data. In addition, specific issuer information and other market data is used. Broker quotes are obtained from sources recognized to be market participants. Unobservable inputs may include: expected cash flow streams, default rates, supply and demand considerations and market volatility. Available for Sale Securities, at fair value The fair values of AFS securities are based on prices provided by an independent pricing service and a third-party investment manager. The Company obtains an understanding of the methods, models and inputs used by the independent pricing service and the third-party investment manager by analyzing the investment manager-provided pricing report. The following details the methods and assumptions used to estimate the fair value of each class of AFS securities and the applicable level each security falls within the fair value hierarchy: U.S. Treasury Securities, Obligations of U.S. Government Authorities and Agencies, Obligations of State and Political Subdivisions, Corporate Securities, Asset Backed Securities, and Obligations of Foreign Governments: Fair values were obtained from an independent pricing service and a third-party investment manager. The prices provided by the independent pricing service and third-party investment manager are based on quoted market prices, when available, non-binding broker quotes, or matrix pricing and fall under Level 2 or Level 3 in the fair value hierarchy. Certificates of Deposit: The estimated fair value of certificates of deposit approximate carrying value and fall under Level 1 of the fair value hierarchy. Equity Securities The fair values of publicly traded common and preferred equity securities and exchange traded funds (“ETFs”) are obtained from market value quotations provided by an independent pricing service and fall under Level 1 in the fair value hierarchy. The fair values of non-publicly traded common and preferred stocks are based on prices derived from multiples of comparable public companies and fall under Level 3 in the fair value hierarchy. Loans, at fair value Corporate Loans: These loans are comprised of middle market loans and bank loans and are generally classified under either Level 2 or Level 3 in the fair value hierarchy. To determine fair value, the Company uses quoted prices, including those provided from pricing vendors, which provide coverage of secondary market participants, where available. The values represent a composite of mark-to-market bid/offer prices. In certain circumstances, the Company will make its own determination of fair value of loans based on internal models and other unobservable inputs. Mortgage Loans Held for Sale: Mortgage loans held for sale are generally classified under Level 2 in the fair value hierarchy and fair value is based upon forward sales contracts with third-party investors, including estimated loan costs. Derivative Assets and Liabilities Derivatives for our mortgage business are primarily comprised of IRLCs, forward delivery contracts and TBA mortgage-backed securities. The fair value of these instruments is based upon valuation pricing models, which represent the amount the Company would expect to receive or pay at the balance sheet date to exit the position. Our mortgage origination subsidiaries issue IRLCs to their customers, which are carried at estimated fair value on the Company’s condensed consolidated balance sheets. The estimated fair values of these commitments are generally calculated by reference to the value of the underlying loan associated with the IRLC net of costs to produce and an expected pull through assumption. The fair values of these commitments generally fall under Level 3 in the fair value hierarchy. Our mortgage origination subsidiaries manage their exposure by entering into forward delivery commitments with loan investors. For loans not locked with investors under a forward delivery commitment, the Company enters into hedge instruments, primarily TBAs, to protect against movements in interest rates. The fair values of TBA mortgage-backed securities and forward delivery contracts generally fall under Level 2 in the fair value hierarchy. The remaining derivatives are generally comprised of a combination of swaps, currency forwards and options, which are generally classified as Level 2 in the fair value hierarchy. In addition, the Fortegra Additional Warrants (Warburg) are a derivative liability and classified as Level 3 in the fair value hierarchy. See Note (16) Stockholders' Equity for additional information regarding the Fortegra Additional Warrants. Corporate Bonds Corporate bonds are generally classified under Level 2 in the fair value hierarchy and fair value is based on quoted market prices. We perform internal price verification procedures to ensure that the prices provided are reasonable. Securities Sold, Not Yet Purchased Securities sold, not yet purchased are generally classified under Level 1 or Level 2 in the fair value hierarchy, based on the leveling of the securities sold short, and fair value is provided by a third-party investment manager, based on quoted market prices. We perform internal price verification procedures monthly to ensure that the prices provided are reasonable. Mortgage Servicing Rights Mortgage servicing rights are classified under Level 3 in the fair value hierarchy and fair value is provided by a third-party valuation service. Various observable and unobservable inputs are used to determine fair value, including discount rate, cost to service and weighted average prepayment speed.Debentures: Since interest rates on debentures are at current market rates for similar credit risks, the carrying amount approximates fair value. These values are net of allowance for doubtful accounts. See Note (5) Investments. Notes Receivable, net: To the extent that carrying amounts differ from fair value, fair value is determined based on contractual cash flows discounted at market rates for similar credits. Categorized under Level 2 in the fair value hierarchy. See Note (6) Notes and Accounts Receivable, net. Debt: The carrying value, which approximates fair value of floating rate debt, represents the total debt balance at face value excluding the unamortized discount. The fair value of the Junior subordinated notes is determined based on dealer quotes. Categorized under Level 3 in the fair value hierarchy. Additionally, the following financial assets and liabilities on the condensed consolidated balance sheets are not carried at fair value, but whose carrying amounts approximate their fair value: Cash and Cash Equivalents: The carrying amounts of cash and cash equivalents are carried at cost which approximates fair value. Categorized under Level 1 in the fair value hierarchy. Accounts and Premiums Receivable, net, Retrospective Commissions Receivable and Other Receivables: The carrying amounts approximate fair value since no interest rate is charged on these short duration assets. Categorized under Level 2 in the fair value hierarchy. See Note (6) Notes and Accounts Receivable, net. Due from Brokers, Dealers, and Trustees and Due to Brokers, Dealers and Trustees: The carrying amounts are included in other assets and other liabilities and accrued expenses and approximate their fair value due to their short term nature. Categorized under Level 2 in the fair value hierarchy.
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Deferred Revenue and Revenue Recognition | Service and Administrative Fees Service and administrative fees are generated from non-insurance programs including warranty service contracts, motor clubs and other services. Service and administrative fees are recognized consistent with the earnings recognition pattern of the underlying policies, debt cancellation contracts and motor club memberships being administered, using pro rata, Rule of 78’s, modified Rule of 78’s, or other methods as appropriate for the contract. Management selects the appropriate method based on available information, and periodically reviews the selections as additional information becomes available. Management reviews the financial results under each significant contract on a monthly basis. Any losses that may occur due to a specific contract would be recognized in the period in which the loss is determined to be probable. We do not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was not material as of March 31, 2024. The timing of our revenue recognition may differ from the timing of payment by our customers. We record a receivable when revenue is recognized prior to payment and we have an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, we record deferred revenue until the performance obligations are satisfied.
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Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Accounting Standards Update | During the three months ended March 31, 2024, there were no accounting standards adopted by the Company. Recently Issued Accounting Pronouncements, Not Yet Adopted
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Operating Segment Data (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of operating segments | The tables below present the components of revenue, expense, income (loss) before taxes, and assets for our reportable segments as well as Tiptree Capital - Other for the following periods:
The following table presents the reportable segments, Tiptree Capital - Other and Corporate assets for the following periods:
The following table presents the Company's investments related to insurance operations and other Tiptree investing activities, measured at fair value as of the following periods:
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Investments (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of investments by operating segment | The tables below present the components of revenue, expense, income (loss) before taxes, and assets for our reportable segments as well as Tiptree Capital - Other for the following periods:
The following table presents the reportable segments, Tiptree Capital - Other and Corporate assets for the following periods:
The following table presents the Company's investments related to insurance operations and other Tiptree investing activities, measured at fair value as of the following periods:
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Schedule of available-for-sale securities | The following tables present the Company's investments in AFS securities:
(1) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in net realized and unrealized gains (losses) as a credit loss on AFS securities. Amount excludes unrealized losses relating to non-credit factors.
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Schedule of amortized cost and fair value by contractual maturity date | The amortized cost and fair values of AFS securities, by contractual maturity date, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
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Schedule of available-for-sale securities, continuous unrealized loss position | The following tables present the gross unrealized losses on AFS securities by length of time that individual AFS securities have been in a continuous unrealized loss position for less than twelve months, and twelve months or greater and do not have an allowance for credit losses:
(1) Presented in whole numbers.
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Schedule of Roll forward activity in allowance for credit losses, AFS securities | The table below presents a roll-forward of the activity in the allowance for credit losses on AFS securities by type as of March 31, 2024:
The table below presents the amount of gains from recoveries (credit losses) on AFS securities recorded by the Company for the following period:
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Schedule of restricted investments | The following table presents the Company's restricted investments included in the Company's AFS securities:
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Schedule of AFS securities additional information | The following table presents additional information on the Company’s AFS securities:
The following table presents the gross realized gains and gross realized losses from sales and redemptions of AFS securities:
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Schedule of investments in loans at fair value | The following table presents the Company’s investments in loans measured at fair value and the Company’s investments in loans measured at fair value pledged as collateral:
(1) The cost basis of Corporate loans was approximately $12,671 and $14,671 at March 31, 2024 and December 31, 2023, respectively. (2) As of March 31, 2024, there were three mortgage loans held for sale that were 90 days or more past due. As of December 31, 2023, there were three mortgage loans held for sale that were 90 days or more past due. The following table presents the total notes and accounts receivable, net:
The following table presents the total valuation allowance and bad debt expense for the following periods:
(1) As of March 31, 2024 and December 31, 2023, there were $398 and $219 in balances classified as 90 days plus past due, respectively.
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Schedule of debt and equity securities | The following table presents information on the cost and fair value of the Company’s equity securities related to Insurance and Tiptree Capital as of the following periods:
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Schedule of other investments | The following table contains information regarding the Company’s other investments as of the following periods:
(1) The cost basis of corporate bonds was $39,378 and $59,315 as of March 31, 2024 and December 31, 2023, respectively.
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Schedule of Components of investment income | The following table presents the components of net investment income by source of income:
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Schedule of Components of net realized and unrealized gain (losses) | The following table presents the components of net realized and unrealized gains (losses) recorded on the condensed consolidated statements of operations. Net unrealized gains (losses) on AFS securities are included within other comprehensive income (loss) (“OCI”), net of tax, and, as such, are not included in this table. Net realized and unrealized gains (losses) on non-investment related financial assets and liabilities are included below:
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Notes and Accounts Receivable, net (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of notes and accounts receivable | The following table presents the Company’s investments in loans measured at fair value and the Company’s investments in loans measured at fair value pledged as collateral:
(1) The cost basis of Corporate loans was approximately $12,671 and $14,671 at March 31, 2024 and December 31, 2023, respectively. (2) As of March 31, 2024, there were three mortgage loans held for sale that were 90 days or more past due. As of December 31, 2023, there were three mortgage loans held for sale that were 90 days or more past due. The following table presents the total notes and accounts receivable, net:
The following table presents the total valuation allowance and bad debt expense for the following periods:
(1) As of March 31, 2024 and December 31, 2023, there were $398 and $219 in balances classified as 90 days plus past due, respectively.
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Reinsurance Recoverable and Prepaid Reinsurance Premiums (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effects of reinsurance | The following table presents the effect of reinsurance on premiums written and earned by our insurance business for the following periods:
The following table presents the components of policy and contract benefits, including the effect of reinsurance on losses and loss adjustment expenses (LAE) incurred:
(1) Member benefit claims are not covered by reinsurance. The following table presents the components of the reinsurance recoverable:
The following table presents the components of prepaid reinsurance premiums:
(1) Including policyholder account balances ceded.
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Components of reinsurance receivable | The following table presents the aggregate amount included in reinsurance receivables that is comprised of the three largest receivable balances from non-affiliated reinsurers:
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Goodwill and Intangible Assets, net (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of intangible assets and goodwill | The following table presents identifiable finite and indefinite-lived intangible assets, accumulated amortization, and goodwill by operating segment and/or reporting unit, as appropriate:
(1) Impairment tests are performed at least annually on indefinite-lived intangible assets.
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Schedule of goodwill | The following table presents the activity in goodwill, by operating segment and/or reporting unit, as appropriate, and includes the adjustments made to the balance of goodwill to reflect the effect of the final valuation adjustments made for acquisitions, as well as the reduction to any goodwill attributable to impairment related charges:
(1) See Note (3) Acquisitions for more information.
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Schedule of identifiable intangible assets | The following table presents the activity, by operating segment and/or reporting unit, as appropriate, in finite and indefinite-lived other intangible assets and includes the adjustments made to the balance to reflect the effect of any final valuation adjustments made for acquisitions, as well as any reduction attributable to impairment-related charges:
(1) See Note (3) Acquisitions for more information.
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Schedule of Finite-lived intangible assets amortization expense | The following table presents the amortization expense on finite-lived intangible assets for the following periods:
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Schedule of finite-lived intangible assets, future amortization expense | The following table presents the amortization expense on finite-lived intangible assets for the next five years and thereafter by operating segment and/or reporting unit, as appropriate:
(1) Does not include foreign currency translation adjustment of $46 as of March 31, 2024.
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Derivative Financial Instruments and Hedging (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of gross notional and fair value of derivatives | The following table presents the gross notional and fair value amounts of derivatives (on a gross basis) categorized by underlying risk:
(1) See Note (16) Stockholders' Equity for additional information.
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Debt, net (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of debt | The following table presents the balance of the Company’s debt obligations, net of discounts and deferred financing costs for our corporate and asset based debt. Asset based debt is generally recourse only to specific assets and related cash flows.
(1) The secured credit agreements include separate tranches with multiple rate structures that are adjustable based on Fortegra’s senior leverage ratio, which as of March 31, 2024 and December 31, 2023 was SOFR + 1.50%. (2) As of March 31, 2024, included (i) a $50,000 line of credit at 1.75%, 2.00% and 2.50% over the one month SOFR rate, (ii) a $25,000 line of credit at 1.75% or 2.25% over the one month SOFR rate, with a floor of 4.00%, and (iii) a $25,000 line of credit at 1.875% over the one month SOFR rate. As of December 31, 2023, included (i) a $50,000 line of credit at 1.75%, 2.00% and 2.50% over the one month SOFR rate, and (ii) a $65,000 line of credit at 1.75%, 2.25% and 2.75% over the one month SOFR rate, with a floor of 4.00%. (3) The weighted average coupon rate for residential mortgage warehouse borrowings was 7.18% and 7.15% at March 31, 2024 and December 31, 2023, respectively.
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Schedule of interest expense incurred on debt | The following table presents the amount of interest expense the Company incurred on its debt for the following periods:
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Schedule of maturities of long-term debt | The following table presents the contractual principal payments and future maturities of the unpaid principal balance on the Company’s debt for the following periods:
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Fair Value of Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair values and carrying values of assets and liabilities and the fair value level(s) associated with them | The following tables present the Company’s fair value hierarchies for financial assets and liabilities, measured on a recurring basis:
(1) Included in other assets. See Note (14) Other Assets and Other Liabilities and Accrued Expenses. (2) Included in other liabilities and accrued expenses. See Note (14) Other Assets and Other Liabilities and Accrued Expenses.
(1) Included in other assets. See Note (14) Other Assets and Other Liabilities and Accrued Expenses. (2) Included in other liabilities and accrued expenses. See Note (14) Other Assets and Other Liabilities and Accrued Expenses.
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Schedule of additional information about assets that are measured at fair value on a recurring basis for which the company utilized Level 3 inputs to determine fair value | The following table presents additional information about assets that are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value for the following periods:
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Schedule of quantitative information of Level 3 significant unobservable inputs used in fair valuation of liabilities | The following table presents the range and weighted average (WA) used to develop significant unobservable inputs for the fair value measurements of Level 3 assets and liabilities:
(1) Unobservable inputs were weighted by the relative fair value of the instruments.
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Schedule of fair values and carrying values of financial assets and liabilities, and fair value hierarchy | The following table presents the carrying amounts and estimated fair values of financial assets and liabilities that are not recorded at fair value and their respective levels within the fair value hierarchy:
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Liability for Unpaid Claims and Claim Adjustment Expenses (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of liability for unpaid claims and claims adjustment expense | The following table presents the activity in the net liability for unpaid losses and allocated loss adjustment expenses of short duration contracts for the following periods:
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Schedule of Reconciliation of short duration contracts to total losses incurred | The following schedule reconciles the total amount of losses incurred on short duration contracts per the table above to the amount of total losses incurred as presented in the condensed consolidated statements of operations, excluding the amount for member benefit claims:
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Revenue from Contracts with Customers (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of revenue from contracts with customers by product type | The following table presents the disaggregated amounts of revenue from contracts with customers by product type for the following periods:
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Schedule of activity in deferred assets and liabilities related to revenue from contracts with customers | The following table presents the activity in the deferred assets and liabilities related to revenue from contracts with customers for the following period:
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Other Assets and Other Liabilities and Accrued Expenses (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of other assets | The following table presents the components of other assets as reported in the condensed consolidated balance sheets:
(1) See Note (20) Commitments and Contingencies for additional information.
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Schedule of depreciation expense | The following table presents the depreciation expense related to furniture, fixtures and equipment for the following periods:
The following table presents the components of other expenses as reported in the condensed consolidated statement of operations:
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Schedule of Components of other liabilities and accrued expenses | The following table presents the components of other liabilities and accrued expenses as reported in the condensed consolidated balance sheets:
(1) See Note (20) Commitments and Contingencies for additional information.
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Other Revenue and Other Expenses (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of other revenue | The following table presents the components of other revenue as reported in the condensed consolidated statement of operations.
(1) See Note (5) Investments for the components of Other investment income. (2) Includes $4,378 and $3,118 for the three months ended March 31, 2024 and 2023, respectively, related to Insurance.
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Schedule of components of other expenses | The following table presents the depreciation expense related to furniture, fixtures and equipment for the following periods:
The following table presents the components of other expenses as reported in the condensed consolidated statement of operations:
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Stockholders' Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of dividends declared | The Company declared cash dividends per share for the following periods presented below:
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Schedule of noncontrolling interest | The following table presents the components of non-controlling interests as reported in the condensed consolidated balance sheets:
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Statutory accounting practices disclosure | The combined amount available for ordinary dividends of the Company's U.S. domiciled insurance company subsidiaries for the following periods:
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Accumulated Other Comprehensive Income (Loss) (AOCI) (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of accumulated other comprehensive income (loss) | The following table presents the activity of AFS securities in AOCI, net of tax, for the following periods:
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Schedule of Reclassification out of accumulated other comprehensive income | The following table presents the reclassification adjustments out of AOCI included in net income and the impacted line items on the condensed consolidated statement of operations for the following periods:
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Stock Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of changes to issuances under 2017 equity plan | The table below summarizes changes to the issuances under the Company’s 2017 Omnibus Incentive Equity Plan for the periods indicated, excluding awards granted under the Company’s subsidiary incentive plans that are exchangeable for Tiptree common stock:
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Summary of changes RSUs and option activity | The following table presents changes to the issuances of RSUs under the 2017 Omnibus Incentive Equity Plan for the periods indicated:
(1) Includes 139,888, 81,873 and 78,360 shares that vest in 2025, 2026 and 2027, respectively. The following tables present the detail of the granted and vested RSUs for the periods indicated:
The following table presents the Company's stock option activity for the current period:
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Schedule of performance restricted stock units, share price target | On January 1, 2024, Tiptree granted 1,420,833 PRSUs to members of the Company’s senior management. The PRSUs will generally vest upon achievement of a $70 Tiptree share price target (adjusted for dividends paid) prior to the tenth anniversary of the date of grant, subject to the Grantee’s continued employment with Tiptree. As of March 31, 2024, 5,037,500 PRSUs were unvested. The below table illustrates the aggregate number of PRSUs that will vest upon the achievement of each Tiptree share price target. Such price targets are adjusted down for cumulative dividends paid by the Company since grant (e.g., the next share price target is $19.50 as adjusted for cumulative dividends paid to date).
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Schedule of assumptions used to estimate the fair values of the PRSUs granted | The following table presents the assumptions used to measure the fair value of the PRSUs as of the respective grant date, or June 7, 2022, when the original tranches were converted to equity awards.
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Summary of changes to issuances of subsidiary RSU's under subsidiary incentive plan | The following table presents changes to the issuances of subsidiary awards under the subsidiary incentive plans for the periods indicated:
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Schedule of stock-based compensation expense and related income tax benefit | The following table presents total stock based compensation expense and the related income tax benefit recognized on the condensed consolidated statements of operations:
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Schedule of additional information on total non-vested stock-based compensation | Additional information on total non-vested stock based compensation is as follows:
(1) Includes unrecognized compensation cost of $16,963 related to stock options, $1,772 related to RSUs, and $513 related to PRSUs at The Fortegra Group.
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Income Taxes (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of income tax expense (benefit) | The following table presents the Company’s provision (benefit) for income taxes reflected as a component of income (loss):
(1) Higher than the U.S. federal statutory income tax rate of 21% primarily due to the impact of outside basis deferred taxes on Tiptree’s investment in Fortegra and other discrete items.
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Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of operating leases | The following table presents rent expense for the Company’s office leases recorded in other expenses on the condensed consolidated statements of operations for the following periods:
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Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of reconciliation of basic and diluted net income per common share | The following table presents a reconciliation of basic and diluted net income per common share for the following periods:
|
Acquisitions (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Feb. 06, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Business Acquisition [Line Items] | |||||
Payment to acquire businesses, net | $ 0 | $ 22,530 | |||
Goodwill acquired | $ 18,359 | ||||
Accumulated impairment | $ 114,540 | $ 118,757 | $ 117,015 | ||
Premia Solutions Limited | |||||
Business Acquisition [Line Items] | |||||
Payment to acquire businesses, net | $ 19,726 | ||||
Cash acquired from acquisition | 3,873 | ||||
Goodwill acquired | 18,359 | ||||
Accumulated impairment | $ 18,152 |
Operating Segment Data - Narrative (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Revenue | Geographic risk | Non-US | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 5.20% | 4.00% |
Operating Segment Data - Schedule of Segment Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Total assets | $ 5,189,939 | $ 5,139,313 |
Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | 70,697 | 126,624 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Total assets | 24,043 | 16,857 |
Insurance | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 4,930,405 | 4,835,685 |
Mortgage | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 164,794 | $ 160,147 |
Investments - Schedule of Amortized Cost and Fair Value by Contractual Maturity (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Amortized cost | ||
Due in one year or less | $ 108,527 | $ 247,613 |
Due after one year through five years | 392,641 | 318,763 |
Due after five years through ten years | 99,063 | 46,377 |
Due after ten years | 196,704 | 200,130 |
Asset backed securities | 28,480 | 29,275 |
Amortized cost | 825,415 | 842,158 |
Fair value | ||
Due in one year or less | 108,140 | 246,489 |
Due after one year through five years | 379,819 | 307,423 |
Due after five years through ten years | 86,232 | 39,221 |
Due after ten years | 181,520 | 183,290 |
Asset backed securities | 25,485 | 26,186 |
Total | $ 781,196 | $ 802,609 |
Investments - Schedule of Restricted Investments (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Fair value of restricted investments in trust pursuant to reinsurance agreements | $ 72,340 | $ 49,735 |
Fair value of restricted investments for special deposits required by state insurance departments | 16,696 | 16,694 |
Total fair value of restricted investments | $ 89,036 | $ 66,429 |
Investments - Schedule of Available for Sale Investment Purchases, Proceeds and Gains & Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Investments, Debt and Equity Securities [Abstract] | ||
Purchases of AFS securities | $ 167,933 | $ 207,812 |
Proceeds from maturities, calls and prepayments of AFS securities | 170,427 | 18,170 |
Gross proceeds from sales of AFS securities | 14,812 | 1,557 |
Gross realized (losses) | (116) | (365) |
Total net realized gains (losses) from investment sales and redemptions | $ (116) | $ (365) |
Notes and Accounts Receivable, net (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts and premiums receivable, net | $ 298,601 | $ 260,383 | |
Retrospective commissions receivable | 241,064 | 250,788 | |
Notes receivable, net | 137,089 | 134,131 | |
Other receivables | 45,263 | 39,306 | |
Total notes and accounts receivable, net | 722,017 | 684,608 | |
Notes receivable, net - premium financing program , valuation allowance | 82 | 46 | |
Notes receivable, net - premium financing program , bad debt expense | 45 | $ 40 | |
Accounts and premiums receivable, net, valuation allowance | 384 | 66 | |
Accounts and premiums receivable, net, bad debt expense | 172 | $ 9 | |
90 days or more past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, 90 days plus past due | $ 398 | $ 219 |
Reinsurance Recoverable and Prepaid Reinsurance Premiums - Schedule of the Components of Reinsurance Receivables and Prepaid Reinsurance Premiums (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Effects of Reinsurance [Line Items] | ||
Total ceded claim reserves recoverable | $ 488,488 | $ 448,287 |
Other reinsurance settlements recoverable | 422,560 | 505,599 |
Total reinsurance recoverable | 911,048 | 953,886 |
Prepaid reinsurance premiums | 907,758 | 900,524 |
Life insurance | ||
Effects of Reinsurance [Line Items] | ||
Total ceded claim reserves recoverable | 4,239 | 4,733 |
Prepaid reinsurance premiums | 73,033 | 74,815 |
Accident and health insurance | ||
Effects of Reinsurance [Line Items] | ||
Total ceded claim reserves recoverable | 22,977 | 22,660 |
Prepaid reinsurance premiums | 73,460 | 76,440 |
Property and liability insurance | ||
Effects of Reinsurance [Line Items] | ||
Total ceded claim reserves recoverable | 461,272 | 420,894 |
Prepaid reinsurance premiums | $ 761,265 | $ 749,269 |
Reinsurance Recoverable and Prepaid Reinsurance Premiums - Schedule of Reinsurance Receivables - Aggregate of Three Largest Reinsurers (Details) $ in Thousands |
Mar. 31, 2024
USD ($)
|
---|---|
Customer concentration risk | Non-affiliated reinsurers with three largest receivable balance | |
Concentration Risk [Line Items] | |
Total of the three largest receivable balances from non-affiliated reinsurers | $ 184,202 |
Goodwill and Intangible Assets, net - Goodwill (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Goodwill [Roll Forward] | |||
Balance, beginning of period | $ 206,155,000 | $ 186,608,000 | $ 186,608,000 |
Goodwill acquired | 18,359,000 | ||
Foreign currency translation and other | (227,000) | 1,188,000 | |
Balance, end of period | 205,928,000 | 206,155,000 | |
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | |||
Goodwill impairment loss | 0 | 0 | |
Other | |||
Goodwill [Roll Forward] | |||
Balance, beginning of period | 1,708,000 | 1,708,000 | 1,708,000 |
Goodwill acquired | 0 | ||
Foreign currency translation and other | 0 | 0 | |
Balance, end of period | 1,708,000 | 1,708,000 | |
Insurance | Operating segments | |||
Goodwill [Roll Forward] | |||
Balance, beginning of period | 204,447,000 | $ 184,900,000 | 184,900,000 |
Goodwill acquired | 18,359,000 | ||
Foreign currency translation and other | (227,000) | 1,188,000 | |
Balance, end of period | $ 204,220,000 | $ 204,447,000 |
Goodwill and Intangible Assets, net - Amortization Expense on Intangibles and Impairments (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense on intangible assets | $ 3,991,000 | $ 3,926,000 | $ 17,001,000 |
Impairment of intangible assets | 0 | $ 0 | $ 728,000 |
Intangible assets, impaired, accumulated impairment loss | $ 728,000 |
Goodwill and Intangible Assets, net - Schedule of Future Amortization Expense on Intangibles by Segment (Details) $ in Thousands |
Mar. 31, 2024
USD ($)
|
---|---|
Finite-Lived Intangible Assets [Line Items] | |
Remainder of 2024 | $ 11,574 |
2025 | 13,280 |
2026 | 10,894 |
2027 | 9,543 |
2028 | 8,341 |
2029 and thereafter | 46,101 |
Total | 99,733 |
Foreign currency translation adjustment, expected | 46 |
Other | |
Finite-Lived Intangible Assets [Line Items] | |
Remainder of 2024 | 60 |
2025 | 40 |
2026 | 0 |
2027 | 0 |
2028 | 0 |
2029 and thereafter | 0 |
Total | 100 |
Insurance | Operating segments | |
Finite-Lived Intangible Assets [Line Items] | |
Remainder of 2024 | 11,514 |
2025 | 13,240 |
2026 | 10,894 |
2027 | 9,543 |
2028 | 8,341 |
2029 and thereafter | 46,101 |
Total | $ 99,633 |
Debt, net - Schedule of Interest Expense Incurred on Debt (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Debt Instrument [Line Items] | ||
Total interest expense on debt | $ 8,290 | $ 6,465 |
Interest expense - corporate debt | ||
Debt Instrument [Line Items] | ||
Total interest expense on debt | 6,002 | 4,430 |
Interest expense - asset based debt | ||
Debt Instrument [Line Items] | ||
Total interest expense on debt | $ 2,288 | $ 2,035 |
Debt, net - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Disclosure [Abstract] | ||
Remainder of 2024 | $ 38,047 | |
2025 | 18,409 | |
2026 | 69,218 | |
2027 | 129,000 | |
2028 | 0 | |
2029 and thereafter | 160,000 | |
Total | $ 414,674 | $ 411,488 |
Liability for Unpaid Claims and Claim Adjustment Expenses - Schedule Showing the Reconciliation of Short Duration Contracts to Total Losses Incurred (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Insurance [Abstract] | ||
Short duration incurred | $ 175,313 | $ 114,260 |
Other lines incurred | (105) | (3) |
Unallocated loss adjustment expenses | 172 | 70 |
Net Amount | $ 175,380 | $ 114,327 |
Liability for Unpaid Claims and Claim Adjustment Expenses - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Effects of Reinsurance [Line Items] | ||||
Prior year expense, favorable (unfavorable) | $ (773) | $ (328) | ||
Income (loss) before taxes | $ 29,699 | $ 8,173 | ||
Prior year expense, percent of opening net liability for losses | 0.20% | 0.10% | ||
Liabilities for loss and loss adjustment expenses, net of reinsurance | $ 393,455 | $ 298,057 | ||
Operating segments | Insurance | ||||
Effects of Reinsurance [Line Items] | ||||
Prior year expense, percent of pretax income | 2.10% | 1.70% | ||
Income (loss) before taxes | $ 36,811 | $ 19,445 |
Revenue from Contracts with Customers - Schedule of Disaggregated Revenue By Product Type (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Revenue from External Customer [Line Items] | ||
Revenue from contracts with customers | $ 93,302 | $ 77,189 |
Service contract revenue | ||
Revenue from External Customer [Line Items] | ||
Revenue from contracts with customers | 80,823 | 63,170 |
Motor club revenue | ||
Revenue from External Customer [Line Items] | ||
Revenue from contracts with customers | 11,521 | 12,516 |
Other | ||
Revenue from External Customer [Line Items] | ||
Revenue from contracts with customers | $ 958 | $ 1,503 |
Revenue from Contracts with Customers - Narrative (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Revenue from Contract with Customer [Abstract] | ||
Deferred acquisition costs, impairment | $ 0 | $ 0 |
Other Assets and Other Liabilities and Accrued Expenses - Schedule of Other Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Accrued investment income | $ 7,398 | $ 6,269 |
Loans eligible for repurchase | 33,385 | 32,183 |
Mortgage servicing rights | 42,020 | 40,836 |
Right of use assets - operating leases | $ 29,980 | $ 31,469 |
Operating lease right of use asset, balance sheet location | Total other assets | Total other assets |
Income tax receivable | $ 901 | $ 1,275 |
Furniture, fixtures and equipment, net | 29,083 | 29,624 |
Prepaid expenses | 14,111 | 12,985 |
Other | 4,302 | 10,874 |
Total other assets | $ 161,180 | $ 165,515 |
Other Assets and Other Liabilities and Accrued Expenses - Schedule of Depreciation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Furniture and Fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation expense related to furniture, fixtures and equipment | $ 1,577 | $ 1,069 |
Other Assets and Other Liabilities and Accrued Expenses - Schedule of Other Liabilities and Accrued Expenses (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Accounts payable and accrued expenses | $ 81,435 | $ 114,568 |
Loans eligible for repurchase liability | 33,385 | 32,183 |
Deferred tax liabilities, net | 150,846 | 139,845 |
Operating lease liabilities | $ 38,800 | $ 40,403 |
Operating lease liability, balance sheet location | Total other liabilities and accrued expenses | Total other liabilities and accrued expenses |
Commissions payable | $ 17,432 | $ 36,728 |
Derivative liabilities | 8,264 | 4,503 |
Due to broker/trustee | 88 | 17,054 |
Other | 21,517 | 18,460 |
Total other liabilities and accrued expenses | $ 351,767 | $ 403,744 |
Other Revenue and Other Expenses - Schedule of Other Income (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Segment Reporting Information [Line Items] | ||
Financing interest income | $ 4,272 | $ 3,887 |
Other | 4,810 | 4,675 |
Total other revenue | 15,298 | 13,332 |
Mortgage | ||
Segment Reporting Information [Line Items] | ||
Other investment income | 6,216 | 4,770 |
Total other revenue | 6,216 | 4,770 |
Insurance | ||
Segment Reporting Information [Line Items] | ||
Other | $ 4,378 | $ 3,118 |
Other Revenue and Other Expenses - Schedule of Other Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Other Income and Expenses [Abstract] | ||
General and administrative | $ 10,521 | $ 9,059 |
Professional fees | 9,078 | 7,759 |
Premium taxes | 5,375 | 5,774 |
Mortgage origination expenses | 3,160 | 3,192 |
Rent and related | 3,916 | 4,070 |
Other | 8,816 | 2,957 |
Total other expenses | $ 40,866 | $ 32,811 |
Stockholders' Equity - Dividends (Details) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Equity [Abstract] | ||
Cash dividends declared (in dollars per share) | $ 0.06 | $ 0.05 |
Stockholders' Equity - Noncontrolling Interest (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Total non-controlling interests | $ 173,903 | $ 159,699 |
Fortegra preferred interests | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Total non-controlling interests | 77,679 | 77,679 |
Fortegra common interests | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Total non-controlling interests | $ 96,224 | $ 82,020 |
Stockholders' Equity - Statutory Dividends (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Equity [Abstract] | ||
Amount available for ordinary dividends of the Company's insurance company subsidiaries | $ 24,327 | $ 24,327 |
Accumulated Other Comprehensive Income (Loss) (AOCI) - Schedule of Reclassifications Out of AOCI into Net Income (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Unrealized gains (losses) on available for sale securities | $ 15,624 | $ 2,177 |
Related tax (expense) benefit | (13,818) | (5,022) |
Net income (loss) | 15,881 | 3,151 |
Amount reclassified from AOCI | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Related tax (expense) benefit | 30 | (86) |
Net income (loss) | (86) | 279 |
Unrealized gains (losses) on available for sale securities | Amount reclassified from AOCI | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Unrealized gains (losses) on available for sale securities | $ (116) | $ 365 |
Stock Based Compensation - Equity Plan (Details) - Tiptree Inc. 2017 Omnibus Incentive Plan |
3 Months Ended |
---|---|
Mar. 31, 2024
shares
| |
Number of shares | |
Available for issuance, beginning of period (in shares) | 2,260,550 |
Available for issuance, end of period (in shares) | 756,338 |
RSU, stock and option awards | |
Number of shares | |
Granted (in shares) | (83,379) |
PRSUs | |
Number of shares | |
Granted (in shares) | (1,420,833) |
Stock Based Compensation - Schedule of Granted and Vested RSUs (Details) - Tiptree Inc. 2017 Omnibus Incentive Plan - RSUs - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 83,379 | 90,188 |
Vested (in shares) | 36,489 | 337,964 |
Taxes (in shares) | (11,395) | (43,322) |
Net vested (in shares) | 25,094 | 294,642 |
Director | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 5,019 | 8,314 |
Vested (in shares) | 5,019 | 8,314 |
Employees | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 78,360 | 81,874 |
Vested (in shares) | 31,470 | 329,650 |
Stock Based Compensation - Stock Options Awards (Details) - shares |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted in period (in shares) | 0 | 0 | 0 | 0 |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expiration period | 10 years | |||
Vesting - first tranche | Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights, percentage | 33.33% | |||
Award vesting period | 3 years | |||
Vesting - second tranche | Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights, percentage | 33.33% | |||
Award vesting period | 4 years | |||
Vesting - third tranche | Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights, percentage | 33.33% | |||
Award vesting period | 5 years |
Stock Based Compensation - Subsidiary Incentive Plans (Details) - Subsidiary Incentive Plan - RSUs $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2024
USD ($)
| |
Number of shares issuable | |
Unvested balance, beginning of period | $ 20,609 |
Granted | 1,200 |
Vested | (1,081) |
Performance assumption adjustment | (49) |
Unvested balance, end of period | $ 20,679 |
Stock Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Income tax benefit | $ (808) | $ (487) |
Net stock based compensation expense | 3,037 | 1,833 |
Employee compensation and benefits | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock based compensation expense | 3,776 | 2,214 |
Director compensation | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock based compensation expense | $ 69 | $ 106 |
Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Income Tax Disclosure [Abstract] | ||
Total income tax expense (benefit) | $ 13,818 | $ 5,022 |
Effective tax rate (ETR) | 46.50% | 61.50% |
Income Taxes - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Income Tax Disclosure [Abstract] | ||
Effect of Fortegra, increase (decrease) | $ 3,930 | $ (4,144) |
Deferred tax liability, tax effect on OCI, expense (benefit) | (535) | 1,808 |
Deferred tax liability, provision for income taxes | $ 4,465 | $ 2,336 |
Effective interest rate, excluding Fortegra | 31.50% | 32.90% |
Commitments and Contingencies (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Commitments and Contingencies Disclosure [Abstract] | ||
Rent expense for office leases | $ 1,990 | $ 2,069 |
Sublease not yet commenced, future annual payment to be received | $ 1,842 |
Related Party Transactions (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Jan. 01, 2025 |
Jan. 01, 2024 |
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Related Party Transaction [Line Items] | ||||
Related party, greater than 5% shareholder | 5.00% | |||
Corvid Peak | ||||
Related Party Transaction [Line Items] | ||||
Ownership after all transactions | 40.80% | |||
Corvid Peak | Forecast | Subsequent event | ||||
Related Party Transaction [Line Items] | ||||
Ownership after all transactions | 51.00% | |||
Related Party | Strategic Combination Agreement | Corvid Peak | ||||
Related Party Transaction [Line Items] | ||||
Investment expense | $ 1,421 | $ 1,102 |
Subsequent Events (Details) - $ / shares |
3 Months Ended | ||
---|---|---|---|
Apr. 30, 2024 |
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Subsequent Event [Line Items] | |||
Dividends declared per common share (in dollars per share) | $ 0.06 | $ 0.05 | |
Common stock | Subsequent event | |||
Subsequent Event [Line Items] | |||
Dividends declared per common share (in dollars per share) | $ 0.06 |