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Subsequent Events | 6 Months Ended
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Jun. 30, 2025
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events On July 1, 2025, the Company completed a partnership to acquire from Hippo Holdings, Inc. (“Hippo”) and its affiliates all the outstanding equity interests of the various entities comprising Hippo’s homebuilder distribution network for upfront consideration consisting of $75 million of cash and a deferred payment of $25 million to be paid on January 1, 2026. The partnership further solidifies Westwood’s position as the preeminent insurance agency for the homebuilding industry. The Company has not yet completed its evaluation and determination of consideration paid and assets and liabilities acquired for this business combination in accordance with Topic 805. The Company borrowed an additional $68 million on its Revolving Facility in July 2025 to fund the purchase of Hippo’s homebuilder distribution network. Separate from the purchase of Hippo’s homebuilder distribution network, MSI entered into a Program Administrator Agreement and Claims Administration Agreement with an affiliate of Hippo to provide additional proprietary capacity to Westwood's builder partners. Additionally, Hippo and its affiliates, including Spinnaker Insurance Company, have committed to provide capacity and additional reinsurance support for existing and potential future MSI Programs.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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