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Insurance Operations (Tables)
 12 Months Ended
Dec. 31, 2021
Insurance [Abstract]  
Schedule of Beginning and Ending Balances and Changes in DPAC, Net of DRCC
The following table presents the beginning and ending balances and the changes in DPAC for the periods presented (in thousands):
Years Ended December 31,
202120202019
DPAC, beginning of year$110,614 $91,882 $84,686 
Capitalized Costs222,329 217,886 184,039 
Amortization of DPAC(224,121)(199,154)(176,843)
DPAC, end of year$108,822 $110,614 $91,882 
Statutory Capital and Surplus, and an Amount Representing Ten Percent of Total Liabilities for both UPCIC and APPCIC
As of December 31,
20212020
Statutory capital and surplus
UPCIC (1) (2)$378,750 $360,707 
APPCIC$16,104 $12,918 
Ten percent of total liabilities
UPCIC$122,292 $98,682 
APPCIC$649 $1,793 
(1)
As of the dates in the table above, statutory capital and surplus for UPCIC includes a $77 million capital contribution funded in February 2021 by UVE through PSI, the Insurance Entities’ parent company, which the FLOIR permitted to be included in the statutory capital and surplus at December 31, 2020 under statutory accounting principles. This contribution was not recognized on a U.S. GAAP basis at December 31, 2020.
(2)
As of the dates in the table above, statutory capital and surplus for UPCIC at December 31, 2021 includes a $20 million Subordinated Surplus Debenture (“Surplus Debenture”) funded by UVE through PSI, the Insurance Entities’ parent company, which is a component of surplus under statutory accounting principles and a liability under U.S. GAAP. In addition, capital and surplus includes a contribution of $90.0 million Surplus Debenture funded in February 2022 which was not recognized on a U.S. GAAP basis at December 31, 2021.
Through PSI, UVE recorded contributions for the periods presented (in thousands):
Years Ended December 31,
202120202019
Capital Contributions - UPCIC$92,000 $114,000 $— 
The following table summarizes combined net income (loss) for the Insurance Entities determined in accordance with statutory accounting practices for the periods presented (in thousands):
Years Ended December 31,
202120202019
Combined net income (loss)$(102,515)$(104,339)$(49,917)
The Insurance Entities are required by various state laws and regulations to maintain certain assets in depository accounts. The following table represents assets held by insurance regulators as of the dates presented (in thousands):
As of December 31,
20212020
Restricted cash and cash equivalents$2,635 $2,635 
Investments$3,441 $3,550