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Schedule II - Condensed Financial Information

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure

SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT

Condensed Balance Sheets
			December 31,
			2020						2019
Assets
Fixed maturities, available for sale, at fair value			$	2,971					$	15,020
Equity securities, at fair value			114						18,594
Cash and cash equivalents			17,828						3,160
Accrued investment income			9						79
Investment in subsidiaries			562,448						644,015
Goodwill			10,157						10,157
Property and equipment, net			9,144						12,010
Other assets			6,944						4,187
Total Assets			$	609,615					$	707,222
Liabilities
Intercompany payable			$	37,401					$	31,401
Accounts payable and accrued expenses			1,352						421
Lease Liabilities			46						64
Other Liabilities			1,679						186
Long-term notes payable			151,276						151,285
Total Liabilities			191,754						183,357
Stockholders’ Equity
Common stock			4						4
Additional paid-in capital			393,122						391,852
Treasury stock			(431)						(431)
Accumulated other comprehensive income			9,693						11,319
Retained earnings			(6,373)						100,394
Total UIHC Stockholders’ Equity			396,015						503,138
Noncontrolling Interests			21,846						20,727
Total Stockholders’ Equity			417,861						523,865
Total Liabilities and Stockholders’ Equity			$	609,615					$	707,222

SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT, CONTINUED

Condensed Statements of Comprehensive Income (Loss)
						Years Ended December 31,
						2020						2019						2018
REVENUE:
Net income (loss) from subsidiaries (equity method)						$	(83,434)					$	(24,131)					$	10,124
Net realized investment gain (loss)						4,971						63						(160)
Net investment income						520						1,156						2,353
Net unrealized gain (loss) on equity securities						(2,812)						4,036						(1,223)
Total revenues						(80,755)						(18,876)						11,094
EXPENSES:
Operating and underwriting						181						219						198
General and administrative						6,912						3,042						3,416
Interest expense						9,465						9,499						9,557
Total expenses						16,558						12,760						13,171
Loss before other income						(97,313)						(31,636)						(2,077)
Other income						—						—						11
Loss before income taxes						(97,313)						(31,636)						(2,066)
Provision for income tax benefit						(1,815)						(2,151)						(2,460)
Net income (loss)						$	(95,498)					$	(29,485)					$	394
Less: Net income attributable to NCI						956						387						104
Net income (loss) attributable to UIHC						$	(96,454)					$	(29,872)					$	290
Unrealized gain (loss) on investments						64,726						28,366						(22,264)
Reclassification adjustments - gains						(66,691)						(1,228)						(1,655)
Income tax benefit (expense) related to other items of comprehensive income						502						(6,588)						5,703
Total comprehensive loss						$	(96,961)					$	(8,935)					$	(17,822)
Less: Comprehensive income attributable to NCI						1,119						588						139
Total comprehensive loss attributable to UIHC						$	(98,080)					$	(9,523)					$	(17,961)

SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT, CONTINUED

Condensed Statements of Cash Flows
			Year Ended December 31,
			2020						2019						2018
OPERATING ACTIVITIES
Net income (loss)			$	(95,498)					$	(29,485)					$	394
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Dividends received from (returned to) subsidiaries			—						(1,764)						51,764
Depreciation and amortization			2,054						1,131						1,079
Bond amortization			42						66						(6)
Unrealized losses (gains) on equities			2,812						(4,036)						1,223
Net realized investment losses (gains)			(4,971)						(63)						160
Deferred income taxes, net			644						(511)						(570)
Stock based compensation			1,382						3,007						2,414
Disposal of fixed assets			2,763						—						—
Changes in operating assets and liabilities:
Accrued investment income (loss)			70						113						(192)
Other assets			(3,682)						9,976						(908)
Accounts payable and accrued expenses			931						(22)						(524)
Intercompany payable			6,000						(16,702)						21,975
Lease liabilities			(18)						64						—
Other liabilities			966						313						—
Net cash provided by (used in) operating activities			(86,505)						(37,913)						76,809
INVESTING ACTIVITIES
Proceeds from sales of investments available for sale			32,518						35,036						37,315
Purchases of investments available for sale			(317)						(3,567)						(72,635)
Investment in subsidiaries			80,432						20,709						(104,125)
Cost of property and equipment acquired			(688)						(4,749)						(1,032)
Net cash provided by (used) in investing activities			111,945						47,429						(140,477)
FINANCING ACTIVITIES
Tax withholding payment related to net settlement of equity awards			(112)						(296)						(418)
Proceeds from borrowings			—						—						—
Repayments of borrowings			(347)						(347)						(347)
Payments of debt issuance costs			—						—						(63)
Dividends			(10,313)						(10,280)						(10,268)
Bank overdrafts															—
Proceeds from offering															—
Net cash used in financing activities			(10,772)						(10,923)						(11,096)
Decrease in cash			14,668						(1,407)						(74,764)
Cash and cash equivalents at beginning of period			3,160						4,567						79,331
Cash and cash equivalents at end of period			$	17,828					$	3,160					$	4,567

Notes to Condensed Financial Statements - Basis of Presentation

The Company’s investment in subsidiaries is stated at cost plus equity in the undistributed earnings of subsidiaries since the date of acquisition. The Company’s share of net income of its subsidiaries is included in income using the equity method. These financial statements should be read in conjunction with UPC Insurance’s consolidated financial statements contained in Part II, Item 8 of this Form 10-K.

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- References

No definition available.

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- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

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