7 unchanged sentences
Conversely, lower interest rates at the time of maturity or refinancing may lower our overall interest expense.
−Removed: As of December 31, 2022, the Company had $125 million of general purpose fixed rate debt outstanding maturing in 2057.
+Added: As of December 31, 2023, the Company’s insurance subsidiary had $125.0 million of general purpose fixed rate debt outstanding maturing in 2057.
For general purpose floating rate debt, interest rate fluctuations primarily affect interest expense and cash flows.
2 unchanged sentences
The floating interest rate risk of asset based financing is generally offset as the financing and the purchased financial asset are generally subject to the same interest rate risk.
+Added: As of December 31, 2023, the Company’s insurance subsidiary had $165.0 million of floating rate corporate debt with a weighted average rate of 7.3% compared to $35.0 million of floating rate corporate debt as of December 31, 2022, with a weighted average rate of 5.7%.
For floating rate risk of other asset based financing such as borrowings to finance acquisitions of real estate, we generally hedge our exposure to the variability of the benchmark index with an interest rate swap.
−Removed: As of December 31, 2022, Tiptree’s holding company had no general purpose floating rate debt as it was repaid in June 2022.
−Removed: As of December 31, 2021, we had $114.1 million of general purpose floating rate debt with a weighted average rate of 7.75%.
+Added: As of December 31, 2023 and 2022, Tiptree’s holding company had no general purpose floating rate debt as it was repaid in June 2022.
Our consolidated results include investments in bonds, loans or other interest bearing instruments.
22 unchanged sentences
Debentures 25,648 23,853
−Removed: Trade Claims — 19,737
+Added: Investment in credit fund 11,830 —
Other 7,201 230
22 unchanged sentences
A 10% increase or decrease in the fair value of such investments would result in $6.8 million and $8.6 million of unrealized gains and losses as of December 31, 2023 and 2022, respectively.
−Removed: As of December 31, 2022 and 2021, we owned 17.0 million shares of common stock, respectively, or approximately 31%, of Invesque, a real estate investment company that specializes in health care real estate and senior living property investment throughout North America.
+Added: As of December 31, 2023 and 2022, the Company owned 16.98 million shares of common stock, respectively, or approximately 30%, of Invesque, a real estate investment company that specializes in health care real estate and senior living property investment throughout North America.
The value of our Invesque shares is reported at fair market value on a quarterly basis.
Invesque historically paid monthly dividends until April 2020, when dividends were discontinued.
−Removed: A loss in the fair market value of
−Removed: our Invesque shares or a reduction or discontinuation in the dividends paid on our Invesque shares could have a material adverse effect on our financial condition and results of operations.
+Added: the fair market value of our Invesque shares or a reduction or discontinuation in the dividends paid on our Invesque shares could have a material adverse effect on our financial condition and results of operations.
As of December 31, 2023 and 2022, the fair value of the Invesque shares was based on the market price.
2 unchanged sentences
We have foreign currency exchange rate risk associated with certain assets and liabilities related to our foreign operations.
−Removed: At December 31, 2022 and 2021, 93% of our invested assets were denominated in United States (U.S.) Dollars.
−Removed: At December 31, 2022 and 2021, 93% and 94%, respectively, of our combined unpaid premiums and deferred revenue were denominated in U.S.
+Added: At December 31, 2023 and 2022, 93% and 93%, respectively of our invested assets were denominated in United States (U.S.) Dollars.
+Added: At December 31, 2023 and 2022, 92% and 93%, respectively, of our insurance subsidiary’s combined unpaid premiums and deferred revenue were denominated in U.S.
At that date, the largest foreign currency denominated balance was a fixed income exchange traded fund in British Pound Sterling reported within equity securities.
3 unchanged sentences
We generally manage our counterparty risk to derivative counterparties by entering into contracts with counterparties of high credit quality.
−Removed: Total reinsurance receivables were $1,176.1 million and $880.8 million as of December 31, 2022 and 2021, respectively.
+Added: Total reinsurance receivables and prepaid reinsurance premiums were $1,854.4 million and 1,176.1 million of December 31, 2023 and 2022, respectively.
Of those amounts, $870.5 million and $603.4 million, respectively, related to contracts with third-party captives in which we hold collateral or receive letters of credit in excess of the reinsurance receivables.
1 unchanged sentence
As of December 31, 2023, the non-affiliated reinsurers from whom our insurance business has the largest reinsurance receivable balances represented $235.7 million, or 12.7% of the total, and included:
−Removed: Allianz Global Corporate & Specialty SE (A.M.
−Removed: A+ rated), Canada Life Assurance Company (A.M.
−Removed: A+ rated), and Canada Life International Reinsurance (Bermuda) Corporation (A.M.
+Added: Accelerant Specialty Insurance Company (A.M.
+Added: A- rated), Allianz Global Corporate & Specialty SE (A.M.
+Added: A+ rated), and Homesite Insurance Company (A.M.
A majority of the related receivables from these reinsurers are collateralized by assets on hand and letters of credit;
receivable balances from authorized reinsurers do not require collateral.
−Removed: Allianz Global Corporate & Specialty SE and Canada Life Assurance Company are authorized reinsurers in the states in which Fortegra’s U.S.
+Added: Allianz Global Corporate & Specialty SE is an authorized reinsurer in the states in which Fortegra’s U.S.
based insurance entities are domiciled.
2 unchanged sentences
As of December 31, 2023, the Company does not believe there is a risk of loss due to the concentration of credit risk in the reinsurance program given the collateralization.
+Added: ($ in thousands) As of December 31,
+Added: Third-party captives
+Added: Reinsurance receivables and prepaid reinsurance premiums $ 870,511 $ 603,428
+Added: Collateral $ 1,035,728 $ 700,086
+Added: % Collateralized 119 % 116 %
+Added: Professional Reinsurers
+Added: Reinsurance receivables and prepaid reinsurance premiums $ 983,900 $ 572,662
+Added: Collateral $ 643,853 $ 611,360
+Added: % Collateralized 65 % 107 %
+Added: Reinsurance receivables and prepaid reinsurance premiums $ 1,854,410 $ 1,176,090
+Added: Collateral $ 1,679,581 $ 1,311,446
+Added: % Collateralized 91 % 112 %
We were also exposed to counterparty risk of approximately $250.8 million and $191.1 million as of December 31, 2023 and 2022, respectively, related to our retrospective commission arrangements;
3 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.