v3.25.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Summary of Segment Information Reconciled to Consolidated Statements of Income

The following tables present segment information reconciled to the Company’s consolidated statements of income. Intersegment transactions are not eliminated from segment results. However, intracompany transactions are eliminated in segment results below.

 

For Three Months Ended
March 31, 2025

 

Insurance
Operations

 

 

Exzeo
Group

 

 

Reciprocal
Exchange
Operations

 

 

Real
Estate (a)

 

 

Corporate/
Other (b)

 

 

Reclassification/
Elimination

 

 

Consolidated

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums earned (c)

 

$

282,135

 

 

$

—

 

 

$

19,447

 

 

$

—

 

 

$

—

 

 

$

(1,199

)

 

$

300,383

 

Premiums ceded

 

 

(93,427

)

 

 

—

 

 

 

(7,407

)

 

 

—

 

 

 

—

 

 

 

1,199

 

 

 

(99,635

)

Net premiums earned

 

 

188,708

 

 

 

—

 

 

 

12,040

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

200,748

 

Net income from investment portfolio

 

 

10,859

 

 

 

398

 

 

 

780

 

 

 

—

 

 

 

1,765

 

 

 

(790

)

 

 

13,012

 

Policy fee income

 

 

2,229

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,229

 

Other

 

 

2,746

 

 

 

52,407

 

 

 

(9

)

 

 

2,840

 

 

 

3,655

 

 

 

(61,195

)

 

 

444

 

Total revenue

 

 

204,542

 

 

 

52,805

 

 

 

12,811

 

 

 

2,840

 

 

 

5,420

 

 

 

(61,985

)

 

 

216,433

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Losses and loss adjustment expenses

 

 

70,815

 

 

 

—

 

 

 

2,772

 

 

 

—

 

 

 

—

 

 

 

(14,296

)

 

 

59,291

 

Amortization of deferred policy
   acquisition costs

 

 

25,244

 

 

 

—

 

 

 

1,067

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

26,311

 

Other policy acquisition expenses

 

 

18,333

 

 

 

12,667

 

 

 

2,521

 

 

 

—

 

 

 

2,128

 

 

 

(34,673

)

 

 

976

 

Stock-based compensation expense

 

 

473

 

 

 

723

 

 

 

—

 

 

 

—

 

 

 

1,776

 

 

 

—

 

 

 

2,972

 

Interest expense

 

 

—

 

 

 

—

 

 

 

1,108

 

 

 

216

 

 

 

3,168

 

 

 

(1,108

)

 

 

3,384

 

Depreciation and amortization

 

 

611

 

 

 

708

 

 

 

—

 

 

 

510

 

 

 

191

 

 

 

(374

)

 

 

1,646

 

Personnel and other operating expenses

 

 

11,244

 

 

 

14,512

 

 

 

255

 

 

 

1,733

 

 

 

4,155

 

 

 

(10,385

)

 

 

21,514

 

Total expenses

 

 

126,720

 

 

 

28,610

 

 

 

7,723

 

 

 

2,459

 

 

 

11,418

 

 

 

(60,836

)

 

 

116,094

 

Income (loss) before income taxes (d)

 

$

77,822

 

 

$

24,195

 

 

$

5,088

 

 

$

381

 

 

$

(5,998

)

 

$

(1,149

)

 

$

100,339

 

Total revenue from non-affiliates (e)

 

$

201,050

 

 

$

398

 

 

$

14,010

 

 

$

1,975

 

 

$

838

 

 

 

 

 

 

 

Gross premiums written

 

$

259,529

 

 

$

—

 

 

$

29,717

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)
Other revenue under real estate primarily consisted of rental income from investment properties.
(b)
Other revenue under corporate and other primarily consisted of revenue from marina operations and management fees for attorney-in-fact services.
(c)
Gross premiums earned under insurance operations includes $1,199 earned from reciprocal exchange operations.
(d)
The income (loss) before income taxes in the reclassification/elimination column is attributable to intercompany transactions among operating segments. The insurance operations and the reciprocal exchange operations record service fee expenses based on earned premiums or other appropriate measures, while Exzeo Group and the AIF operations recognize service fee revenues according to revenue recognition standards. Although both service fee expenses and revenues are fully eliminated on consolidation, they do not completely offset each other in this presentation due to the different methods of recognition.
(e)
Represents amounts before reclassification of certain revenue and expenses to conform with an insurance company’s presentation.

 

For Three Months Ended
March 31, 2024

 

Insurance
Operations

 

 

Exzeo
Group

 

 

Reciprocal
Exchange
Operations

 

 

Real
Estate (a)

 

 

Corporate/
Other (b)

 

 

Reclassification/
Elimination

 

 

Consolidated

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums earned (c)

 

$

253,472

 

 

$

—

 

 

$

3,625

 

 

$

—

 

 

$

—

 

 

$

(453

)

 

$

256,644

 

Premiums ceded

 

 

(66,341

)

 

 

—

 

 

 

(2,218

)

 

 

—

 

 

 

—

 

 

 

453

 

 

 

(68,106

)

Net premiums earned

 

 

187,131

 

 

 

—

 

 

 

1,407

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

188,538

 

Net income from investment portfolio

 

 

12,758

 

 

 

13

 

 

 

56

 

 

 

—

 

 

 

4,694

 

 

 

(819

)

 

 

16,702

 

Policy fee income

 

 

1,019

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,019

 

Other

 

 

3,092

 

 

 

32,929

 

 

 

—

 

 

 

3,447

 

 

 

1,030

 

 

 

(40,143

)

 

 

355

 

Total revenue

 

 

204,000

 

 

 

32,942

 

 

 

1,463

 

 

 

3,447

 

 

 

5,724

 

 

 

(40,962

)

 

 

206,614

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Losses and loss adjustment expenses

 

 

84,024

 

 

 

—

 

 

 

1,268

 

 

 

—

 

 

 

—

 

 

 

(5,370

)

 

 

79,922

 

Amortization of deferred policy
   acquisition costs

 

 

20,931

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

20,931

 

Other policy acquisition expenses

 

 

15,415

 

 

 

11,158

 

 

 

546

 

 

 

—

 

 

 

—

 

 

 

(25,911

)

 

 

1,208

 

Stock-based compensation expense

 

 

369

 

 

 

701

 

 

 

—

 

 

 

—

 

 

 

512

 

 

 

—

 

 

 

1,582

 

Interest expense

 

 

—

 

 

 

1,500

 

 

 

812

 

 

 

223

 

 

 

2,926

 

 

 

(2,312

)

 

 

3,149

 

Depreciation and amortization

 

 

612

 

 

 

614

 

 

 

—

 

 

 

380

 

 

 

160

 

 

 

(276

)

 

 

1,490

 

Personnel and other operating expenses

 

 

13,433

 

 

 

11,869

 

 

 

54

 

 

 

1,434

 

 

 

3,733

 

 

 

(9,621

)

 

 

20,902

 

Total expenses

 

 

134,784

 

 

 

25,842

 

 

 

2,680

 

 

 

2,037

 

 

 

7,331

 

 

 

(43,490

)

 

 

129,184

 

Income (loss) before income taxes (d)

 

$

69,216

 

 

$

7,100

 

 

$

(1,217

)

 

$

1,410

 

 

$

(1,607

)

 

$

2,528

 

 

$

77,430

 

Total revenue from non-affiliates (e)

 

$

200,803

 

 

$

13

 

 

$

1,916

 

 

$

2,606

 

 

$

2,784

 

 

 

 

 

 

 

Gross premiums written

 

$

235,499

 

 

$

—

 

 

$

19,487

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)
Other revenue under real estate primarily consisted of rental income from investment properties.
(b)
Other revenue under corporate and other primarily consisted of revenue from marina operations and management fees for attorney-in-fact services.
(c)
Gross premiums earned under insurance operations include $453 earned from the reciprocal exchange operations.
(d)
The income (loss) before income taxes in the reclassification/elimination column is attributable to intercompany transactions among operating segments. The insurance operations and the reciprocal exchange operations record service fee expenses based on earned premiums or other appropriate measures, while Exzeo Group and the AIF operations recognize service fee revenues according to revenue recognition standards. Although both service fee expenses and revenues are fully eliminated on consolidation, they do not completely offset each other in this presentation due to the different methods of recognition.
(e)
Represents amounts before reclassification of certain revenue and expenses to conform with an insurance company’s presentation.

 

The following table presents gross premium earned by geographic location:

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

Florida

 

$

270,805

 

 

$

227,249

 

Non-Florida

 

 

29,578

 

 

 

29,395

 

   Total gross premiums earned

 

$

300,383

 

 

$

256,644

 

 
Summary of Segment Assets Reconciled to Consolidated Balance Sheets

The following table presents segment assets reconciled to the Company’s total assets on the consolidated balance sheets:

 

 

 

March 31,

 

 

December 31,

 

 

 

2025

 

 

2024

 

Segments:

 

 

 

 

 

 

Insurance Operations

 

$

1,906,645

 

 

$

1,905,878

 

Exzeo Group

 

 

135,824

 

 

 

89,441

 

Reciprocal Exchange Operations

 

 

125,383

 

 

 

105,556

 

Real Estate Operations

 

 

98,731

 

 

 

96,795

 

Corporate and Other

 

 

215,068

 

 

 

175,282

 

Consolidation and Elimination

 

 

(174,983

)

 

 

(142,739

)

Total assets

 

$

2,306,668

 

 

$

2,230,213

 
Summary Of Gross Premium Earned By Geographic Location

The following table presents gross premium earned by geographic location:

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

Florida

 

$

270,805

 

 

$

227,249

 

Non-Florida

 

 

29,578

 

 

 

29,395

 

   Total gross premiums earned

 

$

300,383

 

 

$

256,644