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OR UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly period ended June 30, 2025 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 001-33549 Tiptree Inc. (Exact name of Registrant as Specified in Its Charter) Maryland 38-3754322 (State or Other Jurisdiction of In ...

[Company Commentary and Overall Financial Performance](index=1&type=section&id=Company%20Commentary%20and%20Overall%20Financial%20Performance) Tiptree Inc. achieved strong results in Q2 2025, with an annualized adjusted average return on equity of 22%, robust Fortegra business performance, 17.0% premium growth, and an improved combined ratio of 88.5%; total revenue slightly decreased, but net income and adjusted net income grew, maintaining a cash dividend of $0.06 per share - The company achieved an **annualized adjusted average return on equity of 22%** in Q2 2025, with strong Fortegra business performance, **17.0% premium growth**, and an improved **combined ratio of 88.5%**[2](index=2&type=chunk) Key Financial Data for Q2 and H1 2025 | Indicator | Q2 2025 (USD thousands) | Q2 2024 (USD thousands) | Change (%) | H1 2025 (USD thousands) | H1 2024 (USD thousands) | Change (%) | | :--------------------------------- | :----------------------- | :----------------------- | :------- | :----------------------- | :----------------------- | :------- | | **Total Revenue** | 528,750 | 546,673 | -3.3% | 1,026,176 | 1,044,894 | -1.8% | | **Net Income Attributable to Common Stockholders** | 18,960 | 12,851 | 47.5% | 24,595 | 21,901 | 12.3% | | **Diluted Earnings Per Share** | 0.37 | 0.31 | 19.4% | 0.53 | 0.54 | -1.9% | | **Cash Dividend Per Share** | 0.06 | 0.06 | 0.0% | 0.12 | 0.12 | 0.0% | | **Average Return on Equity** | 15.6% | 11.9% | 3.7 pp | 10.3% | 10.3% | 0.0 pp | | **Adjusted Net Income** | 27,128 | 24,422 | 11.1% | 50,460 | 44,955 | 12.2% | | **Adjusted Average Return on Equity** | 22.3% | 22.7% | -0.4 pp | 21.1% | 21.1% | 0.0 pp | - The decrease in total revenue was primarily due to lower net earned premiums, service, and management fees, partially offset by higher net investment income and investment gains; excluding the one-time premium assumption in December 2023, revenue grew **4.1%** and **8.0%** for the comparable periods[3](index=3&type=chunk) [Segment Financial Highlights - Second Quarter 2025](index=2&type=section&id=Segment%20Financial%20Highlights%20-%20Second%20Quarter%202025) The company's business segments showed varied performance in Q2 2025, with Fortegra's insurance business achieving significant premium and pre-tax income growth and improved combined ratio, while Tiptree Capital's revenue and pre-tax income declined due to negative fair value adjustments in mortgage operations, and corporate-level expenses slightly increased due to higher interest expenses [Insurance (The Fortegra Group)](index=2&type=section&id=Insurance%20(The%20Fortegra%20Group)) Fortegra's insurance business achieved strong growth in both Q2 and H1 2025, with record-high gross and net written premiums, significant increases in pre-tax income and adjusted net income, an improved combined ratio, but a slight decrease in annualized adjusted average return on equity Fortegra Insurance Business Key Financial Data | Indicator | Q2 2025 (USD thousands) | Q2 2024 (USD thousands) | Change (%) | H1 2025 (USD thousands) | H1 2024 (USD thousands) | Change (%) | | :--------------------------------- | :----------------------- | :----------------------- | :------- | :----------------------- | :----------------------- | :------- | | **Gross Written Premiums & Premium Equivalents** | 907,624 | 776,059 | 17.0% | 1,660,799 | 1,439,476 | 15.4% | | **Net Written Premiums** | 428,806 | 365,897 | 17.2% | 786,495 | 684,048 | 15.0% | | **Total Revenue** | 513,017 | 529,942 | -3.2% | 993,598 | 1,008,698 | -1.5% | | **Pre-Tax Income** | 67,144 | 51,250 | 31.0% | 105,198 | 88,061 | 19.5% | | **Average Return on Equity** | 29.3% | 28.4% | 0.9 pp | 23.5% | 25.8% | -2.3 pp | | **Combined Ratio** | 88.5% | 89.9% | -1.4 pp | 89.2% | 90.0% | -0.8 pp | | **Adjusted Net Income (Pre-NCI)** | 45,172 | 40,316 | 12.0% | 85,648 | 74,449 | 15.0% | | **Adjusted Average Return on Equity** | 25.8% | 30.3% | -4.5 pp | 25.3% | 29.7% | -4.4 pp | - The growth in gross and net written premiums was primarily driven by the professional E&S insurance business line, with E&S premiums increasing by **23.8%** year-over-year[6](index=6&type=chunk) - The combined ratio improved by **1.4 percentage points**, mainly due to a decrease in the underwriting ratio; the H1 combined ratio included **3.3%** in net catastrophe losses (**$30.1 million**), primarily from California wildfires[6](index=6&type=chunk) - Fortegra's shareholders' equity as of June 30, 2025, was **$730.9 million**, an increase of **16.9%** from year-end 2024, primarily driven by growth in retained earnings and a reduction in accumulated other comprehensive losses[6](index=6&type=chunk) [Tiptree Capital](index=2&type=section&id=Tiptree%20Capital) Tiptree Capital experienced declines in both total revenue and pre-tax income in Q2 and H1 2025, primarily due to negative fair value adjustments in its mortgage business, resulting in negative average return on equity and adjusted net income Tiptree Capital Key Financial Data | Indicator | Q2 2025 (USD thousands) | Q2 2024 (USD thousands) | Change (%) | H1 2025 (USD thousands) | H1 2024 (USD thousands) | Change (%) | | :--------------------------------- | :----------------------- | :----------------------- | :------- | :----------------------- | :----------------------- | :------- | | **Total Revenue** | 15,733 | 16,731 | -6.0% | 32,578 | 36,196 | -10.0% | | **Pre-Tax Income** | (3,067) | 740 | -514.5% | (3,093) | 4,486 | -169.0% | | **Average Return on Equity** | (9.3)% | 1.7% | -11.0 pp | (5.9)% | 4.6% | -10.5 pp | | **Adjusted Net Income** | (392) | 356 | -210.1% | (229) | 700 | -132.7% | | **Adjusted Average Return on Equity** | (1.1)% | 1.2% | -2.3 pp | (0.4)% | 1.0% | -1.4 pp | - Mortgage business pre-tax income in Q2 was **$0.2 million**, down from **$0.5 million** in the prior-year period, primarily due to negative fair value adjustments on mortgage servicing rights, partially offset by higher loan servicing fees[7](index=7&type=chunk) [Corporate](index=3&type=section&id=Corporate) Corporate-level expenses slightly increased in Q2 2025, primarily due to higher interest expenses, with outstanding holding company borrowings totaling **$74.6 million** as of June 30, 2025 - Corporate-level expenses were **$11.4 million**, a slight increase from **$11.3 million** in Q2 2024, primarily driven by higher interest expenses[8](index=8&type=chunk) - Outstanding holding company borrowings totaled **$74.6 million** as of June 30, 2025[8](index=8&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) Tiptree Inc.'s consolidated financial statements as of June 30, 2025, show increases in total assets, total liabilities, and shareholders' equity, while the statements of operations reflect a slight decrease in total revenue but growth in net income [Condensed Consolidated Balance Sheets (Unaudited)](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20(Unaudited)) As of June 30, 2025, the company's total assets increased to **$6.148 billion**, total liabilities to **$5.425 billion**, and total shareholders' equity to **$723 million**, primarily driven by growth in investments, receivables, and reinsurance recoverables, alongside increases in debt and policy liabilities Condensed Consolidated Balance Sheets Key Data | Indicator | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | Change (%) | | :----------------------- | :----------------------- | :----------------------- | :------- | | **Total Assets** | 6,147,892 | 5,694,789 | 8.0% | | **Total Liabilities** | 5,424,524 | 5,038,018 | 7.7% | | **Total Shareholders' Equity** | 723,368 | 656,771 | 10.1% | | **Total Investments** | 1,440,598 | 1,350,963 | 6.6% | | **Cash and Cash Equivalents** | 383,828 | 320,067 | 19.9% | | **Net Debt** | 493,029 | 427,089 | 15.4% | | **Unearned Premiums** | 1,859,638 | 1,766,068 | 5.3% | | **Policy Liabilities and Unpaid Losses** | 1,503,493 | 1,298,081 | 15.8% | [Condensed Consolidated Statements of Operations (Unaudited)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20(Unaudited)) In Q2 2025, total company revenue was **$529 million**, a **3.3%** year-over-year decrease, but net income increased to **$19.0 million**, up **47.5%**; for H1, total revenue was **$1.026 billion**, down **1.8%**, with net income rising to **$24.6 million**, up **12.3%** Condensed Consolidated Statements of Operations Key Data | Indicator | Q2 2025 (USD thousands) | Q2 2024 (USD thousands) | Change (%) | H1 2025 (USD thousands) | H1 2024 (USD thousands) | Change (%) | | :--------------------------------- | :----------------------- | :----------------------- | :------- | :----------------------- | :----------------------- | :------- | | **Net Earned Premiums** | 381,941 | 398,467 | -4.1% | 745,378 | 745,777 | -0.1% | | **Service and Management Fees** | 96,847 | 105,847 | -8.5% | 194,145 | 216,334 | -10.3% | | **Net Investment Income** | 10,505 | 6,381 | 64.6% | 22,234 | 13,139 | 69.2% | | **Net Realized and Unrealized Gains (Losses)** | 20,644 | 12,578 | 64.1% | 27,475 | 28,202 | -2.5% | | **Total Revenue** | 528,750 | 546,673 | -3.3% | 1,026,176 | 1,044,894 | -1.8% | | **Policy and Contract Benefits** | 226,472 | 233,975 | -3.2% | 435,785 | 441,639 | -1.3% | | **Commission Expenses** | 140,486 | 173,279 | -18.9% | 292,086 | 330,227 | -11.5% | | **Interest Expense** | 10,862 | 8,015 | 35.5% | 21,222 | 16,305 | 30.2% | | **Total Expenses** | 476,038 | 506,027 | -5.9% | 948,114 | 974,549 | -2.7% | | **Income Before Income Tax Expense** | 52,712 | 40,646 | 29.7% | 78,062 | 70,345 | 11.0% | | **Net Income** | 31,104 | 21,973 | 41.6% | 44,072 | 37,854 | 16.4% | | **Net Income Attributable to Common Stockholders** | 18,960 | 12,851 | 47.5% | 24,595 | 21,901 | 12.3% | | **Diluted Earnings Per Share** | 0.37 | 0.31 | 19.4% | 0.53 | 0.54 | -1.9% | [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) Tiptree Inc. utilizes adjusted net income and adjusted average return on equity as non-GAAP financial measures to provide clearer insights into business operations, excluding the impact of investment gains/losses, share-based compensation, and other non-recurring or non-cash items, with detailed reconciliation tables provided [Definition and Purpose](index=3&type=section&id=Non-GAAP%20Definition%20and%20Purpose) Adjusted net income and adjusted average return on equity are non-GAAP metrics used by management to assess operating performance and capital allocation, aiming to provide clearer business operational results by excluding non-recurring expenses, share-based compensation, investment gains/losses, and acquisition accounting-related intangible asset amortization - Adjusted net income is defined as income (loss) before income tax expense (benefit) less income tax expense (benefit), excluding the after-tax impact of merger and acquisition-related expenses, share-based compensation, net realized and unrealized gains (losses), and amortization of intangible assets related to purchase accounting, all net of non-controlling interests[9](index=9&type=chunk)[16](index=16&type=chunk) - Adjusted average return on equity is adjusted net income annualized and expressed as a percentage of average shareholders' equity at the beginning and end of the period[16](index=16&type=chunk) - Management uses these metrics as part of the capital allocation process and to evaluate comparative returns on invested capital, believing they provide additional clarity into the company's overall underlying business operating results by removing distortions from the unpredictability and volatility of realized and unrealized gains and losses[9](index=9&type=chunk)[16](index=16&type=chunk) [Non-GAAP Reconciliations - Three Months Ended June 30](index=7&type=section&id=Non-GAAP%20Reconciliations%20-%20Three%20Months%20Ended%20June%2030) In Q2 2025, the company's adjusted net income (pre-NCI) was **$36.59 million**, with an adjusted average return on equity of **20.8%**, where the insurance business contributed the primary adjusted net income, while Tiptree Capital and corporate segments were negative Non-GAAP Reconciliations for Q2 2025 (Pre-NCI) | Indicator | Insurance (USD thousands) | Mortgage (USD thousands) | Other (USD thousands) | Corporate (USD thousands) | Total (USD thousands) | | :--------------------------------- | :-------------- | :---------------- | :------------ | :---------------- | :------------ | | **Q2 2025** | | | | | | | Income (Loss) Before Income Tax Expense | 67,144 | 238 | (3,305) | (11,365) | 52,712 | | Adjusted Net Income (Pre-NCI) | 45,172 | 17 | (409) | (8,191) | 36,589 | | Adjusted Average Return on Equity | 25.8% | 0.1% | (1.9)% | NM% | 20.8% | | **Q2 2024** | | | | | | | Income (Loss) Before Income Tax Expense | 51,250 | 528 | 212 | (11,344) | 40,646 | | Adjusted Net Income (Pre-NCI) | 40,316 | 181 | 175 | (7,893) | 32,779 | | Adjusted Average Return on Equity | 30.3% | 1.4% | 1.1% | NM% | 21.6% | [Non-GAAP Reconciliations - Six Months Ended June 30](index=9&type=section&id=Non-GAAP%20Reconciliations%20-%20Six%20Months%20Ended%20June%2030) For H1 2025, the company's adjusted net income (pre-NCI) was **$68.38 million**, with an adjusted average return on equity of **19.8%**, where the insurance business was the primary profit contributor, while Tiptree Capital and corporate segments remained negative Non-GAAP Reconciliations for H1 2025 (Pre-NCI) | Indicator | Insurance (USD thousands) | Mortgage (USD thousands) | Other (USD thousands) | Corporate (USD thousands) | Total (USD thousands) | | :--------------------------------- | :-------------- | :---------------- | :------------ | :---------------- | :------------ | | **H1 2025** | | | | | | | Income (Loss) Before Income Tax Expense | 105,198 | 28 | (3,121) | (24,043) | 78,062 | | Adjusted Net Income (Pre-NCI) | 85,648 | 627 | (856) | (17,039) | 68,380 | | Adjusted Average Return on Equity | 25.3% | 2.2% | (2.9)% | NM% | 19.8% | | **H1 2024** | | | | | | | Income (Loss) Before Income Tax Expense | 88,061 | 1,281 | 3,205 | (22,202) | 70,345 | | Adjusted Net Income (Pre-NCI) | 74,449 | (128) | 828 | (14,761) | 60,388 | | Adjusted Average Return on Equity | 29.7% | (0.5)% | 1.8% | NM% | 20.2% | [Company Information](index=3&type=section&id=Company%20Information) This section provides an overview of Tiptree Inc., including its capital allocation strategy and investment areas, and contains standard cautionary statements regarding forward-looking statements, emphasizing potential risks and uncertainties [About Tiptree](index=3&type=section&id=About%20Tiptree) Founded in 2007, Tiptree Inc. is dedicated to allocating capital to small and medium-sized businesses to build long-term value, with investment areas spanning multiple industries and asset types including insurance, asset management, specialty finance, real estate, and shipping - Tiptree Inc. (NASDAQ: TIPT), founded in 2007, is dedicated to allocating capital to small and medium-sized businesses to build long-term value[10](index=10&type=chunk) - The company possesses extensive investment experience across various industries and asset types, including insurance, asset management, specialty finance, real estate, and shipping[10](index=10&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This report contains forward-looking statements involving risks, uncertainties, and contingent events that could cause actual results to differ materially from expectations, cautioning readers not to place undue reliance on these statements and to refer to the 'Risk Factors' section in the company's Form 10-K report filed with the SEC - This press release contains 'forward-looking statements' involving risks, uncertainties, and contingent events, many of which are beyond the company's control, that could cause actual results, performance, or achievements to differ materially from those anticipated[12](index=12&type=chunk) - Forward-looking statements are not guarantees of future performance and are subject to various factors, including market conditions and those described in the 'Risk Factors' section of the company's Annual Report on Form 10-K filed with the SEC[12](index=12&type=chunk) - The company undertakes no obligation to update any forward-looking statements, except as required by federal securities laws[12](index=12&type=chunk)

Group 1 - Tiptree (NASDAQ: TIPT) reported a strong quarterly performance on April 30th, with a focus on its subsidiary Fortegra [1] - The article highlights the investment strategies of Catalyst Hedge Investing, which seeks asymmetric risk/reward opportunities with clear catalysts [2] - The leader of Catalyst Hedge Investing has over 25 years of market experience, including nearly 20 years as a hedge fund portfolio manager, and has successfully predicted significant market events [2] Group 2 - The article emphasizes the exclusive access that members of Catalyst Hedge Investing have to various articles and an active chat board for investment ideas [1] - The analyst has a beneficial long position in TIPT shares, indicating confidence in the company's future performance [3]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly period ended March 31, 2025 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 001-33549 Tiptree Inc. (Exact name of Registrant as Specified in Its Charter) Maryland 38-3754322 (State or Other Jurisdiction of I ...

Exhibit 99.1 The Company commented, "We are extremely pleased with the strong first quarter results, headlined by a 20% adjusted return on average equity. Fortegra achieved 13.5% growth in premium and premium equivalents, while delivering a combined ratio of 89.9%, despite substantial industry-wide catastrophic losses during the quarter. Our pipeline of opportunities remains robust, and the pricing environment continues to be favorable for underwriting new business. Net investment income saw a substantial i ...

Market and Economic Risks - The company operates in highly competitive markets, which could impede growth and negatively impact results[15] - Adverse economic factors, such as recession and inflation, could lead to fewer policy sales and increased claims, negatively impacting growth and profitability[188] - The performance of the insurance subsidiaries' investment portfolio is subject to various investment risks, including interest rate changes[150] - From 2022 to 2024, interest rates increased rapidly, significantly decreasing the value of fixed income securities held by the company[150] - The mortgage segment's performance is heavily influenced by the U.S. residential real estate market, which is affected by economic conditions like interest rates and unemployment[189] - The mortgage business is significantly impacted by interest rates, with a rapid series of interest rate increases from 2022 to 2024 resulting in lower revenue and profitability[217] - The majority of mortgage loan originations have historically been refinancing existing loans, which may decline as interest rates rise, reducing growth potential in the mortgage business[218] - The value of mortgage servicing rights (MSRs) is highly sensitive to interest rate changes, with values increasing when rates rise and decreasing when rates fall[219] - Changes in interest rates and market conditions could lead to increased marketing expenditures to maintain mortgage volume, impacting overall profitability[218] - Recent sharply rising interest rates have resulted in unrealized losses on certain investments, negatively impacting business results and increasing borrowing costs[237] Regulatory and Compliance Risks - The company is subject to extensive regulations, including the Gramm-Leach-Bliley Act and GDPR, which may increase compliance costs and limit business opportunities[273] - The company's insurance subsidiaries must comply with Statutory Accounting Principles (SAP), which are subject to constant review and may impact financial reporting[245] - Increasing regulatory focus on privacy and data protection could expose the company's subsidiaries to greater liability and compliance costs[268] - The evolving regulatory environment may complicate compliance efforts and increase operational risks for the company's subsidiaries[271] - The CFPB's increased regulatory scrutiny may raise compliance costs and affect the availability and cost of residential mortgage credit[279] - The company faces potential penalties for non-compliance with privacy laws, which could adversely affect its business and financial condition[270] - The insurance subsidiaries face risks related to compliance with guidelines, policies, and legal standards, which could lead to financial loss or reputational damage if controls are ineffective[281] - Increasing regulatory scrutiny and litigation in the financial services industry may materially and adversely affect the company due to potential judgments, settlements, and fines[282] - The company is involved in ongoing litigation, including a class action lawsuit alleging violations of the Consumer Protection Act, which could divert management's attention and incur significant expenses[283] - International operations expose the company to compliance risks associated with economic and trade sanctions, potentially leading to increased compliance costs and penalties[284] Operational and Strategic Risks - The company may need to raise additional capital in the future, but there is no assurance that such capital will be available on acceptable terms[15] - The company is investing in new lines of business and geographic markets, but faces substantial risks and uncertainties in achieving market acceptance and profitability[172] - The company's ability to grow its customer base depends on effective sales and marketing activities, which may be hindered by challenges in recruiting qualified personnel[180] - The insurance business relies on independent distributors for product sales, and loss of these relationships could materially impact sales and revenues[162] - The insurance subsidiaries have significantly expanded operations and anticipate further growth, requiring additional capital, systems development, and skilled personnel[173] - The company's ability to service its debt obligations is contingent on its financial condition and operating performance, which are influenced by external factors[195] - Insufficient cash flows could lead to liquidity problems, forcing the company to delay investments or alter its dividend policy[196] - The restrictive covenants in debt agreements may limit the company's operational flexibility and ability to pursue growth strategies[198] - The company's charter includes provisions that may delay or prevent takeovers, potentially affecting stockholder interests[256] - Analysts and investors may find it challenging to analyze the company due to its multiple lines of business, which could adversely impact stock price and capital raising efforts[260] Investment and Financial Risks - A portion of the company's assets are illiquid, creating uncertainty in valuing such assets[15] - The company's insurance subsidiaries' actual claims losses may exceed their reserves, requiring additional reserves[15] - Increased costs or unavailability of reinsurance could force the insurance subsidiaries to bear higher risks or reduce underwriting commitments, adversely affecting financial performance[168] - The inability of reinsurers to meet obligations could expose the insurance subsidiaries to credit risk, particularly during economic downturns, affecting overall financial health[170] - The fair value of certain investments and liabilities is based on management's estimates, which may cause operating results to fluctuate and may not reflect realizable values upon sale[242] - The company funds loans primarily through warehouse financing and may face challenges in obtaining sufficient capital to meet financing requirements as operations expand[226] - A decline in the fair value of leveraged assets could adversely affect financial condition, potentially requiring additional collateral or rapid liquidation of assets[234] - The company is exposed to credit risk from independent agents and program partners, which could affect its financial condition[204] - The insurance subsidiaries face risks related to brand reputation, which could adversely affect customer acquisition and retention, potentially leading to decreased revenue[190] - Negative publicity could result in a decline in customer visits to platforms and an increase in customer acquisition costs[191] Cybersecurity Risks - The company is exposed to risks related to cybersecurity attacks and information system failures[15] - Cybersecurity threats pose risks to business operations, potentially resulting in loss of critical information and damage to reputation, which could adversely affect financial condition and cash flows[157] - The use of AI and machine learning in decision-making processes presents risks, including model inaccuracies that could adversely impact pricing and loss estimations[177] Catastrophic and External Risks - Catastrophic events, such as natural disasters and pandemics, could significantly disrupt the company's operations and adversely affect financial results[246] - The exit of the United Kingdom from the European Union could adversely affect the company's business[15] - The exit of the UK from the EU (Brexit) poses risks related to regulatory changes and could adversely affect the company's European growth plans[202] - International operations expose the company to investment, political, and economic risks, including foreign currency exchange rate risk[175] - Consolidation in the financial services industry may lead to loss of significant distributors, impacting business operations and revenue generation[163] - Proposed industry developments may increase competition, negatively impacting premiums and underwriting results[204] - Emerging claim and coverage issues may adversely affect the business, potentially extending coverage beyond underwriting intent or increasing claims size[174] - The operation of dry bulk vessels and product tankers is subject to complex regulations, and violations could result in substantial fines and costs to the company[289]

Group 1 - Tiptree (NASDAQ: TIPT) reported Q4 earnings of $0.47 per share, significantly higher than $0.15 in the same quarter last year and $0.29 in Q3 [1] - The total net income for Tiptree increased to $1.30 for the year [1] Group 2 - The article highlights the expertise of Cashflow Hunter, who has over 25 years of market experience, including nearly 20 years as a hedge fund portfolio manager [2] - Cashflow Hunter has successfully predicted significant market events, such as the collapse of Silicon Valley Bank [2]

Financial Performance - Revenues for Q4 2024 were $503.6 million, a 12.8% increase from Q4 2023, driven by growth in specialty insurance lines[6]. - Net income for Q4 2024 was $19.6 million, compared to $6.9 million in Q4 2023, reflecting improvements in the insurance and mortgage operations[6]. - Adjusted net income for Q4 2024 was $27.2 million, a 96.6% increase from $13.9 million in Q4 2023, supported by growth in insurance revenues[6]. - Year-to-date revenues for 2024 reached $2.04 billion, a 23.9% increase from 2023, driven by specialty insurance lines and net investment income[6]. - Total revenues for the year ended December 31, 2024, increased to $2,042,854, up 24% from $1,649,031 in 2023[16]. - Net income attributable to common stockholders for the three months ended December 31, 2024, was $19,553, compared to $6,871 for the same period in 2023, representing an increase of 184%[16]. - Adjusted net income for the three months ended December 31, 2024, was $27,234, compared to $13,854 for the same period in 2023, reflecting a 96% increase[18]. - Tiptree Capital reported an adjusted net income of $100.1 million for the year ended December 31, 2024, compared to $61.9 million in 2023, representing a 61.5% increase[20]. - Income before taxes for Tiptree Capital increased to $149.3 million in 2024 from $83.1 million in 2023, reflecting an increase of 79.8%[20]. Premiums and Underwriting - Gross written premiums for Q4 2024 were $851.9 million, a 17.6% increase, and $3.07 billion for the year, an 11.7% increase[8]. - The combined ratio for Q4 2024 was 89.5%, down 0.3 percentage points from Q4 2023, indicating consistent underwriting performance[8]. - Earned premiums, net for the year ended December 31, 2024, were $1,471,930, a 30.4% increase from $1,127,834 in 2023[16]. - Tiptree Capital's insurance segment generated an income before taxes of $183.2 million in 2024, up from $129.8 million in 2023, marking an increase of 41.0%[20]. Assets and Liabilities - Total assets as of December 31, 2024, reached $5,694,789, a 10.8% increase from $5,139,313 as of December 31, 2023[15]. - Total liabilities as of December 31, 2024, were $5,038,018, up 10.4% from $4,562,748 in 2023[15]. - Average stockholders' equity rose to $616.7 million in 2024, compared to $555.1 million in 2023, indicating a growth of 11.1%[20]. Earnings and Returns - Basic earnings per share for the year ended December 31, 2024, increased to $1.44, compared to $0.38 in 2023, marking a 278.9% increase[16]. - Adjusted return on average equity for the three months ended December 31, 2024, was 22.0%, compared to 14.7% for the same period in 2023[18]. - The adjusted return on average equity for Tiptree Capital was 21.5% in 2024, up from 15.4% in 2023[20]. Cash and Investments - Cash and cash equivalents decreased to $320,067 as of December 31, 2024, down 31.8% from $468,711 in 2023[15]. - Total investments as of December 31, 2024, increased to $1,350,963, a 28.5% rise from $1,051,561 in 2023[15]. Dividends and Future Plans - The company declared a dividend of $0.06 per share to stockholders of record on March 10, 2025[6]. - Forward-looking statements indicate plans for Fortegra to potentially go public, subject to market conditions[13]. Losses and Amortization - The company incurred $10.3 million in net realized and unrealized losses in 2024, compared to $11.4 million in 2023, showing a decrease of 9.6%[20]. - The company recognized $15.4 million in intangibles amortization in 2024, slightly down from $16.9 million in 2023[20]. Segment Performance - The mortgage segment reported a loss before taxes of $4.7 million in 2024, an improvement from a loss of $3.3 million in 2023[20]. - Tiptree Capital's corporate segment reported a loss before taxes of $38.4 million in 2024, compared to a loss of $40.2 million in 2023, reflecting a reduction of 4.5%[20]. - The impact of non-controlling interests on adjusted net income was $32.6 million in 2024, compared to $23.7 million in 2023, indicating an increase of 37.5%[20].

Core Insights - Fortegra Group, Inc. has received approval to establish Fortegra Insurance Company UK, marking a significant expansion of its specialty insurance underwriting services in the UK market [1][2] - The establishment of the UK subsidiary is part of Fortegra's strategy to enhance its presence in Europe, building on previous successes in Belgium and the EU [4][5] Company Overview - Fortegra is recognized for its rigorous underwriting practices, advanced AI and data science applications, and commitment to consistent claims management, which positions it as a leader in the specialty insurance market [3] - The company has been underwriting risk management solutions for over 45 years and holds an A.M. Best Financial Strength Rating of A- (Excellent) [6]