Core Viewpoint - Fortegra Group, Inc. has successfully completed the issuance of $150 million in junior subordinated notes to support its growth and enhance its capital position, enabling the company to expand its specialty insurance offerings and manage risks effectively [1][2][3]. Group 1: Financial Details - The company issued $150 million of 9.25% Fixed Rate Resetting Junior Subordinated Notes due 2064, which are junior, subordinated, and unsecured obligations [1]. - The notes will be guaranteed on a junior subordinated basis by certain subsidiaries of Fortegra [1]. Group 2: Strategic Objectives - The financing will allow Fortegra to deepen partner relationships through tailored insurance solutions [2]. - It aims to enhance risk management capabilities to protect the interests of partners and policyholders [2]. - The company plans to boost profitability through targeted growth initiatives [2]. Group 3: Commitment to Value - Fortegra emphasizes its commitment to delivering long-term value to partners, policyholders, and shareholders while focusing on risk management and operational excellence [3]. - The company is well-positioned to capitalize on market opportunities [3]. Group 4: Company Background - Fortegra has over 45 years of experience in underwriting risk management solutions and holds an A.M. Best Financial Strength Rating of A- (Excellent) [4]. - The company offers a diverse set of admitted and excess and surplus lines insurance products and warranty solutions [4].

Financial Data and Key Metrics Changes - Year-to-date revenues increased by 28% compared to the prior year, with an adjusted return on equity of 22% [5] - Adjusted net income for the quarter was $27.9 million, representing a 56% increase, while consolidated net income rose to $11.9 million from $2.2 million in the prior year [9][10] - Book value per share increased by 18.6% from the prior year, driven by earnings growth and recovery of unrealized losses [10] Business Line Data and Key Metrics Changes - Fortegra's revenue grew by 28% and adjusted net income increased by 38%, primarily due to expansion in specialty insurance lines [5] - Gross written premiums and equivalents reached $2.2 billion, a 10% increase over 2023, with a combined ratio improving to 90% [6][12] - Reliance's mortgage origination volumes increased modestly, with profitability driven by fee income from retained servicing [8][16] Market Data and Key Metrics Changes - The investment portfolio ended the quarter at $1.5 billion, with a focus on high-quality liquid fixed income securities [7][13] - Net investment income for the nine months amounted to $37 million, a 35% increase over the prior year, with a book yield of 4.1% [13] Company Strategy and Development Direction - The company remains committed to growing long-term shareholder value and seeks to reflect the intrinsic value of its businesses in its share price [8] - Investments in technology and agent relationships are prioritized to enhance underwriting and claims management [15] - The focus on specialty P&C lines is expected to drive future growth, with a favorable pipeline of new opportunities [19] Management's Comments on Operating Environment and Future Outlook - Management expressed a positive outlook for growth, citing strong performance and favorable market conditions [9][19] - The company anticipates improved origination volumes in the mortgage business as mortgage rates are expected to decline [17] Other Important Information - The effective tax rate was reported at 28%, with a GAAP tax rate of 44% for the quarter [10] - Fortegra's annualized adjusted return on equity was 28%, supported by profitable insurance underwriting and fee-based services [13] Q&A Session Summary - There were no questions during the Q&A session, and the call concluded without further inquiries [20]

Investor Presentation – Third Quarter 2024 October 2024 Financial Information for the three and nine months ended September 30, 2024 TiptreeInc. Disclaimers LIMITATIONS ON THE USE OF INFORMATION This presentation has been prepared by Tiptree Inc. and its consolidated subsidiaries ("Tiptree", "the Company" or "we") solely for informational purposes, and not for the purpose of updating any information or forecast with respect to Tiptree, its subsidiaries or any of its affiliates or any other purpose. Tiptree ...

Group 1 - Catalyst Hedge Investing provides members with early access to articles and exclusive investment ideas, focusing on asymmetric risk/reward opportunities with clear catalysts [1] - Cashflow Hunter has extensive market experience, particularly in hedge fund management, and has successfully predicted significant market events, such as the collapse of Silicon Valley Bank [2] - The article expresses the author's personal opinions and discloses a beneficial long position in TIPT shares, indicating a vested interest in the company's performance [3]

Financial Performance - Revenues for Q3 2024 were $494.4 million, an increase of 18.7% from Q3 2023, driven by growth in Fortegra's specialty insurance lines[3] - Net income for Q3 2024 was $11.9 million, compared to $2.2 million in Q3 2023, reflecting growth in the insurance business[3] - Adjusted net income for Q3 2024 was $27.9 million, up 55.9% from $17.9 million in Q3 2023, with an annualized adjusted return on average equity of 24.8%[4] - Year-to-date revenues for 2024 reached $1.54 billion, an increase of 28.0% from 2023, driven by specialty insurance lines and net investment income[5] - Year-to-date net income for 2024 was $33.8 million, compared to $7.1 million in 2023, driven by growth in insurance and improved mortgage operations[5] - Total revenues for the three months ended September 30, 2024, were $494,362 thousand, a 18.7% increase from $416,514 thousand in the same period of 2023[25] - Net income attributable to common stockholders for the three months ended September 30, 2024, was $11,915 thousand, compared to $2,153 thousand in the same period of 2023, representing a significant increase of 453.5%[25] - Adjusted net income for the three months ended September 30, 2024, was $31,728,000, a decrease from $36,186,000 in the previous period[28] - For the nine months ended September 30, 2024, total income before taxes was $107,126,000, with an adjusted net income of $72,827,000[30] - The company reported a total income before taxes of $52,988,000 for the three months ended September 30, 2024, with an adjusted net income of $48,063,000[31] Premiums and Underwriting - Gross written premiums for Q3 2024 were $776.8 million, an increase of 13.2%, and $2.22 billion for the year, an increase of 9.5%[8] - Net written premiums for Q3 2024 were $389.3 million, an increase of 16.6%, and $1.07 billion for the year, an increase of 14.7%[9] - The combined ratio for Q3 2024 was 90.2%, consistent with Q3 2023, indicating stable underwriting performance[10] Equity and Assets - Fortegra's total stockholders' equity increased to $606.4 million as of September 30, 2024, from $452.6 million at the end of 2023, driven by net income and capital contributions[12] - Total stockholders' equity increased to $656,200 thousand as of September 30, 2024, from $576,565 thousand as of December 31, 2023[23] - Total assets as of September 30, 2024, were $5,505,733 thousand, an increase from $5,139,313 thousand as of December 31, 2023[23] - Total liabilities increased to $4,849,533 thousand as of September 30, 2024, compared to $4,562,748 thousand as of December 31, 2023[23] Cash and Expenses - Cash and cash equivalents decreased to $396,187 thousand as of September 30, 2024, from $468,711 thousand as of December 31, 2023[23] - Stock-based compensation expense for the three months ended September 30, 2024, totaled $5,957,000, an increase from $1,963,000 in the previous period[28] - The company reported a non-recurring expense of $119,000 for the three months ended September 30, 2024[28] - Other expenses included legal and other costs associated with the preparation of the registration statement for the withdrawn Fortegra initial public offering in 2024[3] Investment Performance - Tiptree Capital reported a loss before taxes of $2.7 million for Q3 2024, an improvement from a loss of $6.1 million in Q3 2023, driven by unrealized investment losses[13] - The company experienced net realized and unrealized losses of $6,428,000 for the nine months ended September 30, 2024[30] - The company added back $5.9 million and $16.7 million related to deferred tax expense from the WP Transaction for the three and nine months ended September 30, 2024, respectively[5] - Non-cash fair-value adjustments for the three and nine months ended September 30, 2024, included changes in fair value of the Fortegra Additional Warrant liability, which were added back to adjusted net income[4] Shareholder Equity - The average stockholders' equity increased to $637,135,000, compared to $577,776,000 in the prior period, reflecting a growth of approximately 10.3%[28] - The average Tiptree Inc. stockholders' equity was $449.2 million for the three months ended September 30, 2024, compared to $399.0 million in 2023[7] - The average Tiptree Inc. stockholders' equity for the nine months ended September 30, 2024, was $439.4 million, compared to $396.7 million in 2023[7] Future Plans - The company plans to take Fortegra public, subject to market conditions and other factors[21] - The company experienced a significant increase in adjusted net income and return on equity, indicating strong financial performance and effective management strategies[7]

Core Insights - Fortegra Group, Inc. has appointed Richard Mangion as Chief Financial Officer for its UK and European business, effective October 21, 2024 [1][2] - Mangion brings over 23 years of experience in financial analysis, risk management, and business development from previous roles at multinational corporations [1][2] - The appointment is aimed at enhancing Fortegra's financial performance and accelerating growth in Europe [2] Company Overview - Fortegra has been providing risk management solutions for over 45 years and is recognized as a multinational specialty insurer [3] - The company holds an A.M. Best Financial Strength Rating of A- (Excellent) and an A.M. Best Financial Size Category of 'X' [3] - Fortegra offers a diverse range of insurance products and warranty solutions through its subsidiaries [3] European Operations - Fortegra Europe Insurance Company Limited (FEIC) was established in 2018 and is authorized to underwrite warranty insurance in various EU countries [4] - In 2024, Fortegra Belgium Insurance Company received permissions to underwrite specialty lines of business across the EU from its Brussels base [4] - The Belgian operation provides access to strategic distribution channels and collaborates with European managing general agents for flexible deal structures [4]

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JACKSONVILLE, Fla., June 11, 2024 /PRNewswire/ -- The Fortegra Group, Inc. ("Fortegra" or the "Company"), a multinational specialty insurer and subsidiary of Tiptree Inc. (NASDAQ: TIPT), today announced its approval to operate in Belgium and the European Union. Fortegra Belgium Insurance Company, NV will be based in Brussels and will underwrite specialty lines of business. Fortegra Europe Insurance Company, Fortegra's Malta company, will continue its focus on warranty products. "The MGA space across Europe ...

Tiptree Inc (NASDAQ:TIPT) Q1 2024 Results Conference Call May 2, 2024 10:30 AM ET Company Participants Scott McKinney - Chief Financial Officer Michael Barnes - Executive Chairman of the Board Operator Greetings, and welcome to the Tiptree Inc. First Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Scott McKinney, Chief Financial Officer for Tiptree. Thank you, Scott. You may begin. Scott McKinney G ...

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, 2024 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 ...