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Tiptree Inc. (TIPT) is a diversified holding company that invests in small and middle-market businesses, with a primary focus on the insurance and credit-related financial sectors. The company operates through its subsidiaries to provide specialty insurance underwriting, mortgage origination and servicing, and other investment activities. Tiptree aims to deliver long-term value through strategic investments and operational excellence.
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Insurance - Provides specialty insurance underwriting and fee-based services, including property and short-tail, contractual liability, general liability, alternative risks, professional liability, and European lines. Offers commercial and personal insurance lines, auto and consumer goods warranty, and related services.
- Commercial Lines - Covers niche areas such as property and short-tail, contractual liability, general liability, alternative risks, professional liability, and European lines.
- Personal Lines - Offers personal insurance coverage for individuals.
- Services - Includes auto and consumer goods warranty and other service solutions.
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Mortgage - Engages in mortgage origination for sale to institutional investors, including government-sponsored enterprises (GSEs) and FHA/VA, and services loans on behalf of Fannie Mae, Freddie Mac, and Ginnie Mae.
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Tiptree Capital - Other - Includes diversified investment activities and asset management operations, balancing current cash flow and long-term value appreciation.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Jonathan Ilany ExecutiveBoard | Chief Executive Officer | Jonathan Ilany has been serving as the CEO of Tiptree Inc. since November 2015. He previously held roles such as Co-Chief Executive Officer from February 2015 to November 2015 and Executive Vice President, Head of Mortgage Finance and Asset Management from October 2014 to February 2015. | View Report → | |
Michael G. Barnes ExecutiveBoard | Executive Chairman | Michael G. Barnes serves as the Executive Chairman and Chairman of the Board at Tiptree Inc. since August 2010. Previously, he founded Tiptree Financial Partners in 2007 and served as its CEO until 2012. | ||
Randy S. Maultsby ExecutiveBoard | President | Randy S. Maultsby has served as President of Tiptree Inc. since July 14, 2021 and has been a member of the Board of Directors since November 2, 2021. He previously held the role of Managing Director at Tiptree Inc. and has extensive experience in investment banking and corporate strategy. | ||
Neil C. Rifkind Executive | Vice President, General Counsel, and Secretary | Neil C. Rifkind is the Vice President, General Counsel, and Secretary of Tiptree Inc. since July 2013. Previously, he served as Special Counsel and Associate at Schulte Roth & Zabel LLP and Fried, Frank, Harris, Shriver & Jacobson LLP. | ||
Scott T. McKinney Executive | Chief Financial Officer | Scott T. McKinney is the Chief Financial Officer of Tiptree Inc. since March 2023. He previously served as Deputy Chief Financial Officer from April 2022 and as Director of Financial Planning and Analysis from February 2016. | ||
Bradley E. Smith Board | Board of Directors Member | Board of Trustees of Hawai‘i Nature Conservancy | Bradley E. Smith has served as a member of the Board of Directors at Tiptree Inc. since July 2013 and previously served on the board of Tiptree Financial Partners from June 2007 to July 2013. He also holds an external role as a board member for the Hawai‘i Nature Conservancy. | |
Lesley Goldwasser Board | Lead Independent Director | Board Member of Liquid Telecom; Board Member of Fold, Inc.; Board Member of Caledonia Mining Corporation plc | Lesley Goldwasser has been a Board Member at Tiptree Inc. since January 2015 and currently serves as the Lead Independent Director, demonstrating extensive leadership in the financial services industry. She has leveraged her experience from previous roles at Credit Suisse, Bear Stearns, and GreensLedge Capital Markets to enhance corporate governance. | |
Paul M. Friedman Board | Board Member of the Directors | Lead Director and Chairman of the Compliance Committee at Oppenheimer Holdings Inc.; Chairman of the Board, Chair of the Compensation Committee, and Member of the Audit Committee at Rithm Property Trust Inc.; Board Member at Intelligo | Paul M. Friedman has been a Board Member at TIPT since August 2016 and has served as Chairman of the Audit Committee since August 2020. He brings extensive experience in corporate governance from leadership roles at other prominent financial institutions. |
- With the significant catastrophic events in the third quarter, how confident are you in maintaining Fortegra's combined ratio at 90%, and what steps are you taking to mitigate potential future impacts from such events?
- Given the increase in Fortegra's property lines net written premiums from 20% to 33%, which has driven an increase in the loss ratio, can you elaborate on how sustainable the reductions in acquisition and operating expense ratios are to offset this trend in the long term?
- The GAAP tax rate was notably high at 44% for the quarter; could you provide more details on the factors driving this rate, and should we expect this elevated tax rate to continue in future quarters?
- Reliance has returned to profitability due to modest volume increases and fee income from retained servicing despite the tough environment; what is your strategy to ensure sustained profitability in your mortgage business if mortgage rates remain high or economic conditions worsen?
- You mentioned holding 24% of your investment portfolio in cash and equivalents; with such a significant cash position, how do you plan to deploy these funds to enhance returns, and what are the potential risks associated with your investment strategy in the current market?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Competes within specialty insurance markets in the United States, alongside other specialty insurers. | |
Operates in specialty insurance markets, competing with Fortegra in certain lines of business. | |
Engages in specialty insurance underwriting, competing with Fortegra in niche markets. | |
Skyward Specialty | Participates in specialty insurance markets, providing similar products to Fortegra. |
Competes in specialty insurance markets, offering products that overlap with Fortegra's offerings. | |
Writes similar specialty insurance products across various lines of business, competing with Fortegra. | |
Provides insurance products that overlap with Fortegra's offerings in certain markets. | |
Competes in specialty insurance markets, offering products similar to Fortegra's. | |
Asurion, LLC | Operates in specialty insurance markets, competing with Fortegra in certain product lines. |
AXA SA | Writes similar specialty insurance products, competing with Fortegra in various markets. |
Securian Financial | Provides specialty insurance products that overlap with Fortegra's offerings. |
Great American | Competes in specialty insurance markets, offering similar products to Fortegra. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Services Businesses Acquisition | 2024 | No specific deal value, strategic rationale, or key asset details were provided; the only mention is that related expenses appeared in “other expenses” alongside costs from the withdrawn Fortegra IPO. |
Premia Solutions Limited | 2023 | Acquired on February 6, 2023, with a cash consideration reported between approximately $19.7 million (net of cash acquired) and $22.5 million, including preliminary purchase price allocations of $18.4 million in goodwill and $18.2 million in intangible assets; this acquisition strengthens Fortegra’s presence in the UK automotive protection market, despite adjustments during the measurement period. |
ITC Compliance | 2022 | Completed on April 1, 2022, for a total cash consideration of roughly $15 million (net of $6.123 million in cash acquired) with earn-out payments based on performance, further expanding Fortegra’s European regulatory support and compliance capabilities for the UK automotive sector and subject to purchase accounting adjustments. |
Recent press releases and 8-K filings for TIPT.
- Tiptree Inc. filed an 8-K on February 7, 2025, announcing the execution of a $75,000,000 Senior Secured Credit Facility under a Credit Agreement with multiple parties.
- The agreement involves Tiptree Holdings LLC as the borrower and Fortress Credit Corp. serving as the administrative agent, collateral agent, and lead arranger.