Tiptree Inc - TIPT STOCK NEWS

Tiptree Inc. (NASDAQ:TIPT) announced a strategic investment of $200 million from Warburg Pincus, acquiring a 24% stake in its subsidiary, Fortegra Group. This transaction, expected to close in Q1 2022, underscores Fortegra's value, which underwrites over $2.0 billion in gross premiums annually. Tiptree aims to accelerate Fortegra's growth and strengthen its balance sheet through this partnership, marking a significant milestone for the company.

Tiptree Inc.'s subsidiary, Fortegra Europe Insurance Company, has established a new branch in Prague, Czech Republic, enhancing its presence in Central Eastern Europe. This branch is fully licensed to write business locally, effective immediately. Led by insurance expert Andrew Quirke, this strategic move aligns with Fortegra's European growth strategy. The branch aims to improve access to insurance solutions, fostering trust and expanding business opportunities in the region.

Tiptree Inc.'s subsidiary, Fortegra Europe Insurance Company, has established a new branch in Prague, Czech Republic, enhancing its presence in Central Eastern Europe. The branch is now authorized to conduct business, with all regulatory approvals secured. Andrew Quirke, an industry veteran with 25 years of experience, will lead the branch. This strategic move aims to provide direct access to an A-rated insurer, promoting confidence among local partners.

Fortegra's efforts reflect strong growth potential in the region, leveraging its innovative insurance programs.

The Fortegra Group has promoted Mark Davies to Senior Vice President of its Alternative Risk Team, enhancing its capabilities in tailored insurance solutions. Davies, who has been with the company since 2017, previously served as Vice President of Specialty Product Underwriting and has played a key role in the firm's specialty business growth. His extensive experience in underwriting positions, including roles at Barents Re and Novae plc, prepares him to drive Fortegra's expansion in meeting bespoke client needs. The company holds an A.M. Best Financial Strength Rating of A- (Excellent).

Tiptree Inc. (NASDAQ: TIPT) announced that CFO Sandra Bell and Investor Relations representative Scott McKinney will participate in the virtual Midwest IDEAS Investor Conference on August 25, 2021. Their presentation will be webcast at 8:00 am ET and can be accessed via Tiptree's website and the IDEAS conference website. The IDEAS Conferences aim to provide meaningful opportunities for companies to present to investment professionals, differing from traditional bank-sponsored events.

Tiptree Inc. (NASDAQ:TIPT) reported strong financial results for Q2 2021, with total revenues of $299.7 million, up 50.4% year-over-year. Net income attributable to common stockholders reached $8.0 million compared to $3.8 million in 2020. The company's specialty insurance operations, particularly through Fortegra, saw a 51% rise in gross written premiums. The mortgage segment also performed well, contributing $5.8 million in income before taxes. The combined ratio for the insurance segment was stable at 92.1%, with increased adjusted net income of $13.1 million.

Tiptree Inc. (NASDAQ:TIPT) will host a conference call and webcast on August 5, 2021, at 9:00 AM ET to discuss its Q2 2021 results. Investors can access the presentation ahead of time on the company’s website. Questions for management can be submitted via email before the call starts. To listen, participants are advised to log in at least 15 minutes early. Playback of the call will be available from 1:00 PM ET on August 5 until midnight on August 12, 2021. Tiptree primarily operates through its Fortegra division, specializing in niche insurance and investment allocation.

Fortegra Financial Corporation, a specialty insurer and subsidiary of Tiptree (TIPT), has been named the exclusive vehicle service contract provider for Motorpoint, the UK's largest independent car retailer. This partnership, which commenced on May 1, 2021, aims to deliver a range of insurance add-on products like vehicle warranties and GAP insurance. Fortegra's strong financial stability and innovative offerings were key factors in Motorpoint's decision. Both companies report robust results despite COVID challenges.

The Fortegra Group, a global specialty insurer and subsidiary of Tiptree (NASDAQ: TIPT), announced an expansion of its partnership with Badcock Home Furniture. Fortegra will replace the previous service contract provider for appliances and electronics, becoming the exclusive provider of credit insurance and protection plans across Badcock’s 382 stores. The collaboration aims to enhance customer experience through a simplified service contract process tailored to consumer needs. Fortegra holds an A.M. Best Financial Strength Rating of A- (Excellent).