TIPT - Tiptree: Another Quarter Of Outstanding Insurance

2024-05-06 11:49:29 ET

Summary

• Tiptree reported a strong Q1, driven by Fortegra, with $34.1 million of adjusted net income and over 28% ROAE.
• The Fortegra IPO failed, but Tiptree and Warburg provided $40 million of growth capital.
• Tiptree's SotP valuation is over $40, with Fortegra dominating and Tiptree Capital's book value at $4 per share.

Tiptree First Quarter Review:

Tiptree ( TIPT ) reported another strong quarter driven by (you guessed it) Fortegra. That gem of an insurance company is blowing the doors off. It finished Q1 with $34.1 million of adjusted net income, 90.3% combined ratio, and over 28% ROAE....

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