Tiptree: Ignore The Noise And Focus On The Profits

2025-05-15 07:32:51 ET

Summary

• Fortegra delivered strong Q1 results with 13% premium growth, 18% adjusted net income growth, and a highly profitable 89.9% combined ratio.
• Deliberate reduction in low-ROAE services supports focus on core insurance, with premium growth outpacing comps despite industry headwinds from wildfires.
• Tiptree's $1.5B+ float yields 4.1%, generating significant carry and supporting robust earnings power for the next several years.
• Valuation remains compelling: with high ROAE, strong growth, and a large float, shares should trade much higher, making any dip a buying opportunity.

Tiptree Q1 Review:

Tiptree ( TIPT ) reported another nice quarter on April 30th. Since this is all about Fortegra right now, I'll focus on the highlights there....

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