Tiptree: Another Great Operational Quarter Accompanies The Value Monetization

Summary

  • Continued underwriting growth and improved combined ratio/ROE's at Fortegra Insurance.
  • Slowing growth at mortgage underwriter offset by improved returns in shipping.
  • Invesque basically down to pure option value.
  • Private market value of Fortegra plus book value of other pieces adds up to ~$24 share, up 50%.
The Complete exceeds the sum of its parts

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The Quarter

Tiptree (NASDAQ:TIPT) reported EPS of $0.06 for Q3 2021 versus $0.35 last year. That earnings number includes about a $12.5 million mark to market loss on the company's Invesque shares (OTCPK:MHIVF). Back that loss

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Analyst’s Disclosure:I/we have a beneficial long position in the shares of TIPT either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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