Tiptree: Very Solid Operating Quarter Behind Mark-To-Market Noise

Summary

  • Fortegra top line growing 26%.
  • Fortegra combined ratio staying in the low 90s.
  • Investment from Warburg set to close this quarter.
  • Liquidation of shipping fleet starting.
  • Sum of the parts up to ~$26.

Jigsaw piece backlit

LdF/E+ via Getty Images

The Quarter

Tiptree (NASDAQ:TIPT) posted an excellent operating quarter last night (May 5). Adjusted net income came in a $15.5 million vs $13.2 million last year or $.44/share vs $.40/share.

Once again, Fortegra, the specialty insurance operation, remains

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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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