Tiptree posts $9.1m net income in Q1’24, Fortegra’s CR sits at 90.3%

Tiptree has posted a net income of $9.1 million for the first quarter of 2024, compared to a net loss of $1.1 million in the first quarter of 2023.

The company attributed this increase towards growth seen within their insurance business, improved mortgage operations and investments gains.

Tiptree also posted $498.2 million in revenues for the quarter, climbing 30.6% from Q123, which the company noted was driven by growth in Fortegra’s specialty insurance lines, investment gains, and higher mortgage revenues.

It is important to highlight, that on March 28, 2024, Tiptree and Warburg contributed $29.2 million and $9.6 million, respectively, to Fortegra in exchange for Fortegra Common Stock. As of March 31, 2024, Fortegra was owned approximately 79.3% by Tiptree Holdings, 17.7% by Warburg and 3.0% by management and directors of Fortegra.

Within the Fortegra Group, gross written premiums (GWP) and premium equivalents of $663.4 million increased 6.8% for the quarter, which was driven primarily by growth in specialty E&S insurance lines.

Net written premiums within the Fortegra Group came in at $318.2 million for the quarter, representing an increase of 13.2% consistent with the growth in GWP and premium equivalents, in addition to the increased retention on Fortegra’s whole account quota share reinsurance agreement from 30% to 40%, effective April 1, 2023.

The Fortegra Group’s combined ratio for Q124 was 90.3%, compared to 91.6% in Q123.

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