Company: TIPT
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001393726-25-000076
Chunk: 245

Company: TIPTREE INC.
Filing Date: 2025-07-30
Form: 10-Q
Item: Part II, Item 8
Chunk 245
---
5 percentage points to 14.2%, as compared to 11.7% in the prior year period, driven by our continued investment in growing our E&S business. 

Underwriting and Fee Revenues and Margin - Non-GAAP 

The below tables show underwriting and fee revenues and underwriting and fee margin by business mix for the three months ended June 30, 2025 and 2024.

Three Months Ended June 30, ($ in thousands)20252024InsuranceServicesTotalInsuranceServicesTotalUnderwriting and Fee Revenues (1)$382,835$86,723$469,558$399,628$95,523$495,151Net losses and loss adjustment expenses197,871—197,871205,259—205,259Member benefit claims—28,60128,601—28,71628,716Commission expense (2)89,91932,640122,559118,80234,371153,173Underwriting and Fee Margin (1)$95,045$25,482$120,527$75,567$32,436$108,003Loss ratio51.7 %33.0 %48.2 %51.4 %30.1 %47.3 %Acquisition ratio23.5 %37.6 %26.1 %29.7 %36.0 %30.9 %Underwriting ratio75.2 %70.6 %74.3 %81.1 %66.1 %78.2 %

61

(1)    See “—Non-GAAP Reconciliations” for a discussion of non-GAAP financial measures.

(2)     Commission expense in this table is presented net of ceding fees and ceding commissions of $14.4 million and $3.5 million, respectively, as of the three months ended June 30, 2025, and $15.0 million and $5.1 million, respectively, as of the three months ended June 30, 2024. 

Underwriting and fee revenues were $469.6 million for the three months ended June 30, 2025 as compared to $495.2 million for the three months ended June 30, 2024. Total underwriting and fee revenues decreased $25.6 million, or 5.2%. The decrease in Insurance was $16.8 million, or 4.