Company: TIPT
Filing Date: 2025-10-17
Form Type: PREM14A
Source: 0001140361-25-038514
Chunk: 80

Company: TIPTREE INC.
Filing Date: 2025-10-17
Form: PREM14A
Chunk 80
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ger Agreement. This chronology does not purport to catalogue every conversation of or among members of the Tiptree Board, Tiptree’s representatives, Fortegra, Purchaser or their respective representatives and advisors, or other parties. Other than as described below, there have been no material contacts between Tiptree or Fortegra, on the one hand, and Purchaser, on the other hand, in the past two years.

The Tiptree Board and members of Tiptree management have periodically reviewed and evaluated Tiptree’s businesses, operations, financial performance, long-term strategies, competitive position and strategic opportunities with the goal of increasing stockholder value, including evaluating opportunities to access capital markets, potential acquisitions and dispositions of assets and businesses and potential partnering opportunities, including with the parties identified below, in light of developments at Tiptree, in the industries in which Tiptree and its subsidiaries operate, in the economy generally, and in financial markets.

On December 4, 2014, Tiptree acquired Fortegra, and since the acquisition, a significant portion of Fortegra’s earnings have been reinvested to grow Fortegra’s business, which business has had and continues to have an ongoing need for growth capital, particularly to expand its specialty insurance lines of business.

On October 16, 2017, a subsidiary of Fortegra issued $125.0 million of 8.5% Fixed Rate Resetting Junior Subordinated Notes due 2057 to raise capital in order to repay then-existing Fortegra indebtedness.

On March 15, 2021, Fortegra announced the launch of an initial public offering of shares of Fortegra common stock (an “IPO”) with the intent to use the net proceeds to, among other things, execute Fortegra’s growth strategy. The IPO was withdrawn on April 29, 2021 due to limited institutional investor demand at or near the expected valuation range.

On June 21, 2022, the WP Investor paid $200 million in cash to Fortegra to acquire an approximately 24% ownership stake in Fortegra, determined on a fully-diluted basis (the “WP Transaction”). Tiptree and Fortegra also entered into a stockholders’ agreement granting the WP Investor certain consent rights, including consents over an IPO of Fortegra or the sale of Fortegra in certain circumstances.

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Using the capital raised in the WP Transaction, Fortegra accelerated its growth strategy and,