Company: TIPT
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001393726-25-000076
Chunk: 142

Company: TIPTREE INC.
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 8
Chunk 142
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1 million for the six months ended June 30, 2024. On November 7, 2024, Fortegra issued 150.0 million of 9.25% Fixed Rate Resetting Junior Subordinated Notes due November 2064. The proceeds of the 2024 Notes were used to repay outstanding indebtedness under Fortegra’s credit agreement, for insurance company growth capital and general corporate purposes. The increase in interest expense of $2.2 million, or 14.3%, was primarily driven by was primarily driven by the issuance of the new debt. 

For the six months ended June 30, 2025, depreciation and amortization expense was $8.9 million as compared to $9.9 million in 2024. Intangible amortization for the 2025 and 2024 periods is related to purchase accounting associated with acquisitions of Fortegra in 2014 and additional services businesses from 2019 to 2023.

Gross Written Premiums and Premium Equivalents (1)

The below table shows gross written premiums and premium equivalents by business mix for the six months ended June 30, 2025 and 2024:

($ in thousands)Six Months Ended June 30, 20252024Property and short-tail$524,516 $370,905 Contractual liability190,246160,212General liability243,832176,184Alternative risks171,019163,238Professional liability121,219138,330Europe105,08779,670Commercial lines$1,355,919 $1,088,539 Personal lines152,413163,004Insurance$1,508,332 $1,251,543 Auto and consumer goods warranty129,377165,295Other services23,09022,638Services$152,467 $187,933 Total$1,660,799 $1,439,476 

(1) The total gross written premiums and premium equivalents of $1,660.8 million and $1,439.5 million for the six months ended June 30, 2025 and 2024, respectively, were comprised of gross written premiums of $1,228.2 million and $1,030.9 million, plus assumed premiums of $280.1 million and $220.7 million, plus gross service and administrative fee additions of $152.5 million and $187.9 million, respectively. See Note (6) Reinsurance Recoverable and