Company: TIPT
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001393726-25-000076
Chunk: 16

Company: TIPTREE INC.
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 2
Chunk 16
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For the three months ended June 30, 2025, employee compensation and benefits were $37.7 million and other expenses were $28.3 million, as compared to $31.6 million and $27.6 million, respectively, for the three months ended June 30, 2024. Employee compensation and benefits increased by $6.2 million, or 19.5%, driven by investments in human capital associated with growth in E&S, admitted and services lines. Other expenses increased by $0.8 million, or 2.7%, driven by increased marketing and information technology expenses, partially offset by a decrease in fair value of the Fortegra Additional Warrant liability of $1.4 million. 

For the three months ended June 30, 2025, interest expense was $8.4 million as compared to $7.5 million for the three 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 $0.9 million, or 12.3%, was primarily driven by the issuance of the new debt.

For the three months ended June 30, 2025, depreciation and amortization expense was $4.5 million, as compared to $4.8 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.

59

Gross Written Premiums and Premium Equivalents (1)

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

($ in thousands)Three Months Ended June 30, 20252024Property and short-tail$304,705 $221,460 Contractual liability113,95277,003General liability144,948103,966Alternative risks85,83986,570Professional liability57,23270,162Europe58,11137,962Commercial lines$764,787 $597,123 Personal lines76,93484,569Insurance$841,721 $681