Company: TIPT
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393726-25-000055
Chunk: 155

Company: TIPTREE INC.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part II, Item 8
Chunk 155
---
2 million in three months ended March 31, 2024.

For the three months ended March 31, 2025, interest expense was $8.9 million as compared to $7.6 million for the three months ended March 31, 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 $1.2 million, or 16.3%, was primarily driven by was primarily driven by the issuance of the new debt. 

For the three months ended March 31, 2025, depreciation and amortization expense was $4.5 million, including $3.3 million of intangible amortization related to purchase accounting associated with acquisitions of Fortegra in 2014 and additional services businesses from 2019 to 2023, as compared to $5.1 million, including $4.0 million of intangible amortization from purchase accounting in 2024.

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 March 31, 2025 and 2024:

56

($ in thousands)Three Months Ended March 31, 20252024Property and short-tail$219,811 $149,193 Contractual liability76,29483,209General liability98,88472,470Alternative risks85,18076,668Professional liability63,98768,168Europe46,97641,708Commercial lines$591,132 $491,416 Personal lines75,47978,435Insurance$666,611 $569,851 Auto and consumer goods warranty74,84681,968Other services11,71811,598Services$86,564 $93,566 Total$753,175 $663,417 

(1) The total gross written premiums and premium equivalents of $753.2 million and $663.4 million for the three months ended March 31, 2025 and 2024, respectively, were comprised of gross written premiums of $538.7 million and $457.1 million, plus assumed premiums of $127.9 million and $112.