Company: TIPT
Filing Date: 2025-11-10
Form Type: PX14A6G
Source: 0001193125-25-274552
Chunk: 1

Company: TIPTREE INC.
Filing Date: 2025-11-10
Form: PX14A6G
Chunk 1
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 Stockholders scheduled for December 3,2025. The full text of the letter is below.

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November 10, 2025 Fellow Shareholders, Veradace Partners L.P. is a 5.0% shareholder of Tiptree Inc. and the Company’s second largest non-affiliatedshareholder. We are a long-term holder that first purchased shares in 2019 and have owned shares in the Company without interruption since then. We beneficially own 1,402,480 shares of the Company’s common stock and options to purchase another 489,300 shares. Veradace invested in Tiptree specifically because of its ownership of Fortegra, which over the last six years has accounted for the majority of Tiptree’s value. As of the September 26, 2025 announcement of the proposed sale (the “Proposed Transaction”) of Fortegra to DB Insurance Co., Ltd. (“DB Insurance”), Fortegra represented over 90% of Tiptree’s total value. 1 Fortegra is a leading provider of Specialty P&C and Warranty insurance and related services. Since 2019, when Veradace first invested, Fortegra’s adjusted net income as reported by Tiptree has grown from $32.9 million to $177.7 million, a 5.4x increase in under six years. Fortegra’s above-average growth and less volatile, more consistent combined ratio warrants a premium valuation relative to comparable companies. We believe this strong performance is the result of an insurance company that combines a Consumer and Warranty business with a Specialty Property and Casualty business, driving more consistent and less volatile earnings and higher returns. While we are disappointed that Tiptree’s Board of Directors has chosen to sell Fortegra to DB Insurance at an inadequate valuation, we find it more troubling that the Proposed Transaction’s structure is dramatically out of line with Tiptree shareholders’ best interests. As an asset sale, rather than a sale of consolidated Tiptree, the Proposed Transaction is extremely tax-inefficientfor Tiptree. The transaction structure appears to be designed to give Tiptree management a blank check of nearly $1 billion of shareholder funds. In aggregate, the difference between Tiptree’s current market cap and the proceeds to Tiptree from the Proposed Transaction exceed $400 million. The 23% decline in the Company’s share price since the Proposed Transaction was announced, and the more than $10 per share gap between the last closing share price and the Proposed Transaction’s value,