Holding company Tiptree has reported a net income of $11.9 million for the third quarter of 2024, up from $2.2 million in Q3 2023, driven by growth in its insurance business.
Adjusted net income reached $27.9 million, a 55.9% increase from $17.9 million in Q3 2023, due to higher insurance revenues and a stable combined ratio.
Total revenues for the quarter were $494.4 million, an 18.7% year-over-year increase, primarily fueled by Fortegra’s specialty insurance lines.
The Fortegra Group, Tiptree’s global specialty insurance subsidiary, recorded $776.8 million in gross written premiums and premium equivalents, a 13.2% increase driven by growth in specialty E&S insurance lines.
Net written premiums within the Fortegra Group reached $389.3 million, marking a 16.6% increase.
Fortegra noted that this increase was consistent with the growth in gross written premiums and premium equivalents and increased retention on Fortegra’s whole account quota share reinsurance agreement.
Revenues increased 18.2% for the quarter driven by premium growth in specialty E&S and admitted lines.
The combined ratio remained steady at 90.2%, compared to 90.5% in Q3 2023, underscoring Fortegra’s consistent underwriting performance and operational scalability.
Income before taxes increased by 32.2% to $47.2 million, with adjusted net income rising 33.3% to $40.0 million for the quarter.
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