Tiptree Inc. · NASDAQ:TIPT
Tiptree — Tiptree Financial — Investor Presentation (May 2014)
16 slides from Tiptree's investor presentation, May 14, 2014
Slide 1: Company Overview May 2014
COMPANY OVERVIEW May 2014 Financial information as of March 2014 TIPTREE FINANCIAL INC. TIPTREE FINANCIAL INC. NASDAQ: TIPT
Slide 2: Disclaimer: Limitations on the Use of Information
DISCLAIMER 1 TIPTREE FINANCIAL INC. LIMITATIONS ON THE USE OF INFORMATION This presentation has been prepared by Tiptree Financial Inc. (the “Company” or “Tiptree”) solely for informational purposes, and not for the purpose of updating any information or forecast with respect to the Company, its sub
Slide 3: Diversified Holding Company Focused on Four Key Industry Sectors
DIVERSIFIED HOLDING COMPANY FOCUSED ON FOUR KEY INDUSTRY SECTORS 2 Advantageous structure for shareholder value creation Opportunistically explores acquisitions Focuses on scalable business models that will benefit from patient capital Partners with deeply experienced and motivated entrepren
Slide 4: An Active History of Successful Transactions
August 2010 Completed majority control acquisition of Care Investment Trust AN ACTIVE HISTORY OF SUCCESSFUL TRANSACTIONS 3 February 2009 Completed majority control acquisition of Muni Funding Company of America June 2010 Completed majority control acquisition of Philadelphia Financial Group April 20
Slide 5: Investment Highlights
INVESTMENT HIGHLIGHTS 4 TIPTREE FINANCIAL INC. 1 Total return since inception to original investors of Tiptree Financial Partners, L.P. and is defined as total dividends received plus economic book value as of March 31, 2014. 2 Based upon initial purchase price per share net of fees and expenses and
Slide 6: Significant Competitive Advantages
Patient capital partner • Permanent capital vehicle • No fixed time horizons SIGNIFICANT COMPETITIVE ADVANTAGES 5 TIPTREE FINANCIAL INC. 1 Includes debt and equity capital transactions, acquisitions and other strategic transactions. Industry expertise • Focus on financial services • Extensive indust
Slide 7: Seasoned Executive Management Team
SEASONED EXECUTIVE MANAGEMENT TEAM 6 TIPTREE FINANCIAL INC. Senior Management Title Company Years Experience Year Joined Tiptree Michael Barnes Executive Chairman Tiptree Financial Inc. 27 2007 Geoffrey Kauffman President & Chief Executive Officer Tiptree Financial Inc. 27 2007 Julia Wyatt Chief Fin
Slide 8: Our Operating Subsidiaries
OUR OPERATING SUBSIDIARIES 7 TIPTREE FINANCIAL INC. Telos Asset Management Specialty finance company focused on tax-exempt lending Specialty life insurance company and third party administrator ` Healthcare focused real estate investment and finance company Asset management company primarily focused
Slide 9: Investment Summary
INVESTMENT SUMMARY 8 TIPTREE FINANCIAL INC. 1 Based upon initial purchase price per share net of fees and expenses and consolidated economic book value as of March 31, 2014; a reconciliation of economic book value to reported GAAP results is in the appendix to this document. Patient capital partner
Slide 10: Appendix
9 APPENDIX TIPTREE FINANCIAL INC.
Slide 11: Tiptree Organizational Structure
TIPTREE ORGANIZATIONAL STRUCTURE 10 Tiptree Financial Inc. NASDAQ: TIPT (Maryland corporation) Unit holders Public Stockholders Tiptree Operating Company, LLC2 (Delaware limited liability company) Operating Subsidiaries Member • Membership units (~75%1) • Redeemable for shares of Class A common stoc
Slide 12: Case Study: Acquisition of Philadelphia Financial Group
CASE STUDY: ACQUISITION OF PHILADELPHIA FINANCIAL GROUP 11 Tiptree has a consistent history of being a valuable partner Philadelphia Financial Group (“PFG”) is a leading provider of private placement life insurance and a third party administrator to the ultra high net worth and institutional marke
Slide 13: Operating Subsidiaries
OPERATING SUBSIDIARIES 12 TIPTREE FINANCIAL INC. Summary Highlights Telos Asset Management (“Telos”) is an asset management company primarily focused on senior secured corporate credit, primarily in the form of CLOs Approximately $1.5 billion in AUM1 Tiptree acquired Telos in June 2012 from Tr
Slide 14: Operating Subsidiaries
OPERATING SUBSIDIARIES 13 TIPTREE FINANCIAL INC. Summary Highlights Muni Funding Company of America (“MFCA”) is a specialty finance company focused on tax-exempt lending, primarily in the healthcare, educational and social services sectors Tiptree acquired its initial interest in MFCA in Februar
Slide 15: Operating Subsidiaries
OPERATING SUBSIDIARIES 14 TIPTREE FINANCIAL INC. Summary Highlights Philadelphia Financial Group (“PFG”) is a private placement life insurance company focused on high- net worth and institutional markets Tiptree acquired PFG in June 2010 from The Phoenix Companies; July 2012, PFG acquired a thir
Slide 16: Reconciliation of U.S. GAAP to Economic Book Value
RECONCILIATION OF U.S. GAAP TO ECONOMIC BOOK VALUE1 15 TIPTREE FINANCIAL INC. 1 Economic Book Value (“EBV”) is a non-GAAP financial measure which Tiptree uses to evaluate the performance of its core business. Tiptree believes that EBV provides greater transparency and enhanced visibility into the un