Slide 1: Tiptree Announces $200mm Investment by Warburg Pincus in Fortegra
EXHIBIT 99.2 Tiptree Announces $200mm Investment by Warburg Pincus in Fortegra Investment Will Accelerate Growth Opportunities October 12, 2021
Slide 2: Disclaimers
Disclaimers LIMITATIONS ON THE USE OF INFORMATION This presentation has been prepared by Tiptree Inc. and its consolidated subsidiaries (“Tiptree", "the Company" or "we”) solely for informational purposes, and not for the purpose of updating any information or forecast with respect to Tiptree, its s
Slide 3: Transaction Summary
Transaction Summary $200mm strategic investment in Fortegra by Warburg Pincus, representing a 24% ownership1 stake in Fortegra Strategic Rationale ✓ Warburg Pincus is a leading private equity firm with significant related investment experience ✓ Validates Fortegra’s growth story and brings new relat
Slide 4: Details of the Transaction
Details of the Transaction • Committed to a $200 million investment in Fortegra by Warburg Pincus o $120 million common equity Investment o $80 million convertible preferred • Represents 24% ownership interest in Fortegra on an as-converted basis • Expected to close in the first quarter of 2022, sub
Slide 5: Pro-forma SOTP Value
Pro-forma Value per SOTP Value TIPT share $549 million1 $16.20 (Transaction valuation) NASDAQ: TIPT $187 million $5.52 (Book value ex. NCI) Market Cap: $356 million Share Price: $10.49 Holding Company $62 million2 $1.83 (Book value) Shares outstanding: 33.9 million $798 million $23.55 (As of 10/8/20
Slide 6: Reinforces Tiptree's strategic objectives
Reinforces Tiptree’s strategic objectives Strategic partnership with Warburg Pincus is the first step toward our goal of demonstrating Fortegra’s intrinsic value Continue to focus on long-term shareholder value creation ✓ Seek new acquisition opportunities ✓ Invest in existing subsidiaries ✓ Opp
Slide 7: Appendix
Appendix
Slide 8: Overview of Fortegra
Overview of Fortegra ($ in millions) ✓ Established, growing, vertically integrated specialty insurer 91% 18% $288mm that focuses on niche insurance & capital-light fee business. 5-year Average Q2’21 LTM Q2’21 GAAP Combined Ratio Adjusted ROAE Equity ✓ Unique & diverse combination of underwriting and
Slide 9: Compelling Growth Story
Compelling Growth Story A Maintain & Expand Existing Programs B New & Renewal Programs Addressable Fortegra LTM Market GWPPE ◼ $1.4Bn UEP & Deferred Revenue ◼ ~95% persistency with insurance agents ◼ Excess & Surplus Insurance $56bn¹ $62mm ◼ Recent acquisitions to accelerate growth — Fortegra Specia
Slide 10: The Fortegra Difference
The Fortegra Difference Fortegra is a specialty program insurer. CONSISTENT CONSISTENT CONSISTENT Growth Profitability Risk Management We win new business We marry underwriting & fee We maintain the business we because of the breadth of our revenue to create consistent win by expanding our agents’ u
Slide 11: Tiptree Inc.
TiptreeInc. ir@tiptreeinc.com