NEW YORK--(BUSINESS WIRE)--
Tiptree Inc. (NASDAQ:TIPT) (the “Company”) today announced that it has
engaged a broker in connection with a share repurchase program for the
daily repurchase of up to $10 million of the Company’s outstanding Class
A common stock (“Shares”). The Shares repurchased will be held at a
subsidiary as treasury shares and will not be outstanding for accounting
or voting purposes.
In addition, the Company’s Board of Directors extended the Company’s
authorization to make additional block repurchases of up to $10 million
of Shares in the aggregate, at the discretion of the Company's Executive
Committee. Consistent with the previous authorization, the Company
expects such share repurchases to be made from time to time in the open
market or through privately negotiated transactions, or otherwise,
subject to applicable laws and regulations. The timing of such share
repurchases will depend on a variety of factors, including but not
limited to, stock price, trading volume and general market conditions.
The Company may repurchase less than the combined $20 million of Shares
indicated above.
About Tiptree
Tiptree Inc. (NASDAQ:TIPT) is a holding company that combines insurance
operations with investment management expertise. The Company’s principal
operating subsidiary is a leading provider of specialty insurance
products and related services, including credit protection, warranty,
and programs which underwrite niche personal and commercial lines of
insurance. The Company also allocates capital across a broad spectrum of
investments, which is referred to as Tiptree Capital. Today, Tiptree
Capital consists of asset management operations, mortgage operations and
other investments. For more information, please visit www.tiptreeinc.com.
Cautionary Statement Regarding Forward-Looking Statements
This release contains “forward-looking statements” which involve risks,
uncertainties and contingencies, many of which are beyond the Company’s
control. All statements contained in this release that are not clearly
historical in nature are forward-looking, and the words “expect,”
“intend,” “may,” “might,” “plan,” “will,” or similar expressions are
intended to identify forward-looking statements. The forward-looking
statements are not guarantees of future performance and are subject to
risks, uncertainties and other factors, many of which are beyond our
control, are difficult to predict and could cause actual results to
differ materially from those expressed or forecast in the
forward-looking statements. Our actual results could differ materially
from those anticipated in these forward-looking statements as a result
of various factors, including, but not limited to those described in the
section entitled “Risk Factors” in the Company’s Annual Report on Form
10-K, and as described in the Company’s other filings with the
Securities and Exchange Commission. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak only as
to the date of this release. Except as required by laws, the Company
undertakes no obligation to update any forward-looking statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180319005163/en/
Tiptree Inc.
Investor Relations, 212-446-1400
ir@tiptreeinc.com
Source: Tiptree Inc.