Tiptree Financial (TIPT) 2017年年度报告「NASDAQ」.pdf

1、2017Annual Report to Shareholders April 25,2018 1 To Our Fellow Shareholders,In 2017,we continued to focus on our strategic goals to:1.Expand our insurance operations as a leading provider of specialty insurance products,while maintaining our strong underwriting standards and performance;2.Grow and

2、refine the investments held within Tiptree Capital;and 3.Generate enhanced,risk-adjusted investment returns.In our insurance business,we took two key steps to support our growth objectives:1)we established a presence in Europe to expand our distribution channels,and 2)we refinanced a senior term cre

3、dit facility with the issuance of 40-year Junior Subordinated Notes to further enhance our capital base.We present our non-insurance holdings as Tiptree Capital,where we invest across a broad spectrum of asset types.In 2017,we continued to make significant progress toward our goals of simplifying ou

4、r strategy,improving the transparency of our financial reporting and better allocating our capital to areas we believe will achieve higher returns.As a step toward achieving these goals,in April 2018,we completed a corporate reorganization that eliminates our dual class stock structure.In February o

5、f 2018,we completed the sale of Care Investment Trust(“Care”),our senior living business,to Invesque(IVQ-U)in exchange for a net 16.4 million common shares,which we estimate will result in a$0.91 increase to our book value per share.1 As a large shareholder of the combined company we believe Invesqu

6、es scale and diversification will lead to improved capital markets access which will support its growth objectives.We have confidence in the Invesque leadership and believe the long-term prospects of the senior living sector remain favorable.We also completed the sale of our commercial lending compa