Tiptree Buybacks 5.596 Million Shares For $36.37 Million

Tiptree Financial Inc.

disclosed that it bought back 5.596 million shares of Class A common stock for aggregate consideration of $36.37 million from ProSight Specialty Insurance Group, Inc. According to the company, the transaction is expected to be accretive to both book value, as well as, earnings per share on a GAAP basis. The company indicated that the shares acquired would be held as treasury shares and would not be outstanding for either accounting or voting purposes. The company stated that after the latest transaction, there were 29.257 million shares of Tiptree Class A common stock outstanding. The stock traded 5.11 percent higher on Thursday.