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Tiptree announces $20M share buyback plan

Tiptree Inc. has hired a broker for the daily repurchase of up to $10 million of its outstanding class A common stock.

The repurchased shares will be held at a subsidiary as treasury shares and will not be outstanding for accounting or voting purposes.

Additionally, the board allowed the company, at the discretion of its executive committee, to make additional block repurchases of up to $10 million. The company expects to make such share repurchases from time to time in the open market or through privately negotiated transactions, or otherwise. In total, the company may repurchase less than $20 million of shares.