Care Investment Trust Inc. Announces Executive Changes
January 03, 2013 at 05:32 pm EST
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On December 31, 2012, Care Investment Trust Inc. entered into a Contribution Agreement with Tiptree Financial Partners, L.P. (Tiptree) and Tiptree Operating Company, LLC, a newly formed Delaware limited liability company and wholly owned subsidiary of the company. As of the Effective Date,
Tiptree owned approximately 90.8% of the issued and outstanding shares of the company's common stock, par value $0.001 per share. In connection with the Contribution Transactions and pursuant to the Contribution Agreement, on December 31, 2012, Salvatore (Torey) V. Riso, Jr., J. Rainer Twiford and Jean-Michel (Mitch) Wasterlain agreed to resign from the Board subject to, and effective at, the Closing. The company and Tiptree expect that Geoffrey Kauffman, the President and Chief Executive Officer of Tiptree, and Julia Wyatt, the Chief Financial Officer of Tiptree, will serve in such roles with the expanded company following the Closing. The company also expects that following the Closing Mr. Riso (President and Chief
Executive Officer) and Joseph B. Sacks (Principal Accounting Officer and Controller) who currently serve in these capacities, will continue to serve in such roles in connection with the continued management of Care's assets and business, which will be held by a subsidiary of the Operating Subsidiary.
Tiptree Inc. is a holding company engaged in allocating capital to select small and middle market companies across industries. The Company invests across a variety of industries and asset types, including the insurance, asset management, specialty finance, real estate, and shipping sectors. The Companyâs segments include Insurance and Tiptree Capital. The Insurance segment consists of Fortegra Group, LLC (Fortegra), which is a multinational specialty insurance company focused on underwriting complex and niche risks in underserved markets. Fortegra is an underwriting-focused company, with expertise within the admitted and excess and surplus (E&S) insurance lines and capital light fee-based services markets. It owns a diversified group of businesses and investments that are owned and managed separately as Tiptree Capital, which includes its mortgage segment operations. Tiptree Capital consists primarily of its mortgage operations and principal investments.