On February 23, 2015, the board of directors of Tiptree Financial Inc. appointed each of Geoffrey Kauffman and Jonathan Ilany as Co-Chief Executive Officers. Messrs. Kauffman and Ilany continue to serve as members of the board of directors of Tiptree.

Michael Barnes remains Tiptree's Executive Chairman. Tiptree continues to be managed by a management Executive Committee consisting of Messrs. Barnes, Kauffman and Ilany.

The Executive Committee is responsible for strategic planning, capital allocation among Tiptree's business sectors, overseeing M&A activity and risk management. Geoffrey Kauffman is primarily responsible for Tiptree's insurance businesses and overseeing the daily operations of the finance, accounting and legal functions. Jonathan Ilany is primarily responsible for Tiptree's asset management, real estate and specialty finance businesses.

Separately, on February 24, 2015, Richard Claiden informed the company that he was resigning from his position as Chief Financial Officer of Tiptree, effective February 28, 2015, for personal reasons. The company announced that Mr. Claiden has agreed to continue as a part time employee of Tiptree as a consulting senior advisor on accounting and financial reporting matters, on an ongoing basis beginning on March 1, 2015. Tiptree is conducting a search for a successor CFO and has engaged the assistance of a nationally recognized executive search firm.

In the interim, Julia Wyatt, Chief Operating Officer, will oversee the accounting and finance department until a successor CFO is hired.