Fortegra Secures $150 Million in Capital to Support Growth
Summary
Junior subordinated notes issuance comes in anticipation of growing Fortegras operationsJACKSONVILLE, Fla., Nov. 8, 2024 /PRNewswire/ -- The Fortegra Group, Inc. ("Fortegra"), a multinational specialty insurer and subsidiary of Tiptree Inc. (NASDAQ:TIPT), today announced the successful completion of $150 million of 9.25% Fixed Rate Resetting Junior Subordinated Notes due 2064 (the "Notes"). "This strategic financing enables Fortegra to drive profitable growth and optimally manage risk for our partners and policyholders across the US and Europe," said Ed Pe\xf1a, Chief Financial Officer. "By strengthening our capital position, we can further enhance our specialty insurance offerings, expand our warranty and consumer products businesses, and diversify our risk portfolio. "This investment will allow Fortegra to: Enhance risk management capabilities to protect partners and policyholders interests; and"This transaction demonstrates our commitment to delivering long-term value to our partners, policyholders and shareholders," added Pe\xf1a. "Were well-positioned to capitalize on market opportunities while maintaining a strong focus on risk management, business growth, and operational excellence.