The Fortegra Group, a global specialty insurer and a subsidiary of Tiptree Inc., has completed $150 million of 9.25% Fixed Rate Resetting Junior Subordinated Notes due 2064 (the Notes).
With this investment, Fortegra aims to deepen partner relationships through tailored insurance solutions, enhance risk management capabilities to protect partners’ and policyholders’ interests, and boost profitability through targeted growth initiatives.
The Notes, to be issued under an indenture, will be junior, subordinated and unsecured obligations of Fortegra, and will be guaranteed on a junior subordinated basis by certain subsidiaries of Fortegra, explained the insurer.
Ed Peña, Chief Financial Officer, commented, “This strategic financing enables Fortegra to drive profitable growth and optimally manage risk for our partners and policyholders across the US and Europe.
“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 transaction demonstrates our commitment to delivering long-term value to our partners, policyholders and shareholders. We’re well-positioned to capitalize on market opportunities while maintaining a strong focus on risk management, business growth, and operational excellence.”
