Global specialty insurer and a subsidiary of Tiptree Inc., The Fortegra Group, Inc., has announced the withdrawal of its initial public offering.
“Due to prevailing market conditions and the high value Tiptree Inc. and Warburg Pincus LLC place on Fortegra and its growth prospects, Tiptree and Warburg have decided to withdraw the registration statement relating to the previously announced initial public offering by Fortegra,” the company stated.
In January 2024, Fortegra announced the launch of its initial public offering. The insurer had filed a registration statement on Form S-1 with the Securities and Exchange Commission to offer 18,000,000 shares of its common stock to the public.
The price range for the initial public offering was expected to be between $15.00 and $18.00 per share.
According to the announcement, the net proceeds gathered from the offering were going to be used to support Fortegra’s growth strategy, as well as for working capital and general corporate purposes.
“Tiptree and Warburg remain committed to supporting Fortegra as it continues to execute its growth strategy,” Fortegra also stated in its recent announcement regarding the IPO withdrawal.
