Global specialty insurer Fortegra, a subsidiary of Tiptree, has announced it has acquired a majority interest in Premia Solutions Limited, further expanding its Automotive Market Solutions in the UK and Ireland.
Founded in 2000, Premia supports more than 2,000 automotive dealerships and leasing brokers, offering a suite of add-on insurance and warranty products.
The acquisition continues Fortegra’s growth across Europe and the UK, a region which it expanded into in 2017.
Sanjay Vara, Chief Underwriting Officer and Executive Vice President at Fortegra, commented, “We are excited to join forces with Premia, a market leader and Fortegra partner since 2018.
“Coupled with our acquisition last year of ITC Compliance Limited – the UK’s largest secondary intermediary Financial Conduct Authority (FCA) Network – we, as a Group, are now well positioned as a vertically integrated, single source provider for the Automotive Finance and Insurance sector.
“Together we will continue to innovate and provide quality, compliant products and services for our clients.”
Conrad Gamble, Premia’s Founder and CEO, added, “Premia Solutions has established itself over the last 20 years in partnership with many of the largest dealer groups in the UK.
“This investment provides Premia with the opportunity to take its next step and continue to grow its business and clients in the U.K. automotive market.
“Expanding an already strong partnership, adding the financial strength and strong, growing reputation of Fortegra, we will continue to develop industry-leading solutions that enable our clients to meet the needs of their customers in today’s evolving marketplace.”
