Junior subordinated notes issuance comes in
anticipation of growing Fortegra's operations
JACKSONVILLE, 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"). 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.
"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
Peña, 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:
- Deepen partner relationships through tailored insurance
solutions;
- Enhance risk management capabilities to protect partners' and
policyholders' interests; and
- Boost profitability through targeted growth initiatives.
"This transaction demonstrates our commitment to delivering
long-term value to our partners, policyholders and shareholders,"
added Peña. "We're well-positioned to capitalize on market
opportunities while maintaining a strong focus on risk management,
business growth, and operational excellence."
The Notes were offered pursuant to Rule 144A under the
Securities Act of 1933, as amended (the "Securities Act") to
eligible purchasers in the United States and to
non-U.S. persons outside of the United
States pursuant to Regulation S under the Securities Act. The
Notes and the guarantees thereof have not been, and will not be,
registered under the Securities Act or any state securities laws
and may not be offered or sold absent registration or an applicable
exemption from the registration requirements of the Securities Act
and applicable state laws. This press release is neither an offer
to sell nor solicitation of an offer to buy the Notes or any other
securities and shall not constitute an offer, solicitation or sale
in any jurisdiction in which such offer, solicitation or sale is
unlawful.
About Fortegra
For more than 45 years, Fortegra, via
its subsidiaries, has underwritten risk management solutions that
help people and businesses succeed in the face of uncertainty. As a
multinational specialty insurer whose insurance subsidiaries have
an A.M. Best Financial Strength Rating of A- (Excellent) and an
A.M. Best Financial Size Category of 'X', we offer a diverse set of
admitted and excess and surplus lines insurance products and
warranty solutions. For more
information: www.fortegra.com
Contact:
media@fortegra.com
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SOURCE Fortegra
