Tiptree Announces Strategic Investment in Fortegra From Warburg Pincus LLC
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Tuesday, October 12, 2021
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Tiptree Inc. (NASDAQ:TIPT) (Tiptree or the Company), today announced a $200 million strategic investment in its insurance subsidiary, The Fortegra Group, LLC (Fortegra) from Warburg Pincus, a leading global growth investor.
Key Points:
- Tiptree Inc. (NASDAQ:TIPT) (Tiptree or the Company), today announced a $200 million strategic investment in its insurance subsidiary, The Fortegra Group, LLC (Fortegra) from Warburg Pincus, a leading global growth investor.
- The investment will give Warburg Pincus an approximate 24% ownership in Fortegra on a fully diluted basis and is expected to close in the first quarter 2022.
- With the backing of Tiptree and Warburg Pincus, Fortegra enters its next phase of growth focused on the specialty admitted and E&S lines, while maintaining its historically strong underwriting principles.
- Joining forces with Warburg Pincus is yet another chapter in the Fortegra story and together Fortegra, Tiptree and Warburg Pincus will accelerate the exceptional growth and profitability of Fortegra, said Rick Kahlbaugh, the Chief Executive Officer of Fortegra.