Fortegra Group
| Formerly | Life of the South |
|---|---|
| Company type | Private |
| Founded | 1978 |
| Founder | Butch Houston |
| Headquarters | Jacksonville, Florida |
Key people | Butch Houston (founder) Rick Kahlbaugh (CEO)[1][2] Mark Rattner (CUO) Abbie Taylor (COO)[3] |
| Parent | Tiptree Holdings |
| Website | fortegra |
The Fortegra Group, formerly Life of The South, is a Jacksonville-based multinational insurance company founded in 1978.[4][5][6] It is a subsidiary of Tiptree Holdings and has a presence in the United States and Europe.[7][8][9]
Overview
[edit]Life of the South was founded by Butch Houston in 1978 and later rebranded as Fortegra in 2008. The company started as a regional monoline Insurer in rural Georgia before relocating its headquarters to Jacksonville, Florida, in 1995. Its Initial Public Offering (IPO) began in 2007 when Summit Partners acquired 85% of its stake with US $100 million.In 2010, after Fortegra went public, Summit Partners held its majority stock of 62%, and then in 2014, it was sold to Tiptree Holdings for US $218 million. Since then, Fortegra Group has been a subsidiary of Tiptree Holdings.[4][5][6][10]
With the acquisition of ProtectCELL in 2013 and Smart AutoCare and Defend Insurance Group in 2019 as subsidiaries, Fortegra expanded into specialty insurance, motor club, vehicle service contracts, warranty solutions, and premium financing, establishing its offices in Prague, Czech Republic, and London, the United Kingdom.[11] In 2015, Fortegra started selling its products in Europe and later founded its Malta-based subsidiary, Fortegra Europe Insurance, in 2018. In 2020, The company launched its insurance subsidiary, Fortegra Specialty Insurance Group, providing excess and surplus lines products.[12][13][14] In 2023, The Specialty Insurance Group partnered with Rockwood Programs and launched Bankers Defender, a program to assist bankers, brokers, and asset-based lenders..[15]
Fortegra Group continued expanding in the Europe with the acquisition of a secondary intermediary group in the UK automotive industry, ITC Compliance, in 2022 and a majority stake in automotive product provider Premia Solutions in the following year.[16][17] In 2022, Warburg Pincus, a private equity firm, bought a 24% stake in the company with US $200 million of investment.[18][19][20]
In 2022, the financial performance of Fortegra included $1.2 billion in premium growth revenue and $2.0 billion in assets. As of 2024, Fortegra’s acquisitions also includes ProtectCell, Smart AutoCare, and Defend Insurance Group..[21][22][23]
References
[edit]- ^ Gallin, Luke (2023-04-20). "After an impressive two decades, we'd like the growth to continue: Fortegra CEO, Kahlbaugh - Reinsurance News". ReinsuranceNe.ws. Retrieved 2024-04-26.
- ^ None (2023-09-07). "Fortegra making property play to take advantage of hard market". The Insurer. Retrieved 2024-04-26.
- ^ "Fortegra bolsters leadership team with key appointments". www.insurancebusinessmag.com. Retrieved 2024-04-26.
- ^ a b Bookmark +, Staff •. "Life of the South Changes Name to Fortegra Financial Corp". www.fi-magazine.com. Retrieved 2024-04-26.
- ^ a b Bruce, Billy (2007-06-28). "Summit Partners buys Life of the South". Valdosta Daily Times. Retrieved 2024-04-26.
- ^ a b "Fortegra Financial agrees to $218M buyout agreement from Tiptree". Jax Daily Record. 2014-08-12. Retrieved 2024-04-26.
- ^ "Fortegra Acquires ITC Compliance". ffnews.com. Retrieved 2024-04-26.
- ^ "Fortegra acquires majority interest stake in Premia Solutions". www.insurancebusinessmag.com. Retrieved 2024-04-26.
- ^ Mishra, Shivam (2023-02-10). "Fortegra bolsters UK and Irish portfolio with Premia deal". Life Insurance International. Retrieved 2024-04-26.
- ^ Bull, Roger. "Jacksonville-based Fortegra Financial sold for $218 million". The Florida Times-Union. Retrieved 2024-04-26.
- ^ Gallin, Luke (2023-04-20). "After an impressive two decades, we'd like the growth to continue: Fortegra CEO, Kahlbaugh - Reinsurance News". ReinsuranceNe.ws. Retrieved 2024-04-26.
- ^ "Fortegra moves into Europe". www.insurancebusinessmag.com. Retrieved 2024-04-26.
- ^ "Fortegra CEO introduces new specialty insurance company". www.insurancebusinessmag.com. Retrieved 2024-04-26.
- ^ None (2020-01-29). "Fortegra looks to build $200mn casualty program book". The Insurer. Retrieved 2024-04-26.
- ^ Mukhopadhyay, Akankshita (2023-07-13). "Fortegra & Rockwood Programs partner to provide tailored solutions for financial institutions - Reinsurance News". ReinsuranceNe.ws. Retrieved 2024-04-26.
- ^ "Fortegra completes UK acquisition". www.insurancebusinessmag.com. Retrieved 2024-04-26.
- ^ Brady, Sarah (2023-02-09). "Fortegra acquires majority interest in Premia Solutions". Motor Finance Online. Retrieved 2024-04-26.
- ^ None (2021-04-30). "Tiptree pulls IPO of specialty insurer Fortegra". The Insurer. Retrieved 2024-04-26.
- ^ None (2022-06-22). "Warburg Pincus completes $200mn investment in Fortegra". Program Manager. Retrieved 2024-04-26.
- ^ None (2023-03-09). "Fortegra UW and fee margin hits $78mn as CR ticks up 40bps to 89.8% in Q4". The Insurer. Retrieved 2024-04-26.
- ^ "US insurer reveals plan to expand into the UK - Insurance Post". www.postonline.co.uk. 2023-04-26. Retrieved 2024-04-26.
- ^ None (2023-08-03). "Fortegra Q2 adjusted net income up 59% as CR improves 40bps". The Insurer. Retrieved 2024-04-26.
- ^ Sheehan, Matt (2023-03-10). "Fortegra specialty business drives revenue growth at Tiptree - Reinsurance News". ReinsuranceNe.ws. Retrieved 2024-04-26.