JACKSONVILLE, Fla. -- August 11, 2020 -- Fortegra Financial Corporation (“Fortegra”), a leading specialty insurer and subsidiary of Tiptree Inc. (“Tiptree”), announced today that it closed on a $200 million Senior Secured Credit Facility from a syndicate of banks led by Fifth Third Bank, N.A.. The entire amount is immediately available for letters of credit, with any remaining portion of the facility available for working capital.
“The facility, by combining working capital needs as well as access to letters of credit, affords Fortegra tremendous flexibility in meeting the company’s growth initiatives over the next several years.” said Fortegra CFO Mike Grasher. “We are grateful to the syndicate of banks who participated in the transaction and to Fifth Third Bank, who worked as lead arranger on the deal.”
Fortegra was offered an oversubscribed deal—a greater sum of credit than initially requested—indicative of the banks’ trust in the company’s financial footing. This sizable line of credit, with a maturity date of August 2023, provides a significant level of financial stability, allowing Fortegra greater freedom in building shareholder value through domestic and international expansion.
For media contact information please contact marketing@fortegra.com.
About Fortegra
Fortegra Financial Corporation (a Tiptree Inc. company) and its subsidiaries comprise a single-source insurance services provider that offers a range of consumer protection options including warranty solutions, credit insurance, and specialty underwriting programs. Since 1978, Fortegra’s collaborative approach and innovative protection products have fueled rapid growth and increasing demand from both domestic and international partners.