JACKSONVILLE, Fla.--(BUSINESS WIRE)--Fortegra Financial Corporation (“Fortegra”), a leading specialty insurer and subsidiary of Tiptree Inc. (NASDAQ: TIPT) (“Tiptree”), announced today the formation of a new excess and surplus lines subsidiary, Fortegra Specialty Insurance Company.
Now that it has received approval in its domicile state of Arizona, Fortegra’s new E&S subsidiary is working to obtain the remaining regulatory approvals necessary to conduct business throughout the United States. Fortegra anticipates that underwriting within the E&S company will commence in the fourth quarter of 2020.
Richard Kahlbaugh, CEO of Fortegra, commented: “We have seen rates harden in the market. The catalysts for the hardening are diverse and as such we expect the trend to continue for the foreseeable future. Adding an excess and surplus lines company to our portfolio was a natural response, allowing us to broaden our product reach and scope within the U.S.”
Kahlbaugh further added, “Fortegra’s continued success is rooted in its ongoing commitment to agent-driven distribution and maintaining a broad array of underwriting solutions and an experienced underwriting team that leverages proprietary artificial intelligence to enhance and expedite decision making. The formation and operation of our excess and surplus company will further our goal to carefully underwrite and expedite new program business.”
Fortegra Financial Corporation (a Tiptree Inc. company) and its subsidiaries comprise a single-source insurance services provider with an A- (Excellent) Financial Category VIII A.M Best Company rating. Fortegra’s underwriting segments include specialty programs, credit insurance and warranty solutions. Since 1978, the Company’s collaborative approach and innovative products have fueled rapid growth and increasing demand from both domestic and international partners.