London, September 13, 2022 -- The Fortegra Group, Inc. (“Fortegra”), a global specialty insurer and subsidiary of Tiptree Inc. (NASDAQ: TIPT), today announced that its European insurer, Fortegra Europe Insurance Company Ltd. (“FEICL”), received UK Branch approval from the UK’s Prudential Regulatory Authority effective July 28, 2022.
The authorization solidifies Fortegra's ability and commitment to its UK operations, whilst retaining its appetite and plan to continue developing its footprint in the rest of Europe.
The approval brings an end to the company’s participation in the post-Brexit Temporary Permissions Regime, which initially allowed Fortegra to continue servicing the UK region until the end of 2023.
“We are excited to continue operating in such a critical market for our company,” said Sanjay Vara, Chief Underwriting Officer. “With renewed clarity, we will continue to develop our UK and European growth strategies, providing the superior service our partners have grown to expect of us over the last five years.”
Fortegra expanded its global operations to the UK in 2017, domiciled FEICL in Malta in March 2018, and launched its first program in November of the same year.
For more than 40 years, Fortegra and its subsidiaries have underwritten risk management solutions that help people and businesses succeed in the face of uncertainty. As a global specialty insurer, we offer a diverse set of admitted and surplus insurance products and warranty solutions. Fortegra's A.M. Best Financial Strength Rating of A- (Excellent) is a result of our strict underwriting standards, consistent profitability, and high cash flows. For more information, please visit: https://www.fortegra.com.
Fortegra Europe Insurance Company Ltd (Malta Company registration number C 84703) is authorised under the Insurance Business Act 1998 of the laws of Malta to carry out general business of insurance, and is regulated by the Malta Financial Services Authority of Triq l-Imdina, Zone 1, Central Business District, Birkirkara, CBD 1010, Malta. It has its registered office and principal place of business at Office 13, SOHO Office The Strand, Fawwara Building, Triq I-Imsida, Gzira, GZR 1401, Malta. Together with its UK Branch, Fortegra Europe Insurance Company Ltd is authorised by the UK’s Prudential Regulation Authority, is subject to regulation by the UK’s Financial Conduct Authority (Firm Registration Number 805770) and to limited regulation by the UK’s Prudential Regulation Authority. Fortegra Europe Insurance Company Ltd has a registered branch in the UK with its registered address at Fifth Floor, 20 Fenchurch Street, London, United Kingdom, EC3M 3BY (UK Branch registration number BR021916).