Fortegra Group, a specialty insurer and a part of Tiptree, has obtained approval to increase its operations into Belgium and the EU.
This transfer allows Fortegra to entry new distribution channels and collaborate with European managing common brokers (MGAs).
Fortegra Belgium Insurance coverage Firm, which might be headquartered in Brussels, is about to underwrite specialty strains of enterprise.
In the meantime, Fortegra Europe Insurance coverage Firm, based mostly in Malta, will preserve its give attention to guarantee merchandise.
The enlargement into Belgium supplies Fortegra with ‘strategic’ distribution channels, the insurer mentioned, enabling it to staff up with European MGAs with ‘versatile’ deal buildings, shared danger, in addition to partnership transparency.
Fortegra affords an array of specialty insurance coverage merchandise via its subsidiaries, together with property, casualty and monetary strains, in addition to guarantee and client product options.
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Fortegra president and CEO Rick Kahlbaugh mentioned: “The MGA house throughout Europe is vibrant and compelling and supplies an amazing development alternative. We’re thrilled to obtain this licene, which is able to permit us to supply progressive options to companions throughout Europe.”
The insurer’s European enterprise follows the announcement of its preliminary public providing (IPO) in New York.
Nonetheless, the IPO plans had been postponed by Fortegra’s backers, Tiptree and personal fairness firm Warburg Pincus, on account of market circumstances.
The anticipated web proceeds from the providing had been aimed toward supporting Fortegra’s development initiatives and masking common company wants.
Fortegra secured a $200m funding from Warburg Pincus in October 2021.
