Providing nixed on account of “prevailing market circumstances”
The Fortegra Group, a multinational specialty insurer, has confirmed the withdrawal of its beforehand introduced preliminary public providing.
Fortegra is a subsidiary of Tiptree Inc. In a information launch, the insurer stated that it was withdrawing the registration assertion regarding its IPO on account of “prevailing market circumstances” and the “excessive worth” positioned on its progress prospects by Tiptree and Warburg Pincus.
“Tiptree and Warburg stay dedicated to supporting Fortegra because it continues to execute its progress technique,” Fortegra stated within the information launch.
Tiptree initially introduced plans to take Fortegra public late final 12 months. Tiptree, which deliberate to retain majority possession of the insurer, stated in November that any proceeds from the IPO can be used to help Fortegra’s progress.
Fortegra relies in Florida and has 15 places throughout the globe. Final month, the corporate introduced the appointments of Eric Halter as senior vice chairman for enterprise growth and Bianca Hoshina as chief reinsurance purchaser.
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