The move is set to enhance the company’s presence in the European market and contribute to its overall growth trajectory. Credit: Apichatn21/Shutterstock.

Fortegra, a subsidiary of Tiptree, has announced the successful completion of $150m in junior subordinated notes.  

The 9.25% Fixed Rate Resetting Junior Subordinated Notes, due in 2064, are intended to bolster the company’s financial position and support its growth plans. 

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The proceeds from the notes will enable Fortegra to enhance its insurance offerings, improve risk management capabilities and increase profitability through targeted growth initiatives.  

These notes, Fortegra’s unsecured obligations, will be guaranteed on a junior subordinated basis by certain subsidiaries of the company. 

They were made available to qualified investors in the US and to non-US persons internationally in compliance with Rule 144A and Regulation S under the Securities Act of 1933.  

They will not be registered under the Securities Act or any state securities laws and are subject to restrictions on resale. 

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This move is set to enhance the company’s presence in the European market and contribute to its overall growth trajectory. 

Fortegra chief financial officer Ed Peña said: “This strategic financing enables Fortegra to drive profitable growth and optimally manage risk for our partners and policyholders across the US and Europe.  

“By strengthening our capital position, we can further enhance our specialty insurance offerings, expand our warranty and consumer products businesses, and diversify our risk portfolio. 

“This transaction demonstrates our commitment to delivering long-term value to our partners, policyholders and shareholders. We are well-positioned to capitalise on market opportunities while maintaining a strong focus on risk management, business growth and operational excellence.” 

In June 2024, Fortegra received an approval to extend operations into Belgium and the EU.