Fortegra Group, a specialty insurer and part of Tiptree, has received approval to extend its operations into Belgium and the EU.
This move enables Fortegra to access new distribution channels and collaborate with European managing general agents (MGAs).
Go deeper with GlobalData
Fortegra Belgium Insurance Company, which will be headquartered in Brussels, is set to underwrite specialty lines of business.
Meanwhile, Fortegra Europe Insurance Company, based in Malta, will maintain its focus on warranty products.
The expansion into Belgium provides Fortegra with ‘strategic’ distribution channels, the insurer said, enabling it to team up with European MGAs with ‘flexible’ deal structures, shared risk, as well as partnership transparency.
Fortegra offers an array of specialty insurance products through its subsidiaries, including property, casualty and financial lines, as well as warranty and consumer product solutions.
Fortegra president and CEO Rick Kahlbaugh said: “The MGA space across Europe is vibrant and compelling and provides a tremendous growth opportunity. We are thrilled to receive this licene, which will allow us to provide innovative solutions to partners across Europe.”
The insurer’s European venture follows the announcement of its initial public offering (IPO) in New York.
However, the IPO plans were postponed by Fortegra’s backers, Tiptree and private equity company Warburg Pincus, due to market conditions.
The anticipated net proceeds from the offering were aimed at supporting Fortegra’s growth initiatives and covering general corporate needs.
Fortegra secured a $200m investment from Warburg Pincus in October 2021.
