Specialty insurer The Fortegra Group has received approval to establish Fortegra Insurance Company UK.
The PRA has granted Fortegra permission to establish its branch in the UK, effective November 29 2024.
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Furthermore, this allows Fortegra to expand its specialty insurance underwriting services throughout the UK.
Recognised as a quality market for Managing General Agents (MGAs) and Managing General Underwriters (MGUs), Fortegra excels through its rigorous programme business underwriting, advanced AI and data science applications, and a steadfast commitment to consistent claims management.
In addition, the licensing of Fortegra UK provides an excellent opportunity to enhance the company’s presence in the UK and London markets, demonstrating its commitment to expanding in Europe. This strategic initiative builds on previous successes in Belgium and the EU.
Since entering the region in 2018, Fortegra has effectively expanded its reach through thoughtful geographic growth and establishing strong partnerships with reputable agents and MGAs. The company’s focus on delivering innovative and collaborative underwriting solutions positions it well for future growth and success.
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By GlobalData“We’re pleased to announce the establishment of Fortegra Insurance Company UK,” said Richard Kahlbaugh, Fortegra’s chief executive officer. “Our objective is simple. We focus our efforts on establishing Fortegra as a quality market serving MGAs and agents seeking to underwrite niche programmes. The foundation of our past success, underwriting discipline, will serve Fortegra well as we enter the marketplace in the United Kingdom.”
In November 2024, 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.
The proceeds from the notes will enable Fortegra to enhance its insurance offerings, improve risk management capabilities and increase profitability through targeted growth initiatives.
