The net proceeds from the offering are intended to support Fortegra’s growth strategy. Credit: kan_khampanya/Shutterstock.com.

Fortegra Group, a global specialty insurer and subsidiary of Tiptree, has announced the launch of its initial public offering (IPO) in New York.  

The company filed a registration statement with the SEC to offer 18 million of its shares to the public at $15–18 apiece. 

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It also intends to provide underwriters with a 30-day option to buy up to a further 2.7 million shares of its common stock.  

Fortegra looks to list its common stock on the New York Stock Exchange under the ticker symbol ‘TFG’. 

The net proceeds from the offering are intended to support Fortegra’s growth efforts, as well as meet its working capital and other general corporate requirements.  

Goldman Sachs & Co, J P Morgan and Jefferies are serving as joint lead bookrunning managers, while Barclays is a joint bookrunning manager for the proposed IPO. 

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A consortium of financial institutions including A Citizens Company, A Stifel Company, Bruyette & Woods, Fifth Third Securities, Independence Point Securities, JMP Securities, Keefe, Piper Sandler and Raymond James have been appointed as co-managers for the IPO.

Fortegra offers a wide range of insurance products and warranty solutions through its subsidiaries. Based in Jacksonville, Florida, the company has a global network of 15 offices. 

In October 2021, Fortegra secured a $200m investment from private equity company Warburg Pincus.