Fortegra Acquires ITC Compliance

Rhea-AI Summary

Fortegra Group has successfully acquired ITC Compliance GRP Limited, the UK’s largest secondary intermediary FCA Network. This acquisition strengthens Fortegra's presence in the UK automotive market, providing a vertical compliance solution. ITC has established itself by granting over 2,600 organizations Appointed Representative status, enabling them to operate with reduced risk. The partnership will leverage ITC's innovative digital platforms to enhance services for automotive partners. Existing ITC members retain the flexibility to work with preferred insurers and finance providers.

Positive

• Acquisition enhances Fortegra's footprint in the UK automotive market.
• ITC provides access to over 2,600 organizations with Appointed Representative status.
• The partnership offers enhanced digital compliance solutions and services.

Negative

• None.

Partnership expands digitally-focused compliance and regulatory solutions within the UK automotive market

Existing ITC members can continue to work with insurers and finance providers of their choice

LONDON, April 5, 2022 /PRNewswire/ -- The Fortegra Group, LLC ("Fortegra"), a global specialty insurer, and subsidiary of Tiptree Inc. (NASDAQ: TIPT), today announced it has completed its acquisition of ITC Compliance GRP Limited ("ITC"), the United Kingdom's largest secondary intermediary Financial Conduct Authority (FCA) Network.

The acquisition further establishes Fortegra's footprint in the region and provides a wholly vertical compliance solution for the UK's automotive market. The partnership will also enable Fortegra to tap into ITC's array of digital platforms to provide enhanced services to the company's automotive partners.

"For nearly 20 years, ITC has been an innovative leader in providing compliance solutions to allow businesses to focus on what they do best," said Sanjay Vara, Chief Underwriting Officer and Executive Vice President at Fortegra. "We are thrilled to join forces, expand our distribution channel, and continue investing in cutting edge technology for our clients and partners."

Founded initially as an insurance specific training company, ITC is a market leader in providing regulatory support and exempt status. To date, ITC has provided Appointed Representative (AR) status to more than 2,600 organizations across the UK and Northern Ireland, allowing those ARs to engage in regulated financial activities with less risk and more speed than if they were to acquire their own direct authorization. In addition to acting as a regulatory intermediary, ITC also acts as a broker and third-party administrator, complete with bespoke systems and self-funded premium credit.

"Today is a milestone for our company, as it further validates our market leadership and industry excellence," said Matthew Dyer, Founder and CEO of ITC. "Fortegra's strength and outstanding reputation are traits we will leverage going forward, just as they were important factors in our selection process. I can't wait for our next chapter."

Terms of the deal were not disclosed, and existing ITC members can continue to work with insurers and finance providers of their choosing. ITC and Fortegra will provide all network members a complimentary direct sales platform to ensure immediate benefit.

About Fortegra
For more than 40 years, Fortegra and its subsidiaries have underwritten risk management solutions that help people and businesses succeed in the face of uncertainty. As a global specialty insurer, we offer a diverse set of admitted and surplus insurance products and warranty solutions. Fortegra's A.M. Best Financial Strength Rating of A- (Excellent) is a result of our strict underwriting standards, consistent profitability, and high cash flows. For more information, please visit: https://www.fortegra.com.

About ITC
Incorporated in 2003, and specialising in the automotive sector, ITC Compliance GRP Limited are the UKs largest secondary intermediary Network. ITC delivers innovative IT systems and training alongside the provision of a regulatory umbrella to over one thousand retail outlets across the UK. This umbrella enables the distribution of Finance and Insurance products without the requirement for complex direct Financial Conduct Authority authorisation. For more information, visit https://www.itccompliance.co.uk.

Contact :
Kevin Sajdak
kevin.sajdak@edelman.com

Holly Bohn Pittman
hbohn@fortegra.com

View original content:https://www.prnewswire.com/news-releases/fortegra-acquires-itc-compliance-301517257.html

SOURCE Fortegra

FAQ

What did Fortegra announce on April 5, 2022?

Fortegra announced its acquisition of ITC Compliance GRP Limited, enhancing its automotive market presence in the UK.

How will the acquisition impact existing ITC members?

Existing ITC members can continue working with their chosen insurers and will benefit from a complimentary direct sales platform.

What is the significance of ITC in the UK automotive market?

ITC is the UK's largest secondary intermediary FCA Network, assisting over 2,600 organizations in engaging in regulated financial activities.

What are Fortegra's strengths highlighted in the acquisition?

Fortegra is recognized for its market strength and reputation, which will be leveraged to enhance services and technology for clients.

Were the financial terms of Fortegra's acquisition of ITC disclosed?

No, the terms of the deal were not disclosed in the press release.