Fortegra Acquires Majority Interest in Automotive Protection Products Provider Premia Solutions Limited

Rhea-AI Summary

Fortegra, a global specialty insurer and subsidiary of Tiptree Inc. (NASDAQ: TIPT), has acquired a majority interest in Premia Solutions Limited, a leading provider of automotive protection products in the U.K. and Ireland. This strategic move enhances Fortegra's position in the automotive finance and insurance sector, expanding its capabilities since entering the region in 2017. The partnership, which builds on a relationship dating back to 2018, will help Fortegra innovate and provide compliant products to over 2,000 automotive dealerships and leasing brokers. The acquisition follows Fortegra's earlier purchase of ITC Compliance Limited, further solidifying its market presence.

Positive

• Acquisition of Premia Solutions strengthens Fortegra's position in the U.K. automotive market.
• Expands customer base to over 2,000 automotive dealerships and leasing brokers.
• Enhances Fortegra's capability to offer compliant insurance and warranty products.

Negative

• None.

Partnership expands Fortegra's Automotive Market Solutions in the U.K. and Ireland 

LONDON, Feb. 9, 2023 /PRNewswire/ -- The Fortegra Group, Inc. ("Fortegra"), a global specialty insurer, and subsidiary of Tiptree Inc. (NASDAQ: TIPT), today announced it has acquired a majority interest in Premia Solutions Limited (Premia), one of the largest United Kingdom-based intermediaries and a trusted provider of automotive protection products. The deal continues Fortegra's rapid growth across Europe and the U.K., a region it expanded to in 2017.

"We are excited to join forces with Premia, a market leader and Fortegra partner since 2018," said Sanjay Vara, Chief Underwriting Officer and Executive Vice President at Fortegra. "Coupled with our acquisition last year of ITC Compliance Limited – the U.K.'s largest secondary intermediary Financial Conduct Authority (FCA) Network – we, as a Group, are now well positioned as a vertically integrated, single source provider for the Automotive Finance and Insurance sector. Together we will continue to innovate and provide quality, compliant products and services for our clients."

Premia supports more than 2,000 automotive dealerships and leasing brokers throughout the U.K. and Ireland, offering a suite of innovative add-on insurance and warranty products. Premia, founded in 2000, leverages industry expertise and market research to design and successfully launch consumer-focused solutions.

"Premia Solutions has established itself over the last 20 years in partnership with many of the largest dealer groups in the U.K. This investment provides Premia with the opportunity to take its next step and continue to grow its business and clients in the U.K. automotive market. Expanding an already strong partnership, adding the financial strength and strong, growing reputation of Fortegra, we will continue to develop industry-leading solutions that enable our clients to meet the needs of their customers in today's evolving marketplace," said Conrad Gamble, Premia's Founder and CEO. 

Fortegra's other automotive administration services are based in Prague, Czech Republic, which will continue to service its growing EU business.

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. 

Contact:
media@fortegra.com

 

View original content:https://www.prnewswire.com/news-releases/fortegra-acquires-majority-interest-in-automotive-protection-products-provider-premia-solutions-limited-301742730.html

SOURCE Fortegra

FAQ

What is Fortegra's recent acquisition about?

Fortegra has acquired a majority interest in Premia Solutions Limited, enhancing its automotive protection product offerings in the U.K. and Ireland.

How does the acquisition of Premia Solutions affect Tiptree Inc. (TIPT)?

The acquisition strengthens Tiptree Inc.'s subsidiary Fortegra's position in the automotive finance and insurance sector, opening new revenue opportunities.

What is the significance of the partnership between Fortegra and Premia Solutions?

The partnership allows Fortegra to leverage Premia's established client base to innovate and provide better insurance solutions.

When was Fortegra's acquisition of Premia Solutions announced?

The acquisition was announced on February 9, 2023.

How does this acquisition impact Fortegra's business strategy?

The acquisition aligns with Fortegra's strategy to grow in the European market by providing a comprehensive suite of automotive finance and insurance products.