Fortegra Announces Launch of Smart AutoCare Branded Catalytic Converter Limited Warranty

Rhea-AI Summary

Tiptree (NASDAQ: TIPT) subsidiary Fortegra Group has launched a new Catalytic Converter Theft Deterrent Product under the Smart AutoCare brand to combat the rising issue of catalytic converter thefts in the U.S. This limited warranty is already available at numerous auto dealers and is designed to protect car owners from the escalating theft rates, which saw over 52,000 reported thefts in 2021, up from around 1,300 in 2018. The product includes a theft deterrent system featuring a tamperproof seal for identification by law enforcement and scrap dealers. Fortegra holds an A.M. Best Financial Strength Rating of A-.

Positive

• Launch of a new theft deterrent product enhances Fortegra's market positioning.
• Response to a growing market need as catalytic converter thefts increase significantly.
• Backed by a reputable financial strength rating (A-) from A.M. Best.

Negative

• None.

JACKSONVILLE, Fla., Jan. 17, 2023  /PRNewswire/ -- The Fortegra Group, Inc ("Fortegra"), a global specialty insurer and subsidiary of Tiptree Inc. (NASDAQ: TIPT) today announced the launch of a Catalytic Converter Theft Deterrent Product under the company's Smart AutoCare brand. This limited warranty, which is designed to protect U.S. car owners against the rising threat of catalytic converter thefts, is already available at dozens of auto dealers across the country, with new dealers joining daily.

"When a thief sees your vehicle, they see an opportunity to wrongfully acquire valuable parts and pieces. It's a reality far too many people experience every day," said Peter Masi, Smart AutoCare Founder and CEO. "This new limited warranty gives vehicle owners a valuable tool to level the playing field and protect their investment."

Catalytic converter thefts have skyrocketed across the nation. According to the National Insurance Crime Bureau, there were more than 52,000 converter thefts with a claim in 2021 compared to roughly 1,300 in 2018. New converters range from around $1,000 to $4,000 and are not often covered by traditional insurance policies.

Along with the heightened protection and economic peace of mind, purchasers of this limited warranty will benefit from a theft deterrent system. This unique, tamperproof, and permanent seal makes the converter identifiable to law enforcement and reputable scrap dealers via a registration number. 

About Smart AutoCare
Smart AutoCare is the brand name for the vehicle service contract operations and the warranty, F&I and reinsurance solutions of the subsidiaries of Fortegra Warranty Holdings, LLC, a Fortegra company. Smart AutoCare's best-in-class customer service, professional adjudication, comprehensive product offering, and proprietary technology solution make it one of the most respected F&I brands. Learn more here: https://www.smartautocare.com/

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:
Holly Bohn Pittman
hbohn@fortegra.com

View original content:https://www.prnewswire.com/news-releases/fortegra-announces-launch-of-smart-autocare-branded-catalytic-converter-limited-warranty-301721790.html

SOURCE Fortegra

FAQ

What is the new product launched by Tiptree's subsidiary Fortegra?

Fortegra has launched a Catalytic Converter Theft Deterrent Product under the Smart AutoCare brand.

How does Fortegra's new product help car owners?

The product provides a limited warranty that protects car owners against catalytic converter thefts, which have increased significantly.

What were the theft statistics for catalytic converters in recent years?

In 2021, there were over 52,000 catalytic converter thefts reported, up from around 1,300 in 2018.

What is Tiptree's stock symbol?

Tiptree's stock symbol is TIPT.

What financial strength rating does Fortegra hold?

Fortegra holds an A.M. Best Financial Strength Rating of A-.