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Tiptree Inc.'s subsidiary, Fortegra Europe Insurance Company, has established a new branch in Prague, Czech Republic, enhancing its presence in Central Eastern Europe. This branch is fully licensed to write business locally, effective immediately. Led by insurance expert Andrew Quirke, this strategic move aligns with Fortegra's European growth strategy. The branch aims to improve access to insurance solutions, fostering trust and expanding business opportunities in the region.
Positive
Fortegra has opened a new branch in Prague, enhancing local presence.
Branch has received all regulatory approvals and is ready to write business immediately.
Andrew Quirke brings 25 years of industry experience to lead the branch.
The branch aligns with Fortegra's European growth strategy, focusing on Central and Eastern Europe.
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Leading specialty insurer strengthens its local presence in Central Eastern Europe
JACKSONVILLE, Fla.--(BUSINESS WIRE)--
Fortegra Europe Insurance Company (“Fortegra” or “Company”), a leading international specialty insurer and subsidiary of Tiptree Inc. (NASDAQ: TIPT) (“Tiptree”), today announced the registration of a branch office in Prague, Czech Republic. The establishment of which will further strengthen Fortegra’s European presence. The Czech branch has all the regulatory approvals in place and is ready to write business in the Czech Republic, effective immediately.
Fortegra chose Prague for its strategic location within the heart of Europe and its proximity to Fortegra’s Central and Eastern European administrator, DEFEND INSURANCE GROUP (“DEFEND”), headquartered in Prague.
The branch will be led by Andrew Quirke, whose experience in the automotive insurance industry spans 25 years and five countries. Quirke co-founded DEFEND, which was acquired in 2019 by Fortegra. Apart from his industry expertise, he has extensive knowledge of the local market, which will help the Company further expand its footprint in the region.
“I’m delighted by the many opportunities the Prague branch brings for the Czech insurance market. Brokers and agents will now have a direct relationship with an insurer that has a local presence in the country,” said Andrew Quirke, the branch’s General Representative.
Sanjay Vara, Executive Vice President and Chief Underwriter, commented, “This branch opening is another step forward for our European growth strategy. By providing Central and Eastern European partners with direct access to an A- rated insurer, we hope to inspire trust and confidence.”
The branch establishment underlines the Company’s continued confidence in the long-term growth potential of Central and Eastern Europe. The Czech branch will create new avenues for growth by offering the same innovative, flexible, and customer-responsive programs that have been the hallmark of DEFEND’s success.
About Fortegra
Fortegra Europe Insurance Company is a subsidiary of The Fortegra Group, LLC, a global specialty insurer. Fortegra and its subsidiaries underwrite and administer a comprehensive and diverse set of admitted and surplus insurance products and warranty solutions across the United States and around the world. For over 40 years, Fortegra’s collaborative approach, experienced team, and innovative products have fueled consistent growth and increasing demand from both domestic and international partners. The Company holds an A.M. Best Financial Strength Rating of A- (Excellent). For more information on Fortegra, visit: https://www.fortegra.com/.
Fortegra Europe Insurance Company Ltd (Malta Company Registration Number C 84703) has its registered head office at Office 13, SOHO Office The Strand, Fawwara Building, Triq I-Imsida, Gzira, GZR 1401, Malta. It is authorized under the Insurance Business Act 1998 of the laws of Malta to carry out general business and is regulated by the Malta Financial Services Authority, Triq l-Imdina, Zone 1, Central Business District, Birkirkara, CBD 1010, Malta. The insurer was entered on March 24, 2021 into the registry managed and maintained by Czech National Bank as a branch of a foreign insurance company offering insurance services in the Czech Republic. The Czech branch address is Roztylská 1860/1, 148 00 Prague, identification number 11737379.
What is the significance of Tiptree Inc. opening a branch in Prague?
The opening of the Prague branch strengthens Tiptree's subsidiary, Fortegra's, presence in Central Eastern Europe and enhances local business capabilities.
Who will lead the new Fortegra branch in Prague?
The new Fortegra branch in Prague will be led by Andrew Quirke, who has extensive experience in the automotive insurance industry.
What are the benefits of Fortegra's new Prague branch?
The Prague branch will offer direct access to an A-rated insurer, improving relationships with local brokers and agents and expanding business opportunities.
When did Fortegra receive regulatory approval for its Prague branch?
Fortegra's Prague branch has received all necessary regulatory approvals and is ready to write business effective immediately.
