Fortegra Europe Selected as Exclusive Extended Warranty and Add-On Insurance Product Provider for Motorpoint

Rhea-AI Summary

Fortegra Financial Corporation, a specialty insurer and subsidiary of Tiptree (TIPT), has been named the exclusive vehicle service contract provider for Motorpoint, the UK's largest independent car retailer. This partnership, which commenced on May 1, 2021, aims to deliver a range of insurance add-on products like vehicle warranties and GAP insurance. Fortegra's strong financial stability and innovative offerings were key factors in Motorpoint's decision. Both companies report robust results despite COVID challenges.

Positive

• Fortegra appointed exclusive vehicle service contract provider for Motorpoint, enhancing market reach.
• Partnership expected to drive revenue through innovative insurance products.
• Robust business results reported by both companies despite COVID-19 challenges.

Negative

• None.

Fortegra Financial Corporation (“Fortegra”), a leading specialty insurer and subsidiary of Tiptree Inc. (NASDAQ: TIPT), announced today that it is now the exclusive vehicle service contract provider for Motorpoint, UK’s largest independent car retailer.

“We selected Fortegra Europe because of Fortegra’s overall financial strength and stability,” said Jon Baird, Chief Commercial Officer at Motorpoint. “After several years with our previous provider, we were ready for a change. We wanted an insurer we could deal with directly and who could provide more innovative products and services to match our ambitions; Fortegra could deliver on both of those requirements.”

Fortegra’s insurance add-on products include vehicle warranties and ancillary products such as GAP Insurance, Key Protection, Paint Protection, and Asset Protection.

“We are excited to be working with Motorpoint and look forward to building a long-term relationship providing best-in-class warranty and ancillary insurance products to Motorpoint’s customers,” said Sanjay Vara, Fortegra Europe’s Chief Underwriting Officer. “Fortegra is dedicated to delivering insurance products that offer tangible benefits and real peace of mind by protecting consumers financially.”

Motorpoint began writing business with Fortegra on May 1, 2021, and despite COVID, both have seen robust results.

About Fortegra

The Fortegra Group, LLC is 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/.

About Motorpoint

Motorpoint, established in 1998, is the UK’s largest independent car retailer selling nearly new cars up to four years old and with less than 30,000 miles. Motorpoint is committed to making car buying easy. Every vehicle comes with a warranty, is available to drive away the same day, and is backed by the Motorpoint Price Promise. Motorpoint employs over 800 people nationwide and operates from locations in Birmingham, Birtley, Burnley, Castleford, Chingford, Derby, Glasgow, Newport, Oldbury, Peterborough, Sheffield, Stockton-on-Tees, Swansea, and Widnes. Motorpoint has been named a Feefo Platinum Service Award winner for 2020 and has also been named one of the Sunday Times Top 100 Mid-Sized Companies to Work for seven years consecutively. For more information on Motorpoint, visit www.motorpoint.co.uk.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210714005148/en/

FAQ

What recent partnership did Tiptree's subsidiary Fortegra announce?

Fortegra announced its partnership with Motorpoint as the exclusive vehicle service contract provider.

When did Fortegra start its partnership with Motorpoint?

Fortegra began its partnership with Motorpoint on May 1, 2021.

What types of insurance products will Fortegra provide to Motorpoint?

Fortegra will provide vehicle warranties and additional products, including GAP insurance.

Why did Motorpoint choose Fortegra as its insurance provider?

Motorpoint selected Fortegra for its financial strength, stability, and ability to offer innovative products.

How has the partnership between Fortegra and Motorpoint performed amid challenges?

Both Fortegra and Motorpoint have reported robust results despite the challenges posed by COVID-19.