Fortegra Receives UK Branch Authorisation from The Prudential Regulatory Authority

Rhea-AI Summary

Fortegra Group's European insurer, Fortegra Europe Insurance Company Ltd., received UK Branch approval from the Prudential Regulatory Authority, effective July 28, 2022. This authorization strengthens Fortegra's commitment to its UK operations and supports its ongoing growth strategy in Europe. The approval concludes the company’s participation in the post-Brexit Temporary Permissions Regime, facilitating continued service in the UK region. Fortegra has been operating in the UK since 2017 and maintains a strong A.M. Best Financial Strength Rating of A- (Excellent).

Positive

• UK Branch approval enhances operational capability in a key market.
• Ends participation in the post-Brexit Temporary Permissions Regime, allowing for stable UK operations.
• Commitment to ongoing growth in the UK and Europe, indicating strategic expansion.

Negative

• None.

LONDON--(BUSINESS WIRE)-- The Fortegra Group, Inc. (“Fortegra”), a global specialty insurer and subsidiary of Tiptree Inc. (NASDAQ: TIPT), today announced that its European insurer, Fortegra Europe Insurance Company Ltd. (“FEICL”), received UK Branch approval from the UK’s Prudential Regulatory Authority, effective July 28, 2022.

The authorisation solidifies Fortegra's ability and commitment to its UK operations, whilst retaining its appetite and plan to continue developing its footprint in the rest of Europe. The approval brings an end to the company’s participation in the post-Brexit Temporary Permissions Regime, which initially allowed Fortegra to continue servicing the UK region until the end of 2023.

“We are excited to continue operating in such a critical market for our company,” said Sanjay Vara, Chief Underwriting Officer. “With renewed clarity, we will continue to develop our UK and European growth strategies, providing the superior service our partners have grown to expect of us over the last five years.”

Fortegra expanded its global operations to the UK in 2017, domiciled FEICL in Malta in March 2018 and launched its first program in November of the same year.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220922005074/en/

Holly Bohn Pittman

hbohn@fortegra.com

Source: The Fortegra Group, Inc.

FAQ

What recent approval did Tiptree Inc.'s subsidiary receive?

Fortegra Europe Insurance Company Ltd. received UK Branch approval from the Prudential Regulatory Authority.

What is the significance of Fortegra's UK Branch approval?

The approval solidifies Fortegra's operations in the UK and allows it to operate independently after Brexit.

When did Fortegra receive its UK Branch approval?

Fortegra received UK Branch approval on July 28, 2022.

How does this approval affect Fortegra's European operations?

The approval indicates Fortegra's ongoing commitment to expanding its footprint in Europe.

What is Fortegra's financial strength rating?

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