GREENWICH, Conn., May 30 — Tiptree Inc. (NASDAQ: TIPT) (the “Company” or “Tiptree”) and Warburg Pincus LLC (“Warburg Pincus”) today announced the successful closing of the previously disclosed sale of The Fortegra Group, Inc. (“Fortegra”), a leading specialty insurer, to DB Insurance Co., Ltd., Korea’s leading property and casualty insurer.
“We are pleased to have successfully completed the sale of Fortegra, which represents the culmination of a multi-year strategy to build and scale a global specialty insurance platform,” said Michael Barnes, Chairman and CEO of Tiptree. “Looking ahead, we are well positioned to focus on the next phase of our strategy—driving long-term value through disciplined capital allocation and strategic acquisitions, with a particular emphasis on financial services, including insurance, asset management, and specialty finance.”
“We have greatly valued the opportunity to work alongside Rick, the Fortegra management team and our partners at Tiptree during this important period for the company. As the company enters this next phase, Fortegra is coming from a place of strength, and we look forward to following their future success,” said Dan Zilberman, Global Head of Capital Solutions and Global Co-Head of Financial Services at Warburg Pincus.
The transaction represents a significant milestone in Tiptree’s evolution and unlocks substantial capital to enhance shareholder value, including:
- Strengthened balance sheet, with substantial cash proceeds, resulting in approximately $23.80 of pro-forma book value per diluted share.
- Enhanced financial flexibility to pursue value-accretive capital allocation opportunities.
- Authorization of a new $20 million share repurchase program, reflecting confidence in the Company’s intrinsic value.