JACKSONVILLE, Fla.--(BUSINESS WIRE)--The Fortegra Group, LLC (“Fortegra”), a leading specialty insurer and provider of warranty and specialty underwriting products and services, and a subsidiary of Tiptree Inc. (NASDAQ: TIPT), announced today that Kroll Bond Rating Agency, Inc. (“KBRA”) has reaffirmed the A- (Excellent) insurance financial strength ratings (IFSRs) of Fortegra’s subsidiaries. Additionally, KBRA reaffirmed the BBB issuer rating and BBB- junior subordinated debt rating of Fortegra’s subsidiary, Fortegra Financial Corporation.
“We are pleased with the KBRA rating affirmation. The BBB issuer rating and stable outlook underscores the success of our growth strategy and operating model,” said Michael Grasher, Chief Financial Officer at Fortegra. “By balancing disciplined underwriting with fee-based revenue we continue to produce strong cash flows and shareholder returns. We expect this trajectory to continue well into the future.”
The affirmed rating is indicative of KBRA’s belief that Fortegra has a somewhat aggressive growth strategy. The awarded “Stable” outlook reflects KBRA’s expectation that Fortegra will continue to maintain sound capitalization including no material, sustained increase in financial leverage while prudently executing their planned growth strategy. KBRA also anticipates solid earnings trends and a balanced business mix of revenues and earnings from insurance and non-insurance sources.
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/
Forward-Looking Statements
This press release contains forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statement. These forward-looking statements speak only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.
