[ad_1]
Providing nixed as a result of “prevailing market circumstances”
The Fortegra Group, a multinational specialty insurer, has confirmed the withdrawal of its beforehand introduced preliminary public providing.
Fortegra is a subsidiary of Tiptree Inc. In a information launch, the insurer mentioned that it was withdrawing the registration assertion regarding its IPO as a result of “prevailing market circumstances” and the “excessive worth” positioned on its progress prospects by Tiptree and Warburg Pincus.
“Tiptree and Warburg stay dedicated to supporting Fortegra because it continues to execute its progress technique,” Fortegra mentioned within the information launch.
Tiptree initially introduced plans to take Fortegra public late final yr. Tiptree, which deliberate to retain majority possession of the insurer, mentioned in November that any proceeds from the IPO could be used to help Fortegra’s progress.
Fortegra relies in Florida and has 15 places throughout the globe. Final month, the corporate introduced the appointments of Eric Halter as senior vp for enterprise improvement and Bianca Hoshina as chief reinsurance purchaser.
Have one thing to say about this story? Tell us within the feedback beneath.
Associated Tales
Sustain with the newest information and occasions
Be part of our mailing checklist, it’s free!
[ad_2]
