Fortegra Receives UK Branch Authorization
The Fortegra Group Inc., a global specialty insurer and subsidiary of Tiptree Inc., announced that its European insurer, Fortegra Europe Insurance Co. Ltd. (FEICL), received UK Branch approval from the UK’s Prudential Regulatory Authority, effective July 28, 2022.
The authorization 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. FEICL announced the registration of a branch office in Prague, Czech Republic, in September 2021.
Launched in the 1970s as a credit insurer, Fortegra and its subsidiaries now underwrite and administer a comprehensive set of admitted and surplus insurance products and warranty solutions across the U.S. and around the world. Headquartered in Jacksonville, Fla., Fortegra operates out of more than 15 locations globally. The company has an A.M. Best Financial Strength Rating of A- (Excellent) and trades on NASDAQ as part of Tiptree family of companies (TIPT).
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