Fortegra Corporate Rating of A- (Excellent) Reaffirmed by Kroll Bond Rating Agency, Inc.
May 20 2021 - 9:00AM
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210520005170/en/
Holly Bohn Pittman, CMO, Fortegra press@fortegra.com O:
904.357.2122
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