The Fortegra Group, a multinational specialty insurer, has confirmed the withdrawal of its previously announced initial public offering.
Fortegra is a subsidiary of Tiptree Inc. In a news release, the insurer said that it was withdrawing the registration statement relating to its IPO due to “prevailing market conditions” and the “high value” placed on its growth prospects by Tiptree and Warburg Pincus.
“Tiptree and Warburg remain committed to supporting Fortegra as it continues to execute its growth strategy,” Fortegra said in the news release.
Tiptree originally announced plans to take Fortegra public late last year. Tiptree, which planned to retain majority ownership of the insurer, said in November that any proceeds from the IPO would be used to support Fortegra’s growth.
Fortegra is based in Florida and has 15 locations across the globe. Last month, the company announced the appointments of Eric Halter as senior vice president for business development and Bianca Hoshina as chief reinsurance buyer.
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