JACKSONVILLE, Fla., Jan. 29,
2024 /PRNewswire/ -- The Fortegra Group,
Inc. ("Fortegra" or the "Company"), a multinational specialty
insurer and subsidiary of Tiptree Inc. (NASDAQ: TIPT), today
announced the launch of Fortegra's initial public offering.
Fortegra has filed a registration statement on Form S-1 with the
Securities and Exchange Commission (the "SEC") to offer 18,000,000
shares of its common stock to the public. Fortegra also
intends to grant the underwriters a 30-day option to purchase up to
an additional 2,700,000 shares of common stock from the
Company.
The price range for the initial public offering is expected to
be between $15.00 and $18.00 per share. Fortegra has applied to list
its common stock on the New York Stock Exchange under the ticker
symbol "TFG."
The Company intends to use the net proceeds it receives from the
offering to execute its growth strategy and for working capital and
general corporate purposes.
Goldman Sachs & Co. LLC, J.P. Morgan and Jefferies are
acting as joint lead bookrunning managers for the proposed
offering. Barclays is acting as joint bookrunning manager for the
proposed offering. JMP Securities, A Citizens Company, Keefe,
Bruyette & Woods, A Stifel Company, Piper Sandler, Raymond
James, Fifth Third Securities and Independence Point
Securities are acting as co-managers for the proposed offering. The
proposed offering will be made only by means of a prospectus.
Copies of the preliminary prospectus relating to the proposed
offering may be obtained for free by visiting EDGAR on the SEC's
website at www.sec.gov. Alternatively, copies of the
preliminary prospectus may be obtained from Goldman Sachs & Co.
LLC, Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866)
471-2526, facsimile at (212) 902-9316 or by email
at Prospectus-ny@ny.email.gs.com; J.P. Morgan Securities LLC,
c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, by telephone
at (866) 803-9204 or by email
at prospectuseq_fi@jpmorganchase.com; Jefferies LLC,
Attention: Equity Syndicate Prospectus Department, 520 Madison
Avenue, New York, NY 10022, by
telephone at (877) 821-7388 or by email
at Prospectus_Department@Jefferies.com; and Barclays Capital
Inc., c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, New York 11717,
by telephone at (888) 603-5847 or by email
at barclaysprospectus@broadridge.com.
A registration statement on Form S-1 relating to the proposed
offering has been filed with the SEC but has not yet become
effective. These securities may not be sold, nor may offers to buy
be accepted, prior to the time the registration statement becomes
effective.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction. Any offers, solicitations or offers to buy,
or any sales of securities will be made in accordance with the
registration requirements of the Securities Act of 1933, as
amended. The proposed offering is subject to market conditions, and
there can be no assurance as to whether or when the proposed
offering may be completed, or as to the actual size or terms of the
proposed offering.
About Fortegra
For more than 45 years, Fortegra, via
its subsidiaries, has underwritten risk management solutions that
help people and businesses succeed in the face of uncertainty. As a
multinational specialty insurer whose insurance subsidiaries have
an A.M. Best Financial Strength Rating of A- (Excellent), we offer
a diverse set of admitted and excess and surplus lines insurance
products and warranty solutions.
Note on Forward-Looking Statements
This release
contains "forward-looking statements" within the meaning of
securities laws and involve risks, uncertainties and contingencies,
many of which are beyond Fortegra's control, that may cause actual
results, performance, or achievements to differ materially from
anticipated results, performance, or achievements. All statements
contained in this release that are not clearly historical in nature
are forward-looking, and the words "proposed" and "expect" or
similar expressions are intended to identify forward-looking
statements. Such forward-looking statements include, but are not
limited to, statements relating to the proposed initial public
offering, including the size of such offering, the price range, the
plan to list on the New York Stock Exchange and the expected use of
proceeds from the offering. The forward-looking statements are not
guarantees of future performance and are subject to risks,
uncertainties and other factors, many of which are beyond our
control, are difficult to predict and could cause actual results to
differ materially from those expressed or forecast in the
forward-looking statements. Our actual results could differ
materially from those anticipated in these forward-looking
statements as a result of various factors, including, but not
limited to uncertainties related to market conditions and the SEC's
review process, and other factors relating to Fortegra's business
described in the section entitled "Risk Factors" in the prospectus
included in the registration statement, in the form last filed with
the SEC. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as to the date of this
release. The factors described therein are not necessarily all of
the important factors that could cause actual results or
developments to differ materially from those expressed in any of
our forward-looking statements. Other unknown or unpredictable
factors also could affect our forward-looking statements. Given
these uncertainties, you should not place undue reliance on these
forward-looking statements. Except as required by the federal
securities laws, we undertake no obligation to update any
forward-looking statements.
Media
Edelman
Smithfield for Fortegra
fortegra@edelman.com
Investor Relations
ir@fortegra.com
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SOURCE Fortegra