Fortegra Blog

Fortegra Europe Selected as Exclusive Extended Warranty and Add-On Insurance Product Provider for Motorpoint

Holly Bohn - Senior Vice President of Marketing and Communications Jul 14, 2021 9:44:39 AM

JACKSONVILLE, Fla.--(BUSINESS WIRE)--Fortegra Financial Corporation (“Fortegra”), a leading specialty insurer and subsidiary of Tiptree Inc. (NASDAQ: TIPT), announced today that it is now the exclusive vehicle service contract provider for Motorpoint, UK’s largest independent car retailer.

“We selected Fortegra Europe because of Fortegra’s overall financial strength and stability,” said Jon Baird, Chief Commercial Officer at Motorpoint. “After several years with our previous provider, we were ready for a change. We wanted an insurer we could deal with directly and who could provide more innovative products and services to match our ambitions; Fortegra could deliver on both of those requirements.”

Fortegra’s insurance add-on products include vehicle warranties and ancillary products such as GAP Insurance, Key Protection, Paint Protection, and Asset Protection.

“We are excited to be working with Motorpoint and look forward to building a long-term relationship providing best-in-class warranty and ancillary insurance products to Motorpoint’s customers,” said Sanjay Vara, Fortegra Europe’s Chief Underwriting Officer. “Fortegra is dedicated to delivering insurance products that offer tangible benefits and real peace of mind by protecting consumers financially.”

Motorpoint began writing business with Fortegra on May 1, 2021, and despite COVID, both have seen robust results.

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/.

About Motorpoint

Motorpoint, established in 1998, is the UK’s largest independent car retailer selling nearly new cars up to four years old and with less than 30,000 miles. Motorpoint is committed to making car buying easy. Every vehicle comes with a warranty, is available to drive away the same day, and is backed by the Motorpoint Price Promise. Motorpoint employs over 800 people nationwide and operates from locations in Birmingham, Birtley, Burnley, Castleford, Chingford, Derby, Glasgow, Newport, Oldbury, Peterborough, Sheffield, Stockton-on-Tees, Swansea, and Widnes. Motorpoint has been named a Feefo Platinum Service Award winner for 2020 and has also been named one of the Sunday Times Top 100 Mid-Sized Companies to Work for seven years consecutively. For more information on Motorpoint, visit www.motorpoint.co.uk.

Contacts

For Fortegra:
Holly Bohn Pittman
904.357.2122
press@fortegra.com

For Motorpoint:
Hayden Vokes
Marketing Director
01332 647 480
customercare@motorpoint.co.uk

Categories: Warranty Solutions, News

Fortegra Announces Expansion of Partnership with Badcock Home Furniture &more - Named Exclusive Provider of Service Contracts and Credit Insurance Products

Holly Bohn - Senior Vice President of Marketing and Communications Jul 1, 2021 11:48:03 AM

JACKSONVILLE, Fla.--(BUSINESS WIRE)--The Fortegra Group, LLC (“Fortegra”), a global specialty insurer and subsidiary of Tiptree Inc. (NASDAQ: TIPT), today announced the expansion of their partnership with Badcock Home Furniture &more (“Badcock”).

For almost 15 years, Fortegra has been providing Badcock customers with both credit insurance and furniture service contracts. By replacing the previous provider of service contracts on appliances & electronics, Fortegra will now be the exclusive credit insurance and protection plan provider across all 382 Badcock stores.

“We decided to consolidate our product offerings with Fortegra based on their approach to the business and the way in which they value the partnership. They not only listen to our business needs, but more importantly, are very intuitive to our customers’ needs, and that is where the magic happens,” said Badcock’s Vice President of Retail Operations and Chief Credit Officer Mitchell Stiles. “We are in the relationship business, and we want the customer to feel comfortable with their home furnishing purchases. Fortegra’s Concierge service team enhanced and personalized the claim process, which gives us the confidence that our customers are in good hands.”

“Over the last few years, retail has evolved dramatically, and we are always thinking about how to make sure service contracts keep up. So we worked closely with Badcock to reimagine their service contract process. From sales to claims, we created a simplified, multi-channel approach that better meets consumer needs,” said Holly Bohn, Chief Marketing Officer at Fortegra.

About Fortegra

About W.S. Badcock Corporation

Founded in 1904, W.S. Badcock Corporation is one of the largest privately-held home furnishings companies in the United States. Headquartered in Mulberry, Florida, its more than 380 corporate and associate dealer stores employ more than 2,500 employees in eight southeastern states. Its branded Badcock Home Furniture &more stores carry a complete line of furniture, appliances, bedding, electronics, home office furnishings, accessories, and seasonal items while offering easy in-house financing for its customers. The Company was named “2018 Retailer of the Year” by the National Home Furnishings Association.

Contacts

For Fortegra:
Holly Bohn Pittman
904.357.2122
press@fortegra.com

For Badcock Corporation:
Jennifer Grecsek
863-425-7545
Jennifer.grecsek@badcock.com

Categories: Credit Protection, Warranty Solutions, News

Fortegra Confirms AM Best Assigns Credit Rating to Fortegra Specialty Insurance

Holly Bohn - Senior Vice President of Marketing and Communications Nov 11, 2020 10:30:12 AM

Fortegra’s Excess and Surplus Subsidiary assigned the Financial Strength Rating of A-

JACKSONVILLE, Fla.-- Fortegra Financial Corporation (“Fortegra”), a leading specialty insurer and subsidiary of Tiptree Inc. (NASDAQ: TIPT) (“Tiptree”), announced today AM Best assigned the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” to Fortegra Specialty Insurance Company (FSIC) (Arizona), the newly established excess and surplus lines (E&S) subsidiary of Fortegra. The outlook assigned to these Credit Ratings (ratings) is stable. The company will begin underwriting excess and surplus lines programs concurrent with this announcement.

“We are committed to the agent distribution model and accelerating our ability to respond to opportunities presented to us by our agents. Adding an E&S company to our portfolio furthers that goal,” said Richard Kahlbaugh, Fortegra’s Chief Executive Officer. “Through FSIC, Fortegra will continue to marry speed to market, thorough underwriting and a strong balance sheet to deliver new and innovative insurance programs through an agent-focused distribution model.”

AM Best Assigns Credit Ratings to Fortegra Specialty Insurance Company

OLDWICK, N.J.—November 5, 2020-- AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to Fortegra Specialty Insurance Company (Fortegra Specialty) (Scottsdale, Arizona). Fortegra Specialty is ultimately owned by Tiptree Inc. [(NASDAQ: TIPT], the parent company of Fortegra Financial Corporation. The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect Fortegra Specialty’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile, and appropriate enterprise risk management. Fortegra Specialty is being added as a member of the Fortegra P&C Group due to its strategic role in the consolidated organization, shared operations and management, and a pooling agreement with its affiliated companies.

Fortegra Specialty is a newly established, Arizona-domiciled insurance company that will offer surplus lines products not offered through its affiliated companies. The company was capitalized initially with a $55 million contribution from the parent company. AM Best notes that initial projections forecast high growth trends in the early years, benefiting from existing managing general agency relations with its affiliated companies. AM Best will continue to monitor the ability of the company to execute on its business strategy and maintain appropriate levels of capitalization.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

About Fortegra Financial Corporation

Fortegra Financial Corporation (a Tiptree Inc. company (NASDAQ: TIPT), is a leading provider of specialty insurance and warranty solutions, and is the second-largest credit insurer in the United States. Fortegra and its subsidiaries provide a comprehensive and diverse set of best-in-class insurance products and warranty solutions available across the United States and around the world. Fortegra leverages a team of experienced underwriters and proprietary artificial intelligence technology to enhance the underwriting process to deliver a broad array of solutions that provide superior coverage and value to its customers.

Since 1978, the Company’s collaborative approach and innovative products have fueled rapid growth and increasing demand from both domestic and international partners. Fortegra holds AM Best Financial Strength Rating of A- (Excellent) Financial Category VIII. For more information on Fortegra visit: https://www.fortegra.com/

Media Contact
Meredith Zaritheny, Prosek Partners
mzaritheny@prosek.com
O: 646.818.9251

Categories: News

Fortegra Financial Corporation Announces Launch of E&S Insurance Subsidiary

Holly Bohn - Senior Vice President of Marketing and Communications Oct 1, 2020 11:09:53 AM

JACKSONVILLE, Fla.--(BUSINESS WIRE)--Fortegra Financial Corporation (“Fortegra”), a leading specialty insurer and subsidiary of Tiptree Inc. (NASDAQ: TIPT) (“Tiptree”), announced today the formation of a new excess and surplus lines subsidiary, Fortegra Specialty Insurance Company.

Categories: News