Majority Acquisition to Aid DEFEND’s Growth and Strengthen Fortegra’s European Market Presence
JACKSONVILLE, Fla. (July 9, 2019) – Fortegra Financial Corporation (“Fortegra”), a leading international specialty insurer and subsidiary of Tiptree Inc. (“Tiptree”), today announces that it has acquired a majority interest in DEFEND INSURANCE GROUP (“DEFEND”), a leading CEE automotive specialty insurance solutions provider and claims administrator operating in the Czech Republic, Poland, Hungary, Slovakia, and the UK. Effective July 1, Fortegra acquired a majority stake in Ingenasys, Ltd., the parent holding company of DEFEND INSURANCE GROUP.
“The acquisition of DEFEND is an exciting part of our international growth strategy and our goal of becoming a leading European warranty insurer,” said Fortegra Executive Vice President and Chief Underwriting Officer Sanjay Vara. “Both DEFEND and Fortegra look for Pan-European opportunities to develop and improve, and our mutual vision significantly contributes to our bright future.”
With Fortegra’s support and the benefit of decades of combined expertise, DEFEND will enjoy direct access to a consistent market and underwriter, allowing the company to continue providing innovative solutions that build customer satisfaction and partner loyalty across Europe.
“We are very happy to join Fortegra to help us continue the significant level of growth we have recorded over the last five years,” said Andrew Quirke, Managing Director of DEFEND INSURANCE GROUP. “This move establishes DEFEND as a long-term player in the market, and also brings many benefits and opportunities for our employees, partners, and customers.”
In March 2018, U.S.-based Fortegra completed the formation of its wholly-owned European subsidiary Fortegra Europe Insurance Company Limited (FEIC Ltd.), and secured passport rights throughout Europe.
“DEFEND complements our existing operations in Europe and, given their expertise, may contribute to our global strategy,” said Fortegra President and CEO Richard Kahlbaugh. “We will support the DEFEND team and are excited about their growth plans and focus on delivering high-quality products and services to the Pan-European market.”
For more information on Fortegra products and services, visit www.fortegra.com.
For additional information about DEFEND products and solutions, visit www.defendinsurance.eu.
About Fortegra
Fortegra Financial Corporation (a Tiptree Inc. company) and its subsidiaries are a specialty insurer. Delivering multifaceted insurance programs to the market, and unmatched service experience for our agents and consumers, Fortegra solves immediate, everyday needs, empowering our agents and consumers to Experience More.
About DEFEND INSURANCE GROUP
DEFEND INSURANCE GROUP provides specialty insurance solutions for the automotive sector including extended warranties, GAP, and other innovative products. Ingenasys Limited is the parent company of DEFEND INSURANCE GROUP. DEFEND has five subsidiaries and six branches in the Czech Republic, Poland, Hungary, Slovakia and in the UK. For more information, please visit www.defendinsurance.eu.
