The Fortegra Group, LLC ("Fortegra"), a global specialty insurer, and subsidiary of Tiptree Inc. (NASDAQ: TIPT), today announced it has completed its acquisition of ITC Compliance GRP Limited ("ITC"), the United Kingdom's largest secondary intermediary Financial Conduct Authority (FCA) Network.

The acquisition further establishes Fortegra's footprint in the region and provides a wholly vertical compliance solution for the UK's automotive market. The partnership will also enable Fortegra to tap into ITC's array of digital platforms to provide enhanced services to the company's automotive partners.

"For nearly 20 years, ITC has been an innovative leader in providing compliance solutions to allow businesses to focus on what they do best," said Sanjay Vara, Chief Underwriting Officer and Executive Vice President at Fortegra. "We are thrilled to join forces, expand our distribution channel, and continue investing in cutting edge technology for our clients and partners."

Founded initially as an insurance specific training company, ITC is a market leader in providing regulatory support and exempt status. To date, ITC has provided Appointed Representative (AR) status to more than 2,600 organizations across the UK and Northern Ireland, allowing those ARs to engage in regulated financial activities with less risk and more speed than if they were to acquire their own direct authorization. In addition to acting as a regulatory intermediary, ITC also acts as a broker and third-party administrator, complete with bespoke systems and self-funded premium credit.

"Today is a milestone for our company, as it further validates our market leadership and industry excellence," said Matthew Dyer, Founder and CEO of ITC. "Fortegra's strength and outstanding reputation are traits we will leverage going forward, just as they were important factors in our selection process. I can't wait for our next chapter."

Terms of the deal were not disclosed, and existing ITC members can continue to work with insurers and finance providers of their choosing. ITC and Fortegra will provide all network members a complimentary direct sales platform to ensure immediate benefit. 

About ITC

Incorporated in 2003, and specialising in the automotive sector, ITC Compliance GRP Limited are the UKs largest secondary intermediary Network. ITC delivers innovative IT systems and training alongside the provision of a regulatory umbrella to over one thousand retail outlets across the UK. This umbrella enables the distribution of Finance and Insurance products without the requirement for complex direct Financial Conduct Authority authorisation. For more information, visit https://www.itccompliance.co.uk.

About Fortegra

For more than 40 years, Fortegra and its subsidiaries have underwritten risk management solutions that help people and businesses succeed in the face of uncertainty. As a global specialty insurer, we offer a diverse set of admitted and surplus insurance products and warranty solutions. Fortegra's A.M. Best Financial Strength Rating of A- (Excellent) is a result of our strict underwriting standards, consistent profitability, and high cash flows. For more information, please visit: https://www.fortegra.com.

Fortegra’s parent company Tiptree (NASDAQ:TIPT) has been included on a list of “Top Performing Stock Predictions for 2022” by the Wall Street Transcript. The same article also named Fortegra CEO Rick Kahlbaugh as one of the 20 highest returning CEOs in 2021.

Commenting on Fortegra’s success, Rick said, “It’s our ability to complement underwriting revenue with fee revenue that changes the dynamic of the investment for shareholders — little safer, little outsized-return environment.” Click here to read more.

The Wall Street Transcript focuses on covering investor and investment related news. This includes putting together stock news, reporting on investment sector reviews, and interviewing CEOs of top public and private companies.

For more than 40 years, Fortegra and its subsidiaries have delivered risk management solutions that help people and businesses succeed in the face of uncertainty. As a global specialty insurer, we offer a diverse set of admitted and surplus insurance products and warranty solutions. Fortegra’s A.M. Best Financial Strength Rating of A- (Excellent) is a result of our rigorous underwriting standards and consistent profitability.

JACKSONVILLE, Fla. & LONDON--(BUSINESS WIRE)--The Fortegra Group, LLC ("Fortegra" or the “Company”), a global specialty insurer and subsidiary of Tiptree Inc. (NASDAQ: TIPT), today announced the promotion of Mark Davies to Senior Vice President of Fortegra's Alternative Risk Team. In his expanded role, Davies will support programs with bespoke needs and demands.

Davies has been with Fortegra since 2017, most recently serving as Vice President of Specialty Product Underwriting. He has been instrumental in growing the Company’s specialty book of business while maintaining Fortegra's high standards of risk selection and analysis. Davies will continue to operate from Fortegra's London office.

Mark Rattner, Executive Vice President and Chief Underwriter, commented, "Mark brings an innovative mindset and underwriting expertise that will help us meet our goal of becoming the go-to-market solution for new, emerging, and unusual risks. With Mark's help, our Specialty and Alternative Risk Teams will continue to meet Fortegra's expansion goals by capitalizing on the market's rising demand for tailored insurance solutions."

Prior to joining Fortegra as Vice President of Specialty Underwriting, Mark Davies held senior management roles at Barents Re and Novae plc. He brings over 25 years of underwriting and reinsurance experience to Fortegra's growing specialty team.