NEW YORK & JACKSONVILLE, Fla.--(BUSINESS WIRE)--
Tiptree Financial Inc. (NASDAQ:TIPT) (“Tiptree”) and Fortegra Financial
Corporation (“Fortegra”) announced today completion of the previously
announced merger of Fortegra into a subsidiary of Tiptree for
approximately $218 million in cash. As of today, Fortegra's common stock
will no longer be registered with the SEC nor trade on the New York
Stock Exchange.
Fortegra is an insurance services company headquartered in Jacksonville,
Florida. Fortegra offers a wide array of revenue enhancing products,
including payment protection products, motor club memberships, service
contracts, device and warranty services, and administration services to
its business partners, including insurance companies, retailers,
dealers, insurance brokers and agents and financial services companies.
Fortegra's brands include Fortegra™, Life of the South®, 4Warranty,
ProtectCELL™, Continental Car Club™, Auto Knight Motor Club™, United
Motor Club™, Consecta™, Pacific Benefits Group™, and South Bay
Acceptance Corporation.
Tiptree’s President and Chief Executive Officer Geoffrey N. Kauffman
said: “With this closing, we are pleased to welcome Rick and the
Fortegra team into the Tiptree family of companies. Fortegra has
performed well through the year and we look forward to 2015 and beyond
as we continue to build upon the great foundation they have created.”
“This transaction was the culmination of six years of growth and
resulted in our shareholders receiving significant value. We are excited
to partner with Tiptree as we move on to the next phase of Fortegra’s
growth and development,” said Richard S. Kahlbaugh, Chairman, President
and CEO of Fortegra.
About Tiptree
Tiptree is a diversified holding company engaged through its
consolidated subsidiaries in a number of businesses and is an active
acquirer of new businesses. Tiptree, whose operations date back to 2007,
currently has subsidiaries that operate in four industry segments:
insurance and insurance services, specialty finance, asset management
and real estate. Tiptree is publicly traded on the NASDAQ stock market
(NASDAQ: TIPT). For additional information, please visit Tiptree's
website at www.tiptreefinancial.com.
Forward-looking Statements
This press release includes certain forward-looking statements. Such
forward-looking statements are subject to known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Tiptree or Fortegra to be materially
different from any future results, performance or achievements expressed
or implied by such forward-looking statements. Such factors include,
among others, the effect of the announcement on Fortegra’s customer
relationships, operating results and business generally. Such factors
also include, but are not limited to, the risks and uncertainties
described in Tiptree’s reports filed with the SEC, which are available
at www.sec.gov,
and in Fortegra’s reports, including its Annual Report on Form 10-K for
the year ended December 31, 2013, filed with the SEC, which are
available at www.sec.gov.
Tiptree and Fortegra disclaim any intention or obligation to update or
revise any forward-looking statements, except as required by law.
Tiptree Financial Inc.
Investor Relations, 212-446-1400
ir@tiptreefinancial.com
Source: Tiptree Financial Inc.