The Fortegra Group, a specialty insurer focused on niche business lines and fee-based services, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering.
Fortegra had previously filed to go public in March 2021 under the symbol FRF. It set terms the following April to raise $133 million, but withdrew the offering ahead of its expected pricing.
Fortegra is a multinational specialty insurance company focused on underwriting complex and niche risks in underserved markets. The company is an underwriting-focused company, operating within the admitted insurance (44% of 9mo23 gross written premiums and premium equivalents), excess and surplus insurance (27%), and capital light fee-based services (29%) markets. It targets moderate risk limits and utilizes a reinsurance strategy to reduce volatility and protect capital. Fortegra has a financial strength rating of "A-" from A.M. Best.
The Jacksonville, FL-based company was founded in 1978 and booked $1.5 billion in revenue for the 12 months ended September 30, 2023. It plans to list on the NYSE under the symbol TFG. Goldman Sachs, J.P. Morgan, Jefferies, and Barclays are the joint bookrunners on the deal. No pricing terms were disclosed.
