The Fortegra Group, a specialty insurer focused on niche business lines and fee-based services, announced terms for its IPO on Monday.
The Jacksonville, FL-based company plans to raise $297 million by offering 18 million shares at a price range of $15 to $18. At the midpoint of the proposed range, The Fortegra Group would command a fully diluted market value of $1.5 billion.
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, excess and surplus insurance, and capital light fee-based services 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 Fortegra Group 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. It is expected to price during the week of February 5, 2024.
