The Fortegra Group, a specialty insurer focused on niche business lines and fee-based services, withdrew its plans for an initial public offering on Thursday. It had filed to raise $133 million by offering 8.3 million shares at a price range of $15 to $17, and was expected to begin trading today.
Fortegra operates through three lines of business: US Insurance, US Warranty Solutions, and Europe Warranty Solutions. Through its US insurance business, the company offers commercial programs with a particular focus on casualty lines, including professional liability, inland marine, and contractors equipment. It also offers personal lines programs including storage unit contents and manufactured housing. As of December 31, 2020, Fortegra operated a network of 15 offices in four countries.
The Jacksonville, FL-based company was founded in 1981 and booked $691 million in sales for the 12 months ended December 31, 2020. It had planned to list on the NYSE under the symbol FRF. BofA Securities, Barclays and Piper Sandler were set to be the joint bookrunners on the deal.
