Fortegra, has secured $150m in capital through a Fixed Rate Resetting Junior Subordinated Notes issuance, carrying a 9.25% interest rate and maturing in 2064.
Fortegra, with a legacy of over 45 years, provides a range of risk management solutions through its subsidiaries. Known for its admitted and excess and surplus lines insurance products and warranty services, Fortegra supports both businesses and individuals in managing financial risk. With an A.M. Best Financial Strength Rating of A- (Excellent), the company offers robust specialty insurance and warranty products to meet the diverse needs of its clients.
According to Fortegra CFO Ed Peña, the financing will help the company optimise growth and risk management efforts. “This strategic financing enables Fortegra to drive profitable growth and optimally manage risk for our partners and policyholders across the US and Europe. By strengthening our capital position, we can further enhance our specialty insurance offerings, expand our warranty and consumer products businesses, and diversify our risk portfolio.”
Peña added, “This transaction demonstrates our commitment to delivering long-term value to our partners, policyholders and shareholders. We’re well-positioned to capitalize on market opportunities while maintaining a strong focus on risk management, business growth, and operational excellence.”
The investment will allow Fortegra to deepen partner relationships through tailored insurance solutions, enhance risk management capabilities, and boost profitability via growth initiatives.
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
The post Specialty insurer Fortegra secures $150m in financing for growth and risk management appeared first on FinTech Global.