Tiptree's Fortegra Obtains $150 Million in Capital

MT Newswires Live

2024/11/08

Tiptree (TIPT) subsidiary Fortegra Group said Friday it secured $150 million in capital through 9.25% fixed rate resetting notes due 2064.

The notes will be unsecured obligations that will be guaranteed on a junior subordinated basis by certain subsidiaries of Fortegra, the company said.

Tiptree said the issuance of the notes will allow Fortega to "boost profitability" via certain growth initiatives, and augment "risk management capabilities."

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