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Specialty insurer Fortegra picks up $200m from Warburg Pincus

Fortegra is the insurance subsidiary of Tiptree Inc, a holding company.

  • The transaction gives Warburg Pincus an approximate 24 percent ownership stake in Fortegra
  • Up to $60 million of the deal’s proceeds will be used to support Fortegra’s growth and pay down Tiptree’s debt
  • Barclays acted as financial advisor to Tiptree and Fortegra while BofA Securities was financial advisor to Warburg Pincus.

Warburg Pincus has invested $200 million in The Fortegra Group, a specialty insurer. No financial terms were disclosed.

The investment gives Warburg Pincus an approximate 24 perent ownership stake in Fortegra. Up to $60 million of the proceeds will be used to support Fortegra’s growth opportunities with the remainder used to repay Tiptree’s existing indebtedness and for general corporate purposes.

Barclays acted as financial advisor Tiptree and Fortegra while Ropes & Gray LLP and Sidley Austin LLP provided legal counsel. BofA Securities acted as financial advisor to Warburg Pincus while Willkie Farr & Gallagher LLP provided legal counsel.

Founded in 1966, Warburg Pincus currently has more than $80 billion in assets under management, according to the firm.