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    TIPT   US88822Q1031

TIPTREE INC.

(TIPT)
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Tiptree : Fortegra Europe Establishes Czech Branch

09/23/2021 | 04:03am EST

Leading specialty insurer strengthens its local presence in Central Eastern Europe

Fortegra Europe Insurance Company (“Fortegra” or “Company”), a leading international specialty insurer and subsidiary of Tiptree Inc. (NASDAQ: TIPT) (“Tiptree”), today announced the registration of a branch office in Prague, Czech Republic. The establishment of which will further strengthen Fortegra’s European presence. The Czech branch has all the regulatory approvals in place and is ready to write business in the Czech Republic, effective immediately.

Fortegra chose Prague for its strategic location within the heart of Europe and its proximity to Fortegra’s Central and Eastern European administrator, DEFEND INSURANCE GROUP (“DEFEND”), headquartered in Prague.

The branch will be led by Andrew Quirke, whose experience in the automotive insurance industry spans 25 years and five countries. Quirke co-founded DEFEND, which was acquired in 2019 by Fortegra. Apart from his industry expertise, he has extensive knowledge of the local market, which will help the Company further expand its footprint in the region.

“I’m delighted by the many opportunities the Prague branch brings for the Czech insurance market. Brokers and agents will now have a direct relationship with an insurer that has a local presence in the country,” said Andrew Quirke, the branch’s General Representative.

Sanjay Vara, Executive Vice President and Chief Underwriter, commented, “This branch opening is another step forward for our European growth strategy. By providing Central and Eastern European partners with direct access to an A- rated insurer, we hope to inspire trust and compliance confidence.”

The branch establishment underlines the Company’s continued confidence in the long-term growth potential of Central and Eastern Europe. The Czech branch will create new avenues for growth by offering the same innovative, flexible, and customer-responsive programs that have been the hallmark of DEFEND’s success.

About Fortegra

Fortegra Europe Insurance Company is a subsidiary of The Fortegra Group, LLC, a global specialty insurer. Fortegra and its subsidiaries underwrite and administer a comprehensive and diverse set of admitted and surplus insurance products and warranty solutions across the United States and around the world. For over 40 years, Fortegra’s collaborative approach, experienced team, and innovative products have fuelled consistent growth and increasing demand from both domestic and international partners. The Company holds an A.M. Best Financial Strength Rating of A- (Excellent). For more information on Fortegra, visit: https://www.fortegra.com/.

Fortegra Europe Insurance Company Ltd (Malta Company Registration Number C 84703) has its registered head office at Office 13, SOHO Office The Strand, Fawwara Building, Triq I-Imsida, Gzira, GZR 1401, Malta. It is authorised under the Insurance Business Act 1998 of the laws of Malta to carry out general business and is regulated by the Malta Financial Services Authority, Triq l-Imdina, Zone 1, Central Business District, Birkirkara, CBD 1010, Malta. The insurer was entered on March 24, 2021 into the registry managed and maintained by Czech National Bank as a branch of a foreign insurance company offering insurance services in the Czech Republic. The Czech branch address is Roztylská 1860/1, 148 00 Prague, identification number 11737379.


ę Business Wire 2021
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Financials (USD)
Sales 2020 815 M - -
Net income 2020 -29,2 M - -
Net Debt 2020 333 M - -
P/E ratio 2020 -5,83x
Yield 2020 3,19%
Capitalization 434 M 434 M -
EV / Sales 2019 0,73x
EV / Sales 2020 0,62x
Nbr of Employees 1 372
Free-Float 63,3%
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Managers and Directors
Jonathan Ilany Director
Randy Maultsby President & Director
Sandra E. Bell Chief Financial & Accounting Officer
Michael Gene Barnes Executive Chairman
Julia H. Wyatt Chief Financial Officer
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