Formerly | Life of the South |
---|---|
Company type | Private |
Founded | 1978 |
Founder | Butch Houston |
Headquarters | Jacksonville, Florida |
Key people | Butch Houston (founder) Rick Kahlbaugh (CEO) [1] [2] Mark Rattner (CUO) Abbie Taylor (COO) [3] |
Parent | Tiptree Holdings |
Website | fortegra |
The Fortegra Group, formerly Life of The South, is a Jacksonville-based multinational insurance company founded in 1978. [4] [5] [6] It is a subsidiary of Tiptree Holdings and has a presence in the United States and Europe. [7] [8] [9]
Life of the South was founded by Butch Houston in 1978 and later rebranded as Fortegra in 2008. The company started as a regional monoline Insurer in rural Georgia before relocating its headquarters to Jacksonville, Florida, in 1995. Its Initial Public Offering (IPO) began in 2007 when Summit Partners acquired 85% of its stake with US $100 million.In 2010, after Fortegra went public, Summit Partners held its majority stock of 62%, and then in 2014, it was sold to Tiptree Holdings for US $218 million. Since then, Fortegra Group has been a subsidiary of Tiptree Holdings. [4] [5] [6] [10]
With the acquisition of ProtectCELL in 2013 and Smart AutoCare and Defend Insurance Group in 2019 as subsidiaries, Fortegra expanded into specialty insurance, motor club, vehicle service contracts, warranty solutions, and premium financing, establishing its offices in Prague, Czech Republic, and London, the United Kingdom. [11] In 2015, Fortegra started selling its products in Europe and later founded its Malta-based subsidiary, Fortegra Europe Insurance, in 2018. In 2020, The company launched its insurance subsidiary, Fortegra Specialty Insurance Group, providing excess and surplus lines products. [12] [13] [14] In 2023, The Specialty Insurance Group partnered with Rockwood Programs and launched Bankers Defender, a program to assist bankers, brokers, and asset-based lenders.. [15]
Fortegra Group continued expanding in the Europe with the acquisition of a secondary intermediary group in the UK automotive industry, ITC Compliance, in 2022 and a majority stake in automotive product provider Premia Solutions in the following year. [16] [17] In 2022, Warburg Pincus, a private equity firm, bought a 24% stake in the company with US $200 million of investment. [18] [19] [20]
In 2022, the financial performance of Fortegra included $1.2 billion in premium growth revenue and $2.0 billion in assets. As of 2024, Fortegra’s acquisitions also includes ProtectCell, Smart AutoCare, and Defend Insurance Group.. [21] [22] [23]
Swiss Re Ltd is a Swiss reinsurance company founded in 1863 and headquartered in Zürich, Switzerland. It is one of the world's largest reinsurers, as measured by gross premiums written. Swiss Re operates through around 80 offices in 29 countries and employs over 14,000 people. It was ranked 519th on the Forbes Global 2000 list and ranked 316th on the Fortune Global 500 in 2023. Swiss Re is listed on the SIX Swiss Exchange.
Fairfax Financial Holdings Limited is a Canadian financial holding company based in Toronto, Ontario, engaged in property, casualty, insurance and reinsurance, investment management, and insurance claims management. The company operates primarily through several subsidiaries, including Allied World, Odyssey Re, Northbridge Financial, Crum & Forster, Verassure Insurance, Onlia Agency Inc., and Zenith Insurance Company. The company was also the largest shareholder of Torstar with 40% of the Class B shares, as of May 2020.
Axa S.A. is a French multinational insurance company headquartered in the 8th arrondissement of Paris. It also provides investment management and other financial services as part of its subsidiaries. As of 2023, it is the largest financial services company by revenue in France, and the 4th largest French company.
Markel Group Inc. is a group of companies headquartered in Richmond, Virginia, and originally founded in 1930 as an insurance company.
Compagnie Française d'Assurance pour le Commerce Extérieur (Coface) is a credit insurer that operates worldwide' in addition to offering debt collection services, factoring and business information, and bonds.
RSA Insurance Group Limited is a British multinational general insurance company headquartered in London, England. RSA has major operations in the United Kingdom, Ireland, Scandinavia & Canada. It provides insurance products and services in more than 100 countries through a network of local partners. It has 9 million customers. RSA was formed by the merger of Sun Alliance and Royal Insurance in 1996.
Arthur J. Gallagher & Co. (AJG) is an American global insurance brokerage and risk management services firm headquartered in Rolling Meadows, Illinois. The firm was established in 1927 and is one of the largest insurance brokers in the world.
Hiscox Ltd. is an Anglo-Bermudan insurance provider, listed on the London Stock Exchange. An underwriter at Lloyd's of London, the company largely specialises in niche areas of the market, offering property and casualty insurance aimed at companies and high-net-worth individuals, as well as cover against such risks as hacking, kidnapping and satellite damage. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
Qatar Insurance Group [1] is a Qatari insurance company headquartered in Doha and is the largest company in the MENA region by total assets[DH1]. QIC Group was listed 73rd on Forbes Middle East top 100 companies in 2022[2] and 72nd[3] on the Fortune 500 Arabia list for 2023.
Intact Financial Corporation is a Canadian multinational property and casualty insurance company. Originally established in 1809 as the Halifax Fire Insurance Association, it was later acquired by Nationale-Nederlanden and from 1993 to 2009 was a subsidiary of the Dutch multinational ING Group under the name ING Canada. Intact Financial directly underwrites insurance through its subsidiary companies Intact Insurance and Belair Insurance, as well as operating additional brokerage, insurance service, and damage restoration subsidiaries. As of 2017, Intact was the largest provider of property and casualty insurance in Canada by annual premiums.
Brown & Brown, Inc. is an insurance brokerage firm, specialising in risk management. Headquartered in Daytona Beach, Florida, Brown & Brown has 450+ locations worldwide.
Argo Group International Holdings, Inc, or Argo Group, is a U.S.-based underwriter of specialty insurance products in the property and casualty market.
AnaCap Financial Partners ('AnaCap') is a London-based British private equity firm advising funds that invest in Software, Technology and Services within the European financial ecosystem.
Covéa is a French mutual insurance company that covers property, liability and reinsurance businesses headquartered in Paris. It was formed from the merger of three separate French mutual insurance companies Garantie Mutuelle des Fonctionnaires (GMF), Mutuelle d'assurance des artisans de France (MAAF) and Mutuelle du Mans Assurance (MMA).
Talanx is a German multinational financial services company headquartered in Hanover, Germany. Its core businesses include reinsurance, insurance and asset management. Talanx is Germany's third-largest insurance group and one of the major European insurance groups by premium income. The group operates in more than 150 countries.
Generali Italia S.p.A. or simply Generali is an Italian insurance company based in Mogliano Veneto, which is a subsidiary of Generali Group. Alleanza Assicurazioni, Cattolica Assicurazioni, DAS, Genertel and Genertellife, Generali Welion, Generali Jeniot and Leone Alato are headed by Generali Italia.
Confie is an American private insurance company that provides auto insurance, home insurance, life insurance, commercial insurance, and related products. Confie is the ninth largest independent property and casualty insurance agency in the United States as of 2020. Freeway Insurance, InsureOne Insurance and Bluefire Insurance are their better known brands.
Partners Life is a New Zealand-based insurance company which provides life and health insurance. As of 2019 it had an annual revenue of $247.5 million NZD. On August 12, 2022, global life insurance specialist Dai-ichi Life Holdings, Inc announced its acquisition of 100% of the shares in Partners Group Holdings Limited, the parent company of Partners Life Limited, subject to regulators approval.
Risk Strategies is a private insurance brokerage and risk management advisor. The firm was founded 1997 in Boston, Massachusetts, by its current chairman, Mike Christian, as a specialty risk management consultancy. In 2015, private equity insurance sector investor Kelso & Company acquired Kohlberg & Company's majority stake in Risk Strategies. In 2022 it was ranked the 25th fastest-growing private company in Massachusetts.
Slide Insurance is an American insurance company focused on homeowners insurance founded in 2021 by Bruce Lucas and Shannon Lucas and based in Tampa, Florida.