Add-on Acquisition • Insurance

Tiptree Acquires Fortegra

On August 12, 2014, Tiptree acquired insurance company Fortegra for 218M USD

Acquisition Context

This is Tiptree’s 1st transaction in the Insurance sector.
This is Tiptree’s largest (disclosed) transaction.
This is Tiptree’s 1st transaction in the United States.
This is Tiptree’s 1st transaction in Florida.

Investment Fate

Fortegra was sold to a financial buyer in 2021.
Fortegra was sold to a strategic buyer in 2025.

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M&A Deal Summary
Date	August 12, 2014
Target	Fortegra
Sector	Insurance
Buyer(s)	Tiptree
Deal Type	Add-on Acquisition
Deal Value	218M USD
Advisor(s)	Willis Capital Markets & Advisory (Financial)

Target Company

Fortegra

Jacksonville, Florida, United States

Fortegra is a global specialty insurance company through its subsidiaries, offers to 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. Fortegra is based in Jacksonville, Florida.

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Buyer Overview 1

Buyer

Tiptree

Greenwich, Connecticut, United States

Category	Company
Founded	1978
Sector	Insurance
Employees	1,496
Revenue	2.0B USD (2024)

DESCRIPTION

Tiptree is a holding company that combines insurance operations with investment management expertise. Tiptree principal operating subsidiary is a leading provider of specialty insurance products and related services. We also invest through Tiptree Capital across a broad spectrum of opportunities. Tiptree was founded in 2007 and is based in Greenwich, Connecticut.

Deal Context for Buyer	#
Overall	1 of 3
Sector: Insurance	1 of 2
Type: Add-on Acquisition	1 of 3
State: Florida	1 of 1
Country: United States	1 of 3
Year: 2014	1 of 1
Size (of disclosed)	1 of 1

FOLLOWING DEAL

DATE	TARGET	DEAL TYPE	VALUE
2014-10-29	Philadelphia Financial Group Philadelphia, Pennsylvania, United States Philadelphia Financial Group is a specialty insurer and administration company. Philadelphia Financial Group was founded in 1988 and is based in Philadelphia, Pennsylvania.	Sell	$155M

DATE

TARGET

DEAL TYPE

VALUE

2014-10-29

Philadelphia Financial Group

Philadelphia, Pennsylvania, United States

Philadelphia Financial Group is a specialty insurer and administration company. Philadelphia Financial Group was founded in 1988 and is based in Philadelphia, Pennsylvania.

Sell

$155M

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