Fortegra Financial Corp., a Jacksonville-based international specialty insurer and subsidiary of Tiptree Financial, announced the creation of a wholly owned European subsidiary in Malta.
The unit, called Fortegra Europe Insurance Co. Ltd. (FEIC), has received authorization from the Malta Financial Services Authority and is ready to write business immediately.
Initially, FEIC will utilize its access to the European Economic Area (EEA) to write business aligned with Fortegra’s position as a warranty and consumer products provider.
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“The formation of FEIC is an exciting and important milestone in our international growth strategy as it establishes a key strategic platform for us to become a leading European warranty insurer,” said Sanjay Vara, Fortegra’s executive vice president and chief underwriting officer for Warranty and Consumer Products.
FEIC’s Maltese presence provides Fortegra with opportunities to continue to build relationships in the international insurance community, said the company, noting that Fortegra’s A.M. Best A- (Excellent) financial strength rating for its group of U.S.-based companies will assist FEIC’s opportunities in Europe.
“Since Fortegra’s inception we’ve never been satisfied to maintain the status quo,” said Fortegra President and CEO Richard Kahlbaugh. “From adding new growth lines to increasing our international presence, we’re always looking for opportunities to build the brand….”
Fortegra Financial Corp. and its subsidiaries offer a range of consumer protection options including warranty solutions, credit insurance and specialty underwriting programs.