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Direct Investment  + IPOs  | 
Warburg Pincus-Backed Fortegra Files for IPO

Warburg Pincus-Backed Fortegra Files for IPO

Warburg Pincus is targeting a $1.5 billion valuation for its portfolio company, Fortegra Group, as it prepares for a public listing on the New York Stock Exchange.

The private equity giant bought into the specialty property and casualty insurer in 2021 through a $200 million strategic investment, taking a roughly 24% stake in the business. Fortegra has priced its IPO between $15 and $18 per share, with the intention to raise up to $324 million, according to a Reuters report.

According to its recent quarterly report, Tiptree, Fortegra’s parent company, owns 79.5% of the company, Warburg Pincus owns 17.5% and managers and directors of Fortegra own the remaining 3%.

Goldman Sachs, JPMorgan, Jefferies and Barclays are the lead underwriters for the IPO.

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.