TIPT - Tiptree's insurance Fortegra Financial Smart AutoCare units file for IPO

Tiptree's (TIPT) Fortegra Group files for a proposed initial public offering. The number of shares to be offered and expected price range have yet to be determined.Fortegra represents Tiptree's insurance segment and Fortegra Financial and the entities through which Smart AutoCare is operated.Fortegra plans to list its securities on the NYSE under the symbol "FRF."Net proceeds are expected to be used to execute Fortegra's growth strategy, repay a portion of Tiptree's Fortress credit facility, which was helped finance its Smart AutoCare acquisition, and for working capital and general purposes.Fortrega Group had total revenue of $691.1M in 2020, up from $635.1M in 2019; net earned premiums of $187.0M jumped from $106.2M.Total expenses of $664.1M last year increased from $598.1M.2020 adjusted net income of $43.4M increased from $32.8M; GAAP net income of $23.2M fell from $28.6M a year earlier.Combined ratio of 91.5% in 2020 improved from 92.4% in 2019.

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Tiptree's insurance, Fortegra Financial, Smart AutoCare units file for IPO