Fortegra announces withdrawal of initial public offering

Fortegra, a multinational specialty insurer and subsidiary of Tiptree Inc, announced that due to prevailing market conditions and the high value Tiptree and Warburg Pincus place on Fortegra and its growth prospects, Tiptree and Warburg have decided to withdraw the registration statement relating to the previously announced initial public offering by Fortegra.

Tiptree and Warburg remain committed to supporting Fortegra as it continues to execute its growth strategy.

Late last month, Fortegra announced the launch of Fortegra’s initial public offering with plans to offer 18,000,000 shares of its common stock to the public.

The price range was expected to be between $15 and $18 per share.