Specialty insurer sets price range for initial public offering

  • Fortegra Group plans to sell 18 million shares in its IPO
  • The shares are priced between $15 and $18 each
  • At the midpoint price of $16.50, the company expects net proceeds of about $277.4 million
  • Tiptree will hold a nearly 58% stake in Fortegra after the IPO
  • Warburg Pincus will hold a 22% interest in Fortegra

Fortegra Group, a specialty insurer majority-owned by Tiptree, plans to sell 18 million shares at a price range of $15 to $18 per share in its initial public offering. At the midpoint price of $16.50, the company expects to raise approximately $277.4 million in net proceeds. Tiptree will hold a nearly 58% stake in Fortegra after the IPO, while private-equity firm Warburg Pincus will hold a 22% interest. The company has applied to list its shares on the New York Stock Exchange under the symbol TFG.

Public Companies: Fortegra Group (TFG)
Private Companies: Tiptree, Warburg Pincus
Key People: Colin Kellaher ()

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Factuality Level: 8
Justification: The article provides factual information about Fortegra Group’s plans to sell shares in its initial public offering, including the number of shares, the expected price range, and the estimated net proceeds. It also mentions the ownership stakes of Tiptree and Warburg Pincus. The information provided is specific and does not contain any obvious bias or opinion.

Noise Level: 8
Justification: The article provides information about Fortegra Group’s plans to sell shares in its initial public offering. It includes details about the expected net proceeds, the number of shares outstanding, and the ownership stakes of Tiptree and Warburg Pincus. However, the article lacks analysis, scientific rigor, and intellectual honesty. It does not provide any insights, solutions, or new knowledge for the reader to apply. The information presented is straightforward and does not hold powerful people accountable or explore the consequences of decisions on those who bear the risks.

Financial Relevance: Yes
Financial Markets Impacted: The financial markets that may be impacted by this news article are the insurance and investment-management-services sectors.

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: This news article pertains to the initial public offering (IPO) of Fortegra Group, a specialty insurer. It provides information about the number of shares to be sold, the expected net proceeds, and the ownership stakes of Tiptree and Warburg Pincus. While this news is relevant to financial markets, it does not describe any extreme events.

Reported publicly: www.marketwatch.com