Specialty insurer Fortegra raises $150 million

Specialty insurer The Fortegra Group Inc., a subsidiary of Tiptree Inc., said Friday it has raised $150 million.

Fortegra said it raised the funds with 9.25% Fixed Rate Resetting Junior Subordinated Notes due in 2064.

The notes, to be issued under an indenture, will be junior, subordinated and unsecured obligations of Fortegra, and will be guaranteed on a junior subordinated basis by certain subsidiaries of Fortegra, the insurer said in a statement.