Tiptree plans IPO for specialty insurance unit Fortegra

Tiptree Inc. said it plans to take its specialty insurance unit Fortegra Group Inc. public via a primary offering.

Proceeds of the IPO will be used to support Fortegra’s growth, Tiptree said Wednesday.

Tiptree said it expects to retain majority ownership of Fortegra and that an IPO will “create a platform to serve the future capital needs of the business.”

Greenwich, Connecticut-based Tiptree Wednesday reported third-quarter net income of $2.2 million, down from $14.2 million in the prior-year period. Growth in its insurance business was offset by unrealized losses on investments and a decline in its shipping income due to the sale of five vessels in 2022, Tiptree said.