Warburg Pincus invests $200M in specialty insurer

Tiptree Inc. on Tuesday said private equity firm Warburg Pincus LLC has invested $200 million to take a 24% stake in its specialty insurance unit, The Fortegra Group LLC.

The deal, which is expected to close in the first quarter of 2022, will recapitalize Tiptree and position Fortegra for future growth, the New York-based holding company said.

Fortegra, which specializes in program business, underwrites $2 billion of gross written premiums and premium equivalents annually, TipTree said in a statement.

Warburg Pincus has previously invested in numerous companies in the insurance sector, including brokerage McGill & Partners.