Fortegra (Tiptree subsidiary) launches IPO of 18M shares at $15-18; FY2023 prelim results show strong growth

TIPTREE INC.

IPO: 18M shares offered, underwriters 30-day option for 2.7M shares; expected price $15-$18 per share.
Fortegra to list on NYSE under ticker "TFG"; proceeds for growth strategy and working capital.
FY2023 prelim: gross written premiums $2.75B (+21% YoY); net income $101.3M (up $54.9M vs 2022).
Q4 2023 prelim: revenues $433.2M (+25% YoY); combined ratio 89.8% (flat YoY).
Adjusted net income FY2023: $115.7M (+38% YoY); adjusted ROE 29.2% (vs 26.1% in 2022).

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