(Image source: ITC homepage.)
The Fortegra Group, LLC (Jacksonville, Fla.), a global specialty insurer, and subsidiary of Tiptree Inc. (New York), has completed its acquisition of ITC Compliance GRP Limited (ITC, Bristol), the United Kingdom’s largest secondary intermediary Financial Conduct Authority (FCA) Network. Terms of the deal were not disclosed.
The acquisition further establishes Fortegra’s footprint in the region and provides a wholly vertical compliance solution for the U.K.’s automotive market. The partnership will also enable Fortegra to tap into ITC’s array of digital platforms to provide enhanced services to the company’s automotive partners.
“For nearly 20 years, ITC has been an innovative leader in providing compliance solutions to allow businesses to focus on what they do best,” comments Sanjay Vara, EVP, Chief Underwriting Officer, Fortegra. “We are thrilled to join forces, expand our distribution channel, and continue investing in cutting edge technology for our clients and partners.”
Founded initially as an insurance-specific training company, ITC provides regulatory support and exempt status. To date, ITC has provided Appointed Representative (AR) status to more than 2,600 organizations across the U.K. and Northern Ireland, allowing those ARs to engage in regulated financial activities with less risk and more speed than if they were to acquire their own direct authorization. In addition to acting as a regulatory intermediary, ITC also acts as a broker and third-party administrator, complete with bespoke systems and self-funded premium credit.
“Today is a milestone for our company, as it further validates our market leadership and industry excellence,” comments Matthew Dyer, Founder and CEO, ITC. “Fortegra’s strength and outstanding reputation are traits we will leverage going forward, just as they were important factors in our selection process. I can’t wait for our next chapter.”
Terms of the deal were not disclosed, and existing ITC members can continue to work with insurers and finance providers of their choosing. ITC and Fortegra will provide all network members a complimentary direct sales platform to ensure immediate benefit.