New partnership offers first-of-its kind admitted market model
JACKSONVILLE, Fla. (August 1, 2017) – Fortegra, a Tiptree Inc. company (NASDAQ:TIPT), today announces its new partnership with the CHART (Coverholders And Risk Takers) Exchange, an organization of coverholders, London-based syndicates, admitted markets and other vendor partners who provide services for the insurance industry. Fortegra will serve as one of two admitted insurance companies on CHART’s vendor panel, and be the exclusive non-fronting program partner for admitted capacity.
This first-of-its-kind partnership, which offers Fortegra’s A-rating and reinsurance alliance through Lloyd’s syndicates, allows Fortegra to assume risk and offer meaningful reinsurance support from the current London subscription market. Fortegra supports coverholders with admitted paper and eliminates surplus lines tax, letters of declination and additional administrative duties.
“Our unique admitted market partnership allows Lloyd’s coverholders and MGAs who don’t have access to premier markets to bridge the gap with admitted paper. Unlike other admitted partners, we assume meaningful risk and look for support from a coverholder’s or MGA’s existing, or new, syndicate panel,” said Fortegra Executive Vice President, Chief Underwriter & Head of Product Management Mark Rattner. “As a premier member of CHART, the flexibility and transparency we offer through our partnership with Lloyd’s is unmatched, and gives program underwriters the ability to create solutions that fit their specific needs and build their business with new admitted market capacity.”
“Fortegra has been with the CHART Exchange since our first meeting in Philadelphia in 2015. They bring a unique and valuable set of capabilities to our group, including the provision of admitted paper, risk sharing, and marketing services to CHART agency members,” said Glenn Clark, CPCU, president of Rockwood Programs, Inc. and president & CEO at CHART. “In early 2017 Mark Rattner, CUO deepened the Fortegra commitment to the CHART-Exchange by negotiating a Preferred Vendor Partner Relationship. The CHART Exchange will assist Fortegra in promoting its unique business model via workshops, articles in our e-magazine, identification of potential new agency partners and increased exposure at our events. We are excited to have Fortegra join our other Preferred Vendor relationships who have made major commitments to grow our group.”
To learn more about Fortegra’s new admitted market partnership, visit www.fortegra.com/programs.
Fortegra ® is the marketing name for the insurance, warranty solutions and specialty underwriting operations of Fortegra Financial Corporation and its subsidiaries, including its admitted insurance companies. Fortegra Financial Corporation (a Tiptree Inc. company) and its subsidiaries comprise a single-source insurance services provider that offers a range of consumer protection options including warranty solutions, credit insurance, and specialty underwriting inclusive of admitted market partnerships. Delivering multifaceted coverage with an unmatched service experience for both partners and their customers across the globe, Fortegra solves immediate, everyday needs, empowering consumers to worry less and Experience More.