The Fortegra Group, Inc., a global specialty insurer, and subsidiary of Tiptree Inc., announced it has acquired a majority interest in Premia Solutions Limited, a UK-based intermediary and provider of automotive protection products.
Though domestic acquisitions dominated deal-making in volume terms in Q3 2022, the value of domestic deals dropped by 33%, according to GlobalData. This cross-border deal furthers Fortegra’s rapid growth across Europe and the UK, a region it expanded to in 2017.
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“We are excited to join forces with Premia, a market leader and Fortegra partner since 2018,” said Sanjay Vara, chief underwriting officer and executive vice president at Fortegra. “Coupled with our acquisition last year of ITC Compliance Limited – the UK’s largest secondary intermediary Financial Conduct Authority (FCA) Network – we, as a Group, are now well positioned as a vertically integrated, single source provider for the Automotive Finance and Insurance sector.”
Supporting more than 2,000 automotive dealerships and leasing brokers throughout the UK and Ireland, Premia offers a suite of innovative add-on insurance and warranty products. Founded in 2000, Premia leverages industry expertise and market research to design and successfully launch consumer-focused solutions.
“Premia Solutions has established itself over the last 20 years in partnership with many of the largest dealer groups in the UK. This investment provides Premia with the opportunity to take its next step and continue to grow its business and clients in the UK automotive market. Expanding an already strong partnership, adding the financial strength and strong, growing reputation of Fortegra, we will continue to develop industry-leading solutions that enable our clients to meet the needs of their customers in today’s evolving marketplace,” said Conrad Gamble, Premia’s Founder and CEO.
Fortegra’s other automotive administration services are based in Prague, Czech Republic, which will continue to service its growing EU business.
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