KBRA assigned an issuer rating of BBB to The Fortegra Group, Inc. and an insurance financial strength rating (IFSR) of A- to Fortegra Specialty Insurance Company. Concurrently, KBRA affirmed the A- IFSRs for Fortegra's key U.S. insurance subsidiaries, including Lyndon Southern Insurance Company and others. The outlook for all ratings is Stable.
Fortegra's ratings reflect its favorable underwriting results, a balanced mix of revenue and earnings, adequate capitalization, and a prudent operating strategy. The company has historically demonstrated solid underwriting results, supplemented by significant fee income, and maintains a high-quality, liquid investment portfolio.
The company's product portfolio is well diversified, with geographic diversification improving due to expansion in Europe. KBRA noted Fortegra's solid EBITDA interest coverage. These ratings provide an independent assessment of Fortegra's financial strength and its ability to meet its obligations, reinforcing investor confidence in Tiptree's majority-owned subsidiary.
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