RTTNews | Oct 12, 2021 10:30AM EDT

10:30 Tuesday, October 12, 2021 (RTTNews.com) - Shares of Tiptree Inc. (TIPT) are surging more than 28% Monday morning following $200 million strategic investment by private equity firm Warburg Pincus in The Fortegra Group, LLC, Tiptree's insurance subsidiary.

The investment, which gives Warburg Pincus about 24% stake in Fortegra, is expected to close in the first quarter 2022.

Tiptree's Executive Chairman Michael Barnes said, "This investment accomplishes many of our strategic goals including raising capital to accelerate Fortegra's growth and recapitalizing both companies balance sheets through the repayment of indebtedness."

TIPT, currently at $13.80, is nearing to its 52-week high of $15.48.

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