The Fortegra Group, a specialty insurer focused on niche business lines and fee-based services, withdrew its plans for an initial public offering on Wednesday. It had filed to raise $297 million by offering 18 million shares at a price range of $15 to $18.
In a separate press release, the company cited prevailing market conditions among other factors as reasons for the withdrawal.
This is the second time Fortegra has scrapped IPO plans. The insurer had previously attempted to go public in early 2021 but withdrew the offering ahead of its expected pricing.
The Jacksonville, FL-based company was founded in 1978 and booked $1.5 billion in revenue for the 12 months ended September 30, 2023. It had planned to list on the NYSE under the symbol TFG. Goldman Sachs, J.P. Morgan, Jefferies, and Barclays were set to be the joint bookrunners on the deal.
