New Hire Strengthens Fortegra's Executive Leadership Team

JACKSONVILLE, Fla., Aug. 15, 2023 /PRNewswire/ -- The Fortegra Group, Inc. ("Fortegra" or the "Company"), a global specialty insurer and subsidiary of Tiptree Inc. (NASDAQ: TIPT), today announced the appointment of Edward Peña as chief financial officer effective August 28, 2023. At that time, Mike Grasher, Fortegra's current CFO, will transition to executive vice president, international business development.   

The appointment of Mr. Peña adds to an already deep bench of experienced and highly qualified senior executives at Fortegra. He is a trusted leader with more than two decades of insurance, finance and mergers and acquisitions expertise. He comes to Fortegra from Liberty Mutual, where he ascended to the CFO position in the company's Global Retail Markets division. Mr. Peña's experience also includes various positions at Coaction Specialty Insurance and J.P. Morgan.

"It is an honor to be appointed CFO at such a critical point in Fortegra's growth trajectory," said Mr. Peña. "Under the leadership of Rick Kahlbaugh, Fortegra has grown into a leading global specialty insurer in the most thoughtful and strategic of ways. I am looking forward to working with our team to continue that momentum."

Rick Kahlbaugh, who is the chief executive officer of Fortegra, said: "We are thrilled to have Ed join the Fortegra team. The breadth and range of his talents and experience will serve to support the current and future trajectory of the Company. Ed is immensely talented, and I am eager to start working with him."

As CFO since rejoining Fortegra in October 2015, Mr. Grasher has been instrumental in the Company's consistent growth and profitability. During his tenure, the Company reached the $1 billion, $2 billion and now $3 billion gross written premium thresholds. As EVP, International Business Development, Mr. Grasher will build out Fortegra's specialty insurance companies in the UK and the European Union. Upon assuming his new position, Mr. Grasher will continue reporting to Fortegra's CEO.

"Mike knows our business, knows our strategy and is uniquely suited to spearhead this strategic initiative," added Mr. Kahlbaugh. "I am confident that he and the team in London will build Fortegra's specialty insurance presence in strategic markets abroad, further accelerating our growth."

About Fortegra
For more than 45 years, Fortegra and its subsidiaries have underwritten risk management solutions that help people and businesses succeed in the face of uncertainty. As a global specialty insurer, we offer a diverse set of admitted and surplus insurance products and warranty solutions. Fortegra's A.M. Best Financial Strength Rating of A- (Excellent) is a result of our strict underwriting standards, consistent profitability, and high cash flows. For more information, please visit: https://www.fortegra.com.

Contact:
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