Tiptree said it agreed to acquire Universal Shield Insurance Group, or USIG, for $100 million in cash.
USIG is a specialty property and casualty insurer that operates in admitted and excess and surplus markets and is licensed in 49 states. Tiptree said it will add capital to help USIG grow and that the deal is expected to close in the first quarter of 2027, subject to regulatory approvals and other customary conditions.
The specialty insurance holding company said the acquisition rebuilds its specialty insurance platform. It cited USIG's underwriting in targeted markets, an experienced leadership team, a scalable distribution network and product set, and proprietary technology for faster, data-driven underwriting.
"USIG provides Tiptree with a new foundation in the specialty insurance sector and a clear path for scalable growth," said Michael Barnes, Tiptree's chairman and chief executive.
USIG Chief Executive Chris Timm said the partnership will support expansion of underwriting and distribution.
Tiptree said it recently completed the sale of Fortegra, generating $1.12 billion of proceeds to the company and a gain of $372.2 million, and the sale of its former mortgage subsidiary Reliance for $49.7 million in cash.
The company had second-quarter net income attributable to stockholders of $389.2 million, or $10.30 a share, compared with a profit of $19 million, or 39 cents a share, a year earlier.
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