The biggest secondary intermediary Financial Conduct Authority (FCA) network in the UK is now part of global specialty insurer Fortegra Group, LLC.
According to the Florida-headquartered group, it has completed its acquisition of ITC Compliance GRP Limited, which originally came to life as an insurance-specific training company but has since specialised in providing regulatory support and exempt status.
Incorporated in 2003, ITC acts as a broker and third-party administrator and has provided appointed representative status to over 2,600 organisations. Its regulatory umbrella enables the distribution of finance and insurance products without the requirement for direct FCA authorisation.
“For nearly 20 years, ITC has been an innovative leader in providing compliance solutions to allow businesses to focus on what they do best,” noted Fortegra chief underwriting officer and executive vice president Sanjay Vara. “We are thrilled to join forces, expand our distribution channel, and continue investing in cutting-edge technology for our clients and partners.”
The deal, said Fortegra, further establishes its footprint in the region while allowing the wider business to leverage ITC’s digital platforms portfolio for the automotive market.
Meanwhile existing ITC members can continue working with their preferred insurers and finance providers. Additionally, all network members will be provided a complimentary direct sales platform.
“Today is a milestone for our company,” stated ITC founder and chief executive Matthew Dyer on Tuesday, “as it further validates our market leadership and industry excellence. Fortegra’s strength and outstanding reputation are traits we will leverage going forward, just as they were important factors in our selection process. I can’t wait for our next chapter.”
Terms of the finalised acquisition were not disclosed.
