The Fortegra Group will no longer be having an IPO on the NYSE. Even though you won’t be able to buy stock in The Fortegra Group directly, there are still ways to back the company.
On March 15, 2021, The Fortegra Group filed a draft registration with US Securities and Exchange Commission (SEC). It planned to go public on the NYSE under the ticker symbol “FRF.” The company hoped to raise around $775 million by selling 8.3 million shares at a price of $15-$17 each.
On April 29—the day stocks were supposed to begin trading—The Fortegra Group’s parent company, Tiptree Inc., announced that the IPO was cancelled. Tiptree was rumoured to have been unable to settle on an appropriate IPO price. A statement released by the company said the cancellation was “due to prevailing market conditions and the high value Tiptree Inc. places on The Fortegra Group and its growth prospects.”
The Fortegra Group may have an IPO in the future, although it also hasn’t officially announced any plans. We’ll update this page as more information becomes available.
Although you won’t be able to buy stock in The Fortegra Group directly, there are 2 ways investors can back the company.
Although it’s a less direct investment than purchasing stocks in The Fortegra Group, one option is for investors to buy stock in its parent company, Tiptree Inc. The company trades on the Nasdaq Global Select Market under the ticker symbol “TIPT.”
You’ll need a brokerage account to invest in Tiptree Inc. Here’s how it works:
You can also indirectly buy into The Fortegra Group by investing in exchange-traded funds (ETFs) that track Tiptree Inc. By purchasing these ETFs, you can potentially experience gains when subsidiaries of Tiptree Inc., like The Fortegra Group, are performing well.
The following ETFs hold investments in Tiptree Inc.
A beginner’s guide to exchange traded funds (ETFs)
Agreements between Canada and the US require Canadians holding US stock investments to pay the US Internal Revenue Service (IRS) a 15% withholding tax on any dividends earned on their US stocks. Interest earned from bonds or other interest-yielding US investments are similarly taxed at a rate of 10%.
An exception is made for stock investments held in trust exclusively designed to provide retirement income. Such trusts include RRIFs, LIRAs, LIFs, LRIFs and Prescribed RRIFs. RRSPs are also exempt from US withholding tax if you own US investments in the form of US stocks, bonds or ETFs.
Investment accounts that do not qualify for this exemption include RESPs, TFSAs and RDSPs.
All income from investments, including foreign investments, must be declared as part of your income on your Canadian tax return. Unless your US earnings are exempt from withholding tax, this means you’ll be double taxed on those earnings — first by the IRS, then by the CRA. However, the CRA may allow you to claim foreign tax credits for any taxes you’ve already paid to the IRS.
Speak with a tax professional to find out what rules and exceptions apply to your circumstances.
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