Tiptree Financial has completed the previously announced sale of its subsidiary Philadelphia Financial Group to funds managed by Blackstone.
The deal includes both Philadelphia’s Third Party Administration and Life Insurance operations (PFG).
The sellers received a payment of USD155 million at closing and will receive additional two payments over the next two years totaling approximately USD9 million. Tiptree owned approximately 94 per cent of PFG and the remainder was owned by PFG’s employees.
