DB Insurance has announced an agreement to acquire Fortegra, a specialty insurer based in Jacksonville, Florida. This move marks the first acquisition of a U.S. insurer by a Korean non-life insurance company and is seen as part of DB Insurance's strategy to expand its global presence.
Fortegra, founded in 1978, operates across the United States and Europe. In 2024, it reported gross written premiums of $3.07 billion and net income of $140 million. The company offers specialty insurance products and services in all 50 U.S. states and eight European countries, including the U.K. and Italy, and maintains an A- financial strength rating from A.M. Best.
According to DB Insurance, the acquisition will help establish a platform for growth in property and casualty markets worldwide and provide entry into sectors such as surety and warranty insurance. The deal is also expected to diversify earnings through broader geographic reach.
The agreement gives Fortegra access to DB Insurance’s capital base and financial ratings: AM Best A+ (Superior) and S&P A+ (Stable).
Ki-Hyun Park, Head of Global Business at DB Insurance, stated: “This acquisition will mark the first-ever purchase of a U.S. insurer by a Korean non-life insurer and represents a turning point for DB Insurance in its journey to become a global insurer. By combining Fortegra’s expertise with DB Insurance’s global network and capital strength, we aim to enhance customer value and market competitiveness while simultaneously achieving our dual objectives of increasing shareholder value and contributing to the national economy.”
Rick Kahlbaugh, CEO of Fortegra Group, said: “This agreement with DB Insurance marks a significant new chapter in Fortegra’s journey. We look forward to partnering with DB Insurance to advance the shared goal of building a leading insurance group.”
Michael Barnes, Tiptree’s Executive Chairman, commented: “For more than a decade we have had the pleasure of working closely with Rick and his team to nurture Fortegra’s growth and deliver a track record of consistent performance. As Fortegra embarks on its next chapter, we remain proud of what we’ve built together and confident in the company’s continued success.”
Dan Zilberman, Global Head of Capital Solutions and Global Co-Head of Financial Services at Warburg Pincus, added: “Fortegra successfully accelerated its growth and cemented its position as a leading global specialty insurer during our partnership with the company. We, along with our friends at Tiptree, are proud to have supported Rick and the Fortegra team through this exciting period, and are highly confident that DB Insurance is the right partner for Fortegra in this next chapter of its growth.”
Financial advisors for Fortegra include Barclays and BofA Securities; Goldman Sachs & Co. LLC serves as financial advisor for DB Insurance. Legal counsel includes Ropes & Gray LLP and Sidley Austin LLP for Fortegra; Latham & Watkins LLP for DB Insurance.
The transaction is subject to Tiptree stockholder approval as well as regulatory approvals before closing can occur. It is expected that completion will take place by mid-2026.
DB Insurance was established in 1962 as Korea's first automobile insurance company. Today it ranks as South Korea's second largest non-life insurer serving over 11 million customers with offerings including long-term medical coverage as well as auto and property/casualty policies.
Fortegra provides risk management solutions through admitted lines products alongside excess/surplus lines insurance offerings worldwide.
Tiptree Inc., established in 2007 (NASDAQ: TIPT), allocates capital across small- to mid-market companies within sectors like insurance asset management among others.
Warburg Pincus LLC is known for private equity investments globally across various industries including insurance.