DB Insurance to Acquire Fortegra Group for $1.65B

By Philip Seaworth • Friday, September 26 10:21 • Permanent Link

DB Insurance Co., Ltd., TIPTREE INC. (NASDAQ: TIPT), and Warburg Pincus LLC have announced a significant agreement for DB Insurance to acquire 100% of the outstanding shares of Fortegra Group, Inc., a U.S.-based specialty insurer, for approximately $1.65 billion in cash. This acquisition marks the largest U.S. market entry by a Korean non-life insurer.

Fortegra, founded in 1978 and headquartered in Jacksonville, Florida, reported gross written premiums of $3.07 billion and net income of $140 million for 2024. The company operates in all 50 U.S. states and eight European countries, holding an A* financial strength rating from A.M. Best.

The acquisition is expected to provide DB Insurance with a platform for global growth in the world's largest property and casualty (P&C) markets, enable entry into the profitable surety and warranty sectors, and enhance earnings stability through broader geographic and business-line diversification.

DB Insurance, established as Korea's first automobile insurance company in 1962, is currently the second-largest non-life insurer in South Korea, servicing over 11 million customers.

The acquisition is subject to receipt of TIPTREE stockholder approval, required regulatory approvals, and other customary closing conditions, and is expected to close in mid-2026.

This acquisition represents a significant turning point for DB Insurance as it aims to become a global insurer. It also signifies a new chapter in Fortegra's journey as it partners with DB Insurance to build a leading insurance group. The market has reacted to these announcements by moving the company's shares -15.21% to a price of $20.18. For more information, read the company's full 8-K submission here.

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