DB Insurance to Acquire Fortegra Group for $1.65 Billion

By Greg Peters • Friday, September 26 15:33 • Permanent Link

DB Insurance Co., Ltd. ("DB Insurance"), Tiptree Inc. (NASDAQ: TIPT), and Warburg Pincus LLC have entered into an agreement for DB Insurance to acquire 100% of the outstanding shares of the Fortegra Group, Inc. ("Fortegra"), a U.S.-based specialty insurer, for approximately $1.65 billion in cash. This acquisition is set to be funded with internal resources from DB Insurance and marks the largest U.S. market entry by a Korean non-life insurer.

Fortegra, headquartered in Jacksonville, Florida, reported gross written premiums of $3.07 billion and net income of $140 million for 2024. It operates in all 50 U.S. states and eight European countries with 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 aims to enhance customer value and market competitiveness, increase shareholder value, and contribute to the national economy through this acquisition. Fortegra's CEO, Rick Kahlbaugh, expressed optimism about partnering with DB Insurance to build a leading insurance group. Tiptree's Executive Chairman, Michael Barnes, commended Fortegra's consistent performance and expressed confidence in the company's continued success.

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.

DB Insurance, established in 1962, is the second largest non-life insurer in South Korea, servicing over 11 million customers. Fortegra, with an A.M. Best financial strength rating of A* (Excellent), has underwritten risk management solutions for over 45 years, offering a diverse set of admitted and excess and surplus lines insurance products and warranty solutions. Today the company's shares have moved -6.59% to a price of $18.85. Check out the company's full 8-K submission here.

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