South Korea-based non-life insurer DB Insurance has completed its $1.65bn (Won2.49tn) all-cash purchase of US specialty insurer the Fortegra Group from Tiptree and Warburg Pincus.
The deal, first announced last September, closed after Tiptree shareholders approved it in December
It was carried out through a merger involving a wholly owned subsidiary of DB Insurance. Fortegra, which had been jointly owned by insurance company Tiptree and private equity firm Warburg Pincus, is now a wholly owned subsidiary of DB Insurance. Tiptree chairman and CEO Michael Barnes said: “We are pleased to have successfully completed the sale of Fortegra, which represents the culmination of a multi-year strategy to build and scale a global specialty insurance platform.” In a press statement, the transaction is described as the “largest” US market entry by a South Korean non-life insurer.
Fortegra was founded in 1978 and is headquartered in Jacksonville, Florida. In 2024, it reported gross written premiums of $3.07bn and net income of $140m. The insurer is licensed in all 50 US states and has operations in eight European countries including Italy and the UK.