September 27, 2025

DB Insurance Acquires Fortegra Group for $1.65 Billion

News Summary

DB Insurance Co. Ltd., based in South Korea, has announced its acquisition of Fortegra Group Inc., a Jacksonville-based specialty insurance firm, for around $1.65 billion. This marks a historic first for a Korean non-life insurer acquiring a U.S. insurer, representing a strategic expansion of DB Insurance’s global operations. The deal is expected to close by mid-2026, enhancing their market reach and capabilities, especially in automotive protection products. Fortegra, previously owned by Tiptree Inc., has experienced significant revenue growth, solidifying this partnership as a pivotal growth milestone.

Jacksonville – South Korean-based DB Insurance Co. Ltd. announced on September 26, 2023, that it has acquired Jacksonville-based specialty insurance company Fortegra Group Inc. for approximately $1.65 billion. This acquisition represents a significant move as it is the first-ever purchase of a U.S. insurer by a Korean non-life insurer, marking a historic step in the expansion of DB Insurance’s global operations.

The acquisition is seen as a strategic maneuver for DB Insurance to broaden its market reach and enhance its global presence outside its home country of South Korea. Ki-Hyun Park, head of global business for DB Insurance, emphasized that this deal is a turning point for the company’s aspirations to achieve global insurer status. The transaction is expected to be finalized by mid-2026.

Fortegra Group, which specializes in automotive protection products and warranty programs, has seen substantial growth under the ownership of Connecticut-based Tiptree Inc., which privatized Fortegra in 2014 for $218 million. Fortegra’s revenue surged from $179 million in the first six months of 2014 to $994 million in the same period of 2025. However, Tiptree faced challenges in taking Fortegra public, halting two attempts in 2021 and 2024 due to disagreements over valuation.

In 2021, Warburg Pincus LLC acquired a 24% stake in Fortegra after the initial IPO attempt was withdrawn. Tiptree’s majority stake in Fortegra was identified as the company’s largest investment. Meanwhile, Fortegra has expanded its geographical footprint with operations in Europe, including a presence in Malta, Belgium, and a newly approved carrier in the UK.

Fortegra CEO Rick Kahlbaugh expressed optimism about the partnership with DB Insurance, highlighting a shared vision of building a leading insurance group. Tiptree Executive Chairman Michael Barnes referred to the acquisition as a new chapter in Fortegra’s journey, expressing confidence in the company’s ongoing success.

This acquisition aligns with the trend of increasing interest among Asian insurers in specialty carriers within developed markets, even amid high valuations. The deal allows DB Insurance immediate access to a U.S. platform with both admitted and non-admitted carriers, as well as a growing European footprint, enhancing its capability to diversify its earnings base.

Founded in 1962 as Korea’s first public auto insurer, DB Insurance has historically pursued overseas acquisitions to expand its operations. The company’s latest move comes during a period of slow growth in non-life premiums within its domestic market, pushing it further towards its ambition of becoming a global insurance finance group. Latham & Watkins LLP served as legal counsel for DB Insurance throughout this transaction.

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