September 28, 2025

DB Insurance Co. to Acquire Fortegra Group for $1.65 Billion

News Summary

DB Insurance Co. Ltd., a South Korean company, is set to acquire Fortegra Group Inc., an insurance firm based in Jacksonville, for $1.65 billion. This marks a historic event as it represents the first acquisition of a U.S. insurer by a Korean non-life insurer. The deal is anticipated to close by mid-2026 and reflects Fortegra’s impressive growth under previous ownership. This acquisition aims to enhance DB Insurance’s global presence while promising a bright future for Fortegra under new management.

Jacksonville, Florida — DB Insurance Co. Ltd., a South Korean firm, is set to acquire Fortegra Group Inc., a Jacksonville-based specialty insurance company, in a landmark deal valued at $1.65 billion. This acquisition is notable as it represents the first instance of a Korean non-life insurer purchasing a U.S. insurer.

The transaction is expected to be completed by mid-2026, subject to the necessary regulatory approvals and shareholder consents. Fortegra Group was previously acquired by Tiptree Inc. in 2014, when it was publicly traded, for $218 million.

Under Tiptree’s ownership, Fortegra has posted impressive growth, with its revenue increasing from $179 million in the first half of 2014 to $994 million during the same period in 2025. This growth trajectory underlines Fortegra’s expanding market presence and operational capabilities.

Efforts to take Fortegra public again were made by Tiptree in 2021 and 2024 but were ultimately withdrawn due to unfavorable pricing conditions. In 2021, private equity firm Warburg Pincus acquired a 24% stake in Fortegra after the first attempted IPO was aborted. Tiptree retains the majority stake in Fortegra, which stands as its largest investment.

This strategic acquisition by DB Insurance aims to enhance its international presence and marks a key move towards its goal of becoming a global insurer. Ki-Hyun Park, who leads global business for DB Insurance, has highlighted the potential benefits of integrating Fortegra’s industry expertise with DB’s expansive global network.

Rick Kahlbaugh, the CEO of Fortegra, expressed that this acquisition symbolizes a significant new chapter for the company, indicating a bright future. Michael Barnes, Executive Chairman of Tiptree, expressed confidence in Fortegra’s continued success under the new ownership of DB Insurance.

Fortegra specializes in a range of insurance products, particularly automotive protection, warranty programs, and niche insurance services. The company operates across all 50 U.S. states and eight European countries including the UK and Italy, showcasing its broad operational footprint. Fortegra reported gross written premiums of $3.07 billion for 2024, along with a net income of $140 million.

Fortegra holds an A- financial strength rating from A.M. Best, underscoring its stability and credibility in the competitive insurance marketplace. The acquisition is anticipated to bolster DB Insurance’s capabilities in the U.S. property and casualty sectors and lend support to the company’s ambitions for greater geographic reach and diversification of business lines.

In recent years, Fortegra has undergone notable expansions, both geographically and by product offerings, including the launch of Fortegra Specialty Insurance Company to handle U.S. excess-and-surplus risks. The company has also engaged in various acquisitions and partnerships, enhancing its standing in the insurance industry.

DB Insurance’s decision to pursue this acquisition emerges amidst slowing growth in non-life premiums within South Korea. This shift aligns with the company’s former intention to enhance its international footprint, especially after rebranding from Dongbu Insurance to strengthen its global identity.

DB Insurance plans to leverage Fortegra’s significant market position to boost customer value and increase shareholder returns. A number of prominent financial advisory firms, including Barclays, BofA Securities, and Goldman Sachs & Co. LLC, are associated with the acquisition process to facilitate the transaction.

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Author: STAFF HERE JACKSONVILLE WRITER

The JACKSONVILLE STAFF WRITER represents the experienced team at HEREJacksonville.com, your go-to source for actionable local news and information in Jacksonville, Duval County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Jacksonville Jazz Festival, Riverside Arts Market, and World of Nations Celebration. Our coverage extends to key organizations like the Jacksonville Chamber of Commerce and JAXUSA Partnership, plus leading businesses in logistics, healthcare, and entertainment that power the local economy such as CSX Corporation, Baptist Health, and VyStar Credit Union. As part of the broader HERE network, including HEREOrlando.com, HEREStPetersburg.com, HERETallahassee.com, and HERETampa.com, we provide comprehensive, credible insights into Florida's dynamic landscape.

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