SEOUL, October 28 (AJP) - DB Insurance said on Tuesday that it had agreed to acquire Fortegra Group, a Florida-based specialty insurer, for $1.65 billion, marking the first time a South Korean insurance company has purchased a U.S. insurer.
The deal, valued at about 2.3 trillion won, represents the largest overseas acquisition by a South Korean insurer to date. The sellers are Tiptree Inc., Fortegra’s parent company, and the private equity firm Warburg Pincus. The transaction is expected to close by mid-2026, subject to regulatory approvals in both countries.
The acquisition underscores DB Insurance’s ambitions to accelerate its global expansion and diversify its business beyond its home market. The company first entered the U.S. in 1984 with a branch in Guam.
Founded in 1978 and headquartered in Jacksonville, Fortegra provides a range of specialty, credit, and warranty insurance products. The company operates across the United States and in eight European markets. Last year, it reported $3.07 billion in gross written premiums and $140 million in net income, and it currently holds an A- financial strength rating from AM Best.
By acquiring Fortegra, DB Insurance aims to strengthen its foothold in the U.S. and European markets while enhancing its expertise in specialty insurance — a fast-growing segment within the global insurance industry.
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
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