Tiptree Inc. and Warburg Pincus LLC announced they have signed an agreement for DB Insurance Co., Ltd. to acquire 100% of the outstanding shares of The Fortegra Group, Inc., a U.S.-based specialty insurer. The all-cash transaction is valued at approximately $1.65 billion (approximately KRW 2.3 trillion).
This acquisition marks the largest U.S. market entry by a Korean non-life insurer and will be funded by DB Insurance's internal resources. Fortegra, founded in 1978, operates across the U.S. and Europe, maintaining a long-term combined ratio of approximately 90%. For 2024, Fortegra reported gross written premiums of $3.07 billion and net income of $140 million.
The transaction is expected to provide DB Insurance with a platform for global growth and enhance earnings stability through broader geographic and business-line diversification. For Tiptree, this divestiture of its principal operating subsidiary represents a significant capital event, allowing for strategic reallocation of resources.
The acquisition is subject to Tiptree stockholder approval, required regulatory approvals, and other customary closing conditions. The parties anticipate the transaction to close in mid-2026. Michael Barnes, Tiptree’s Executive Chairman, expressed pride in Fortegra’s growth and confidence in its continued success under new ownership.
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