South Korea’s DB Insurance Co. will pay $1.65 billion for specialty insurer Fortegra Group Inc., marking the first acquisition of a US insurer by a Korean non-life insurance company. The cash deal values the Jacksonville-based company at around 0.83 times revenue.
Tiptree Inc., which controls Fortegra, tried to take the insurer public twice — in 2021 and 2024 — but called off both sales because it couldn’t get the price it wanted. The agreement with DB Insurance, worth 2.3 trillion won ($1.65 billion), represents a substantial markup from the $218 million Tiptree paid to acquire Fortegra in 2014.
DB Insurance, Korea’s second-largest non-life insurer, faces slowing growth at home as the country confronts rapidly aging population and falling birth rates. The company’s overseas operations currently account for less than 2% of its total earnings, though they turned profitable last year.
Fortegra reported $3.07 billion in gross written premiums and $140 million in net income for 2024, operating across all 50 US states and eight European countries. The specialty insurer focuses on warranty products and automotive protection, maintaining a combined ratio of approximately 90%.
The transaction, expected to close in mid-2026, requires regulatory approvals and Tiptree stockholder consent. Tiptree could terminate the agreement for a superior offer but would owe a $49.5 million break fee.
If completed, the deal would account for about a quarter of DB’s capital and exceed its 2024 net profit of 1.77 trillion won. DB Insurance has been expanding internationally with recent acquisitions in Vietnam, though analysts view those as smaller-scale preparation for entry into mature Western markets.
The purchase highlights Asian insurers’ appetite for specialty carriers in developed markets, even as valuations remain elevated. For DB, the acquisition secures a trans-Atlantic franchise positioned in program distribution and auto-adjacent protection, areas considered resilient and fee-rich.
Goldman Sachs advised DB Insurance on the transaction, while Barclays and Bank of America Securities worked for Fortegra.
