DB Insurance Co., Ltd. has signed an agreement with Tiptree Inc. and Warburg Pincus LLC under which DB Insurance will acquire 100% of The Fortegra Group, Inc., a U.S.–based specialty insurer.
The purchase price is approximately USD 1.65 billion (≈ KRW 2.3 trillion), to be paid in cash to Tiptree and Warburg Pincus. DB Insurance will fund the acquisition using its internal cash resources. This deal represents the largest-ever U.S. market entry by a Korean non‑life insurer.
DB Insurance first entered the U.S. market in 1984 through its Guam branch and has since followed a strategy of building “a second DB Insurance” overseas. The decision to acquire Fortegra, which showed premiums of about KRW 4.4 trillion in 2024, reflects a strategic move to gain scale as well as capabilities as a global insurance group.
This strategic step is expected to provide DB Insurance with a platform for global growth in the world’s largest property and casualty (P&C) markets, enable entry into the profitable surety and warranty sectors, and enhance earnings stability through broader geographic and business-line diversification.
The agreement also provides Fortegra with a strong capital base to support its continued profitable growth as it joins an insurance group with strong financial ratings: AM Best A+ (Superior) and S&P A+ (Stable).
Executive Statement
According to Ki-Hyun Park, Head of Global Business at DB Insurance, this acquisition will mark the first-ever purchase of a U.S. insurer by a Korean non-life insurer as well as represents a turning point for DB Insurance in its journey to become a global insurer. By combining Fortegra’s expertise with DB Insurance’s global network and capital strength, they aim to improve customer value and market competitiveness while simultaneously achieving their dual objectives of increasing shareholder value and contributing to the national economy.
