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DB Insurance Co. Ltd. reached an agreement to acquire The Fortegra Group Inc. from Tiptree Inc. (NASDAQ: TIPT) and private equity firm Warburg Pincus LLC in a $1.65 billion all-cash deal.
The purchase, announced Sept. 25, marks the largest U.S. market entry by a Korean non-life insurer and will give DB Insurance full ownership of Fortegra, a Jacksonville, Florida-based specialty insurer.
The transaction will be financed with DB Insurance’s internal resources and is expected to close in mid-2026, subject to regulatory and shareholder approvals.
The acquisition underscores DB Insurance’s global ambitions as it seeks to establish “a second DB Insurance” abroad after entering the U.S. market in 1984 through Guam.
Founded in 1978, Fortegra provides specialty insurance and warranty products across the U.S. and Europe. The company reported 2024 gross written premiums of $3.07 billion and net income of $140 million, with operations in all 50 states and eight European countries.
Fortegra maintains a long-term combined ratio near 90% and carries an A- financial strength rating from A.M. Best.
DB Insurance said the acquisition will diversify its earnings and broaden its global platform, providing access to U.S. property and casualty markets and new growth in surety and warranty lines.
Fortegra, in turn, will benefit from DB’s stronger capital position and financial ratings, A+ from both AM Best and S&P, supporting further expansion.
Ki-Hyun Park, DB’s head of global business, called the purchase “the first-ever acquisition of a U.S. insurer by a Korean non-life insurer” and a turning point for the company’s international strategy. Fortegra CEO Rick Kahlbaugh said the tie-up “marks a significant new chapter” for the insurer.
Tiptree Executive Chairman Michael Barnes praised Fortegra’s performance during its decade-long partnership, while Warburg Pincus executive Dan Zilberman credited the firm’s backing with helping accelerate Fortegra’s global growth.
Tiptree agreed to customary “no-shop” restrictions that prevent it from soliciting alternative bids for Fortegra. The company may, under certain conditions, engage with third parties if its board determines a competing offer constitutes a “Superior Proposal.” In such a case, Tiptree could terminate the DB Insurance agreement but would owe a $49.5 million break fee.
Price Action: At last check Friday, TIPT shares were trading lower by 0.89% to $20.00 premarket.
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