Jacksonville-based Fortegra closes $1.65B sale to South Korea’s DB Insurance (Courtesy of the Jacksonville Business Journal) — Jacksonville-based Fortegra has completed its previously announced $1.65 billion acquisition by South Korea’s DB Insurance Co., closing a deal that gives the specialty insurer a new global parent while keeping Fortegra’s existing leadership team in place.
The transaction, first announced in September, received all required regulatory and stockholder approvals, the companies said. Fortegra will continue to operate independently, maintaining its distribution relationships and underwriting approach.
The deal marks a major step for Fortegra, which was founded in 1978 and has grown from its Jacksonville base into a multinational specialty insurance company with operations across all 50 U.S. states and eight European countries, including the U.K. and Italy.
“Every company eventually changes ownership. That is the nature of business. The closing of this acquisition is a starting point. As part of DB Insurance, Fortegra is positioned to expand our business geographically, enhance our capabilities and deepen our market presence in the US, Europe, the United Kingdom and Asia. Together, DB Insurance and Fortegra intend to build a recognized leader in the global specialty insurance market,” Richard Kahlbaugh, chairman and CEO of Fortegra, said in a statement.
For Fortegra, the closing opens a new chapter after years of growth under Tiptree Inc. and private equity firm Warburg Pincus. In 2024, the company reported $3.07 billion in gross written premiums and $140 million in net income, supported by its focus on specialty insurance, surety, warranty products and risk management solutions.
When the deal was announced, the companies described it as the first purchase of a U.S. insurer by a Korean non-life insurer and a turning point in DB Insurance’s push to become a larger global insurance group.
The South Korea-based insurer was founded in 1962 as Korea’s first public automobile insurer and now offers general, long-term and automobile insurance, as well as financial services through subsidiaries in life insurance, securities, savings banking and asset management.
Fortegra said agents, distribution partners and customers should see continuity following the closing. The company said it will maintain its service model while looking to use DB Insurance’s capital base and international network to support further growth.
The companies said the combination is intended to strengthen Fortegra’s market presence in the U.S., Europe, the United Kingdom and Asia while building a larger platform in the global specialty insurance market.