On 22 May, DB Insurance announced that it is set to finalise its acquisition of U.S.-based specialty insurer Fortegra, with the deal for a 100% stake expected to close on 30 May.
The acquisition is valued at KRW2.3tn ($1.65bn), with all procedures expected to be completed once DB Insurance makes the final payment to Tiptree and Warburg Pincus on 30 May.
With the deal, DB Insurance will become the first Korean insurer to acquire a U.S.-based insurance company, marking the largest merger and acquisition transaction in the Korean insurance industry to date.
Founded in 1978, Fortegra is a global insurance group with operations spanning specialty insurance, credit protection, surety, and other insurance-related services.