DB Insurance plans to acquire US specialty insurer Fortegra, reported inesting.com
DB Insurance will invest around KRW2tr ($1.5bn), in the acquisition which is likely to be finalised in July/ August 2025, and would mark DB Insurance’s largest overseas acquisition.
Fortegra, headquartered in Jacksonville, Florida, reported roughly KRW7.29tr in assets and KRW2.66tr in revenue for 2024, up about 23% y-o-y, and a 36% increase in adjusted net income to KRW211.9bn in 2024.
DB was till recently in competition with Japanese insurer, Dai-ichi Life Holdings to acquire the American company but the Japanese company exited the race leaving DB as the sole bidder. DB’s overseas unit turned profitable in 2024, but the American purchase is expected to shore up its US market footprint and help bridge the domestic growth gap resulting from a stagnant Korean insurance market.