Tiptree Inc. said Dec. 3 that its shareholders approved the $1.65 billion sale of The Fortegra Group Inc. to South Korea-based DB Insurance Co. Ltd.
The company said in a news release that at a special shareholders meeting, 81% of votes were cast in favor of the sale of Jacksonville-based Fortegra.
The specialty insurance company is the largest holding of Connecticut-based Tiptree, which acquired Fortegra in 2014 and still owns 78.9% of the company.
Tiptree has said it will seek new investment opportunities with the cash it receives from DB, but it has not given any details.
The companies have said Fortegra will continue to operate independently as part of DB’s specialty insurance business when the sale is completed, which is still subject to regulatory approval and is expected in mid-2026.
After Tiptree announced the sale agreement in September, Veradace Partners L.P. launched a campaign in November to convince shareholders to reject the deal, saying it was unfair to Tiptree stockholders.
Veradace holds 5.1% of Tiptree’s stock. But before the special meeting, Tiptree had commitments from shareholders holding 37% of the stock to vote in favor.
Tiptree Executive Chairman Michael Barnes is the largest shareholder with 27% of the stock.
Fortegra had revenue of $1.5 billion and pre-tax income of $160 million in the first nine months of this year, according to Tiptree’s latest financial report.