South Korean-based DB Insurance Co. Ltd. announced Sept. 26 it is buying Jacksonville-based specialty insurance company Fortegra Group Inc. for $1.65 billion.
The deal comes 11 years after Connecticut-based investment company Tiptree Inc. bought then-publicly traded Fortegra for $218 million.
Fortegra has grown significantly under Tiptree’s ownership. The company reported revenue of $179 million in the first six months of 2014 before that deal was announced. Its revenue grew to $994 million in the first six months of 2025.
Tiptree tried to take Fortegra public again twice, in 2021 and 2024, but called off the sale both times because it couldn’t get the price it wanted.
Investment firm Warburg Pincus LLC acquired a 24% stake in Fortegra in 2021 after the first attempt at an initial public offering was withdrawn.
Tiptree’s majority stake in Fortegra is the company’s largest investment.
DB Insurance said the acquisition of Fortegra is a strategic step in its goal of growing its presence outside of South Korea.
“This acquisition will mark the first-ever purchase of a U.S. insurer by a Korean non-life insurer and represents a turning point for DB Insurance in its journey to become a global insurer,” said Ki-Hyun Park, head of global business for DB, in a news release.
“By combining Fortegra’s expertise with DB Insurance’s global network and capital strength, we aim to enhance customer value and market competitiveness while simultaneously achieving our dual objectives of increasing shareholder value and contributing to the national economy,” he said.
“This agreement with DB Insurance marks a significant new chapter in Fortegra’s journey. We look forward to partnering with DB Insurance to advance the shared goal of building a leading insurance group,” Fortegra CEO Rick Kahlbaugh said in the release.
Kahlbaugh has been chief executive of Fortegra since 2007.
“As Fortegra embarks on its next chapter, we remain proud of what we’ve built together and confident in the company’s continued success,” Tiptree Executive Chairman Michael Barnes said in the release.
The companies expect to complete the sale in mid-2026.