DB Insurance has signed an agreement to purchase The Fortegra Group from sellers Tiptree and Warburg Pincus for about $1.65bn in cash.

The purchase price will be paid from DB Insurance’s own cash resources.

Fortegra, established in 1978 and based in the US, is a specialty insurer with operations across the country and in parts of Europe.

For 2024, the group reported $3.07bn gross written premiums and net income of $140m.

It conducts business in all 50 US states and in eight countries in Europe, including Italy and the UK.

Fortegra’s long-term combined ratio is said to be about 90%.

DB Insurance originally entered the US through a Guam branch in 1984.

This acquisition will provide the company a foothold in major property and casualty markets and expand its presence into warranty and surety lines, while widening its geographic and product mix.

DB Insurance Global Business head Ki-Hyun Park said: “This acquisition will mark the first-ever purchase of a US insurer by a Korean non-life insurer and represents a turning point for DB Insurance in its journey to become a global insurer.

“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.”

The transaction is conditional on Tiptree shareholder approval, regulatory clearances and other customary conditions and is expected to close in mid-2026.

Fortegra Group CEO Rick Kahlbaugh 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.”