Niche MGA capacity provider acquired by Korean insurer
Korean insurer DB is set to acquire 100% of the outstanding shares of The Fortegra Group, the specialty insurer, for approximately $1.65bn (£1.23bn) from Tiptree and Warburg Pincus.
The transaction will be funded in cash with internal resources from DB Insurance and reportedly marks the largest US market entry by a Korean non-life insurer.
Last year the Prudential Regulation Authority granted Florida-headquartered Fortegra approval to establish the new subsidiary in the United Kingdom, effective 29th November 2024.
Niche programsAt the time Richard Kahlbaugh, Fortegra’s CEO said: “Our objective is simple. We focus our efforts on establishing Fortegra as a quality market
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