By Seon Jeong-min
DB Insurance Co., Ltd. announced on the 26th that it has signed a contract to acquire 100% of the issued shares of U.S. insurer The Fortegra Group for $1.65 billion (approximately 2.3 trillion Korean won). The transaction will be executed using the company’s own funds and marks the largest-scale acquisition by a domestic insurer.
Founded in 1978, The Fortegra Group operates in specialized insurance, credit, and surety insurance, with annual premiums of approximately 4.4 trillion won and net profit of 200 billion won last year. It conducts business across the United States, the United Kingdom, Italy, and eight other European countries.
DB Insurance stated, “Through this acquisition, we will enter the world’s largest property and casualty insurance markets—the United States and Europe—to secure a business platform for global growth. We expect to enter the stable global surety insurance market and enhance revenue stability.”
DB Insurance has continuously expanded its overseas operations, focusing on three major regions: the United States, China, and Southeast Asia. Last year, it acquired stakes in Vietnam National Aviation Insurance (VNI) and Saigon Hanoi Insurance (BSH).