This article is by Kim Seon-mi and read by an artificial voice.



DB Insurance announced Friday that it acquired The Fortegra Group, a U.S.-based specialty insurer, for 2.3 trillion won ($1.63 billion), marking the first time a Korean insurer has purchased a U.S. insurance company - and the largest overseas merger and acquisition by a Korean insurance firm to date.

DB said in a regulatory filing that it signed an agreement to acquire 100 percent of Fortegra's outstanding shares from its major shareholders, Tiptree and Warburg Pincus.

Founded in 1978, Fortegra is an insurance group that operates in the United States, Britain and Italy. The company posted $3.07 billion in gross written premiums last year and approximately $1.4 billion in net income.

The deal is expected to close in the first half of next year, pending regulatory approval.

"This transaction will be executed with internal funds," DB said. "This is the largest acquisition in terms of transaction value among all cases of Korean insurers acquiring overseas companies."

Industry watchers see the deal as part of DB's push to secure new sources of revenue in global markets, as Korea's insurance market faces stagnation due to population aging and intensifying competition.

The company has expanded its overseas presence in recent years, particularly in the United States, China and Southeast Asia. Last year, it acquired stakes in two Vietnamese insurers - Vietnam National Aviation Insurance Corporation and Saigon Hanoi Insurance.

"We aim to enhance customer value and market competitiveness by combining Fortegra's expertise with DB Insurance's global network and capital strength," said Park Ki-hyun, head of DB's overseas business division.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.