Overview

• DB signed an agreement to buy 100 percent of Fortegra’s shares, giving it full ownership of the Jacksonville-based specialty insurer.
• DB said it will finance the transaction with internal funds.
• DB characterizes the deal as the first purchase of a U.S. insurer by a Korean insurance company and the largest overseas M&A by a Korean insurer to date.
• Fortegra reported $3.07 billion in 2024 gross written premiums and about $140 million in net income, with a long-term combined ratio near 90% and an A- AM Best rating.
• The agreement includes a no-shop provision at Tiptree and a $49.5 million break fee if a superior proposal leads to termination.