DB Insurance said on the 2nd that on the 1st it obtained approval from the financial authorities for subsidiary ownership in connection with its acquisition of the U.S.-focused insurer Fortegra Group.
Fortegra is a global insurance group founded in 1978 and headquartered in Jacksonville, Florida, building a portfolio with insurance-related services such as specialty insurance, credit and surety insurance, and bonds.
DB Insurance signed a deal in September last year to acquire 100% of Fortegra's outstanding shares for $1.65 billion and has since been sequentially proceeding with approval procedures by domestic and foreign regulators. However, for final transaction closing, acceptance of the overseas direct investment filing and approval procedures for change of control by financial authorities in the United States and elsewhere are additionally required, and DB Insurance said it is proceeding with customary licensing procedures in close consultation with regulators in each country.
DB Insurance plans to proceed with transaction closing as soon as all licensing-related procedures are completed, and the final transaction closing is expected in the first half of 2026.