DB Insurance moved to expand its U.S. business by acquiring U.S. insurer "Fortegra" in a deal worth 2 trillion won. This is the first time a Korean insurer has acquired a U.S. insurer on its home turf.
DB Insurance said on the 22nd that it will complete the final payment for the acquisition of U.S. specialty insurer Fortegra on the 30th. The target of the acquisition is 100% of Fortegra's equity, and the purchase price is $1.65 billion (about 2.3 trillion won). It is the first time a Korean insurer has acquired a U.S. insurer.
Fortegra, founded in 1978, is a global insurance group headquartered in Jacksonville, Florida. It focuses on specialty insurance, credit and surety insurance, and insurance-related services. Last year, Fortegra's annual gross written premium (GWPPE) was $3.35 billion (about 4.8 trillion won), and net income was $160 million (about 200 billion won).
Meanwhile, DB Insurance is pursuing an overseas expansion strategy centered on the United States, China, and Southeast Asia. In the United States, it began with a Guam branch in 1984, and in Southeast Asia, it is pushing market expansion by acquiring equity in Vietnam National Aviation Insurance (VNI) and BSH Insurance (BSH) last year.