DB Insurance acquires U.S. insurer Fortegra for $1.65 bil.
By Yonhap
The corporate logo of DB Insurance / Yonhap
DB Insurance, a major non-life insurer here, said Friday that it has signed a $1.65 billion deal to take over a U.S. insurer, the largest-ever overseas takeover deal by a local insurance company.
In a regulatory filing, DB Insurance said it has signed the deal to wholly acquire Fortegra Group, which is based in Jacksonville, Florida.
Fortegra, established in 1978, has a variety of insurance business portfolios, including guarantee insurance.
The multinational insurance company's premium revenue stood at $3.07 billion last year, and generated a net profit of $140 million.
DB Insurance said the takeover deal will help it venture into the U.S. and European markets.