The Fortegra Group said its acquisition by South Korea’s DB Insurance Co. has been completed.
Jacksonville, Florida-based Fortegra will operate independently and keep its existing leadership team as well as distribution relationships.
“Agents, distribution partners, and customers will continue to experience the service excellence that has defined the Fortegra experience,” the specialty insurer said in a statement.
Fortegra scrapped its planned initial public offering last year, citing market conditions. The $1.65 billion acquisition by DB Insurance is the biggest US acquisition by a non-life insurer from the country.
“Every company eventually changes ownership. That is the nature of business. The closing of this acquisition is a starting point,” said Richard Kahlbaugh, chairman and CEO of Fortegra. “As part of DB Insurance, Fortegra is positioned to expand our business geographically, enhance our capabilities and deepen our market presence in the US, Europe, the United Kingdom and Asia.”
Related: Fortegra on the Growth Path for MGAs | Insurer Fortegra Launches Subsidiary in UK | Fortegra Granted License to Operate in Belgium and European Union
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