Korean property and casualty insurer DB Insurance Co Ltd has signed a deal to acquire specialty carrier Fortegra Group Inc, which provides capacity to the UK and European managing general agent market through operations in London and Brussels. Following the deal, DB Insurance said Fortegra would continue to operate independently as part of its specialty insurance business.

Fortegra was established in 1978 as Life of the South, changing its name to Fortegra in 2010. In 2018, it expanded its international operations with the launch of Fortegra Europe Insurance Company Limited. In 2022, Warburg Pincus took a stake in the business.

DB Insurance was founded in 1962 as Korea’s first public automobile insurer. The acquisition is part of its strategy to become a global insurance group.

Richard Kahlbaugh, CEO of Fortegra Group, said: "This agreement with DB Insurance marks a significant new chapter in Fortegra’s journey. We look forward to partnering with DB to advance the shared goal of building a leading insurance group.”