South Korea’s DB Insurance to acquire The Fortegra Group

DB seeks to expand in the US and European specialty insurance markets.

South Korea’s DB Insurance Co. is acquiring US specialty insurer The Fortegra Group.

The Korean property and casual insurer signed an agreement to acquire the Florida-based group, with the goal of establishing a broader presence in the US specialty insurance market, according to an online statement published by Fortegra.

DB also seeks to enter the European specialty markets as part of its goal to become a leading insurance group by 2033.

Fortegra will operate independently as part of DB’s specialty insurance business across the US and Europe, the statement said.

“This agreement with DB Insurance marks a significant new chapter in Fortegra’s journey,” said Fortegra Group CEO Richard Kahlbaugh.

“We look forward to partnering with DB to advance the shared goal of building a leading insurance group,” Kahlbaugh said.