Korean Insurer DB to Buy Fortegra for $1.65 Billion in US Foray

South Korea’s DB Insurance Co. agreed to buy US specialty insurer Fortegra Group for $1.65 billion, in what would be the biggest US acquisition by a non-life insurer from the country.

The Seoul-based company will purchase 100% of Fortegra’s outstanding shares from investors including Warburg Pincus in cash using internal resources, it said in a statement Friday. The deal will expand DB Insurance’s foothold in the US property and casualty market as well as the surety and warranty sectors.

Fortegra, which is a unit of Tiptree Inc., scrapped its planned initial public offering last year, citing market conditions. ...