Deal to Acquire 100% Stake Values U.S. Insurer at $1.65 Billion
A view of the DB Insurance headquarters building. (Photo courtesy of DB Insurance.)
Fortegra Brings $3.35 Billion Premiums And $160 Million Profit, Boosting DB’s U.S. and Europe Entry Through Risk Diversification DB Insurance said on May 24 that it will close its contract to acquire a 100% stake in U.S. insurer Fortegra on May 30 this month. The acquisition is worth a total of $1.65 billion (about 2.3 trillion won).
Fortegra is a global insurance group established in 1978 and headquartered in Jacksonville, Florida, in the United States. It has built its portfolio around insurance service businesses including specialty insurance, credit and surety insurance, and surety. Last year, its annual gross written premium and premium equivalents stood at $3.35 billion (about 4.8 trillion won). Its net profit was $160 million (about 200 billion won).
DB Insurance explained, “We will secure a business platform for global growth by entering the United States and Europe, the world’s largest non-life insurance markets,” adding, “Improved earnings stability is expected through risk diversification at the country and line-of-business levels.”
Yoon Young-sil
댓글
0