AM Best Comments on Credit Ratings of DB Insurance Co., Ltd. Following Announced Acquisition of The Fortegra Group Inc

Business Wire

HONG KONG--(BUSINESS WIRE)--
AM Best has commented that the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-” (Superior) of DB Insurance Co., Ltd. (DBI) (South Korea) remain unchanged following the announcement of its acquisition of The Fortegra Group, Inc (Fortegra) on 26 September 2025.

DBI has entered into an agreement with Tiptree Inc. and Warburg Pincus LLC to acquire full ownership of Fortegra, a U.S-based insurance group specialising in a specialty line of business, which mainly operates in the United States and some European markets. The total consideration for this acquisition is expected to be approximately USD 1.65 billion (KRW 2.3 trillion), funded in cash with internal resources from DBI. The transaction is expected to close in the first half of 2026, subject to the completion of all conditions precedent by both parties, including required regulatory approvals.

AM Best does not expect the acquisition to have material impact on DBI’s rating fundamentals. Although the acquisition will increase intangible assets to a moderate level relative to its capital, the company’s risk-adjusted capitalisation is expected to remain at the strongest level, which supports DBI’s current balance sheet strength assessment. Upon completion, the acquisition is expected to deliver immediate profit contributions with more than 20% of premiums generated from overseas business. AM Best expects the acquisition to support DBI’s long-term strategy for sustainable growth by accelerating business diversification across geographies and line of business from its current focus on domestic personal lines business.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

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AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.