Ropes & Gray and Sidley Austin are advising speciality insurance group Fortegra on its $1.65bn cash sale to South Korea’s DB Insurance, which is being repped by Latham & Watkins.
Jacksonville-based Fortegra is being sold by US investment firm Tiptree and Warburg Pincus, which holds a 24% stake. Reuters reported Warburg invested $200m in 2021, when Fortegra was generating about $60m in operating earnings.
The Latham team acting for DB Insurance, one of the largest non-life insurers in South Korea, is led by New York corporate partners Gary Boss, Kirsten Gaeta and Andrew Elken.
Meantime, the Sidley Austin effort is being led by M&A and insurance partner Michael Devins, who advised Tiptree and Fortegra on the insurance and regulatory aspects of the investment in Fortegra from Warburg Pincus in 2021.
DB Insurance is one of the largest non-life insurers in South Korea; its acquisition of Fortegra will give it a platform for global growth in the world’s largest property and casualty markets and enable it to enter the profitable surety and warranty sectors, the company said.
The deal is expected to close in the first quarter of 2026.
Barclays and BofA Securities are serving as financial advisors to Fortegra. Goldman Sachs is serving as a financial advisor and Tatsuhiko Hoshina as a global strategy advisor to DB Insurance.
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