Tiptree has agreed to sell its specialty insurance platform, The Fortegra Group, to South Korea’s DB Insurance for $1.65 billion in cash — a deal that also delivers a full exit for Warburg Pincus, according to a report by Reuters.

The private equity firm invested in Fortegra in 2022, acquiring a 24% stake when the Jacksonville, Florida-based business was generating around $60m in operating earnings. The transaction values Fortegra at roughly twice its book value and comes just over a year after the company scrapped plans for a US IPO.

Founded in 1978, Fortegra offers specialty programmes, consumer warranty and credit protection products. Tiptree acquired the business in 2014, before bringing in Warburg Pincus as a minority investor to accelerate growth.

For DB Insurance, one of South Korea’s largest non-life insurers, the acquisition provides a US specialty platform and international growth opportunity. The deal is expected to close in Q1 2026.