Press Release|Insurance
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KBRA Places Ratings for The Fortegra Group, Inc., its Debt, and its Key Insurance Subsidiaries on Watch Developing Following the Acquisition Announcement by DB Insurance Co., Ltd.

29 Sep 2025   |   New York

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KBRA places on Watch Developing the BBB issuer rating for The Fortegra Group, Inc. (Fortegra), the BBB- long-term credit rating for the $150 million 9.25% fixed rate resetting junior subordinated due 2064, the BBB- long-term credit rating for the $125 million 8.50% fixed rate resetting junior subordinated notes due 2057, and the A- insurance financial strength ratings for its key insurance subsidiaries.

The Watch Developing status reflects the uncertainty with respect to the near-to-medium term impact of the pending acquisition of Fortegra on the company's financial position, projected results, and risk profile in the wake of the announcement that DB Insurance Co., Ltd. (DB Insurance or DB) will be acquiring Fortegra. The transaction is expected to close in mid-2026, subject to receipt of Fortegra's owner Tiptree Inc.'s (NASDAQ: TIPT) stockholder approval, required regulatory approvals and other customary closing conditions.

DB Insurance was established as Korea’s first automobile insurance company in 1962 and today is the second largest non-life insurer in South Korea, servicing over 11 million customers. DB Insurance offers a diversified portfolio including long-term medical, auto, and property and casualty insurance policies. DB's press release states that the decision to acquire Fortegra reflects a strategic step to secure scale and capabilities as a global insurance group.

Fortegra is an insurance services company headquartered in Jacksonville, Florida. Founded in 1978, Fortegra offers a wide array of products including commercial and personal lines property and casualty insurance policies, life and health insurance policies, payment protection products, motor club memberships, service contracts, device and warranty services, and administration services to its business partners, including insurance companies, retailers, dealers, insurance brokers and agents, and financial service companies.

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Methodologies

Disclosures

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1011515