DB Insurance announced that it had obtained regulatory approval to establish a subsidiary as part of its acquisition of US-based specialty insurer Potegra.
Potegra, founded in 1978, is a global insurance group that has developed a diversified portfolio of insurance-related services, including specialty insurance, credit and surety coverage, and guarantee products.
DB Insurance signed an agreement last September to acquire 100% of Potegra’s outstanding shares for $1.65bn. Since then, it has been working through a series of regulatory approvals from both domestic and overseas authorities.
To complete the transaction, further steps are still required, including approval of the foreign direct investment filing and change-of-control approvals from financial regulators, including those in the US.
DB Insurance expects the deal to be finalised in the first half of this year.