Intact to take over Tokio Marine Highland’s US building unit
Intact Insurance coverage Group USA has agreed to purchase Tokio Marine Highland’s (TMH) US building division, Highland Insurance coverage Options, from Tokio Marine Kiln (TMK).
Monetary phrases of the transaction weren't shared.
Naperville, Illinois-based Highland will function a standalone managing common agent upon deal completion within the second half of this yr.
It'll cater to its purchasers and dealer companions through its present choose markets, and thru Intact.
For the deal, Morgan, Lewis & Bockius was the authorized counsel to TMK and TMH whereas Waller Helms Advisors supplied monetary recommendation.
TMH specialises in providing main in addition to extra builders threat insurance coverage within the US.
It has a employees energy of round 40, headed by president Rick Girden and EVP Kaileigh Bowe. These workers might be retained.
TMK CEO Brad Irick commented: “TMH stays core to TMK, and we're excited concerning the worthwhile progress alternatives of its present enterprise that features flood, lender-placed insurance coverage and nice arts.”
The deal is pending regulatory nod.
Intact World Specialty Traces CEO T. Michael Miller mentioned: “The acquisition of Highland is effectively aligned with our world specialty strains technique and helps our progress, distribution and outperformance goals,” mentioned
“Highland has established itself in offering specialised insurance coverage and provides a complementary providing to the greater than 20 specialty strains obtainable to our brokers and prospects.”
Intact Insurance coverage Specialty Options is the advertising and marketing model for the insurance coverage subsidiaries of Intact, which is a unit of Intact Monetary Company.
Final month, Tryg and Intact Monetary Company concluded the sale of Codan Forsikring’s Danish arm, Codan DK, to Alm. Model.