, Japan

Tokio Marine acquires World Wide Specialty Programs' US staffing insurance unit

It will be wholly owned by Tokio Marine & Nichido Fire.

Tokio Marine Holdings has announced that it has completed acquiring the US staffing insurance business of World Wide Specialty Programs through its wholly owned subsidiary Philadelphia Insurance Companies (PHLY).

The firm will be 100% owned by Tokio Marine & Nichido Fire Insurance through an intermediary company.

PHLY has been underwriting the staffing insurance business since 2010 with profitable growth of $24M (JPY2.5b) in gross written premiums for 2019.

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