Mitsui Sumitomo to buy US reinsurance broker for $400m: report

The Japanese property insurer aims to expand its reach into the reinsurance business.

Mitsui Sumitomo Insurance Company is planning to acquire US reinsurance broker Transverse Insurance Group for $400m, a report by Nikkei Asia said.

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According to the report, the Japanese insurer has plans to turn Tranverse Insurance into a wholly-owned subsidiary as early as this year by buying up its shares from investment funds and several others.

The official announcement of the purchase may soon be announced before the end of August. Meanwhile, the report predicts that Mitsui Sumitomo may have to shell out an additional $150, depending on the company’s earnings after the deal.