Mitsui Sumitomo announces acquisition of Transverse

The deal brokered will cost $400m

Mitsui Sumitomo Insurance Company has officially announced that it will acquire the US reinsurance broker Transverse Insurance Group for $400m.

An additional payment of $3m will be paid in advisory and other fees bringing the total acquisition cost to $410m. However, based on the earn-out clause, a certain amount of payment will be paid that is dependent on the future performance of Transverse.

According to the Japanese insurer, this will be a good opportunity to capture the growth of the US Managing General Agents (MGA) market.

Transverse is a non-life insurer that delegates certain functions and authorities to MGAs and transfers risks underwritten by MGAs to reinsurers.

Earlier this week, a report said that Mitsui Sumitomo was mulling the acquisition of Transverse.

Follow the link for more news on

Mitsui Sumitomo Insurance

Acquisitions

Also Read

APAC reinsurers poised for growth on the back of sustained demand

Double-digit premium growth lifts AIA to record value of new business in Q3

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit