TMK sells Highland US construction business to Intact
Intact says its new acquisition 'adds a complementary offering to the more than 20 specialty lines available to our brokers and customers'
MGA Tokio Marine Highland’s construction business provides primary and excess builders risk insurance in the US
Tokio Marine Kiln (TMK) has agreed to sell the US construction division of its underwriting agency Tokio Marine Highland to Intact Insurance Group USA.
Illinois-based Tokio Marine Highland’s construction business provides primary and excess builders risk insurance in the US. Rick Girden, president, and Kaileigh Bowe, executive vice-president, lead the company.
TMK said Tokio Marine Highland remained core to its existing business. “We are excited about the profitable growth opportunities of its existing business, which includes flood, lender-placed insurance and fine arts,” Brad Irick, Tokio Marine Kiln chief executive, said.
Michael Miller, chief executive of Intact Global Specialty Lines, added: “Highland has established itself in providing specialised insurance and adds a complementary offering to the more than 20 specialty lines available to our brokers and customers.”
The sale is subject to customary regulatory approvals and is expected to close in the second half of 2022.
Intact Insurance Group is a subsidiary of Intact Financial Corporation, the largest provider of property/casualty insurance in Canada.