August 10, 2022

Willkie advised Mitsui Sumitomo Insurance on the transaction.

On August 10, Willkie client Mitsui Sumitomo Insurance Co., Ltd. (MSI), a member of the MS&AD Insurance Group, announced that it agreed to acquire Transverse Insurance Group LLC, a U.S.-based hybrid fronting carrier platform, from Virgo Investment Group.

This Japanese-headquartered group worked hand in hand with its London group company, MS Amlin, and in particular its CEO Johan Slabbert, to originate and execute the transaction.

Transverse links producers and (re)insurers to underwrite domestic U.S. risks on an admitted or excess and surplus lines basis. Its growth trajectory and robust pipeline of managing general agent partners have allowed it to capture a meaningful share of the U.S. fronting market since its founding in 2018.

The acquisition underlines MSI’s long-term growth ambitions and is a significant step towards further building out its U.S. presence and generating revenue diversification by accessing the fast-growing specialist managing general agent, wholesale and other broker-led distribution channels for property, casualty, marine, and specialty business.

Mitsui Sumitomo Insurance Co. is a leading non-life insurance business and subsidiary of the MS&AD Insurance Group, a top 10 Fortune Global 500 company in Property & Casualty insurance.

The Willkie team was led by partners Prakash (PK) Paran and David Heales and counsel Gabriel Gershowitz.