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Insurance

Mitsui Sumitomo Insurance to buy U.S. reinsurance broker for $400m

Exclusive: Acquisition of Transverse seen bolstering cybercrime coverage in Japan

MS&AD Insurance Group, the parent of Mitsui Sumitomo Insurance, seeks to grow its property insurance business abroad. (Photo by Eri Sugai)

TOKYO -- Mitsui Sumitomo Insurance will acquire U.S. reinsurance broker Transverse Insurance Group for an estimated $400 million, Nikkei has learned.

The Japanese property insurance giant plans to turn Transverse into a wholly owned subsidiary as early as this year by buying shares in the company from an investment fund and others. Established in 2018 and based in New Jersey, Transverse acts as a broker for reinsurance across the U.S.

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