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Notice Regarding Completion of Transverse Insurance Group Acquisition
Mitsui Sumitomo Insurance Co., Ltd. (“MSI”, President & CEO: Shinichiro Funabiki), a subsidiary of MS&AD Insurance Group Holdings, Inc. (“MS&AD Holdings”, President & CEO: Noriyuki Hara), made announcement on August 10, 2022 regarding it’s agreement to acquire Transverse Insurance Group, LLC (“Transverse”). MSI announces that after fulfilling all conditions required including necessary approvals from all regulatory and other relevant authorities, it has completed the acquisition on January 3, 2023. Following the acquisition, Transverse will change its trade name to MS Transverse Insurance Group, LLC.
1. New Company Outline
- Trade name (to be changed to) : MS Transverse Insurance Group, LLC
- Representative : Erik Matson, CEO
- Shareholder : MSIG Holdings (U.S.A.), Inc. (“US Holdings”) 100%
2. Management Structure
Transverse is acquired through MSI subsidiary in the United State, US Holdings, and will be jointly managed by MSI and US Holdings, similar to other subsidiaries under the organization. Together with MSI, Transverse will further pursue synergies in MS&AD Insurance Group’s international business.
3. Financial reporting
Transverse financial results from January to December 2023 will be reflected in MS&AD Holdings and MSI consolidated financial statements from the first quarter of FY 2023.
About MS&AD Insurance Group
MS&AD Insurance Group refers to the subsidiary insurers of MS&AD Insurance Group Holdings, Inc. and any affiliates or subsidiaries thereof, including Mitsui Sumitomo Insurance Company, Limited (MSI). MSI is a leading non-life insurance business that can trace its roots to the late 19th century. In 2008, MSI evolved into a holding company in order to diversify its business. In 2010, it then integrated management with Aioi Insurance Co., Ltd. and Nissay Dowa General Insurance Co., Ltd, leading to the creation of the MS&AD Insurance Group, which is now a top ten Fortune Global 500 company in Property & Casualty insurance.
About MSIG Holdings (USA), Inc.
MSIG Holdings (U.S.A.), Inc., is a US based holding company that includes the following insurers underwriting coverage: Mitsui Sumitomo Insurance Company of America, Mitsui Sumitomo Insurance USA Inc., MSIG Specialty Insurance USA Inc., TRM Specialty Insurance Company, Transverse Specialty Insurance Company, Transverse Insurance Company, and managing or service entities Mitsui Sumitomo Marine Management (U.S.A.), Inc., Transverse Insurance Services, LLC, and MSIG Insurance Services, Inc. Not all insurers do business in all jurisdictions.
About Transverse Insurance Group (Transverse)
Transverse Insurance Group is a hybrid fronting carrier serving the program, MGA, and reinsurance markets with offices in New York, New Jersey, and Texas. Transverse was previously backed by Virgo Investment Group and partner investors. Founded in 2018 by Erik Matson, CEO, and Dave Paulsson, President, Transverse is a global facilitator connecting and enabling partners through access to risk capacity and alternative capital on admitted and surplus lines paper. For more information, please visit www.transverseinsurance.com.