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Japans' Mitsui Sumitomo to buy US reinsurance broker for USD400m

Mitsui Sumitomo Insurance Company is set to buy US reinsurance broker Transverse at around USD400m. The subsidiary of Japan’s MS&AD Insurance Group Holdings said it may pay up to an additional USD150m, depending on the US company’s earnings after the deal. The Japanese property insurer aims to gain know-how of the reinsurance brokerage business, which could help with the expansion of an insurance market specialised in fields such as cybercrime. Established in 2018 and based in New Jersey, Transverse acts as a broker for reinsurance across the US, receiving about 5% of insurance premiums as commissions by connecting insurers and reinsurance companies. In the US, the growing risk of natural disasters, terrorism, and cybercrime has led to an increase in sales of policies provided by insurers that specialize in certain fields such as transport and medicine.


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