Tokio Marine acquires WNC Holdings

Tokio Marine Kiln (TMK) has purchased the remaining 51% in WNC Holdings that it did not already hold, the string of acquisitions made by the Japanese insurer in 2018. WNC – a speciality insurance provider - will retain its existing brand as it continues to drive growth in its flood and construction divisions. TMK has worked in partnership with WNC since 1986 and first acquired a 49% stake of the company in June 2011. WNC provides a range of specialty risk management solutions including private flood, builders’ risk and lender–placed products, with $200m of net premiums expected in 2018, the company said. Charles Franks, TMK’s Group CEO, said: “Through this investment, we will continue to capitalise on WNC’s high quality underwriting capabilities, strong management team, established brand and proven track record of generating profits, as we have done with them over the past 30 years.” Pat Blandford, CEO of WNC, added: “This partnership with TMK, which underpins our continued expansion and development. With TMK’s support, we have broadened our business mix and look forward to offering more product lines to our customers as we expand. TM Group also recently entered into a definitive agreement to acquire Insurance Australia Group’s (IAG) Thai and Indonesian units. The deal, worth $525m, sees TM Group buy a 98.6% stake in Thailand’s Safety Insurance and 80% of PT Asuransi Parolamas in Indonesia. The company’s wholly-owned subsidiary HCC International Insurance Company also acquired Qdos Contractor of The Qdos Group. Qdos Contractor is one of eight companies that make up The Qdos Group. The remaining businesses will continue to operate independently.

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