Tokio Marine Kiln (TMK) announced that a definitive agreement has been signed with Intact Insurance Group USA LLC (Intact) for the sale of Tokio Marine Highland’s (TMH) US construction division. The transaction is subject to customary regulatory approvals and is expected to close in the second half of 2022.
TMH’s construction business (“Highland”) provides primary and excess builders risk insurance in the US. The division, led by Rick Girden, President, and Kaileigh Bowe, EVP, employs approximately 40 people and is headquartered in Naperville, Illinois.
Brad Irick, TMK CEO, said: “TMK is pleased that the Highland team is joining a company the calibre of Intact where they will be able to continue to build their business and maximize its potential. I would like to thank Rick and Kaileigh personally for their longstanding commitment to the business and support to TMH and TMK. TMH remains core to TMK, and we are excited about the profitable growth opportunities of its existing business that includes flood, lender-placed insurance and fine arts.”
T. Michael Miller, CEO of Intact Global Specialty Lines, added: “Highland has established itself in providing specialized insurance and adds a complementary offering to the more than 20 specialty lines available to our brokers and customers. We look forward to welcoming the exemplary Highland team to Intact.”
Waller Helms Advisors acted as financial adviser and Morgan, Lewis & Bockius LLP acted as legal counsel to TMK and TMH on the transaction.