Tokio Marine Kiln (TMK) has announced that it has signed a definitive agreement with Intact Insurance Group USA for the sale of Tokio Marine Highland’s (TMH) US construction division. The transaction is subject to regulatory approval and is expected to close in the second half of the year.
TMH’s construction business, Highland, provides primary and excess builders’ risk insurance in the US. Headquartered in Illinois, the business is led by Rick Girden, president, and Kaileigh Bowe, executive vice president. It employs about 40 people.
“TMK is pleased that the Highland team is joining a company the caliber of Intact, where they will be able to continue to build their business and maximize its potential,” said Brad Irick, CEO of TMK. “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.”
“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,” said T. Michael Miller, CEO of Intact Global Specialty Lines. “We look forward to welcoming the exemplary Highland team to Intact.”