Tokio Marine Kiln (TMK) has made a significant acquisition to support its strategic plans in the US – snapping up WNC Holdings.
The acquired firm is a provider of specialty insurance products and services in the US market. An MGA, it offers specialty risk management solutions such as private flood, builders’ risk and lender-placed products and is expecting around US$200 million net written premium this year. Now, TMK has taken a 51% share in the firm.
“We are committed to building and maintaining long-term, profitable partnerships with high quality businesses in strategically significant territories and we are able to do so thanks to our substantial financial strength,” said Charles Franks, group CEO of TMK. “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.”
TMK has actually been working with WNC since 1986 and took a 49% share back in 2011. It is expected that WNC will retain its brand as it looks to drive growth in the flood and construction divisions.
“We are excited about this partnership with TMK, which underpins our continued expansion and development,” said Pat Blandford, CEO of WNC. “With TMK’s support, we have broadened our business mix and look forward to offering more product lines to our customers as we expand. To reflect this new phase, we have also refreshed our brand identity and launched a new website to give clients easy access to our people, products and services.”