Intact Insurance to acquire Highland Insurance Solutions from TMK
Intact Insurance Group USA, which operates as Intact Insurance Specialty Solutions, has agreed to acquire Highland Insurance Solutions, for an undisclosed price.
Highland Insurance Solutions is the US construction unit of Tokio Marine Highland (TMH), which is being sold by Tokio Marine Kiln (TMK).
Brad Irick — CEO of Tokio Marine Kiln 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.”
The financial terms of the deal were not disclosed.
Highland Insurance Solutions operates as a managing general agent with specialization in the builders risk segment of the construction market.
Intact Insurance Specialty Solutions to acquire Highland Insurance Solutions from Tokio Marine Kiln. Photo courtesy of Tumisu/Pixabay.
Post-acquisition, Highland Insurance Solutions will operate as an independent managing general agent. It will cater to the risk management requirements of its clients and broker partners through its current select markets, as well as through Intact Insurance Specialty Solutions.
Its addition will enlarge the portfolio of Intact Insurance Specialty Solutions’ distribution assets.
T. Michael Miller — CEO of Intact Insurance Specialty Solutions Global Specialty Lines said: “The acquisition of Highland is well aligned with our global specialty lines strategy and supports our growth, distribution and outperformance objectives.
“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.”
The deal, which is subject to regulatory approval and other closing conditions, is likely to be wrapped up in the latter half of 2022.