Intact Insurance Group, also known as Intact Insurance Specialty Solutions, has entered into a definitive agreement to acquire Highland Insurance solutions, the US construction division of Tokio Marine Highland.
Highland is a managing general agent specialising in the builder’s risk segment of the construction industry and will expand Intact’s portfolio of owned distribution assets.
Intact Insurance Specialty Solutions’ underwriting companies offer a range of specialty insurance products through independent agencies, regional and national brokers, wholesalers and managing general agencies, throughout the US.
The transaction is expected to close in the second half of 2022, subject to regulatory approval and the satisfaction of other closing conditions.
- Michael Miller, CEO of global specialty lines at Intact, 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. We look forward to welcoming the exemplary Highland team, led by Rick Girden and Kaileigh Bowe, to Intact.”
Brad Irick, CEO of Tokio Marine Kiln, added, “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.”
Tokio Marine HCC, the specialty insurance arm of Tokio Marine Group, partnered with North Amrican insurance technology provider Vertafore to streamline how agents and brokers transact surety bond business online.
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