According to Nikkei, Mitsui Sumitomo Insurance would pay $400 million to acquire a U.S. reinsurance broker

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Last Updated on August 7, 2022 by Bitfinsider

According to the Nikkei business newspaper on Sunday, Mitsui Sumitomo Insurance Company, a division of Japan’s MS&AD Insurance Group Holdings (8725.T), will invest roughly $400 million to acquire American reinsurance broker Transverse.

The Nikkei said that the Japanese property insurer wants to learn more about the reinsurance broker industry in order to aid in the growth of a niche insurance market for things like cybercrime.

Depending on the U.S. company’s earnings following the transaction, Mitsui Sumitomo Insurance may pay up to an additional $150 million, the Nikkei reported, adding that an announcement was anticipated by the end of the month.

In a response, MS&AD claimed that nothing had been decided and that it was still examining a variety of company investment opportunities, including some mentioned in the media.

When a decision was made, it promised to swiftly announce anything that needed to be disclosed.

According to the Nikkei, Transverse, a New Jersey-based company founded in 2018, operates as a broker for reinsurance throughout the country, earning a commission of around 5% of insurance premiums by connecting insurers and reinsurance firms.

Increased sales of policies offered by insurers that specialize in certain industries, including as transportation and medicine, are the result of increased risks associated with natural catastrophes, terrorism, and cybercrime in the United States.

However, according to the Nikkei, there is still a lack of universal insurance in Japan against dangers like hacking.


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Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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