Tokio Marine Kiln (TMK), a specialist insurance company, has purchased the remaining 51% in WNC Holdings, a company that offers specialty insurance products and services to US-based clients.
Operating as a managing general underwriter (MGA), WNC deliver specialty risk management solutions such as private flood, builders’ risk and lender–placed products. In 2018, the company is expected to write about $200m in net premium.
Since 1986, TMK has worked in partnership with WNC. TMK purchased a 49% share of the company in June 2011.
WNC will continue to operate under its existing brand even after the completion of the acquisition.
TMK group CEO Charles Franks said: “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.
“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.”
WNC CEO Pat Blandford said: “We are excited about this partnership with TMK, which underpins our continued expansion and development.
“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.”