Specialist (re)insurer Kiln has bought a 49% share in US-based managing general agent WNC Holdings.
Kiln, which is part of the Tokio Marine Group, said in a statement the investment was the largest it has ever made.
WNC will retain its existing brand and management structure and will continue to lead its strategy. The remaining 51% majority share of the business will be retained by WNC Management.
WNC provides flood, wind, hazard and auto insurance as well as policies for portfolios of second mortgages, home equity and condominium loans to financial institutions in the US.
The MGA reported a net written premium in excess of US$100m in 2010 and the firm hss worked in partnership with Kiln since 1986.
Kiln chief executive, Charles Franks, said: “This important investment demonstrates our continued commitment to building and maintaining long-term, profitable partnerships with high quality businesses, underpinned by our substantial financial strength.
Carl Herrmann III, CEO of WNC, said: “We are thrilled to be cementing our partnership with Kiln through this valuable investment. Our shared values and focus on customer service, empowering our people and underwriting profitable lines of business, backed by Kiln?s considerable financial strength and superb reputation, will lay the foundations for our continued future success.”
