Tokio Marine Kiln acquires WNC Holdings
Specialist insurer Tokio Marine Kiln (TMK) has bought the remaining 51 percent share in WNC Holdings that it does not already own.
WNC is a managing general underwriter (MGU), providing a range of specialty risk management solutions including private flood, builders’ risk and lender–placed products for US-based clients.
TMK has worked in partnership with WNC since 1986 and acquired a 49 per cent share of the company in June 2011.
WNC will retain its existing brand and continue to drive growth in its flood and construction divisions and launch its homeowner’s select product for mortgage servicers. The company expects approximately $200 million of net written premium in 2018.
Charles Franks, Group CEO of TMK, 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.”
Pat Blandford, CEO of WNC, commented: “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.”
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