Tokio Marine sells Highland’s construction business to Intact

Specialist insurer  Tokio Marine Kiln (TMK) has decided to sell Tokio Marine Highland’s US construction business to Intact Insurance Group.

The two companies have entered into a definitive agreement. Subject to customary regulatory approvals, the transaction is expected to close in the second half of 2022.

TMH’s construction business provides primary and excess builders risk insurance in the US. The division, led by Rick Girden, President, and Kaileigh Bowe, EVP, employs approximately 40 people and is headquartered in Naperville, Illinois.

Brad Irick (pictured),  TMK CEO, said: “ 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 maximise its potential. I would like to thank Rick and Kaileigh personally for their longstanding commitment to the business and support to TMH and  TMK. TMH remains core to  TMK, and we are excited about the profitable growth opportunities of its existing business that includes flood, lender-placed insurance and fine arts.”

T. Michael Miller, CEO of Intact global specialty lines, added: “Highland has established itself in providing specialised 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 to Intact.”

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