Tokio Marine Kiln Completes Sale of US Construction Business To Intact
Tokio Marine Kiln Completes Sale of US Construction Business To Intact
With effect from August 1, 2022, Tokio Marine Kiln (TMK) has finalized the sale of Tokio Marine Highland’s (TMH) US construction division to Intact Insurance Group USA LLC.
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Intact, doing business as Intact Insurance Specialty Solutions, today announced that it had successfully acquired Highland Insurance Solutions, the American construction division of Tokio Marine Highland (TMH), from Tokio Marine Kiln. This occurred after receiving all necessary regulatory approvals and satisfying all other closing conditions.
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Brad Irick, TMK CEO, said, “TMK is pleased that the Highland team has joined a company the calibre of Intact where they will be able to continue to build their business and maximize its potential. 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.”
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Tokio Marine Kiln Completes Sale of US Construction Business To Intact
The construction division, Highland, led by Rick Girden, President, and Kaileigh Bowe, EVP, employs approximately 40 people and is headquartered in Naperville, Illinois, all of whom have transferred to Intact.
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“We are pleased to officially welcome Rick Girden, Kaileigh Bowe and the entire Highland team to Intact,” says T. Michael Miller, Chief Executive Officer, Global Specialty Lines, Intact.
“Highland is a strategically aligned acquisition for Intact Global Specialty Lines – it expands our speciality offering and supports our growth, distribution, and outperformance objectives. With the closing of the transaction, we shift our focus to onboarding the Highland platform to Intact, supporting the team and leveraging their expertise to grow the business and outperform.”
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Tokio Marine Kiln Completes Sale of US Construction Business To Intact
As a stand-alone managing general agent, Highland will continue to work with Intact in addition to its current targeted markets to meet the risk management demands of its clients and broker partners. Highland will increase Intact’s portfolio of owned distribution assets. Highland is a managing general agent with a focus on the wood frame builder’s risk sector of the construction market.
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