Warren-based MS&AD Insurance Group Holdings on Wednesday said it completed its acquisition of Transverse Insurance Group, a niche-focused specialty insurer. The acquisition supports the planned expansion of the Transverse business.
The acquisition follows the expansion of existing and several new managing general agent partnerships in 2022, with Transverse growing its portfolio of insurance risk.
“We are proud to finalize this acquisition, which will allow Transverse to continue delivering best-in-class fronting capacity to the program and reinsurance markets,” Erik Matson, co-founder, chairman and CEO of Transverse, said. “The global reach of MS&AD and Transverse’s pipeline will propel the business forward in 2023 and beyond.”
Transverse is experiencing exceptional demand from high-quality MGA partners, especially considering the MS&AD announcement.
The co-founder and president of Transverse, Dave Paulsson, stated: “Our team is excited about the future ahead with MS&AD and clearly sees how well the Transverse model fits within the MS&AD family of companies. We look forward to working hand-in-hand with the MS&AD team to bring the best fronting solution to the market. This acquisition is a testament to the team’s hard work building a business that achieved attraction from one of the largest and most prominent insurance carriers in the world.”