Tokio Marine Kiln (TMK) has completed its sale of Tokio Marine Highland’s (TMH) US construction division to Intact Insurance Group USA LLC with effect from 1st August 2022.
Intact, conducting business under the brand name Intact Insurance Specialty Solutions, announced today that it has finalised the acquisition of Highland Insurance Solutions, the U.S. construction division of Tokio Marine Highland (TMH), from Tokio Marine Kiln, having received all required regulatory approvals and all other closing conditions having been met.
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.”
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.
“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.”
Highland will operate as a standalone managing general agent, available to serve the risk management needs of its clients and broker partners through its current select markets, and now additionally through Intact. Highland is a managing general agent specializing in the wood frame builder’s risk segment of the construction market and will expand Intact’s portfolio of owned distribution assets.