Tokio Marine Kiln has acquired the remaining 51% stake in California-based WNC Holdings, having previously bought 49% of the company in June 2011. WNC is expected to retain its existing brand.
WNC is an MGA that provides specialty risk management solutions to U.S. clients and expects $200 million of net written premium in 2018.
“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,” said Charles Franks, Group Chief Executive Officer (CEO) of TMK.
“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, added, “We are excited about this partnership with TMK, which underpins our continued expansion and development. 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.”
