Tokio Marine Kiln has completed a deal to buy the remaining 51 percent of WNC Holdings, a California-based managing general agent specialising in writing cover for flood and construction risk.
TMK took a 49 percent stake in WNC, which also writes lender-placed cover, in 2011, however the two have been working together for more than three decades..
The MGA expects to write around $200mn of net premiums this year.
TMK said its now subsidiary would retain its own brand and continue to look for growth in its flood and construction divisions. It is also planning to launch an new homeowners product that will be distributed by mortgage servicers.
“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 TMK CEO Charles Franks.
“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.”
WNC CEO Pat Blandford said: “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.”