Japan's Mitsui Sumitomo Insurance to buy US reinsurance broker Transverse for $400m

Japan's Mitsui Sumitomo Insurance to buy US reinsurance broker Transverse for $400m

Photo: Reuters

Mitsui Sumitomo Insurance Company, a subsidiary of Japan’s MS&AD Insurance Group Holdings, will spend about $400 million to buy US reinsurance broker Transverse, the Nikkei business daily reported on Sunday.

The Japanese property insurer aims to gain know-how of the reinsurance broker business, which could help with the expansion of an insurance market specialised in fields such as cybercrime, the Nikkei said.

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