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The acquisition of Transverse Insurance Group (announced August 10, 2022) has received all customary approvals and has been completed. The acquisition extends Transverse’s reach and expands MS&AD’s access to North American markets.
WARREN, N.J., Jan. 4, 2023 /PRNewswire/ — MS&AD Insurance Group Holdings (“MS&AD”), a global insurance conglomerate, has completed its acquisition of Transverse Insurance Group (“Transverse”), a niche-focused specialty insurer. The acquisition supports the planned expansion of the Transverse business.
“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,” said Erik Matson, Co-Founder, CEO, and Chairman of the Board of Transverse. “The global reach of MS&AD and Transverse’s pipeline will propel the business forward in 2023 and beyond.”
The acquisition follows the expansion of existing and several new MGA partnerships in 2022, with Transverse growing its portfolio of insurance risk. Transverse is experiencing exceptional demand from high quality MGA partners, especially considering the MS&AD announcement.
MS&AD has acquired all the outstanding shares of Transverse Insurance Group, which is now a wholly owned subsidiary of MS&AD.
President and Co-Founder 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.”
For additional background on the acquisition, please read the announcement press release here.
About Transverse Insurance Group (Transverse)
Transverse Insurance Group is a hybrid fronting carrier serving the program, MGA, and reinsurance markets with offices in New York, New Jersey, and Texas. Transverse was previously backed by Virgo Investment Group and partner investors. Founded in 2018 by Erik Matson, CEO, and Dave Paulsson, President, Transverse is a global facilitator connecting and enabling partners through access to risk capacity and alternative capital on admitted and surplus lines paper. For more information, please visit www.transverseinsurance.com.
SOURCE Transverse Insurance Group
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