Executives at Munich Re said they see the $1.3 billion acquisition of Midland Company that was announced today as a logical step in their plans to broadly enter the United States insurance market, giving them access to sales outlets they did not have.
During a press conference, Peter R?der, the member of the board of management who will be responsible for overseeing the U.S. market, and Tony Kuczinski, the chief executive officer-elect of Munich Re America, discussed the decision to acquire the Cincinnati-based specialty insurer.
The deal, which is expected to be completed during the second quarter of next year, is still subject to shareholder and regulatory approvals.
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