Munich Re announced today that it is acquiring Cincinnati-based specialty insurer Midland Company for $1.3 billion.
The move follows the company's recent announcement that it planned to make a strategic realignment of the company's U.S. business.
Peter Roder, a Munich board member for the German reinsurer who will be responsible for overseeing the U.S. market, said, "We intend to grow profitably in the world's most important insurance market."
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