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Signage for Tokio Marine & Nichido Fire Insurance Co. is displayed outside the company’s headquarters building in Tokyo, Japan, on Friday, July 17, 2015. (Photo: Kiyoshi Ota/Bloomberg)

Continuing its goal to pursue business opportunities on foreign soil, Tokio Marine announced that it has agreed to purchase Privilege Underwriters, Inc. (PUI) for $3.1 billion from investors led by Stone Point Capital and KKR. PUI, which does business through the PURE Group of Insurance Companies (PURE Group), includes several business entities dedicated to serving the needs of high-net-worth clients, including PURE Risk Management, PURE Insurance Company, PURE Programs, and Haven Art Group. The deal is expected to close in the first quarter of 2020.

The $3.1 billion price-tag is 33-times PURE Group’s forecast profit for 2020; however, Tokio Marine’s Chief Executive Satoru Komiya said in a news conference, “We are paying for PURE’s  big potential growth.” Following the acquisition, AM Best placed PURE Group’s financial strength and credit rating under review, with “positive implications” considering Tokio Marine’s successful track record with past dealings.

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Heather A. Turner

Heather A. Turner is the managing editor of ALM's NU Property & Casualty Group. She can be reached at [email protected].

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