Japanese property and casualty insurer Mitsui Sumitomo Insurance (MSI) has purchased beneficial ownership of at least 12.5% of W. R. Berkley’s outstanding common stock.
The move follows the Japanese company’s agreements with the Berkley Family, which includes a company and trusts owned by Berkley family members.
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MSI reached an agreement in March this year to acquire 15% of W. R. Berkley’s shares through open market purchase or third-party private transactions.
As per the agreements signed with the Berkley Family, most voting rights attached to these shares will follow the decisions recommended by the family, unless exceptional situations require votes to be cast proportionally to those of other shareholders.
MSI expects to complete its investment during the first quarter of 2026.
Under the agreements, once MSI shareholding reaches at least 12.5%, the Berkley Family has agreed to recommend nominating and electing a MSI director designee to W R Berkley’s board.
The process will be overseen by the nominating and corporate governance committee and is subject to established board procedures and shareholder approval at annual meetings.
The Berkley Family will continue to have two members serving as directors on the board.
W R Berkley, established in 1967, is among the largest commercial property and casualty insurance businesses operating in the US and other regions.
MSI is part of the MS&AD Insurance Group and provides personal and commercial insurance in Japan, with operations spanning 41 countries and regions.
Last month, Mitsui Sumitomo Insurance reached an agreement to purchase an 18% equity stake in Barings, the asset management arm of Massachusetts Mutual Life Insurance Company (MassMutual).
The deal will result in MassMutual receiving around $1.44bn in cash.
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Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.