Mitsui Sumitomo Insurance agreed to buy Transverse Insurance Group, a New Jersey fronting carrier licensed in all 50 states that writes business for managing general agents and passes most of the risk to reinsurers. The price of about $400 million came from a note by the buyer's law firm. Transverse was founded in 2018 with private-equity backing. About Transverse Transverse is based in Warren, New Jersey, and was backed at its founding by Virgo Investment Group. Its chairman and chief executive, Erik Matson, previously worked at AIG, Munich Re and Allianz. It had about $107 million of capital and keeps part of the risk it fronts. New sales channels Mitsui Sumitomo said the deal gives it access to specialist MGAs, wholesale brokers and other broker-led business in property, casualty, marine and specialty insurance. Closing The deal was announced in August 2022, about a week after reports first surfaced, and was completed by early January 2023. Matson said Transverse was proud to join the MS&AD group.
