Tokio Marine to acquire Privilege Underwriters from Stone Point and KKR for $3.1bn.

Tokio Marine Holdings, a insurance holding firm is set to acquire Privilege Underwriters (PU), a provider of full-line insurance and its subsidiary Pure Group from private equity firms, Stone Point Capital and KKR for $3.1bn. PU, which does business through the PURE Group of Insurance Companies (PURE Group), includes: PURE Risk Management, the attorney-in-fact for Privilege Underwriters Reciprocal Exchange (PURE); PURE Insurance Company, a Florida-domiciled stock insurance company; PURE Programs, a managing general underwriter; and Haven Art Group, a fine art services and claims management company. "This acquisition provides unique growth opportunities and portfolio diversification for the Tokio Marine Group. We look forward to welcoming the PURE Group’s management team and employees to Tokio Marine and to helping them continue to grow this business post-transaction,” Chris Williams, Tokio Marine Senior Managing Executive Officer.