Mitsui Sumitomo Insurance Company completed the acquisition of Transverse Insurance Group from Virgo Investment Group.

Mitsui Sumitomo Insurance Company, a Japanese insurance holding company, completed the acquisition of Transverse Insurance Group, a US-based, hybrid fronting company, from Virgo Investment Group, a private investment firm with a track record of building and transforming businesses. Financial terms were not disclosed. "We take a flexible and collaborative approach at Virgo, launching businesses in attractive niches when the opportunity is right. We identified the fronting segment in 2018 as a growing and underserved market in which we could build a differentiated competitor, and are proud of how we built Transverse from the ground up to provide both MGA and reinsurance clients with innovative solutions. With Erik and Dave remaining at the helm, Transverse is well positioned to continue expanding its customer base and industry reach under the MSI umbrella. We are honored to have had the opportunity to establish Transverse and are excited to watch its continued growth as part of a global leader in the insurance marketplace," Jesse Watson, Virgo Founder and CIO.