Tokio selling US construction division

Tokio Marine Kiln Group Ltd. said Friday it will sell Tokio Marine Highland’s U.S. construction division to Intact Insurance Group USA LLC. 

Terms of the transaction expected to close in the second half of 2022 were not disclosed. 

Tokio Marine Highland’s construction business provides primary and excess builders risk insurance in the U.S., a Tokio Marine Kiln statement said.  

The division, led by President Rick Girden and Executive Vice President Kaileigh Bowe, employs about 40 people and is headquartered in Naperville, Illinois. 

T. Michael Miller, CEO of Intact Global Specialty Lines, said in the statement the deal adds a “complementary offering” to its specialty lines.