Mitsui Sumitomo Insurance (MSI), a subsidiary of MS&AD Insurance Group Holdings, has successfully completed its investment in W. R. Berkley (WRB) through the acquisition of 15% of WRB's issued and outstanding common stock entitled to vote on the election of directors.
The investment was made pursuant to certain investment and voting agreements entered into on 28 March 2025 by and between MSI and the founding family of WRB, a US commercial lines property and casualty insurance holding company, said MS&AD Insurance Group Holdings in a statement. The shares were purchased on the secondary market from public shareholders. No shares were acquired from WRB or the family.
Pursuant to the investment and voting agreements, the founding family will recommend the nomination and election of an MSI designee to WRB’s board of directors, subject to review and approval by WRB’s nominating and corporate governance committee and its board in accordance with governance policies and procedures.
MSI intends to pursue mutually beneficial strategic opportunities with WRB.
Going forward, MSI and WRB’s founding family intend to vote their respective shares of WRB common stock in alignment with each other, in accordance with the terms of the investment and voting agreements.