Mitsui Sumitomo Insurance to buy U.S. reinsurance broker for $400 million: Nikkei

Mitsui Sumitomo Insurance Company, a subsidiary of Japan’s MS&AD Insurance Group Holdings, will spend about $400 million to buy U.S. reinsurance broker Transverse, the Nikkei business daily reported on Sunday.

The Japanese property insurer aims to gain know-how of the reinsurance broker business, which could help with the expansion of an insurance market specialized in fields such as cybercrime, the Nikkei said.