Munich Re acquires specialty insurer in US profitability drive

The reinsurer wants a leading position in specialty primary market • CEA outlook improves • Q3 cat losses total $1.13bn

Munich Re, which earlier this month unveiled strategic changes for its US business, is to acquire Ohio-based specialty insurer The Midland Company in a deal worth around US$1.3bn. Midland, through its wholly owned subsidiary American Modern Insurance Group, operates in niche segments such as physical damage insurance for manufactured housing and motor homes via various distribution channels.