W. R. Berkley Corporation confirmed that Mitsui Sumitomo Insurance Co., Ltd. (MSI), a prominent Japanese property and casualty insurer, intends to purchase 15% of the company's outstanding common stock. This acquisition will occur through open market purchases or private transactions with third parties, with the Berkley Family not selling any of its shares to MSI.
Under the terms of the Investment and Voting Arrangement, MSI agrees to vote its shares according to the Berkley Family's recommendations once it acquires 4.9% of the outstanding common stock. Furthermore, if MSI acquires at least 12.5% of the shares, the Berkley Family will recommend an MSI director designee for election to W. R. Berkley's Board of Directors.
W. Robert Berkley, Jr., President and CEO, stated that MSI's significant investment validates the company's performance and growth trajectory. This partnership is expected to leverage MSI's international presence to drive sustainable stockholder value, with the investment anticipated to be completed by the end of March 2026, subject to regulatory approvals.
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