Mitsui Sumitomo Insurance Co., a subsidiary of Japan’s MS&AD Insurance Group Holdings, has acquired all the outstanding shares of Transverse, which is now a wholly owned subsidiary of MS&AD, from Virgo Investment Group.

Terms were not disclosed but when it was announced in August, the Nikkei business daily reported Mitsui Sumitomo would pay about $400 million to buy the U.S. reinsurance broker and could pay up to an additional $150 million, depending on the U.S. company’s earnings.

The acquisition extends Transverse’s reach and expands MS&AD’s access to North American markets.

Transverse is a hybrid fronting carrier serving the program, managing general agent, and reinsurance markets. Headquartered in New Jersey, it also has offices in New York and Texas. It was founded in 2018 by Erik Matson, CEO, and Dave Paulsson, president, as a global provider of risk capacity and alternative capital on admitted and surplus lines paper.