When German reinsurance behemoth Munich Re announced its intention to buy The Midland Company for $1.3 billion in October, it marked the biggest, but not the last deal involving a U.S. specialty operation in 2007.
Moving into 2008, participants in the specialty insurance segment continue to turn up on both the buying and selling ends of merger and acquisition deals announced in the property-casualty sector, with activity among insurers and brokers alike.
Munich Re, leading a parade of foreign buyers of underwriting organizations, said its deal for Midland was a first step in a previously disclosed plan to grow in the U.S. p-c market, also pointing to one of Midland's key niches–manufactured housing–as one with "sustained growth over market cycles."
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