W.R. Berkley Corp. announced Friday that Japan-based Mitsui Sumitomo Insurance has acquired beneficial ownership of at least 12.5% of the company’s outstanding stock.
It follows MSI’s previously announced agreements with a company owned by members of the Berkley family and trusts for their benefit, collectively known as Berkley Family.
None of MSI’s shares were purchased from the Berkley Family or W.R. Berkley.
Under the agreements, MSI’s shares will be voted pursuant to the recommendations of the Berkley Family, except in limited circumstances where the MSI shares will be voted in the same proportion as all of the non-MSI shares are voted.
Representatives of MSI have said they expect to complete their investment under the agreements in the first quarter, W.R. Berkley said.