Bermuda-based MS Frontier Re (MSFRe) has today acquired its Dublin-based sister company Mitsui Sumitomo Reinsurance (MSRe).

The transaction is part of a a reorganisation of the global reinsurance strategy of Mitsui Sumitomo Insurance Group (MSIG), of Japan, which is the parent company of both the Bermuda and Ireland entities.

MSFRe is a focuses on property-catastrophe and North American risk excess of loss business. The Bermuda company currently has a subsidiary based in Singapore which performs modelling analysis and a branch office in Zurich, developing business in Europe and exploring new business opportunities in the Middle East and Africa.

MSRe is domiciled in Dublin with branch offices in Singapore and Labuan, and a marketing office in Kuala Lumpur. Their main business focus is on regional short-tailed proportional and risk excess of loss business predominantly from Europe and Asia (excluding Japan).

MSIG chief executive officer Masataka Kitagawa said: "This reorganisation will allow both MSRe and MSFRe to offer existing clients a broader range of reinsurance solutions underlined by the strength and stability of MSIG, one of the largest Insurance groups in the world.

"The closer links between MSRe and MSFRe will enhance our ability to design reinsurance solutions for a broader range of clients and utilise the expertise of our underwriting teams in Dublin and Bermuda."

This newly formed Group of companies will bring together the overseas reinsurance operations of MSIG under common control, headquartered in Bermuda. Mr. Kitagawa is the current president and CEO of MSFRe and will concurrently become the chairman of the board of directors of MSRe. Both companies will continue to write policies under their own name and keep their current branding.

MSIG is one of the largest composite insurers in Japan with Net written premium in FY2008 of over 1,445 billion yen and total assets of more than 7,440 billion yen.

As previously announced from April 1, 2010, MSIG will merge with Aioi Insurance and Nissay Dowa General Insurance to become MS&AD Holdings.