Approval to hold a stake in a financial sector company of more than 20% No. 11 of 2025

Financial Sector (Shareholdings) Act 1998

To: Mitsui Sumitomo Insurance Company, Limited ABN 49 000 525 637 (MSI) MS&AD Insurance Group Holdings, Inc (MS&AD Holdings)

Symphony Partners, LLC (together, the Applicants)

Since:

1.             On 22 May 2025, the Applicants applied to the Treasurer under section 13 of the Act, for approval to hold a 100% stake in W.R. Berkley Corporation, Signet Star Holdings, Inc and Berkley Insurance Company ABN 53 126 559 706, each a financial sector company under the Act (the financial sector companies);

1.             on 10 July 2025, the Applicants provided further information on their application in response to questions from APRA; and

1.             I am satisfied it is in the national interest for the Applicants to hold a 100% stake in each of the financial sector companies,

I, John Huijsen, a delegate of the Treasurer, under paragraph 14(1)(a) of the Act, approve the Applicants holding a 100% stake in each of the financial sector companies.

Under subsection 16(1) of the Act, this approval is subject to the condition set out in the Schedule.

This approval commences on the day it is made and remains in force indefinitely. Dated: 29 August 2025

John Huijsen General Manager

General Insurance and Banking Division Australian Prudential Regulation Authority

Interpretation

Act means the Financial Sector (Shareholdings) Act 1998.

direct control interest has the meaning given in clause 2 of Schedule 1 of the Act.

financial sector company has the meaning given in section 3 of the Act.

stake in relation to a company, has the meaning given in clause 2 of Schedule 1 of the Act.

Schedule – the condition

MSI and MS&AD Holdings must not hold a direct control interest of greater than 30% in any of the financial sector companies without prior approval from the Treasurer or a delegate of the Treasurer.