World Business Media is acquired by Thomson Reuters

World Business Media Limited, a subscription-based source of news and analysis on the insurance and reinsurance markets, was bought by Thomson Reuters, the company announced on Tuesday.

The approximately 25-person London-based business will become a part of Thomson Reuters’ Reuters News division. Among its offerings are The Insurer, a 45,000-professional internet news outlet for editorial and data, Insurer TV, and events.

In a prepared statement, Reuters President Paul Bascobert stated, «We plan to invest in this business to increase its coverage and reach, and we believe we will be able to bring services of greater value to our customers in this sector,”.

As part of its strategy to broaden its products for its professional clientele, Thomson Reuters has made a number of acquisitions, the most recent being World Business Media. The business concluded its $650 million cash acquisition of Casetext in August. Casetext is a California-based artificial intelligence business that uses generative AI to assist legal professionals with research, analysis, and document preparation.

In an effort to increase its worldwide tax capabilities, Thomson Reuters increased its offer on Monday to acquire Sweden’s Pagero Group, an e-invoicing and tax solutions company, and announced that it now holds a 54% share in the company.

According to Thomson Reuters, it set aside $10 billion for acquisitions and roughly $100 million annually for investments in artificial intelligence capabilities last year.