Thomson Reuters said on Tuesday it acquired World Business Media Limited, a subscription-based provider of news and analysis on the insurance and reinsurance market.

The London-based company of about 25 employees will join the Reuters News division of Thomson Reuters. Its products include The Insurer, a digital news operation for editorial and data, Insurer TV and an events business, reaching 45,000 professionals.

Financial details of the deal were not disclosed.

"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,” said Paul Bascobert, president of Reuters, in a prepared statement.

"As the industry undergoes rapid change, increasing regulatory complexity, and growing severity of risks, the need for context and clarity for insurance, reinsurance and adjacent professionals has never been greater,” said Peter Hastie, managing director of World Business Media Limited, in a statement.

World Business Media is the latest in a string of acquisitions undertaken by Thomson Reuters as part of its plan to expand offerings for its professional clients. In August, the company closed its $650 million cash acquisition of Casetext, a California-based AI company that helps legal professionals conduct research, analysis and prepare documents using generative AI.

On Monday Thomson Reuters raised its bid to buy Sweden's Pagero Group, an e-invoicing and tax solutions firm to expand Thomson Reuters' global tax offerings, and said it now owns a 54% stake

Thomson Reuters said last year it has earmarked $10 billion for acquisitions and about $100 million per year in investments in AI capabilities.

(Reporting by Kenneth Li in New York; Editing by Anna Driver)