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Asian News - Japan: Tokio Marine to acquire American general insurer HCC

Source: Asia Insurance Review | Jul 2015

Tokio Marine Holdings, the largest Japanese non-life insurer by market value, has acquired US-based HCC Insurance Holdings for US$7.5 billion, in a move that illustrates the aggressive overseas expansion strategy pursued by the insurer.
   According to Dealogic, a data provider, the latest acquisition by Tokio Marine brings the total amount of money spent by the Japanese insurer on overseas acquisitions to $50.1 billion in 2015, up from $30.1 billion in the same period last year. The total spent on overseas acquisitions by Tokio Marine in 2014 amounted to $53.4 billion.
   The deal represents the biggest overseas acquisition to date by a Japanese non-life insurer. Japanese insurers have been extremely active in the M&A front in recent years, despite a sharp decline in the value of the yen over the past two years. Tokio Marine had already bought Delphi Financial Group for US$2.66 billion in 2012 and Philadelphia Consolidated Holding for US$4.7 billion in 2008. It said the acquisition of HCC would increase the percentage of profits it earns overseas from 38% to 46%.
   The transaction is expected to be completed in the fourth quarter, the insurer said.
 
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