Japanese insurer Tokio Marine to buy US-based HCC for $7.5bn

GMT 08:54 2015 Wednesday ,10 June

Arab Today, arab today Japanese insurer Tokio Marine to buy US-based HCC for $7.5bn

Tokio Marine Holdings
Tokyo - AFP

Tokio Marine Holdings has agreed to buy US-based HCC Insurance Holdings for $7.5 billion, the firms said on Wednesday, the latest overseas acquisition by a Japanese firm to counter a declining market at home.

The cash deal will see Tokio Marine pay US$78 per share for HCC, a 35.8 percent premium on the US firm's average share price over the past month, a joint statement said.

"The acquisition of HCC significantly enhances Tokio Marine's operations in the United States, the largest insurance market in the world, and internationally," it said.

The companies said the deal was friendly and has the backing of HCC's board.

The deal diversifies the Japanese firm's products and market portfolio, said Tsuyoshi Nagano, president of Tokio Marine.

"HCC is a top-tier speciality insurer with market-leading underwriting capabilities. Leveraging Tokio Marine’s financial strength and global footprint, HCC will further expand the revenues, profits and capabilities of Tokio Marine," he said in the statement.

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