Mitsui Sumitomo Insurance said on Tuesday it had agreed to buy British reinsurer Amlin for $5.3 billion the latest Japanese insurer looking to diversify its geographic risk by buying into the Lloyd's market.
Under the terms of the deal Mitsui Sumitomo, a unit of MSAD Insurance Group, is paying 670 pence a share, representing a net tangible book value of 2.4 times and a premium of 32.9% over the weighted average share price for the previous month.
The deal is the fourth largest Japan outbound MA deal this year and the third biggest Japan outbound acquisition in the insurance sector on record, according to...
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