Tokio Marine Holdings agreed on Wednesday to buy Houston-headquartered HCC Insurance for about $7.53 billion in cash, the biggest foreign purchase by a Japanese insurer on record.
The acquisition by Japan's biggest insurer by market capitalisation tops domestic peer Dai-ichi Life Insurance’s $5.71 billion purchase of Protective Life last year. The deal is also the third-largest Asia Pacific overseas acquisition so far this year, pushing MA volume for the region to a record $93.6 billion.
Japanese companies are the most acquisitive in the region as they seek growth outside their own moribund market. They have racked up $28.6 billion-worth of deals and account...
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