Tokio Marine hunts for deals abroad and sees room for growth in U.S.
Tokio Marine Holdings sees scope for further expansion in the U.S. as Japan's largest property-and-casualty insurer explores acquisition opportunities around the world, its new chief executive officer said.
"We want to expand in countries other than the U.S. for geographic diversity, but the U.S. non-life insurance market is far bigger than others,' Masahiro Koike said in an interview. "So we don't have to worry too much about being overweight there.'
Tokio Marine has made a string of big acquisitions in the U.S. in recent years, including high-net-worth insurer Pure Group for $3.1 billion in 2020, to make up for limited growth prospects at home. The insurer and its rivals have the capacity for more deals overseas after generating record profits by selling shareholdings worth tens of billions of dollars.
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