With a saturated and highly competitive home market, Japanese insurers are increasingly looking abroad for opportunities to expand. According to a report from the Japanese business newspaper Nihon Keizai, as reported by Reuters, Tokio Marine & Nichido Fire Insurance Co., Japan’s largest P/C insurer, may have found a good opportunity in Brazil.
The Company, which is the largest component of Japan’s Millea Holding Group, is in advanced talks with the Netehrlands’ ABN AMRO NV to acquire its Brazilian insurance unit Real Seguros SA., the country’s seventh largest insurer.
The report indicated that a deal for Real Seguros, which writes both life and non-life policies, may happen as early as next month. No exact costs of the acquisition were given, but its expected to be in the $100 million range.
Reuters also noted that Spanish insurer Corporacion Mapfre has expressed interest in acquiring Real Seguros, which was put up for sale last year.
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