Tokio Marine is nearing what would be its largest-ever acquisition, with Suncorp now the preferred target after months spent weighing rival prospects in Australia and Canada, the Financial Times reported.
The push for an overseas takeover by the Berkshire Hathaway-backed ****** anese insurer is part of a broader strategy under CEO Masahiro Koike to expand the group's footprint beyond its domestic market.
Tokio Marine had reportedly been weighing several options including Australia's Insurance Australia Group (IAG) and Suncorp, alongside Canada's Intact Financial Corporation.
Suncorp and IAG are valued at approximately $14bn (A$19.55bn) and $13bn, respectively, whilst Intact carries a market value of around $34bn (C$47.08bn).
According to sources cited in the report, Intact was dropped from consideration on account of its size, leaving Suncorp as the frontrunner.
#intact #marine #financial #market
The push for an overseas takeover by the Berkshire Hathaway-backed ****** anese insurer is part of a broader strategy under CEO Masahiro Koike to expand the group's footprint beyond its domestic market.
Tokio Marine had reportedly been weighing several options including Australia's Insurance Australia Group (IAG) and Suncorp, alongside Canada's Intact Financial Corporation.
Suncorp and IAG are valued at approximately $14bn (A$19.55bn) and $13bn, respectively, whilst Intact carries a market value of around $34bn (C$47.08bn).
According to sources cited in the report, Intact was dropped from consideration on account of its size, leaving Suncorp as the frontrunner.
#intact #marine #financial #market
2 days ago
