Japanese property and casualty insurer Tokio Marine has a $9 billion war chest for overseas purchases and is scouting for deals in Asia as it looks to boost its profits from the region.
Tokio Marine said it is building a stable business by diversifying geographically and operationally and expects to double Asia’s contribution to its overseas profits.
The company also said these deals are expected to account for nearly 80 percent of its overseas profits in the year to March 2019.
Over the past decade, Tokio Marine has made three big U.S. purchases in specialty insurer HCC Insurance Holdings for $7.5 billion in 2015, financial services company Delphi Financial Group for $2.7 billion in 2012 and insurance holding company Philadelphia Consolidated Holding for $4.7 billion in 2008.