Major Japanese insurer Tokio Marine Holdings said Wednesday it will buy US-based Delphi Financial Group for $2.66 million in a bid to expand its global reach.
Tokio Marine said the deal should increase its profit and operations, after having already purchased insurers in key markets including the United States, Britain, India, China and Brazil. The purchase will further diversify income for the Japanese firm, which will generate 46 percent of its sales from foreign markets with Delphi as a subsidiary.
The company hopes to complete the deal in the April-June quarter of 2012, pending regulatory approval.
Tokyo, Dec 21, 2011 (AFP)