Japan's Mitsui Sumitomo Insurance to Buy Amlin for $5.3 Billion
08 September 2015 - 5:10PM
Dow Jones News
LONDON—Japan's Mitsui Sumitomo Insurance Company is to buy U.K.
insurance company Amlin PLC for £ 3.47 billion ($5.3 billion), in
the latest move by a Japanese insurer to expand overseas.
Mitsui said it would pay 670 pence a share for Amlin, which
provides insurance cover to organizations and reinsurance
protection to other insurance companies. Amlin shareholders will
also be entitled to an 8.4 pence a share dividend set to be paid on
Oct. 1.
Amlin operates in the Lloyd's of London insurance market, where
specialist insurance companies group together in syndicates to
provide risk cover.
Mitsui Sumitomo is a subsidiary of Japan-listed nonlife
insurance specialist MS&AD Insurance Group Holdings Inc.
The deal is the latest example of how Japanese insurers—both
nonlife and life—are aggressively expanding overseas because of the
declining population and sluggish car sales at home.
In July, Japan's largest nonlife insurer agreed to buy
U.S.-based HCC Insurance Holdings Inc. for $7.5 billion.
For Mitsui Sumitomo Insurance, the acquisition marks its first
purchase in the West after investing in local insurers in Southeast
Asia.
Write to Rory Gallivan at rory.gallivan@wsj.com and Atsuko
Fukase at atsuko.fukase@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 08, 2015 02:55 ET (06:55 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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