Mitsui Sumitomo Insurance Group Holdings Inc. has agreed to buy Amlin plc in the face of slow growth in its home market, The Guardian reported on 8 September.
While both firms have a portfolio of non-life insurance businesses in the marine, aviation, property and liability sectors, the British firm also offers a type of insurance bought by insurers. The £3.47bn cash deal is expected to be complete by the end of March 2016.
Yasuyoshi Karasawa, president of Mitsui Sumitomo, said that “the combination will accelerate [the firm’s] strategy of growing its international business”.