Reuters - US Market News

Tokio Marine to buy U.S. insurer HCC Insurance for $7.5 bln -source

Tokio Marine Holdings Inc has agreed to buy U.S. specialty insurer HCC Insurance Holdings Inc for $ 7.5 billion, a source with knowledge of the matter said, in what would be the biggest M&A deal this year by a Japanese company.

Tokio Marine, Japan’s biggest insurer by market capitalisation, is expected to announce the deal at a 4 p.m. (0700 GMT) news conference in Tokyo on Wednesday, said the source.

Tokio Marine has spent more than $ 8 billion on international deals since 2008, including U.S. insurer Philadelphia Consolidated for $ 4.7 billion. (Reporting by Taiga Uranaka in TOKYO, Mike Stone in NEW YORK; Editing by Chang-Ran Kim and Will Waterman)

Reuters: Market News

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