Japan insurer Tokio Marine eyes more acquisitions in U.S., Mexico
By Taiga Uranaka
TOKYO, July 29 (Reuters) - Tokio Marine Holdings Inc is seeking acquisitions in the United States and Mexico to spread out its risk, the CEO of Japan's largest property-casualty insurer by market value said, as rivals go after growth closer to home in Southeast Asia.
With sizable business in Britain and North America, Tokio Marine is currently the most geographically diverse Japanese insurer. CEO and President Tsuyoshi Nagano told Reuters Tokio Marine was keen to further expand abroad to diversify its risk, rather than to offset weak growth prospects at home.
"Some say we have relatively big concentration of risk exposure to North America, but we can achieve risk diversification within the region," Nagano said in an interview.
"There are many potential candidates. There are many niche and boutique-style property and casualty insurers in the United States, and we can choose such companies for risk diversification," he added, declining to give any names.
The company is also eyeing Mexico as a market of vast potential, Nagano said, adding that Tokio Marine's current operations in the country only generate about $20 million in annual premium revenue.
"There is a limit to what we can do in an organic way. We are considering options including M&A," he added.
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