Tokio Marine Weighs More Than $10 Billion of International M&A

Tokio Marine Holdings Inc., Japan’s top property and casualty insurer, could spend more than $10 billion on acquisitions to boost its international business, according to Brad Irick, who co-heads the unit.

The firm, which generates about 80% of its overseas profits in the US, aims to bring that figure closer to 70% for all of North America in the medium term, Irick said in an interview. The company intends to finance the effort with part of the proceeds from the unwinding of so-called cross-shareholdings with other Japanese firms, which has $25 billion of market value, he said. ...