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TOKYO (AP) — Insurer Tokio Marine Holdings Inc. said Wednesday it has agreed to buy U.S. insurance company HCC for about $7.5 billion.
Japan's Tokio Marine, a nonlife insurer, said in a statement that its takeover offer of $78 cash per share is a 35.8 percent premium to HCC's average share price over the past month.
It expects the deal to be finalized in the last quarter of this year. The boards of both companies have approved the takeover, which is subject to shareholder and regulatory approvals.
Tokio Marine said the acquisition will strengthen its operations in the U.S., which is the largest insurance market in the world.
HCC Insurance Holdings Inc. has property, accident, medical and other specialty insurance businesses.
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