Tokio Marine to buy US insurer HCC

TOKYO;
Insurer Tokio Marine Holdings has agreed
to buy United States based  HCC Insurance
Holdings for US$7.5 billion the firms said
yesterday ,the latest overseas acqulisitlon by
a Japanesse firm t counter a shrinking market
at home

The cash deal will see Tokio Marine pay US$78
per share for  HCC a 35.8 per cent premium on
the US firm's average share price over the past
month,a joint statement said The companies said
the deal was friendly and has the backing of
HCC board Houston based HCC has asset of
about US$11 billion and 2,500 employees ,while
its Japanese purchaser has about US$173 billion
in assets and 40,000 workers

Tokio Marine's latest deal beats a US$57 billion
 bid by Dai-lchi Life Insurance for Protective Life
last year.The deal would diversity Tokio Marine's
products and market portfollio said president Tusyoshi
Nagano.

HCC is a top-tier speciality insurer with market
leading under writing  capabilities,Leveraging
Tokio Marine's finacial strength and global footprint.
HCC will further expand the revenues ,profits
and capabilities of Tokio Mairne"he said in his
statement

Last mnth ,Australia 's Toll Holdings said its
shareholders voted in favour of a US#5.18 billion
takeover bid by Japan Post before the global postal
and logistics giant's expected Initial public offering
later this year.

Other major deals in recent years include beverage
giant Suntory's nearly US$16 billion purchase of
the firm behind Jim Beam bourbon ,creating one
of the world 's biggest high end spirits makers
and giving it a foothold in the major US liquor
BLOOMBERG