TOKIO MARINE EYES FURTHER ACQUISITIONS IN EUROPE AND THE US

Japan’s largest non-life insurer Tokio Marine Holdings – the rebranded Millea Holdings - is planning further acquisitions in Europe and the US, according to its chief executive. The company acquired Lloyd’s insurer earlier this year, but chief executive Shuzo Sumi told an investment conference in Japan hosted by Reuters more deals were on the cards. He said: “We have been focusing on emerging markets but to be a real global player, we need to build significant positions in the US and Europe where the markets are big.” In the wake of the Kiln deal two or three possible deals were presented to Tokio Marine by investment banks, Sumi told the conference, which was hosted by Reuters . Japan accounts for more than 80% of Tokio Marine's profits, but the insurer is trying to expand abroad to escape slow growth at home due to an ageing and shrinking population, it said.