Tokio Marine to acquire HCC for $7.5bn
Thursday, 06 11 2015, Category: Insurance and Reinsurance, Country: United States
Tokio Marine Holdings has revealed it will acquire US speciality insurer HCC Insurance for $7.5 billion.
Through its subsidiary Tokio Marine & Nichido Fire Insurance, Tokio Marine will pay a 35.8 percent premium on the average share price over the past month.
According to Tokio Marine, the acquisition price constitutes a price to book ratio of 1.9 times HCC's book value per share of $41.03 as of March 31, 2015.
The transaction has been unanimously approved by both boards of directors and is expected to complete between October and December 2015.
Source: Intelligent Insurer