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Millea Holdings Inc., Japan’s largest insurer, said Friday its unit Tokio Marine & Nichido Fire Insurance Co. will buy Lloyd’s of London insurer Kiln Ltd. for ¥106 billion in cash, or 150 pence per share.

Kiln, which provides energy, marine, property and aviation coverage, plans to reduce underwriting in the London market next year amid more competition and falling prices. Property and casualty insurers have retrenched amid declining premiums following last year’s benign storm season.

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