Mitsui Sumitomo Insurance Co. said Tuesday that it will buy Britain’s nonlife insurer Amlin PLC for around ¥635 billion, as it pursues global expansion in the face of a shrinking domestic market.
The deal will make Amlin a wholly owned subsidiary of Mitsui Sumitomo Insurance, a unit of MS&AD Insurance Group Holdings Inc. It is expected to be complete by the end of March 2016, the Japanese insurer said.
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