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The deal includes an exclusive ten-year partnership for reinsurance and international investments.
Berkshire Hathaway is investing 287.4 billion yen (1.8 billion dollars) in the insurer Tokio Marine Holdings thereby expanding the US conglomerate's commitment to the Japanese market. According to a statement on Monday, National Indemnity Company, a subsidiary of Berkshire, is acquiring a strategic 2.49% stake in Tokio Marine. The two companies will work together on reinsurance and global investments, including mergers and acquisitions.
The deal shows that Berkshire is seeking to secure a share of Japan's thriving insurance business, an increasingly attractive market for foreign companies. KKR & Co, Apollo Global Management and other major international players have been making moves to expand in the life insurance sector, joining the rush of foreign firms looking to capitalize on emerging opportunities in Japan.
