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Business deals

Insurer Tokio Marine to purchase US peer Pure Group for $3.1bn

Increase in natural disasters prompts Japanese company to diversify overseas portfolio

Tokio Marine has spent nearly 2 trillion yen on acquisition deals with American companies since 2008.

TOKYO -- Japanese insurance provider Tokio Marine Holdings will acquire U.S. counterpart Pure Group for $3.1 billion, the company said Thursday, in a bid to maintain profit growth against mounting climate disaster payouts.

Tokio Marine expects to purchase all outstanding shares of holding company Privilege Underwriters and its subsidiaries in the first quarter of 2020. The Japanese parent will derive half of its profit overseas following this transaction.

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