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Business deals

String of disasters spur Tokio Marine retreat from European reinsurance

Japanese group sells subsidiaries for $1.5bn to Renaissance Re

Residents of the U.S. Virgin Islands navigate around damage from Hurricane Maria on Sept. 26, 2017. Frequent natural disasters in recent years have squeezed earnings at reinsurance companies.   © Reuters

TOKYO -- Tokio Marine Holdings plans to sell its core reinsurance subsidiaries in Europe to Renaissance Re Holdings for an estimated $1.5 billion, Nikkei reported Wednesday. The move, which the company announced later the same day, is part of the company's shift away from a business segment hit hard by a string of natural disasters worldwide.

The deal includes all shares in Switzerland-based Tokio Millennium Re, as well as ownership of Tokio Millennium Re (UK). The transaction is expected to be completed by March, pending approval from local authorities.

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