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Business deals

Tokio Marine to buy Thai auto insurer for $360m

Deal expands overseas business to burgeoning Southeast Asian market

Thailand's Safety Insurance ranks No. 8 in that country's non-life insurance sector.   © Reuters

TOKYO -- Japan's Tokio Marine Holdings will acquire the Thai and Indonesian units of Insurance Australia Group, seeking to extend its business in Southeast Asia to the region's growing middle class.

Tokio Marine & Nichido Fire Insurance will buy IAG's 98.6% stake in Thailand's Safety Insurance for just over 40 billion yen ($362 million). The deal, which will also include a majority interest in small Indonesian insurer Asuransi Parolamas, is expected to be completed as early as this year after receiving regulatory approval in the relevant countries.

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