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Business deals

Tokio Marine to sign $370m partnership with top Brazil bank

Joint venture eyes top share in South American country's fire insurance market

Tokio Marine seeks emerging-market growth as disaster-related payouts rise in Japan.

TOKYO -- Tokio Marine Holdings will form a home insurance provider in Brazil with one of the country's top banks, seeking emerging-market growth as disaster payouts rise in Japan.

In a deal revealed by Nikkei and announced on Tuesday, Tokio Marine will establish a joint venture with local bank Caixa's insurance unit, Caixa Seguridade, investing 39.5 billion yen ($370 million).

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