Japan’s Tokio Marine targets Australia’s Suncorp in a potential $14bn acquisition, marking its biggest overseas deal under CEO Koike.
Tokio Marine is advancing toward a takeover of Australia’s Suncorp, valued at approximately $14bn, which would be the Japanese insurer’s largest acquisition. The move follows months of evaluation, with Suncorp emerging as the preferred target over rivals like Insurance Australia Group and Canada’s Intact Financial, the latter dropped due to its $34bn valuation.
The acquisition aligns with Tokio Marine’s strategy to expand beyond its domestic market, supported by Berkshire Hathaway, which holds a 2.49% stake. Since 2008, Tokio Marine has completed five major overseas deals worth a combined $19bn, including its $7.5bn purchase of U.S.-based HCC.
Sources indicate discussions remain ongoing, with no final agreement confirmed. The deal would strengthen Tokio Marine’s foothold in Australia’s insurance sector, competing with local players like IAG, valued at $13bn.