TOKYO -- Japanese nonlife insurers are snatching up local players in Southeast Asia's fast-growing market in an effort to beat out Western rivals and overcome dwindling prospects at home.
Tokio Marine Holdings said Tuesday it will buy the Thai and Indonesian units of Insurance Australia Group for about $360 million in a deal expected to close this year. The acquisitions would make the Tokyo-based company the No. 2 player in the region's major markets after compatriot MS&AD Insurance Group Holdings on the basis of premium income, which is equivalent to sales for insurers.
