Japanese insurance group to spend tens of billions of yen

Japanese insurer Mitsui Sumitomo Insurance is considering acquiring a UK insurer, Reuters has quoted The Nikkei business daily as saying.

Yasuyoshi Karasawa, president of Mitsui Sumitomo Insurance, told The Nikkei that his firm was looking to spend tens of billions of yen on a UK insurer and double its annual dealings at Lloyd's to 100 billion yen in a bid to compete with rival Japanese group Tokio Marine.

Mistui has a London market division and operates Syndicate 3210 at Lloyd's. Rival Tokio Marine acquired Lloyd's insurer Kiln in 2007.

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