Millea to acquire Kiln

Asia

Millea Holdings, the parent company of Japan’s largest non-life insurance company, Tokio Marine & Nichido Fire Insurance, has entered into an agreement with the board of Kiln to acquire the UK-listed Lloyd’s insurance group for £442.0mn in cash. The acquisition will be implemented through a special purpose company, Tokio Marine Investment, based in Bermuda and 100% owned by Tokio Marine and Nichido Fire Insurance. Millea’s trading relationship with Kiln stems from the latter’s formation in 1962. Millea sees the acquisition of Kiln as a key step in attaining its goal of becoming a global top-tier insurer, as described under its mid-long term business plan. Over the last few years Millea has focused on establishing a presence in emerging markets such as Brazil, India, China as well as in other Asian countries. The group has also expanded its existing international insurance and reinsurance operations in Bermuda, London, and the US through organic growth.