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Tokio Marine to form partnership with Berkshire Hathaway, initially sell 2.49% stake
Tokio Marine will use up to ¥287.4 billion for share buybacks while Berkshire Hathaway gains reinsurance access in a 10-year partnership, announced Tokyo-based firms said.
- Monday , Tokio Marine Holdings said it would form a decade-long partnership with Berkshire Hathaway by initially selling a 2.49 stake via a third-party allotment.
- Tokio Marine said the deal will provide extra risk capacity for growth while National Indemnity Company gains access to its global insurance portfolio, and Berkshire began investing in Japan in 2019.
- Following the share allocation, Tokio Marine said additional purchases are expected on the open market, and National Indemnity agreed not to exceed a '9.9%' stake without board approval.
- The two firms said they will execute joint investments and M&A globally, with Berkshire reinsuring some of Tokio Marine's business, as part of their partnership.
- Berkshire's $373 billion cash pile and recent $1800 million buyback, along with shares down 4.5% this year, show management's strong financial capacity, Berkshire said.
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21 Articles
Berkshire Maintains Buffett’s Bullishness on Japan with $1.8 Billion Tokio Marine Deal
When Greg Abel succeeded Warren Buffett as Berkshire Hathaway CEO earlier this year, he made clear he wouldn’t be saying sayonara to the Oracle of Omaha’s way of thinking. On Monday, the cash-flush Berkshire affirmed that position by shopping in one of Buffett’s favourite places, Japan, for some kosupa (that’s bang for your buck, roughly speaking). A deal to acquire a 2.5% strategic stake in insurance giant Tokio Marine for $1.8 billion added to…
Times of India
The Economic TimesBerkshire Hathaway eyes $1.8 billion stake in Tokio Marine
Tokio Marine Holdings Inc said on Monday it would form a strategic partnership with Warren Buffett's Berkshire Hathaway by initially selling a 2.49% stake through a third-party allotment of treasury shares.
Channel News Asia
Business TimesTokio Marine to form partnership with Berkshire Hathaway, initially sell 2.49% stake
TOKYO, March 23 : Tokio Marine Holdings Inc said on Monday it would form a strategic partnership with Warren Buffett's Berkshire Hathaway by initially selling a 2.49 per cent stake through a third-party allotment of treasury shares.Berkshire Hathaway in 2019 kicked off a number of investments in Japanese tra
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