Tokio Marine eyes stake in Hollard Insurance
Tokio Marine is ready to to purchase a minority stake in South Africa’s Hollard Insurance coverage.
The plan is anticipated to spice up the corporate’s growth in Africa. In accordance with the preliminary settlement, Tokio Marine can pay R5 billion (US$327 million) for a 22.5% shareholding in Johannesburg-based Hollard, which is considered one of sub-Saharan Africa’s greatest suppliers of property and casualty insurance coverage.
If the deal is accomplished, it’ll enable Tokio to realize a foothold in markets corresponding to South Africa and Botswana from its base in Chiyoda-Ku, Japan.
The transfer is anticipated to suit properly with the plan of South African president Cyril Ramaphosa to draw US$100 billion in international funding over the subsequent 5 years.
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