Tokio Marine Holdings Inc. (TKOMY) said it has entered into a comprehensive strategic partnership with National Indemnity Company, a subsidiary of Berkshire Hathaway Inc.
As part of the agreement, National Indemnity will acquire a 2.49% stake in Tokio Marine for about ¥287.4 billion ($1.8 billion) through a third-party allotment of treasury shares.
Tokio Marine said it will repurchase its own shares to offset dilution for existing shareholders. National Indemnity has also agreed not to increase its stake beyond 9.9% without board approval.
The partnership includes collaboration in reinsurance operations and joint exploration of merger and acquisition opportunities, combining Berkshire's capital strength with Tokio Marine's global underwriting platform.
Tokio Marine said the alliance aims to enhance long-term value creation and expand growth opportunities, supported by a strategic equity investment and broader business collaboration.
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