TOKYO (Reuters) – The president-elect of Tokio Marine Holdings Inc, Tsuyoshi Nagano, says that Japan's largest property-casualty insurer by market value will continue to aggressively pursue overseas acquisitions amid weak growth prospects at home.
Nagano, currently the company's executive vice president, was on Tuesday named the next president and CEO, replacing Shuzo Sumi.
In Sumi's six-year tenure, Tokio Marine has made overseas acquisitions a priority. In 2008, it bought U.S. insurer Philadelphia Consolidated in a $4.7 billion deal and Lloyd's of London insurer Kilna for 442 million pounds ($671 million).
Nagano said the company is hungry for more deals. “We would like to actively pursue acquisitions when there is a chance. We always keep our door open,” Nagano told a news conference.
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