MS&AD buys Amlin for $5.3b

The Japanese insurer is catching up with its peers who are already in the Lloyd's market.

MS&AD buys Amlin for $5.3b
Japanese enter Lloyds of London building

Mitsui Sumitomo Insurance said on Tuesday it had agreed to buy British reinsurer Amlin for $5.3 billion the latest Japanese insurer looking to diversify its geographic risk by buying into the Lloyd's market.

Under the terms of the deal Mitsui Sumitomo, a unit of MSAD Insurance Group, is paying 670 pence a share, representing a net tangible book value of 2.4 times and a premium of 32.9% over the weighted average share price...

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