Japan's Mitsui Sumitomo Insurance Ltd said on Tuesday it would purchase British nonlife insurer Amlin plc for 635 billion yen ($5.3 billion) to expand overseas operations in response to a shrinking domestic market. The deal will make Amlin a wholly owned subsidiary of Mitsui Sumitomo Insurance, a unit of MS&AD Insurance Group Holdings Inc., and it is expected to be completed in the January-to-March quarter, the Japanese insurer said. London-based Amlin, founded in 1903, covers a wide range of fields, including marine and aviation insurance as well as reinsurance, a type of insurance bought by insurance companies. In June, Tokio Marine Holdings Inc said it had agreed to buy U.S. speciality insurer HCC Insurance Holdings Inc for $7.5 billion, in what could be the biggest foreign acquisition by a Japanese insurer.
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