Tokio Marine Plans Multibillion-Dollar Acquisition With Berkshire Stake

Tokio Marine Holdings, the Japanese insurer backed by Berkshire Hathaway, is pursuing its largest international acquisition after months of due diligence on targets in Australia and Canada, with Suncorp viewed as the preferred Australian target and Intact Financial of Canada also under consideration, though discussions remain uncertain. The push is part of a broader strategy to diversify its operations and expand internationally, leveraging Berkshire Hathaway’s balance sheet to support sizeable M&A deals. Berkshire’s 2.5% stake in Tokio Marine and a stated plan to cooperate on large-scale international mergers should enable joint sourcing and execution of acquisitions, while Tokio Marine’s track record since 2008 includes several major overseas deals, including the US$7.5 billion purchase of HCC. In parallel with its acquisition ambitions, Tokio Marine announced a 15-for-1 stock split effective October 1, 2026, alongside a new long-term shareholder benefits program designed to broaden its investor base and support its Aspiration 2035 strategy. While market chatter has highlighted Suncorp as the leading target, officials have not commented and it remains to be seen whether a deal will materialize. The FT and other outlets have reported on the ongoing process and the potential implications for the insurer’s global footprint.