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Tokio Marine to form JV with Grand Guardian to enter Myanmar

Tokio Marine has reached an agreement to form a joint venture general insurance company with Grand Guardian Insurance Holding (GGIH) to foray into the general insurance market of Myanmar.

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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
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Under the arrangement, the Japanese insurer will acquire a 35% stake in Grand Guardian General Insurance Company (GGGI), the casualty arm of GGIH.

Tokio Marine Myanmar JV

The investment is likely worth about JPY5bn ($44.7 million), according to asia.nikkei.com.

The move follows the Myanmar government’s decision in January this year to allow foreign insurance companies to offer products in the country either on their own or through joint ventures.

Interested foreign non-life insurers are required to file application to form joint ventures ended last Friday. For life insurers, the application period ends on May 3.

The government is expected to announce the names of shortlisted applicants by end of May this year.

“In markets with high growth potential where we aspire to significantly expand into, we will accelerate our strategic M&A initiatives for the further growth and diversification of our global portfolio.” Tokio Marine said in its press statement.

As part of its growth strategy, Tokio Marine acquired Thailand general insurance company Safety Insurance last year.

It also acquired a 22.5% stake in Hollard Holdings and Hollard International, insurance group in South Africa and adjacent countries, in 208.

Other foreign insurers in the fray to acquire the licence include Nippon Life Insurance, MS&AD Insurance Group Holdings subsidiary Mitsui Sumitomo Insurance, Sompo Holdings, and Meiji Yasuda Life Insurance, asia.nikkei.com report added.

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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