Tokio Marine subsidiary acquires New York life insurer for $180m

The transaction is expected to close in Q3.

Tokio Marine Holdings has agreed to acquire 100% of the outstanding shares of Standard Security Life Insurance Company of New York (SSL) through its wholly owned subsidiary, Reliance Standard Life Insurance Company (RSL) for $180m (JPY19.8b).

The transaction is expected to close during Q3 2021, subject to the satisfaction of customary closing conditions, including receipt of regulatory approvals.

“We believe that, through acquiring SSL’s operational excellence and expertise in the PFL insurance space, RSL will be able to strengthen its profitability and competitiveness in this space while growing market share,” Tokio Marine said.