Tokio Marine completes $615m purchase of Ignyte’s auto business

Tokio Marine expects growth in the collector vehicle segment in the US.

Tokio Marine Holdings has completed its acquisition of Ignyte Insurance’s US collector vehicle insurance agency business through its subsidiary, Philadelphia Insurance Companies (PHLY), for $615M (JPY94.7b). 

Ignyte specialises in personal auto insurance for collector vehicles (cars that are at least 25 years old) and has a customer base of enthusiasts across the US The business generated about $164m in gross written premiums in 2024 and employs around 250 people.

Tokio Marine expects growth in the collector vehicle segment, driven by the rising number of baby boomer retirees and increasing demand amongst hobbyists.

PHLY, which provides commercial property and casualty and professional liability insurance, will integrate Ignyte’s operations to enhance its reach in the US specialty market.

PHLY recorded gross written premiums of about $4.69bin 2024 and employs roughly 1,900 people.

Group CEO Masahiro Koike said the acquisition supports Tokio Marine’s goal of expanding scale and profitability through both organic growth and targeted M&A in key international markets.