TOKYO: Japan’s Rakuten Inc said it planned to purchase Asahi Fire & Marine Insurance Co Ltd for about US$415mil, strengthening its portfolio of financial services as its steps up efforts to diversify beyond conventional online shopping.
Although Asahi Fire & Marine, majority owned by Nomura Holdings Inc, is a small player in Japan’s US$76bil property and casualty insurance market, the acquisition would round out Rakuten’s financial offerings that also include online securities trading, credit cards and life insurance.
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