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Japan's MS&AD Insurance in talks to buy UK insurer Amlin

The Mitsui Sumitomo Insurance Group Holdings Inc. headquarters stand in Tokyo, Japan.

[TOKYO] Japan's MS&AD Insurance Group Holdings Inc said on Tuesday it is in talks to buy UK insurer Amlin, the latest multi-billion deal by aggressive Japanese companies.

Amlin, a specialist in property, casualty, marine and aviation insurance, has a stock market value of US$3.8 billion. Nikkei business daily reported MS&AD is expected to pay more than 500 billion yen (S$6 billion) to buy the company, without citing sources.

An MS&AD spokesman said the two companies are in talks but nothing has been decided.