Tokio Marine Holdings Inc said on Wednesday it had agreed to purchase U.S. specialty insurer HCC Insurance Holdings Inc for $7.5 billion, in what would be the biggest M&A deal this year by a Japanese company.Tokio Marine, Japan's largest insurer by market value, expects to complete its biggest-ever acquisition between October and December, it said in a statement.With insurers among the most acquisitive Japanese companies, Tokio Marine alone has spent more than $8 billion on international deals since 2008, including U.S. insurers Philadelphia Consolidated for $4.7 billion in 2008 and Delphi Financial for $2.7 billion in 2012. Driven by a need to diversify geographical exposure to natural disasters, Tokio Marine President Tsuyoshi Nagano told Reuters earlier this month that his firm was still scouring markets around the world for acquisitions. He added, however, that rising prices had made it more cautious in the Asia-Pacific region.
Hindustan Construction Company Limited (HCC) is an India-based company, engaged in providing engineering and construction services. Shares of HCC fell by 0.35% or $-0.2/share to $56.69. In the past year, the shares have traded as low as $46.51 and as high as $58.73. On average, 330444 shares of HCC exchange hands on a given day and today's volume is recorded at 475360.