TOKYO -- Tokio Marine Holdings plans to sell its core reinsurance subsidiaries in Europe to Renaissance Re Holdings for an estimated $1.5 billion, Nikkei reported Wednesday. The move, which the company announced later the same day, is part of the company's shift away from a business segment hit hard by a string of natural disasters worldwide.
The deal includes all shares in Switzerland-based Tokio Millennium Re, as well as ownership of Tokio Millennium Re (UK). The transaction is expected to be completed by March, pending approval from local authorities.