Tokyo-listed insurer Sompo divests UK unit in $952m deal

The Tokyo Tower, center, stands illuminated at night in Tokyo, Japan, on Friday, July 3, 2015. Japan's regional power utilities have endured several years of mounting losses after turning off nuclear power since the Fukushima disaster of March 2011. Photographer: Noriko Hayashi/Bloomberg via Getty Images

Tokyo-listed Japanese insurer Sompo Holdings Inc has agreed to sell British unit Sompo Canopius to a private equity (PE) consortium led by Centerbridge Partners for $952 million.

Sompo is among the three largest property and casualty insurers in Japan and purchased Canopius, a Lloyd’s of London insurance market player, for an estimated $1 billion in 2014.

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