TOKYO, Oct 6 (Reuters)—HSBC Holdings has approached the top three property-and-casualty insurers in Japan about the sale of its non-life insurance business, which could fetch more than $1 billion, sources close to the matter said on Thursday.
Japanese insurers have been aggressively pursuing acquisition opportunities overseas as they look to expand beyond their shrinking home market and diversify the risks in their insurance portfolios.
The companies, MS&AD Insurance , Tokio Marine and NKSJ Holdings , are studying the offer to determine whether they will participate in bidding, said the sources, who were not authorised to discuss the matter publicly. The first round of the bidding is expected in mid-October.
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