Berkshire's $1.8B Tokio Marine Bet: Insurance, Japan, and the Fog of War
Berkshire Hathaway's National Indemnity acquired a 2.49% stake in Tokio Marine Holdings for $1.8 billion, launching a 10-year reinsurance partnership with Japan's oldest insurer. The deal deepens Berkshire's Japan strategy, generates float through a quota-share agreement, and lands squarely in the middle of a marine insurance crisis triggered by the Iran conflict.