Tokio Marine enters into a Strategic Partnership with Berkshire Hathaway Group
Tokio Marine Holdings, Inc. (President and Group CEO: Masahiro Koike, hereinafter “TMHD”) is pleased to announce that we have decided to enter into a comprehensive strategic partnership (the “Strategic Partnership”) with National Indemnity Company (“NICO”), the group’s core reinsurance entity wholly owned by Berkshire Hathaway Inc. (“Berkshire Hathaway”), one of the most successful global investment and insurance franchises.
This Strategic Partnership is based upon Strategic Equity Investment in TMHD, Collaboration in Reinsurance, and Strategic Collaboration in M&A with NICO. Berkshire Hathaway enjoys a distinguished long-term investment track record. We recognize that, over the decades, Berkshire Hathaway has consistently delivered shareholder value that has significantly outperformed the broader market, earning global recognition for its disciplined investment approach and long-term-oriented management philosophy.
Berkshire Hathaway’s corporate culture and values, including its federated management model, strong commitment to integrity, financial resilience, and disciplined capital management, closely align with those of our own.
This Strategic Partnership combines NICO’s robust capital strength and deep underwriting expertise across insurance and reinsurance, with our globally diversified insurance platform, industry-leading underwriting capabilities, a strong capital base, and proven M&A execution built through disciplined strategic acquisitions over the years. Building on the strengths of both organizations, we aim to significantly enhance the 2 quality and scale of value delivered to customers, while driving long-term value for both companies.
Importantly, this is not merely a business alliance. We believe that it establishes a longterm strategic relationship anchored by an equity stake that will serve as a powerful catalyst for the medium- to long-term growth of both companies.
Comment from TMHD
Masahiro Koike, Group CEO of TMHD said, “We are delighted to establish a strategic partnership with Berkshire Hathaway, one of the world’s leading investors, whose corporate culture and values closely align with ours. This Strategic Partnership represents a major step forward in advancing our insurance business and delivering sustainable value creation by combining the strengths of both organizations. Through disciplined management, we remain fully committed to enhancing corporate value over the long term.”
Comment from Berkshire Hathaway
Ajit Jain, the Vice Chairman of Berkshire Hathaway-insurance operations stated, “We are pleased to build a long-term collaborative relationship with TMHD, which has a strong underwriting franchise and an exceptional management team. We expect this Strategic Partnership to create compelling long-term opportunities for both organizations.”
The Strategic Partnership comprises the following three key elements:
A. Strategic Equity Investment in TMHD
As the foundation of the Strategic Partnership, NICO will make a strategic equity investment in our company, initially acquiring approximately 2.5% ownership stake of our issued and outstanding shares.
The initial shares will be allocated through the disposition of treasury stock held by TMHD, as it would be difficult for NICO to acquire TMHD shares in the open market when discussions with TMHD on the Strategic Partnership are taking place (to prevent dilution for existing shareholders, we will simultaneously repurchase our own shares in an amount of up to 287.4 billion yen.)
Following the allocation of such treasury stock, any additional acquisitions of TMHD shares by NICO are expected to be made primarily through open-market purchases.
NICO will agree not to acquire more than 9.9% of our outstanding shares without prior approval from our Board of Directors.
Berkshire Hathaway is one of the world’s foremost long-term investors, and the investment from its wholly owned subsidiary, NICO, reflects not only the strategic importance of this Partnership but also its confidence in our ability to deliver attractive returns through sustained long-term value creation. We are committed to meeting that expectation, alongside all shareholders, by delivering sustainable longterm value and generating appropriate returns through disciplined management.
B. Collaboration in Reinsurance
We will welcome NICO, one of the world’s leading reinsurance companies, onto our reinsurance panel. NICO will assume a portion of our portfolio through Whole Account Quota Share (“WAQS”) reinsurance (Note).
This collaboration will further enhance, both qualitatively and quantitatively, our long-term and stable foundation of reinsurance that is less susceptible to cycles in the reinsurance market. In addition, it will further strengthen our earnings stability and strategic flexibility by mitigating underwriting volatility, particularly in relation to increasingly severe natural catastrophe risks.
This framework (WAQS) is expected to evolve over time in line with deepening our collaboration.
The long-term and stable risk capacity generated through this Strategic Partnership is expected to be deployed toward growth areas, particularly new strategic opportunities centered on our primary insurance business, with the aim of achieving further profit growth.
For NICO, the Strategic Partnership provides stable access to our diversified, highquality global insurance portfolio. Leveraging our established underwriting platform and disciplined risk selection capabilities, NICO will be able to build an insurance portfolio positioned for long-term value creation.
This long-term strategic collaboration combines underwriting excellence and capital strength to further enhance our competitive advantage in the global insurance market.
Note: “Whole Account Quota Share reinsurance” refers to a form of proportional reinsurance under which, in principle, the ceding company reinsures with a reinsurer a predetermined percentage of premiums, claims, loss adjustment expenses and other items attributable to an entire pre-defined portfolio, rather than limiting the arrangement to specific lines of insurance.
C. Strategic Collaboration in M&A and Global Investment Opportunities
– The two companies will collaborate on global strategic investment opportunities, including M&A, executing joint investments to drive sustained business expansion.
– We have steadily expanded our global footprint through disciplined acquisition principles. Through the Strategic Partnership, by combining our proven M&A execution capabilities with NICO’s peerless capital strength, we believe we are able to broaden our strategic options and access to high-quality growth opportunities.
We believe that by unlocking synergies between the two companies through the Strategic Partnership, this collaboration reinforces our competitive position in the global insurance marketplace, while further enhancing the resilience and flexibility of our financial foundation. Through disciplined and strategic capital deployment, we aim to drive sustainable growth and long-term value creation.
TMHD hereby announces as follows that, in order to implement the Strategic Partnership described above, its board of directors, at a meeting held on March 23, 2026, resolved as set forth below to: (i) enter into a strategic relationship agreement with NICO regarding the Strategic Partnership (the “Strategic Relationship Agreement”); (ii) dispose of 48,207,200 shares of the common stock held by TMHD (the “Shares”) to NICO (the “Disposition of Treasury Shares”) by way of a third-party allotment (the “Third-Party Allotment”); and (iii) enter into a share subscription agreement with NICO regarding the subscription of the Shares (the “Share Subscription Agreement”) and a voting agreement with NICO regarding NICO’s policy for holding the common stock of TMHD (the “Voting Agreement”; and together with the Strategic Relationship Agreement and the Share Subscription Agreement, the “Agreements”).
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Tokio Marine: Announcement regarding share repurchases from the market
Tokio Marine Holdings, Inc. (the “Company”) announced that on March 23, 2026 its board of directors resolved repurchases of its own shares, pursuant to Article 156 of the Companies Act which is applicable in accordance with Article 165, paragraph 3 of the Companies Act, as detailed below.
The resolution has been made in response to the Strategic Partnership with National Indemnity Company, a core company in the reinsurance business of Berkshire Hathaway Group and the disposition of treasury shares by way of a third-party allotment announced today (for details, please refer to the press release entitled “Announcement of Strategic Partnership with Berkshire Hathaway Group”). The Company has adopted a flexible approach to repurchasing its own shares, based on a comprehensive assessment of factors including its capital level, market conditions, business investment opportunities, and the impact on adjusted EPS growth. To date, the Company has generally conducted such share repurchases at a scale of approximately 1% to 2% of its market capitalization as a guideline. However, as the aforementioned strategic partnership will enhance the flexibility of the Company’s capital policy, the Company plans to review this approach to shareholder returns from fiscal 2026 onward.
1. Reason for the repurchase of shares To offset the dilutive impact resulting from the disposition of treasury shares by way of a thirdparty allotment.
2. Details of the resolution made on March 23, 2026
(a) Class of shares to be repurchased: Common stock of the Company.
(b) Aggregate number of shares to be repurchased: Up to 48,207,200 shares. (Represents approximately 2.6% of total issued shares excluding treasury shares.)
(c) Aggregate purchase price of shares: Up to 287.4 billion yen.
(d) Period in which repurchases may be made: From April 1, 2026 through September 18, 2026.
(For reference) Total issued shares as of February 28, 2026 (excluding treasury shares): 1,880,081,972 shares Number of treasury shares held by the Company as of February 28, 2026: 53,918,028 shares
Tokio Marine Group Continued Achievement of “Carbon Neutral” in FY2024
Tokio Marine Holdings, Inc. (President and Group CEO: Masahiro Koike, hereinafter “TMHD”) has achieved “carbon neutrality*1 ” across all group activities (domestic and overseas) for 12 consecutive years since FY2013.
Tokio Marine & Nichido Fire Insurance Co., Ltd. (President and CEO: Hiroaki Shirota, hereinafter “TMNF”), a subsidiary of TMHD, has achieved “carbon neutrality” in its Japanese domestic business operations for 16 consecutive years since FY2009.
Tokio Marine Group (1) promotes energy conservation and energy efficiency, (2) plants mangrove trees*2 to absorb and stabilize CO2, and (3) uses natural energy sources such as green power*3 (electricity) to reduce our environmental footprint and achieve “carbon neutrality” across the entire Group (Japanese domestic and international operations).
As a result, the CO2 absorption effects from mangrove reforestation and other initiatives have exceeded the CO2 emissions*4 associated with the group’s overall business activities, achieving “carbon neutrality” for 12 consecutive years since fiscal year 2013.
● Scope: Business activities across the domestic and overseas group companies, including the parent company and all consolidated subsidiaries. *5
Tokio Marine Group will continue to contribute to achieving the United Nations Sustainable Development Goals, including initiatives for reducing our environmental footprint and remaining carbon neutral.
These details were published in our Sustainability Report 2025 which can be found on the website (https://www.tokiomarinehd.com/ir/download/a16lmp000000nbvr-att/sustainability_web_2025.pdf)
Tokio Marine: Notice Regarding Turning Integrated Design & Engineering Holdings Co., Ltd. into a Wholly-Owned Subsidiary of the Company
Tokio Marine Holdings, Inc. (the “Company”) announced that it finished turning Integrated Design & Engineering Holdings Co., Ltd. (“ID&E”) into a wholly-owned subsidiary, as planned, after implementing a tender offer for common shares of ID&E (the “ID&E Shares”) (the “Tender Offer”) and a series of procedures to turn ID&E into a wholly-owned subsidiary of the Company.
The Company commenced the Tender Offer on November 20, 2024 and aimed at having two-thirds or more of the ID&E Shares be tendered in the Tender Offer. The Company acquired 85.44% of the ID&E Shares as of February 13, 2025. Accordingly, ID&E became a consolidated subsidiary of the Company on the same date.
Subsequently, the Company carried out the procedures to turn ID&E into a wholly-owned subsidiary of the Company, as originally planned, and a resolution for a share consolidation with May 15, 2025 being the effective date was passed at ID&E’s extraordinary shareholders’ meeting held on April 10, 2025.
The ID&E Shares were delisted as of May 13, 2025, and as of May 15, 2025, ID&E became a wholly owned subsidiary of the Company.
By having ID&E as a group member, the Company will strive to provide unparalleled value globally through the establishment of unique resilient business in order to be highly rated by customers.
Tokio Marine – Announcement regarding progress of the share repurchases
Tokio Marine Holdings, Inc. (the “Company”) announced that it repurchased its own shares as approved by its board of directors on November 19, 2024 pursuant to Article 156 of the Companies Act, which is applicable in accordance with Article 165, paragraph 3 of the Companies Act. The progress of the share repurchases is as follows.
(a) Class of shares repurchased: Common shares of the Company
(b) Number of shares repurchased: 5,528,400 shares
(c) Aggregate purchase price of the shares: 31,000,568,500 yen
(d) Period in which repurchases were made: From March 1, 2025 through March 31, 2025
(For reference)
1. Details of the resolution made by the board of directors held on November 19, 2024 are as follows.
(a) Class of shares to be repurchased: Common shares of the Company
(b) Aggregate number of shares to be repurchased: Up to 75,000,000 shares (Represents approximately 3.8% of the total issued shares excluding treasury shares)
(c) Aggregate purchase price of the shares: Up to 120 billion yen
(d) Period in which repurchases may be made: From November 20, 2024 through May 15, 2025
2. Details of the share repurchases made by March 31, 2025 as approved by the board of directors on November 19, 2024 are as follows.
(a) Number of shares repurchased: 19,624,600 shares
(b) Aggregate purchase price of the shares: 108,428,519,100 yen
Tokio Marine Holdings: Donation to Wildfire Relief in California
“We would like to express our deepest sympathy to all the people who have been affected by the ongoing massive wildfires in California. Tokio Marine Holdings, Inc. (President and Group CEO: Satoru Komiya) and Tokio Marine & Nichido Fire Insurance Co., Ltd. will donate USD 120,000 (approx. JPY 18 million) to support the humanitarian and recovery efforts in the areas affected by the wildfires.
Other group companies in the U.S. will also contribute relief funds. We wish for the earliest possible recovery and reconstruction of the affected areas.”
Tokio Marine (TMHCCI) appoints Nicola Hannay as Head of Power Generation in London
Tokio Marine HCC International (TMHCCI), a member of the Tokio Marine HCC group of companies, has appointed Nicola Hannay as the Head of Power Generation, effective immediately, reporting to Ben Kinder, Chief Underwriting Officer – Marine, Energy and Renewables.
Tokio Marine HCCBased out of the firm’s London energy practice, Hannay’s appointment will work in tandem with and complement the company’s wider renewable offering led by GCube, providing clients with a comprehensive solution to insuring energy transition.
Most recently, Hannay served as the Global Head of Power in SCOR’s Business Solutions division. She is a market veteran with nearly three decades of experience in building and leading profitable power portfolios at a series of businesses including AXA XL and AIG.
This strategic appointment will see TMHCCI further expand its energy offering to now cover thermal power plants, hydroelectric, solar power, geothermal, alternative power generation and mixed technology portfolios.
TMHCCI’s power portfolio comprises regulated and non-regulated producers, national and multinational power and utility companies, independent power producers as well as infrastructure investment and fund asset owners.
Kinder commented on the appointment, “We are delighted to welcome Nicola to our team. She is a proven leader and a recognised expert in the power market. Her experience will strengthen our holistic offering in renewable and conventional energy.
“TMHCCI is dedicated to supporting energy businesses in their pursuit of sustainable solutions. Our pragmatic approach ensures that businesses at any stage of their sustainability journey can rely on us for expert underwriting.”
Kinder concluded, “We have identified clear growth opportunities across the energy market. Appointing someone of Nicola’s calibre is an indication of the scale of our ambitions and we expect to continue to bring in market-leading talent as we realise the growth opportunities available to us and further strengthen our lead position across the energy ecosystem.”
Tokio Marine: Strategic Investment in and Commercial Collaboration with ICEYE Finland
Tokio Marine Holdings, Inc. (President and Group CEO: Satoru Komiya, hereinafter known as “TMHD”) and Finland-based ICEYE (CEO：Rafal Modrzewski, hereinafter known as “ICEYE”) are happy to announce that each firms have entered right into a capital and enterprise alliance, aiming to additional advance our insurance coverage declare companies in addition to develop new merchandise using earth commentary knowledge collected from satellites (hereinafter “satellite data”).
1. Background and Purpose
The influence of more and more frequent and extreme pure disasters and local weather change have grow to be international social points. Hopes and expectations are rising for the function to be performed by varied knowledge and applied sciences comparable to AI and IoT in serving to to resolve such points.
The Tokio Marine Group has been using expertise to make immediate insurance coverage funds in order to supply clients with a way of security and safety as shortly as potential. In the occasion of large-scale flooding, satellite tv for pc knowledge and AI can be utilized to find out the inundation vary and top inside only a few hours after the catastrophe.
ICEYE is an organization with built-in expertise for the manufacturing, upkeep, and operation of the SAR satellites (*1) and has superior satellite tv for pc imagery evaluation capabilities. As of January 2022, ICEYE has launched a complete of 16 in-house SAR satellites, the world’s largest variety of satellites in the non-public sector. These satellites present high-precision knowledge to governments and firms around the globe, whatever the climate circumstances or time of the day.
Since December 2020, Tokio Marine & Nichido Fire Insurance Co., Ltd., a member of the Tokio Marine Group, and ICEYE have been collaborating to enhance insurance coverage declare funds in the occasion of floods (*2) and to determine a assist system for native governments and volunteer teams in the case of such occasions (*3). To additional advance this collaboration and to work collectively to resolve varied social points, TMHD has determined to conclude a capital and enterprise alliance settlement with ICEYE.
*1 The SAR (Synthetic Aperture Rader) satellite tv for pc is a satellite tv for pc geared up with a particular radar which may observe at night time and in locations lined with clouds.
*2 Collaboration with three satellite tv for pc firms. Efforts to enhance insurance coverage funds utilizing satellite tv for pc knowledge.(December 29, 2020) https://www.tokiomarine-nichido.co.jp/company/release/pdf/201229_01.pdf(In Japanese)
*3 Collaboration with the NPO National Disaster Volunteer Support Group Network (December 23, 2021) https://www.tokiomarine-nichido.co.jp/company/release/pdf/211223_01.pdf(In Japanese)
2. Future Major Initiatives
With ICEYE’s functionality for prime precision imagery and its distinctive 「Daily Coherent Ground Track Repeat (*4)」 capabilities, mixed with its specialised group devoted to the insurance coverage area, Tokio Marine Group and ICEYE will collaborate to resolve varied social points by collectively selling digital transformation in insurance coverage claims companies and growing new insurance coverage merchandise and companies associated to early warning and fast response to pure disasters.
[Key Initiatives]
Advanced Insurance Claims Services in the Event of a Wind DamagesWhen a windstorm happens, it’s significantly troublesome for purchasers to take pictures of the injury to the roof, and it takes time to know the extent of the injury and organize for a restore firm. In collaboration with ICEYE, we are going to set up a system to estimate the presence and extent of roof injury by analyzing varied knowledge comparable to satellite tv for pc knowledge and wind velocity. By proactively figuring out the incidence of roof injury attributable to windstorms based mostly on satellite tv for pc knowledge, we might help our clients shortly restore their lives by arranging for restore contractors and expediting restore work.
Enhancement of Various Services at International Group firmsTMHD supported by ICEYE will develop initiatives at Tokio Marine Group firms exterior of Japan to speed up the insurance coverage claims cost course of. Such initiatives embrace expediting the insurance coverage claims cost for agriculture/crop insurance coverage by shortly estimating the extent of injury to farms by satellite tv for pc knowledge and growing parametric insurance coverage merchandise using knowledge noticed and collected by satellites. TMHD has collected the know-how on successfully using satellite tv for pc knowledge and will take full benefit of this capital alliance with ICEYE to additional develop pure catastrophe associated merchandise and companies throughout the Tokio Marine Group.
Development of Disaster Prediction and Prevention Service Using Satellite Data Taking benefit of the strengths of satellite tv for pc knowledge to trace huge areas, mixed with the very fact it is not impacted by the exterior surroundings throughout instances of catastrophe and excessive climate, we are going to develop companies that detect potential disasters and ship alerts by monitoring floor modifications or modifications in facility circumstances.
*4 ICEYE is a world’s first in implementing satellites to shoot and observe the identical level each 24 hours underneath the identical circumstances. By precisely controlling the satellite tv for pc orbit and periodically passing over the commentary level to take footage, it’s potential to continually monitor, and detect minute modifications in the floor of the earth and modifications in facility circumstances attributable to pure disasters may be carried out with excessive frequency and accuracy.
The Standard Club Celebrates 20 Years Of Partnership With Tokio Marine & Nichido Fire Insurance Co., Ltd And Opens A Tokyo Claims Office
Twenty years after the Standard Club began its joint venture with Tokio Marine & Nichido Fire (TMNF) to underwrite P&I business in Japan, the club is celebrating its successful partnership. Tokio Standard for the 21st century (TS21) has gone from strength to strength and now underwrites 8% of P&I business in Japan.
In order to further enhance the service provided to the members of TS21, the club has opened a new claims office in Tokyo. The office is led by experienced Japanese Claims Director, Masaki Maeda, who will work with TMNF to ensure continuing first class claims service to Japanese shipowners.
Masaki Maeda will liaise with and assist TMNF in servicing TS21 members through claims handling and provision of general claims advice. He will work closely with the club’s claims team in Singapore.
Masaki joins the club after a career of 30 years with TMNF where he has held claims and managerial roles. During his career he has worked in many locations out of Japan and his expertise covers all areas of commercial claims. Masaki spent several years working with TS21 and has a longstanding relationship with the club.
Jeremy Grose, Group Chief Executive at the Standard Club said: “We are delighted to celebrate 20 years of TS21. Japan is a key market for us and TMNF is a highly valued partner. This is a significant step in continuing to enhance the service provided by TS21. We are so pleased to have Masaki Maeda join us to lead this new office. His exceptional experience, his understanding of the P&I market both in Japan and around the world, will make him an asset to our team. This is an exciting time for TS21 and we are looking forward to working with TMNF on this next phase of growth.”
Tokiko Inoue, Executive Officer, Head of Commercial Lines Claims Dept. at TMNF said: “This new claims office is testament to the club’s commitment to the Japanese market. We have a very successful partnership with the Standard Club and are pleased that such an experienced Japanese person will be leading the office. 20 is a special number in Japan and marks the coming of age of TS21. We look forward to our continued relationship with Standard Club.
Tokio Marine and Safety Insurance announce completion of integration, officially launching as ‘Tokio Marine Safety Insurance’
Tokio Marine Insurance (Thailand) PCL. (“TMITH”) and Safety Insurance Public Company Limited (“Safety”) have announced the completion of the integration of their two companies, which has been approved by the Office of Insurance Commission (OIC). Mr. Suteechai Santivarakum took on the role of ‘Chief Executive Officer’ and Mr. Hironori Kiryu was appointed as ‘President’ of the newly created ‘Tokio Marine Safety Insurance (Thailand) Public Company Limited’ (TMSTH).
“I would like to take this opportunity to inform our customers, business partners, agents, brokers and all stakeholders that the legal process of integration of TMITH and Safety has been officially completed and approved by the OIC,” said Mr. Suteechai Santivarakum, Chief Executive Officer of TMSTH. “I believe that this is a new beginning for the two companies to work as ‘One Team’ to maximize our respective competitive advantages for our shared path to ‘Foster A Sustainable Future’. TMSTH aims to be one of Thailand’s leading insurers with a GWP target of THB 21 Billion, and a Net Profit of THB 1.1 Billion in 3 years’ time, with continued growth of 4 to 5% every year. It is our goal to be the most trusted insurer in Thailand.”
“I strongly believe that the integration will create ‘Synergy’ and greater benefits for all, enhancing our capabilities and strengths to strive in Thailand’s insurance industry, as well as maximizing the benefits for our customers,” said Mr. Hironori Kiryu, President of TMSTH. “The Tokio Marine Group will utilize and share its knowledge and global expertise to support various business functions, as well as our Agents & Brokers and business partners, to deliver quality services to our customers nationwide. Our ultimate goal is not only to achieve revenue and profitability, but more importantly, to contribute to Thai society.”
“This integration will help accelerate our growth in the Thai market, as we look to expand our presence in the region,” said Mr. Saloon Tham, Chief Executive Officer of Tokio Marine Asia Pte Ltd. “With the completion of this integration, TMSTH will become one of the largest operations in the Asia region for the Tokio Marine Group, and I expect TMSTH to play an important role for the future growth in Asia.”
TMSTH will distribute their products and services through its established branch service network spanning across Thailand; Japanese clientele base operating in Thailand and Mekong countries; agents and brokers with both local and international exposure; dealers finance and OEM; as well as alternative channel providing opportunities for distribution through B2B2C, affinities whilst leveraging digital innovative solutions within the Tokio Marine Group.