Tokio Marine reportedly eyed Intact Financial Corporation as takeover target

Japanese insurer Tokio Marine reportedly reviewed Canada’s Intact Financial Corporation as a takeover target.

According to the Financial Times (FT), pursuing a multibillion dollar international takeover is part of chief executive Masahiro Koike’s push to diversify the operations of the firm.

The publication stated that Australia’s Insurance Australia Group (IAG) and Suncorp, as well Intact Financial Corporation, had been reviewed as targets over the last few months.

However, citing people with direct knowledge of the matter, the FT said that the Canadian company had been deemed too large and that Suncorp had emerged as the preferred target.

Potential Hiscox bid?

Intact Financial Corporation owns Intact Insurance UK, which had been known as RSA before rebranding in 2025.

In July 2026, sources told Insurance Times that they believe Intact Financial Corporation could also soon make a move for Hiscox as part of its expansion plans.

This would be the firm’s next big deal, having completed acquisitions of NIG and Farmweb in May 2024.

Following the transaction of NIG and Farmweb, it became the UK’s third largest commercial lines insurer with an estimated 7% of total market share.