Sompo Japan Insurance has confirmed that it is in talks to acquire private equity-backed insurance group Canopius.
The Japanese insurer and Canopius stakeholders including private equity firm Bregal Capital, which owns an 84 per cent interest, are expected to reach an agreement this week, according to Nikkei.
Canopius, which operates in the Lloyd’s of London insurance market, could be valued at £600m in a deal, said the FT.
Earlier this year it was reported that Sompo was interested in Turkish health insurance company Acibadem Sigorta.
In July Abraaj sold its stake in Acibadem Sigorta Malaysia’s state-backed investment fund Khazanah Nasional Berhad.
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