(Updates to include Tokio Marine's response to a request for comment.)
Tokio Marine Holdings (TYO:8766) is zeroing in on a sizable acquisition following a period of due diligence, with Australia-based Suncorp Group (ASX:SUN) arising as the most likely target, the Financial Times reported on Tuesday, citing two people with direct knowledge of the matter.
The sources cautioned that the parties are continuing discussions and have not finalized a deal, the report said.
The Japan-based financial services company, which has backing from Berkshire Hathaway, has scouted several acquisition prospects for the past months, including Insurance Australia Group (ASX:IAG), Suncorp and Canada-based Intact Financial, the report said.
Tokio Marine, in response to, declined to comment on the matter.
Meanwhile, Suncorp Group, Insurance Australia Group and Intact Financial did not immediately respond to' requests for comment.
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