Berkshire Hathaway buys $1.8 billion stake in Tokio Marine
Berkshire Hathaway has acquired a 2.5 percent stake in Japan’s largest insurer, Tokio Marine Holdings, in a deal valued at about $1.8 billion, marking a new strategic partnership between the two companies.
Tokio Marine said it would sell treasury shares worth 287.41 billion yen to National Indemnity, Berkshire’s main reinsurance subsidiary. The agreement includes cooperation in reinsurance and potential joint acquisitions. National Indemnity has also agreed not to increase its stake beyond 9.9 percent without prior approval from Tokio Marine’s board.
The investment expands Berkshire Hathaway’s growing presence in Japan. The Omaha-based conglomerate, now led by Greg Abel, has already built major positions in five Japanese trading houses: Mitsubishi, Mitsui, Itochu, Marubeni and Sumitomo. Those holdings, initially valued at $13.8 billion in 2020, had risen to around $40 billion by early 2026.
The deal extends Berkshire’s strategy in Japan beyond trading companies into the insurance sector, where it is already a global leader in reinsurance. Tokio Marine said it would carry out share buybacks to avoid dilution for existing shareholders.
For Tokio Marine, the partnership supports its broader international expansion strategy. The insurer has allocated more than $10 billion for overseas acquisitions, focusing on the United States, Latin America and Southeast Asia. About 80 percent of its international revenue currently comes from the US, and the company aims to reduce that share to around 70 percent over time.
The group is also restructuring its balance sheet by unwinding cross-shareholdings with other Japanese firms, valued at roughly $25 billion. The company plans to eliminate these holdings by the end of fiscal 2029 and redirect capital toward higher-return businesses.
The partnership is expected to strengthen Tokio Marine’s access to reinsurance expertise and global deal sourcing through Berkshire, while giving Berkshire exposure to one of the world’s most financially stable insurance groups, whose subsidiaries hold top-tier financial strength ratings.
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