(Reuters) - Mitsui Sumitomo Insurance [MITSID.UL] said it had agreed to buy British insurer Amlin Plc (L:AML) for 670 pence per share in cash.
The deal with Mitsui Sumitomo Insurance, a wholly-owned subsidiary of MS&AD Insurance Group Holdings (T:8725), values Amlin at about 3.46 billion pounds ($5.31 billion).
The deal is at a premium of about 36 percent over Amlin's closing price of 492.5 pence on Sept. 7.