J-Star owned insurer makes bolt-on acquisition

It comes after Nihon transacted a similar acquisition late last year of industry peer Sokisha. According to a statement, the enlarged company will promote synergies among its recent acquisitions to promote growth across a number of insurance markets. Financial terms were not disclosed.

Hunel specializes in life and general insurance products as well as property and automobile liability coverage. This is expected to complement Nihon's current product offering in medical, cancer and long-term care cover, which is said to be experiencing rapid expansion on the back of a hybrid telemarketing and face-to-face sales effort. Hunel employs about 200 sales staff nationwide.

J-Star acquired Nihon last year as part of a strategy to leverage opportunities related to Japan's ageing population. The deal was made by the firm's latest buyout fund, which closed at JPY20.4 billion ($195 million) in 2013 and targets deals of JPY1-10 billion. Other healthcare-related investments by the vehicle include drugstore chain Aisei Pharmacy and nursing services business Platia.

In 2014, the fund also acquired two hospice care companies, which last month went on to absorb competing medical facility operator Live Cross.

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• Topics
• North Asia
• Healthcare
• Buyouts
• Financials
• Japan
• J-Star
• insurance