Tokio Marine Holdings (TMHD) has agreed to acquire Delphi Financial Group, a financial services company focused on specialty insurance and insurance-related businesses, for $2.7bn.

Delphi, founded in 1987, has three subsidiaries that include Reliance Standard Life Insurance Company, Safety National Casualty Corporation and Matrix Absence Management.

The acquisition of Delphi solidifies and effectively complements Tokio Marine’s presence in the US property & casualty market and marks its entrance into the US life insurance market and also marks its expansion of international business.

Delphi chairman and CEO Robert Rosenkranz said that merging with Tokio Marine will leverage their underwriting and investment expertise and give them access to substantial resources to take advantage of acquisitions and other new business opportunities.

Tokio Marine president Shuzo Sumi said that the acquisition of Delphi is an important step in this development, serving to further diversify their business mix in the US.

The transaction is expected to close in the second quarter of 2012.