Tokio Marine Holdings has made Brisbane-based Suncorp Group its preferred target for what could become the Japanese insurer’s largest acquisition, after reviewing Suncorp, Insurance Australia Group and Canada’s Intact Financial. Discussions remain ongoing, and no transaction is certain. Suncorp shares rose more than 7% in Sydney, IAG gained about 4.5% and Tokio Marine climbed more than 2% in Tokyo. The potential deal follows Berkshire Hathaway’s purchase of a 2.5% stake in Tokio Marine in March and an agreement to cooperate on large international mergers and acquisitions. Suncorp, valued at approximately $14 billion, became a pure-play general insurer after selling its banking arm to ANZ Group in 2024. Tokio Marine has completed five major international property and casualty deals worth about $19 billion since 2008, including the $7.5 billion purchase of HCC Insurance Holdings, making a Suncorp takeover potentially its largest transaction to date.