Japanese insurer Tokio Marine has identified Australian insurer Suncorp as a preferred takeover target after reviewing several potential options, the Financial Times reported on Tuesday, citing people familiar with the matter.
Tokio Marine reviewed several takeover targets over the past months, including Insurance Australia Group (IAG) and Suncorp, as well as Canada’s Intact Financial Corp., the report said.
Two people with direct knowledge of the matter told the FT that Suncorp had emerged as the preferred target for the Berkshire Hathaway-backed Japanese insurer, with the Canadian general insurer deemed too large.
The sources warned that discussions were ongoing and there was no certainty a deal would result, the report said.
Suncorp and IAG declined to comment on the report, while Tokio Marine did not immediately respond to a Reuters request for comment. Reuters could not immediately confirm the report.
Shares of both Australian insurers jumped after the report, rising between 5% and 6% to lead gains on the benchmark ASX 200 index .AXJO and the financials sub-index .AXFJ, which were up 0.6% and 0.9%, respectively.
The new law requires riders of e-bikes and e-motors capable of traveling over 28 mph to have a driver’s license, title, registration and insurance. Illinois joins New Jersey as the only states to require insurance for high-seed e-bikes.
Most states consider e-bikes to be in the same class of vehicles as bicycles, meaning riders don’t need to carry liability insurance, according to Progressive. Illinois Senate Bill 3484 draws a distinction between bicycles, lower-speed e-bikes and higher-powered e-bikes.
“As these high-powered devices become faster and more common on our streets and sidewalks, the stakes are simply too high to leave them unregulated and outpacing public safety,” Illinois Secretary of State Alexi Giannoulias said.
E-bikes have grown in popularity in recent years, leading to a rise in serious injuries. E-bikes have also led to a spike in claims involving battery related fire risks, according to Verisk.
The Illinois law prohibits e-bikes and micromobility devices such as e-scooters, electric skateboards and electric unicycles from operating on sidewalks, and prohibits them from operating over 28 mph on roads, bike lanes and bike paths.
