March 5, 2020 Tokio Marine Holdings, Inc.

Agreement to aaacquireacquire GCubeGCube,, a, a managing general agencyagency,,,, through U.S. sssubsidiarysubsidiary HCC Holdings, Inc.

Tokio Marine Holdings, Inc. (President and Group CEO: Satoru Komiya, the “Company”) today announced the signing of a purchase agreement to acquire GCube, a managing general agency (“MGA”), through its wholly owned subsidiary, HCC Insurance Holdings, Inc. (Tokio Marine HCC or “TMHCC”) . The transaction is expected to close during the first quarter (April to June) of 2020 fiscal year subject to requisite approvals. The investment will be funded by TMHCC’s cash on hand.

1. Background of the acquisition and the strategic rationale (1) GCube is an MGA specialized in risks related to renewable energy, such as wind, solar and hydro, whose supply is expected to expand rapidly on a global basis in the future. Moreover, renewable energy is receiving significant attention for its potential to mitigate climate change effects. As a leading player in the industry, GCube underwrites such risks mainly in the and Europe, in addition to Australia, South Africa and Asia. (2) The Tokio Marine Group aims to promote the creation of a sustainable future through insurance business, and this acquisition will support the growth of renewable energy business more proactively. The group will obtain business foundation including expertise in underwriting, risk assessment and claims service related to the renewable energy insurance business, which will further expand its profits while supporting growth in this area. (3) The acquirer of this transaction, TMHCC, is focused on specialty insurance business where it can leverage its underwriting expertise and other strengths. TMHCC is a leading specialty insurance group with offices in the United States, Mexico, the and Continental Europe and underwrites a diversified portfolio of business with low correlation. TMHCC has been underwriting energy related business for more than 20 years and has been a capacity provider on GCube’s program since 2018.

2. Overview of GCube (1) Year of establishment 1987 (2) Primary office locations HQ: , UK Additional locations: Amsterdam, Netherlands; New York, New York and Newport Beach, California (3) Nature of business MGA*1 specialized in renewable energy risks (4) Agency premium Approximately USD 132 Million (JPY 14.7 Billion *2) (2018 actual) (5) Major insurance products Construction insurance for power plants, marine cargo insurance for materials in transit, property insurance for completed plants, and general liability (6) Number of employees Approximately 50 employees

3. Overview of TMHCC (1) Company name HCC Insurance Holdings, Inc. (2) Head office , (3) Nature of business Specialty insurance business including medical stop-loss, agriculture, directors’ & officers’ liability, and professional liability (4) Gross written premium Approximately USD 4,479 Million (JPY 497.2 Billion*2) (2018 actual) (5) Shareholder(s) 100% owned by Tokio Marine & Nichido Fire Insurance Co., Ltd. (6) Number of employees Approximately 3,300 employees *1 MGA is an agent with underwriting authority, provided by insurance companies. *2 Exchange rate is $1= JPY 111.0 as of December 31, 2018.