Tokio Marine has become the latest major Japanese insurer to put a book of run-off business up for sale, The Insurance Insider has learned.
Legacy sources told this publication that Tokio had decided to auction a book of North American casualty treaty business.
It is understood that most of the liabilities relate to asbestos, pollution and other health hazards.
The auction, which is in its very early stages, is being run from New York.
Parties that have been linked with the process include Enstar, White Mountains and Berkshire Hathaway.
One source said that the book is larger than a recently auctioned US casualty treaty book belonging to Nipponkoa, which had approaching $200mn of liabilities.
If Tokio completes a transaction to get the portfolio off its books it will be the latest in a line of Japanese insurers to pass off US legacy risk.
The sale of the Nipponkoa legacy book to Berkshire Hathaway was agreed in May, as revealed by The Insurance Insider.
This followed similar deals from Japanese peers Nissan and Mitsui Sumitomo.
Tokio Marine could not be reached for comment.