Japanese insurance major Nippon Life has agreed to acquire all the shares it does not own in Resolution Life for about USD8.2bn, the largest takeover by an insurance company based in Japan. In a statement, Nippon Life said it already owns a 23% stake in Resolutions Life and plans to make it a wholly owned subsidiary in the second half of next year. As part of the deal, Nippon Life will also acquire the remaining 20% stake it does not own in MLC Life from National Australia Bank for about USD320m. MLC will then be merged with Resolution Life Australasia to form a new primary life insurer called Acenda. The deal is expected to help Nippon Life further expand its efforts to pursue growth in the US market.