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Japanese insurer Mitsui Sumitomo to buy UK's Amlin for $5.3 bln

Sept 8 (Reuters) - Mitsui Sumitomo Insurance said it had agreed to buy British insurer Amlin Plc (LSE: AML.L - news) for 670 pence per share in cash.

The deal with Mitsui Sumitomo Insurance, a wholly-owned subsidiary of MS&AD Insurance Group Holdings, values Amlin at about 3.46 billion pounds ($5.31 billion).

The deal is at a premium of about 36 percent over Amlin's closing price of 492.5 pence on Sept. 7.

($1 = 0.6518 pounds) (Reporting by Aashika Jain in Bengaluru; Editing by Anupama Dwivedi)