Japan’s largest insurer by assets, which already owns about 27% of TCW, will buy US$250 million worth of convertible notes and US$300 million of preferred securities issued by the money manager, the Osaka-based company said in a statement today.

The convertible notes will give Nippon Life as much as 10% of an additional stake after three years, according to a company spokeswoman.

Nippon Life will also commit up to US$3.25 billion to TCW’s private credit strategies, the statement said.

The announcement comes just a day after Nippon Life agreed to buy Bermuda-based Resolution Life Group Holdings Ltd for about US$8.2 billion in the biggest takeover by a Japanese insurer.

Earlier in the week, Nippon Life completed the acquisition of a 21% stake in Houston-based Corebridge Financial Inc for $3.8 billion from American International Group Inc.

Los Angeles-based TCW, with US$202.8 billion of assets under management, was about 34.2% owned by Carlyle Group, according to the statement.

TCW management and employees held about 38.6%. Nippon Life first bought a stake in TCW from Carlyle in 2017.

President Hiroshi Shimizu is seeking more acquisitions at home and abroad to diversify beyond its traditional domestic life insurance businesses.

The company’s track record for overseas acquisitions, however, is mixed.

In 2016, Nippon Life bought National Australia Bank Ltd’s life insurance unit for A$2.2 billion (US$1.4 billion).

The Japanese company had to make multiple rounds of additional capital injections to prop up the unit’s financial health after it suffered losses following the acquisition.