The 22.5% stake that Tokio Marine has acquired in Hollard South Africa and Hollard International has been declared credit positive by ratings agency Moody’s.

Tokio Marine paid ¥40 billion ($491 million)for the stake.

Moody’s says the acquisition will improve Tokio Marine’s diversification and growth prospects.

The company’s overseas portfolio is concentrated in the US, with emerging markets accounting for 10% of the profits from its international business.

Tokio Marine will gain access to 50 of 54 countries in Africa from the deal.