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Mitsui Sumitomo assumes a lot with Amlin swoopMitsui Sumitomo Insurance is assuming a fair bit with its swoop on Amlin. The Japanese insurer, part of MS&AD, on September 8 said it would pay £3.5 billion for the second-biggest insurer in the Lloyd's of London market. The target is getting the better end of the deal, although as with other recent Japanese acquisitions, the buyer's strategy is not without logic.Mitsui is paying a high price. Amlin shares were already trading at 59 per cent above their 10-year price-to-earnings level before the approach, according to Starmine data - and almost a fifth above their average price-to-book ratio over the same time. A 36 per cent premium to the UK group's closing price on September 7 means a valuation of 2.4 times tangible book value, the highest of the various recent acquisitions of Lloyd's insurers.At first glance, the financial appeal also looks thin. Assume Amlin's cost of capital is around eight-nine per cent, and that's what Mitsui mu

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