TOKYO (Reuters) -Japan's Sompo Holdings said on Wednesday that it will acquire New York-listed Aspen Insurance Holdings for around $3.5 billion, in the latest big ticket overseas acquisition by a Japanese financial firm.

Sompo joins a number of Japanese financial institutions, including insurers, brokerages and banks, that have made major overseas acquisitions in recent years in an effort to secure growth in the face of a shrinking home market.

Sompo will offer $37.5 for each share of the U.S. firm, which is majority owned by Apollo Capital Management, it said in a release.

The acquisition will be financed entirely through Sompo's internal capital, the release said.