Three non-life companies to merge to rival Tokio Marine
Three Japanese insurers Mitsui Sumitomo, Aioi and Nissay Dowa are to merge to knock Tokio Marine off the top spot as the largest general insurer in the country with a combined premium income of Y2,730bn (£20.5bn).
The story was first reported on Japanese national Broadcaster NHK. It said the negotiations were at "the final stage." NHK said the three firms hope to reach a basic accord as early as January so they can integrate their operation under a single holding company later next year.
Mitsui, already the second largest Japanese general insurer, confirmed the talks were happening but said: “No decision that needs to be disclosed has been made in relation to the news reports concerning a business integration among non-life insurance groups including Mitsui Sumitomo Insurance Group.”
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