Millea Holdings Inc., Japan’s biggest P/C insurance group, announced plans to merge Tokio Fire & Marine Insurance Co. and Nichido Fire & Marine Insurance Co. by October 2004. The two companies originally merged in April of 2002 to form Millea. They are already in the process of merging their life insurance operations.
Millea indicated that the move was being made to improve efficiency of its operations, and to increase profitability through the consolidation of offices and management. According to a report from Reuters, Millea issued a statement indicating that “The merger will enable us to respond to the rapidly changing business environment through enhanced corporate value, group synergies and growth prospects combining the strengths of two firms.”
The article said that tentative plans call for Tokio Marine to be the surviving entity for the new firm, tentatively named Tokio Marine & Nichido Fire Insurance Co. Millea Holdings President Kunio Ishihara, who is also president of Tokio Marine, is expected to head the merged firm. Tomio Higuchi, who is Millea Holdings’ chairman and Nichido’s president, is scheduled to serve as the firm’s chairman.
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