Japanese Insurers Confirm Merger Plans

Confirming earlier reports, Japan’s largest p/c insurer, Tokio Marine and Fire Insurance Co. Ltd. plans to merge with the 5th largest life insurer, Asahi Mutual Life and a smaller p/c company Nichido Fire & Marine.

The new group will have about $177 billion in combined assets, . The three companies are expected to cooperate in developing new products, cross-selling one another’s insurance products, and harmonizing technical support systems,but haven’t as yet revealed any specific plans to further integrate their operations.