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Nipponkoa, Sompo Japan To Merge, To Create NKSJ Holdings

Merger ratio between Sompo Japan and Nipponkoa is likely to be somewhere between 1:0.85 to 1:0.9

Sompo Japan Insurance and Nipponkoa Insurance are all set to merge in April 2010. The holding company to be established after the merger will be named – NKSJ Holdings, and will be headquartered in Tokyo’s Shinjuku district – reported in NIKKEI.com.

The merger ratio between Sompo Japan and Nipponkoa is likely to be somewhere between 1:0.85 to 1:0.9.

Masatoshi Sato, president of Sompo Japan, is expected to take up the post of president and CEO of NKSJ Holdings. Makoto Hyodo, president of Nipponkoa, is likely to become chairman and CEO. The new firm is expected to have about 10 directors, including outside directors, equally split between the two companies.

Initially, NKSJ Holdings will constitute Sompo Japan and Nipponkoa. The two firms would consider merging their subsidiaries, including life insurers and consulting companies.