Mitsui Sumitomo Insurance Group, Aioi and Nissay Dowa are in talks regarding integration of businesses
Three Japanese non-life insurance firms, Mitsui Sumitomo Insurance Group, Aioi and Nissay Dowa, are in talks regarding the integration of their businesses.
The possible merger, which would create a company with combined premium revenues of $30.2 billion, is expected to help the three firms in enhancing competitiveness and profitability along with cutting costs and improving economies of scale.
Citing the Nikkei business daily, MarketWatch maintained that the companies hope to reach an agreement in January 2009.
MSIG provides services and products corresponding to specific needs such as domestic non-life insurance, life insurance, overseas business, financial services and risk management business & healthcare services.
Aioi Insurance has a nationwide network of 532 sales offices under 109 sales branch offices, 207 claim service centres and offices and 44,559 agents. This domestic network helps the company develop products and services tailored to evolving consumer demands. Its overseas network provides diversified insurance services and consists of subsidiaries and branches in key cities in Asia, Australia, North America, and Europe and offices of allied local insurers around the world.
Nissay Dowa General Insurance Co., Ltd., was established in April 2001 as a result of the merger between The Dowa Fire and Marine Insurance Co., Ltd., and Nissay General Insurance Co., Ltd. (NGI). The new company commenced operations as the core non-life insurance arm of the Nissay Group, which is cantered on Nippon Life Insurance Company, Japan’s leading life insurer.