The details related to the mege of Mitsui Sumitomo Insurance Group Holdings Inc, Aioi Insurance Co. and Nissay Dowa General Insurance Co. have been released today. This planned merger will create Japan’s largest nonlife insurer by premium revenue.
Under the merger agreement, the trio said one Aioi share will be exchanged for 0.190 Mitsui Sumitomo shares. Meanwhile, one Nissay share will be exchanged for 0.191 Mitsui Sumitomo shares.
The companies plan to integrate operations next April under a holding company named MS&AD Insurance Group Holdings Inc.
Mitsui Sumitomo President Toshiaki Egashira will become the holding company’s president.
