Shareholders of Mitsui Sumitomo Insurance Group Holdings Inc, Aioi Insurance Co. and Nissay Dowa General Insurance Co. approved the merger of the trio at their extraordinary shareholders meetings Tuesday.
In January, No. 2 nonlife insurer, Mitsui Sumitomo, No. 4 Aioi and sixth-ranked Nissay Dowa General Insurance Co. agreed to merge in April 2010 to form Japan’s largest non-life insurer ahead of the current top Tokio Marine Holdings Inc.
Aioi and Nissay will become subsidiaries of Mitsui Sumitomo Insurance through an equity swap on April 1, with the parent company to be renamed MS&AD Insurance Group Holdings Inc.
Effective Oct. 1, 2010, Aioi and Nissay will merge into a single subsidiary to be called Aioi Nissay Dowa Insurance Co.
