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Letter to the Editor
Wednesday July 3
Major Japanese Insurers Merge
Two major Japanese insurers -- Yasuda Fire and Marine Insurance Co. and Nissan Fire and Marine Insurance Co. -- have merged to create the country's second-largest casualty insurer.
Sompo Japan Insurance Inc., as the combined company is known, ranks behind only Millea Holdings Inc. in terms of premium revenues at a combined net of $9.94 billion, according to a company spokesmand.
Japan's recent deregulation of casualty insurance premiums has spurred competition, and Baba said the merger, the latest in a series of reorganizations among Japan's casualty insurance industry, was intended to reduce costs, in part by cutting jobs.
Yasuda and Nissan Fire had a combined work force of 15,266 people at the end of March. It is not known yet how many jobs will be lost due to the merger.
In April, Tokio Marine and Fire Insurance Co. and Nichido Fire and Marine Insurance Co. integrated their operations, creating Millea Holdings.
Last year, Sumitomo Marine and Fire Insurance Co. and Mitsui Marine and Fire Insurance Co. group merged into the new Mitsui Sumitomo Insurance Co. -- the country's third-largest non-life insurer.
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