Asia

Tokio Marine branch converts to subsidiary

Japan’s Tokio Marine & Nichido Fire Insurance Co has received regulatory approval to incorporate its Shanghai branch as a wholly-owned subsidiary in China. The Tokio Marine & Nichido Fire Insurance Company (China) Limited, began operations on 1 November 2008 after registering with the relevant authorities. The new company is expected to open three branches in Guangzhou, Beijing, and Suzhou as the first part of its plan to expand its service network of branches nationwide. The original Shanghai branch first started accepting Chinese business in September 1994.