JAPANESE INSURERS RELEASE MERGER DETAILS

Japanese insurers Mitsui Sumitomo, Aioi and Nissay Dowa have released details of their merger plans. The insurers are scheduled to integrate under a single holding operation next April. The holding company will have four representative directors, two of whom are expected to come from Mitsui Sumitomo, with one each from Aioi and Nissay Dowa. Under the new holding company, Aioi and Nissay Dowa will form a new non-life operation. Aioi will provide the president, Nissay Dowa the chairman. Nikkei reported that the holding company is expected to consist of 13 executives, five from Mitsui Sumitomo, two each from Nissay Dowa and Aioi, and four external. Mitsui Sumitomo President Toshiaki Egashira is expected to be president of the new holding company.