Japanese trio merge

SHAREHOLDERS have approved a merger between Japanese insurers Mitsui Sumitomo Insurance Group, Aioi Insurance and Nissay Dowa General Insurance. At extraordinary general meetings at each firm, shareholders gave the go-ahead for a merger in April 2010 with a completion date of October 2010. The combined operations are expected to create Japan’s largest non-life insurer. Under the terms of the deal, Aioi and Nissay will become subsidiaries of Mitsui Sumitomo via a share exchange. The parent company will be known as MS&AD Insurance Group Holdings and Aioi and Nissay will form a single insurance subsidiary: Aioi Nissay Dowa Insurance Co. The three insurers announced their plans to merge at the beginning of this year.