Dai Tokio/Chiyoda

Dai Tokio Fire & Marine and Chiyoda Fire & Marine, both Tokyo, have confirmed market speculation by announcing they are to merge in 2001. The consolidation of the two companies – respectively the seventh largest and ninth largest non-life insurers in Japan -will create the country’s fifth biggest general insurer with combined assets of ¥2.88tr (US$26.4bn). The companies said the move was designed “to strengthen efficiency and maintain strong competitiveness and high profitability in a drastically changing business environment”.