Tokio Marine & Fire Insurance Co. and Nichido Fire & Marine Insurance Co. integrated their operations Tuesday and established a holding company that will eventually cover the Millea Insurance Group, which comprises three nonlife and one life insurer.
Millea Holdings Inc. was set up with startup capital of 150 billion yen. Tokio Marine, the nation's largest nonlife insurer, and Nichido Fire became its wholly owned subsidiaries.
The insurers are Japan's first to integrate under a holding-company structure.