Yasuda Fire & Marine Insurance Co. and Nissan Fire & Marine Insurance Co. merged Monday to form Japan's second-largest nonlife insurer, Sompo Japan Insurance Inc.
The two firms had combined net premium revenues of 1.193 trillion yen as of March 31, putting the new firm behind Japan's biggest nonlife insurer, Millea Holdings Inc.
"As a professional with regard to risks and forming assets, we'll take a step forward toward forming a corporate group that represents Japan," President Hiroshi Hirano said in a ceremony marking the creation of Sompo Japan.