Tokio Marine & Fire Insurance Co. said Friday that Kunio Ishihara, its senior managing director, will succeed Kokei Higuchi as president in late June.
Higuchi, 65, will assume the firm's chairmanship and has opted to restructure its top management in order to revitalize the company ahead of an impending alliance with three other insurers, the company said.
Tokio Marine announced earlier this year that it will jointly establish the Millea Insurance Group with Nichido Fire & Marine Insurance Co., Kyoei Mutual Fire & Marine Insurance Co. and Asahi Mutual Life Insurance Co., by the end of 2004.
Shunji Kono, Tokyo Marine's current chairman, will become an adviser.
This corporate reshuffle will be formalized after the general stockholders' meeting in late June, the company said.
Ishihara, 57, joined Tokio Marine in 1966 and has served as senior managing director since June.