Yasuda Fire & Marine Insurance Co. and two other nonlife insurers will try to hasten work on their coming merger, the insurer's president said Friday.
Hiroshi Hirano told Kyodo News the three insurers hope to complete integra- tion of their computer systems, offices and product development by the end of this year.
Yasuda will merge with Nissan Fire & Marine Insurance Co. and Taisei Fire & Marine Insurance Co. on April 1 to form Sompo Japan Insurance Inc. Hirano will become the head of the new company.
Yasuda, Nissan and Taisei also plan to establish joint online insurance services early next year, Hirano said.
The three-way merger will create the nation's second-largest insurance group, after Millea Holdings Ltd., another new insurer to be created in April by Tokio Marine & Fire Insurance Co. and Nichido Fire & Marine Insurance Co. Tokyo Mutual livesJiji PressFailed insurer Tokyo Mutual Life Insurance Co. said Friday it will set up a holding company with Taiyo Mutual Life Insurance Co. and Daido Life Insurance Co. as early as fiscal 2003.
Tokyo Mutual Life -- which filed for court protection under a special rehabilitation law in March -- will restart operations Monday under a new corporate name, T&D Financial Life Insurance Co., officials of the insurer said.
The announcement follows Tokyo District Court's declaration of an end to its procedures for the company's rehabilitation program.
Taiyo Mutual Life and Daido Life, sponsors of Tokyo Mutual Life, are expected to integrate operations of the three in 2003.
Tokyo Mutual Life hopes to return to the black on a parent-only basis the year after and get rid of its cumulative loss by fiscal 2007, the officials said.