After a series of false starts, the companies of the Millea Insurance Group on Friday officially announced their merger, which will take place in October 2004.
Tokio Marine & Fire Insurance Co. and Nichido Fire & Marine Insurance Co. will not use the Millea name and instead adopt Tokio Marine & Nichido Fire Insurance Co., company executives said.
With assets totaling 9.8 trillion yen, the new company will lead the industry in size. It plans to reduce its staff numbers by 20 percent and branch offices by between 20 percent and 30 percent by the end of 2005.