Japanese non-life insurers Sompo Japan Insurance and Nipponkoa Insurance have signed an agreement to merge into a single unit in the first half of fiscal 2014.
The signing of agreement follows a review and discussion by the NKSJ Holdings, Sompo Japan and Nipponkoa on realigning the domestic property and casualty (P&C) insurance business which is currently all prepared to move ahead pending regulatory approval.
The merged company will be named as Sompo Japan Nipponkoa Insurance and will be based in Tokyo and will have net written premiums of GBP14bn.
Two companies jointly said that the most important objective of Sompo Japan Nipponkoa’s management strategy will be to become a P&C insurance company that earns the highest evaluation from customers, with the aim of achieving sustained growth.
"Given the social mission of the P&C insurance business, Sompo Japan Nipponkoa will also continue to contribute to the creation of a sustainable society," companies added.