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Mitsui Marine News

05 Dec 2000

Sumitomo And Mitsui Finalize Merger Conditions

Sumitomo Marine & Fire Insurance Co. and Mitsui Marine & Fire Insurance Co. on Tuesday announced terms under which they will merge next October, creating Japan's largest non-life insurer with assets of 5.7 trillion yen ($51.6 billion). In a joint statement, the companies said 1.09 Mitsui Marine shares will be allocated for one Sumitomo Marine share. The merged entity will be named Mitsui Sumitomo Insurance Co. with Mitsui Marine president Takeo Iguchi and Sumitomo Marine president Hiroyuki Uemura serving as co-chief executive officers. Mitsui Marine, currently Japan's third-largest casualty insurer, and fourth-ranked Sumitomo Marine agreed to merge in March.

25 Feb 2000

Mitsui Marine, Sumitomo To Merge

Sumitomo Marine & Fire Insurance and Mitsui Marine & Fire Insurance have agreed to merge by April 1, 2002, in a move that would create Japan's largest non-life insurer. With combined assets of $51.7 billion, the merged company would outstrip current industry leader Tokio Marine & Fire Insurance, whose assets stand at $48.5 billion. Mitsui Marine is Japan's third largest non-life insurer, and Sumitomo Marine the fourth biggest. Analysts say the merger is set to accelerate consolidation in the sector, where competition is intensifying due mainly to the deregulation of insurance premiums in July 1998. Sumitomo Marine and Mitsui Marine said they will unveil a detailed merger plan in March. Both companies had said two weeks ago that they were in talks on forming an alliance.

18 Feb 2000

Mitsui Marine, Sumitomo To Merge By April 2002

Sumitomo Marine & Fire Insurance and Mitsui Marine & Fire Insurance agreed to merge by April 1, 2002, in a move that would create Japan's largest non-life insurer. With combined assets of $51.7 billion, the merged company will outstrip current industry leader Tokio Marine & Fire Insurance, whose assets stand at $48.5 billion. Analysts say the merger will accelerate consolidation in the sector, where competition is intensifying, due mainly to the deregulation of insurance premiums in July 1998. The companies will unveil a detailed merger plan in March.

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