Mitsui Sumiitomo, Aioi and Nissay Dowa shareholders’ yes
Shareholders of Mitsui Sumitomo, Aioi Insurance and Nissay Dowa General Insurance approved the merger of the three insurers at their extraordinary shareholders meetings today, Dow Jones reports.
Aioi and Nissay will become subsidiaries of Mitsui Sumitomo Insurance through an equity swap on 1 April, with the parent company to be renamed MS&AD Insurance Group Holdings.
Aioi and Nissay will merge into a single subsidiary in October 2010 to be called Aioi Nissay Dowa Insurance.
