The merger of two wholly owned AIG
subsidiaries in Japan has been given a completion date.
AIU Insurance Company and Fuji Fire and Marine Insurance Company (FFM) will complete their merger on January 01 2018, creating the largest foreign non-life insurance company in the country, it has been announced.
The new company, set to be named AIG
General Insurance, will be led by Kenneth Reilly who will become president and CEO of the combined firm.
Reilly currently serves as the president and CEO of AIU.
“Consolidated operations will begin under a pre-merger structure from April 1 2017, as the companies enter the final phase of preparation ahead of the launch of AIG
General Insurance on January 1, 2018,” the company said in a statement.
Want the latest insurance industry news first? Sign up for our completely free newsletter service now.
The firm will look to further develop its presence in the market using its Active Care strategy, which tailors to the needs of targeted customer segments.
A deeper focus on understanding customers and their needs across all product lines will see the merged business “expand on traditional insurance products” by utilising risk awareness and prevention services.
confirmed that there would be no impact on in-force policies from both AIU and Fuji Fire and Marine either pre or post-merger.
The merger is subject to regulatory approval.
Insurance industry among Indonesia’s M&A leaders, says Goldman Sachs
Aviva and partners agree to open HK insurer