Merger between two non life insurance companies

Property insurance number three, Sompo Japan Insurance and number five, Nipponkoa Insurance, have announced their merger in 2010. This move is designed to slash costs by 20 to 30% in comparison with 2008, that is, 160 million USD. Together, they will make up a new property insurance group which will post premiums worth 2 000 billion yens (20 billion USD) in 2010.