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Tokio Marine to invest in rival.
Byline: Charles Smith in Tokyo
Japan's leading nonlife insurer, Tokio Marine and Fire Insurance Co. Ltd., said Thursday, Feb. 13, it would buy about 30% of the issued shares of Nisshin Fire and Marine Insurance Co. by March 2005 as part of a wider cooperation between the two companies.
Tokio spokeswoman Tamiko Yabuki said the insurer will buy the shares mainly from large institutional shareholders, including Meiji Life Insurance Co., which owns 9.5% of Nisshin, and Bank of Tokyo-Mitsubishi, which holds 3.4%. By March, Tokio intends to have worked out a timetable for the purchases, but this may not include an agreement on price. Based on Thursday's closing …
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