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TOKIO MARINE TO SET UP WHOLLY OWNED UNIT IN CHINA.
SHANGHAI, June 1 Asia Pulse - Tokio Marine & Fire Insurance Co. as early as July will be able to turn its Shanghai branch into a wholly owned nonlife insurance company, President Kunio Ishihara said Monday at a news conference here.
The new company will aim to generate 10 billion yen (US$91.3 million) in nonlife insurance revenue by 2010.
According to Ishihara, the major insurance company, which is a member of the Millea Insurance Group, applied to make the change after Chinese authorities released a notice on May 10 regarding the establishment of wholly owned companies by foreign insurers.
"We are looking forward to receiving approval sometime in July," he said.
The company plans to eventually open branches in Guangzhou, Suzhou and Beijing.
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Source: HighBeam Research, TOKIO MARINE TO SET UP WHOLLY OWNED UNIT IN CHINA.