Tokio Marine Holdings, Inc.[2], is a multinational insuranceholding company headquartered in Tokyo, Japan. It is the largest property/casualty insurance group in Japan in terms of revenue and is the parent company for the Tokio Marine Group which employs 39,000[3] people in 38 countries worldwide.
The main business of Tokio Marine is Management of non-life insurance companies, life insurance companies, specialized securities companies, foreign companies engaged in insurance businesses and any other company which is or may become a subsidiary of the Company in accordance with the provisions of the Insurance Business Law of Japan, and any other business pertaining to the foregoing item.
History
Founded in 1879 as Tokio Marine Insurance, it is the oldest insurance company in Japan.
Millea Holdings was established in 2002 to become the parent company to Tokio Marine Insurance and Nichido Fire Insurance in preparation for their merger, before being renamed Tokio Marine Holdings in 2008.[4]
Tokio Marine acquired the Philadelphia Insurance Companies for $4.7 billion in 2008, and acquired the Delphi Financial Group for $2.66 billion in 2012.[5] In June 2015, Tokio Marine announced it would be acquiring HCC Insurance Holdings for $7.5 billion.[6] Tokio Marine forecast that 46% of its profits would come from outside Japan following the HCC acquisition.[5]
Since June 2019, Satoru Komiya has been the President and Group CEO. In October 2019, Tokio Marine Insurance announced it would buy insurer Pure Group for about $3.1 billion.[7][8]
Controversies
Insure Our Future has described Tokio Marine’s environmental policy as “weak”.[9] Unlike its competitor Sompo, Tokio Marine does not plan to stop insuring coal-fired power plants in Japan.[9]
