October 19, 2007
Millea Holdings, Inc.
Millea Holdings to make "Tokio Marine & Nichido Risk Consulting Co., Ltd." its direct subsidiary
Millea Holdings, Inc. ("Millea Holdings", President, Shuzo Sumi) announced today that it placed Tokio Marine & Nichido Risk Consulting Co., Ltd. ("TRC", President, Tomohisa Yamada), one of the group companies of Tokio Marine & Nichido Fire Insurance Co., Ltd. ("Tokio Marine & Nichido", President, Shuzo Sumi), to its direct subsidiary by acquiring 98 % of TRC's stocks.
Since TRC used to be a subsidiary of Tokio Marine & Nichido engaging in non-life insurance businesses, it may have been affected by various restrictions regarding the scope of insurance company's business stipulated by the Insurance Business Law when it attained to expand its business field. The fact that Millea Holdings has made TRC a direct subsidiary, however, will allow TRC to develop its businesses on a much larger scale than ever.
On August 1st, 2006, TRC celebrated the company's 10th anniversary. With the know-how and networks that it has accumulated over the decade of practice, and strengthening cooperation more than ever with the companies in and out of the Millea Group including Tokio Marine & Nichido, TRC will strive to further develop its risk consulting businesses to meet its customers' needs with a one-stop comprehensive service. Through such efforts, TRC is persistently determined to make contributions for development of risk-endured society.