Japan’s biggest casualty insurance company, Millea Holdings, has bought a Taiwan insurance company, Allianz President General Insurance. It will be merged with Newa Insurance Co. Ltd. in April next year to form the largest insurance company in Taiwan. The merged entity will be called Tokio Marine Newa Insurance Co. Ltd.. It will be 51 percent owned by Taiwan’s Yulon Group and 49 percent owned by Millea. Allianz President was a 50-50 joint venture between Taiwan food conglomerate Uni-President Corp. and German insurer Allianz.