Japan’s largest nonlife insurer Tokio Marine & Nichido Fire Insurance Co. confirmed that it is in talks with China’s largest nonlife insurance group, PICC Holding Co., with the hopes of setting up a joint venture in China, according to Reuters.
The news agency reported that the Yomiuri daily said that Tokio Marine & Nichido, part of Millea Holdings Inc., is seeking a stake of up to 24.99% in the venture, which will sell non-life insurance products. While a Tokio Marine spokesman would not comment on the details, he did confirm the talks.