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Tokio Marine Nichido
Tokio Marine & Nichido Fire Insurance Co., Ltd. (東京海上日動火災保険株式会社, Tōkyō Kaijō Nichidō Kasai Hoken Kabushiki-Kaisha), commonly called Tokio Marine Nichido, is a property/casualty insurance subsidiary of Tokio Marine Holdings, the largest non-mutual private insurance group in Japan. Tokio Marine Holdings was formerly known as Millea Group, which underwent a name change in July 2008. Its headquarters are in Marunouchi, Chiyoda, Tokyo.
The company is one of the very few groups and individuals that still use the spelling Tokio for the city in the English language.
The antecedent Tokyo Marine insurance is the first insurance company (as the marine insurance company) in Japan, and also the top sales damage insurance company of Japan in pre-war era.
The company was one of the "Big Three Personal property insurance companies" in pre-war Japan. It belonged to the old Yasuda zaibatsu.
In April 2002, Tokio Marine & Fire Insurance Co. and Nichido Fire & Marine Insurance Co. integrated their operations, creating a new holding company, Millea Insurance Group. Tokio Marine, then Japan's largest nonlife insurer, and Nichido Fire became Millea Insurance Group's wholly owned subsidiaries. On 1 November 2004, Tokio Marine & Fire Insurance and Nichido Fire and Marine Insurance merged to create Tokio Marine & Nichido Fire Insurance Co., Ltd.[citation needed]
In 2008 the president of the company resigned. It was found that the company had fraudulently failed to pay out insurance claims in over 1000 cases. They had also neglected to pay benefits on another 85,000 insurance products and overcharged policyholders on premiums, causing a major scandal involving over 7 billion yen ($86,000,000 in today’s money) and leading to penalties for over 170 executives.[citation needed]
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Tokio Marine Nichido
Tokio Marine & Nichido Fire Insurance Co., Ltd. (東京海上日動火災保険株式会社, Tōkyō Kaijō Nichidō Kasai Hoken Kabushiki-Kaisha), commonly called Tokio Marine Nichido, is a property/casualty insurance subsidiary of Tokio Marine Holdings, the largest non-mutual private insurance group in Japan. Tokio Marine Holdings was formerly known as Millea Group, which underwent a name change in July 2008. Its headquarters are in Marunouchi, Chiyoda, Tokyo.
The company is one of the very few groups and individuals that still use the spelling Tokio for the city in the English language.
The antecedent Tokyo Marine insurance is the first insurance company (as the marine insurance company) in Japan, and also the top sales damage insurance company of Japan in pre-war era.
The company was one of the "Big Three Personal property insurance companies" in pre-war Japan. It belonged to the old Yasuda zaibatsu.
In April 2002, Tokio Marine & Fire Insurance Co. and Nichido Fire & Marine Insurance Co. integrated their operations, creating a new holding company, Millea Insurance Group. Tokio Marine, then Japan's largest nonlife insurer, and Nichido Fire became Millea Insurance Group's wholly owned subsidiaries. On 1 November 2004, Tokio Marine & Fire Insurance and Nichido Fire and Marine Insurance merged to create Tokio Marine & Nichido Fire Insurance Co., Ltd.[citation needed]
In 2008 the president of the company resigned. It was found that the company had fraudulently failed to pay out insurance claims in over 1000 cases. They had also neglected to pay benefits on another 85,000 insurance products and overcharged policyholders on premiums, causing a major scandal involving over 7 billion yen ($86,000,000 in today’s money) and leading to penalties for over 170 executives.[citation needed]