The Tokio Marine and Fire Insurance 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. • August 1879 - Tokyo Marine Insurance (東京海上保険) established. • January 1891 - Meiji Fire Insurance (明治火災保険) established. • April 1918 - Tokyo Marine Insurance changes the trade name to Tokyo Marine and Fire Insurance (東京海上火災保険). • March 1919 - Mitsubishi Marine and Fire Insurance (三菱海上火災保険) established. • March 1944 - Tokio Marine and Fire Insurance acquires Meiji Fire Insurance and the Mitsubishi Marine and Fire insurance.
The Nichido Fire & Marine Insurance The company was one of the "Big Three
Personal property insurance companies" in pre-war Japan. It belonged to the old
Yasuda zaibatsu. • February 1898 - Tokyo Article Fire Insurance (東京物品火災保険) established. • November 1911 - Toho Fire Insurance (東邦火災保険) established. • January 1914 - Tokyo Article Fire Insurance change the trade name to the Japan Personal Property fire insurance (日本動産火災保険). • August 1944 - Japan Personal Property fire insurance acquires Toho Fire Insurance. • December 1946 - Change of trade name to Nichido Fire & Marine Insurance.
Mergers 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.
2008 fraud scandal 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. ==Subsidiaries==