Tokio Marine Nichido

Tokio Marine & Nichido Fire Insurance Co., Ltd., 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.

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History

The Tokio Marine and Fire Insurance

The antecedent Tokyo Marine insurance is the first insurance company in Japan, and also the top sales damage insurance company of Japan in pre-war era.

August 1879 - Tokyo Marine Insurance established.
January 1891 - Meiji Fire Insurance established.
April 1918 - Tokyo Marine Insurance changes the trade name to Tokyo Marine and Fire Insurance.
March 1919 - Mitsubishi Marine and Fire Insurance 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 " in pre-war Japan. It belonged to the old Yasuda zaibatsu.

February 1898 - Tokyo Article Fire Insurance established.
November 1911 - Toho Fire Insurance established.
January 1914 - Tokyo Article Fire Insurance change the trade name to the Japan Personal Property fire insurance.
August 1944 - Japan Personal Property fire insurance acquires Toho Fire Insurance.
December 1946 - Change of trade name to Nichido Fire & Marine Insurance.

Merger

On 1 November 2004, Tokio Marine & Fire Insurance and Nichido Fire and Marine Insurance merged to create Tokio Marine & Nichido Fire Insurance Co., Ltd.

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 and leading to penalties for over 170 executives.