Senior exec Karasawa to take helm of Mitsui Sumitomo Insurance [Kyodo News International, Tokyo]

Dec. 28--TOKYO -- Mitsui Sumitomo Insurance Co. said Monday it has decided to promote Senior Executive Officer Yasuyoshi Karasawa to president next April 1, succeeding Toshiaki Egashira who will become chairman.

Mitsui Sumitomo Insurance Group Holdings Inc., parent firm of Mitsui Sumitomo Insurance, Aioi Insurance Co. and Nissay Dowa General Insurance Co. will integrate in April and the three nonlife insurers will operate under MS&AD Insurance Group Holdings Inc.

Egashira, 61, is expected to take the post of president of the holding company.

Karasawa, 59, joined one of the predecessors of Mitsui Sumitomo Insurance in 1975 and has been senior executive officer of the insurer since April last year.

The integration of the three insurers would create Japan's biggest nonlife insurer in terms of net premium revenues, which correspond to sales at manufacturers, overtaking industry leader Tokio Marine Holdings Inc.

At a press conference in Tokyo on Monday, Karasawa said, "We will aim at becoming a top insurer in the world as a new insurance company." Egashira, who was also present at the press conference, said Karasawa can oversee the firm as new president since he has taken charge of various fields of business.

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