TOKYO, Sept 19 (Askume) – A trade group representing Japan’s biggest non-life insurers said on Thursday its member companies should set a clear deadline for reducing strategic holdings of listed client shares to zero.
The Japan Property and Casualty Insurance Association has issued guidelines for cross-shareholding or purchasing client stock to deepen business relationships to ensure a fair market environment for its members. The guidelines also prohibit companies from entering into new cross-shareholdings.
In response, four members of the group – Tokio Marine (8766.T) , Sompo (8630.T) and MS&AD (8725.T) subsidiaries Mitsui Sumitomo Insurance and Aoi Nisse Dowa – had earlier said they would reduce all cross-shareholding arrangements to zero.
