TOKYO -- Four major Japanese nonlife insurance companies will sell their entire cross-shareholdings worth about 6.5 trillion yen (around $43 billion) over the next few years, following a price-fixing scandal that has heightened scrutiny of their business practices, Nikkei learned Wednesday.
Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance, Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance have been under pressure from Japan's Financial Services Agency (FSA) to unwind these holdings faster after the watchdog found that they colluded on setting premiums for corporate clients.
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