Notice Regarding Establishment of Overseas Subsidiaries
MS&AD Insurance Group Holdings, Inc. (President & CEO: Yasuyoshi Karasawa, hereafter “the Company”) resolved that Aioi Nissay Dowa Insurance Co., Ltd. (President: Yasuzo Kanasugi, hereafter “ADI”), a subsidiary of the Company, establishes overseas subsidiaries and restructures the European business organization at a meeting of the Board of Directors of the Company held on October 31, 2017, and hereby notifies in the below.
- Reasons for Establishment At present, Aioi Nissay Dowa Insurance Company of Europe Limited (hereafter “ADE”), a wholly owned subsidiary of ADI, which is a subsidiary of the Company, has its head office in the United Kingdom and is operating an insurance business in Europe centered on automobile insurance. In light of the UK’s decision to leave the EU (Brexit), the Company has decided to establish Aioi Nissay Dowa Europe Limited (hereafter “ADE HD”) as a holding company in the UK and to restructure ADI’s European business organization in order to provide insurance products and services in a stable manner after Brexit as well. In addition, ADE will move to Luxembourg as an insurance company in the continental Europe. At the same time, we plan to establish Aioi Nissay Dowa Insurance (UK) Limited (hereafter “ADE UK”) as a new insurance company in the UK. Furthermore, as this reorganization will involve only the exchange of capital within the ADI group (such as a share contribution in kind), there will be no change in the total capital of the ADI group based on this reorganization (see PDF document for images).
- Overview of subsidiaries to be established (see PDF document).
- Future Outlook. As this case entails the reorganization of subsidiaries within the ADI group, we do not expect any impact on business performance.