Marsh Japan has agreed to purchase Mitsubishi Electric Corp.’s in-hou
se insurance agency, Mitsubishi Electric Insurance Service Co. Ltd., in a share transfer agreement that will be completed on Nov. 4.
Financial details of the transaction were not disclosed.
Since it was established in 1999, Mitsubishi Electric Insurance Service
has provided commercial lines broking to group companies as well as person
al lines products for employees and their families. Marsh Japan was f
ounded in 1955 as a Japanese subsidiary of Marsh LLC, the insurance brokerage subsidiary of Marsh McLennan.
Mitsubishi Electric said it has been weighing the future of its insurance business in its portfolio, aiming to strengthe
n the company’s overall business structure. “Considering the evolvin
g business environment for insurance agencies in Japan, Mitsubishi Electric determined having Mitsubishi Electric Ins
urance Service [team] up with Marsh Japan would best position the company for long-term growth supported by Marsh LLC’s
global insurance expertise,” the company added.
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Mitsubishi Electric Insurance Service provides corporate business risk management for group companies with Ja
panese and global exposures, according to the company’s website. Prod
ucts include liability, property, cargo, workers compensation, commercial auto, commercial umbrella, directors and officers and cyber.
In March, Aon Japan completed the acquisition of the in-house insuran
ce agency business of Mitsubishi Chemical Group (MCG). Aon now provides c
orporate and personal lines insurance to MCG group companies and employees in Japan.