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Sompo Japan, Nipponkoa ink deal to integrate under NKSJ Holdings

TOKYO, Japan - Sompo Japan Insurance Inc. President Masatoshi Sato (L) and Nipponkoa Insurance Co. President Makoto Hyodo attend a news conference in Tokyo on July 29. The two companies signed an agreement the same day to integrate their managements on April 1 next year under a joint holding company, to be called NKSJ Holdings Inc., to provide ''services of the highest quality'' and increase competitiveness. Sato will assume the presidency of NKSJ Holdings and Hyodo the chairmanship.

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Nonlife insurers punish execs over failures to pay benefits

TOKYO, Japan - Nipponkoa Insurance Co. Chairman Ken Matsuzawa (C), President Makoto Hyodo (2nd R), and other Nipponkoa executives bow in apology at a news conference in Tokyo on April 13 where the insurer said it will punish senior executives over failure to pay due insurance benefits. Matsuzawa will take a 50 percent executive pay cut over six months and Hyodo 30 percent, starting in May.

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Nonlife insurers punish execs over failures to pay benefits

TOKYO, Japan - Nipponkoa Insurance Co. Chairman Ken Matsuzawa (C), President Makoto Hyodo (2nd R), and other Nipponkoa executives bow in apology at a news conference in Tokyo on April 13 where the insurer said it will punish senior executives over failure to pay due insurance benefits. Matsuzawa will take a 50 percent executive pay cut over six months and Hyodo 30 percent, starting in May. (Kyodo)