Tech

Mitsubishi Electric to Sell Insurance Unit to Marsh Japan

Mitsubishi Electric Corporation announced that it has concluded a share transfer agreement under which it will transfer shares of its Tokyo-based subsidiary Mitsubishi Electric Insurance Service Co., Ltd. to Marsh Japan, Inc. on November 4. Since its establishment in 1999 as an insurance agency for the Mitsubishi Electric Group, Mitsubishi Electric Insurance Service has supported the growth of companies and the life plans of individuals. Marsh Japan, which provides services and solutions to companies of all sizes across Japan, was founded in 1955 as a Japanese subsidiary of Marsh LLC, a world-leading insurance broker and risk advisor owned by Marsh McLennan. Mitsubishi Electric has been assessing the significance of the insurance business in its portfolio, aiming to further strengthen the company’s overall business structure. Considering the evolving business environment for…