Four-way link on pace in Japan. (Companies).

A combination of four Japanese insurers is proceeding on schedule after Tokio Marine & Fire Insurance Co. Ltd. and Nichido Fire & Marine Insurance Co. Ltd. launched a new holding company, of which they are now subsidiaries.

Millea Holdings Inc. eventually is to encompass Tokio Marine, Nichido, Kyoei Mutual Fire & Marine Insurance Co. and Asahi Mutual Life Insurance Co., but the latter two companies first must demutualize, converting themselves into stock companies. Kyoei plans to integrate itself with the new group about a year from now, while Asahi is planning to join Millea around 2004.

The plan, as announced last year, calls for the holding company to handle strategic planning for the whole group, manage subsidiaries and perform other functions.