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Tokio, Asahi break off the engagement

Troubled Japanese insurers Tokio Marine and Fire  – the country’s largest general insurer – and Asahi Mutual Life have called a halt to their planned March merger. The two companies cited irreconcilable differences as the reason. Both companies feared negative consequences from the deal. Asahi has had several ratings downgrades because of its $6.9 billion securities losses and is in dire need of a capital injection.