Millea Holdings Changes Name to Tokio Marine Holdings

A little site housekeeping to start off the week. Portfolio holding Millea Holdings changed its name to Tokio Marine Holdings, effective the beginning of this month. I own the ADRs that trade OTC in the US. The new symbol is TKOMY.

The company is Japan's largest property and casualty insurer. Millea was created in 2002 when Tokio Marine & Fire Insurance -- Japan’s oldest property and casualty insurer -- took over Nichido Fire & Marine Insurance. Probably the change has to do with the legacy and traditions associated with the "Tokio Marine" name.

But the company's strategy and reasons for owning the company remain unchanged: Japan is a mature, low growth market for Tokio Marine. So the company is expanding operations outside its domestic market. Management wants non-Japanese revenues to reach the 20% to 25% mark by 2010 and has been buying back shares. The company also owns a portfolio of undervalued Japanese stocks. Rock-solid balance sheet. And it's certainly nice to have a holding that hasn't blown up.