4 major Japanese insurers plan to sell around $3.1B of Honda shares, as cross-shareholding declines.

Four major Japanese property and casualty insurers, including Tokio Marine Holdings, Sompo Holdings, and two MS&AD Insurance Group units, plan to sell around $3.1 billion of Honda Motor Co. shares, as cross-shareholding practices decline. Other financial institutions will also reduce their Honda stakes, with total sales reaching ¥500 billion. Honda is expected to approve the insurers' share sales.