The consortium plans to allocate $500m (£369.51m) for hull war and $500m for cargo war, adding to the level of capacity currently available in the market.
The tie-up is intended to combine the Japanese major’s insurance experience and understanding of the market with Zego’s technology platform.
The regulator said it has not formed a final opinion and will continue its assessment during Phase 2.
GlobalData surveying found that 68.9% of UK drivers do not switch insurer at renewal.
