Latest Japan Headlines
All the headlines from our Japan Topic Page, ordered by recency.
AIG Gets Final Approvals for Chiyoda Takeover
Apr 23 2001 // The Tokyo District Court, Japanese regulatory authorities and major creditors have all given final approval to American International Group’s takeover of failed insurer Chiyoda Mutual Life Insurance Co. Chiyoda filed...
Aquila Forms Alliance With Mitsui for Weather Risk Management
Apr 20 2001 // Kansas City-based Aquila, Inc. will join forces with Japan’s Mitsui Marine and Fire Insurance Co. to develop and market weather risk management products in Japan and Asia. Aquila, a diversified subsidiary of...
Tokyo Mutual Life Files For Bankruptcy
Mar 23 2001 // Tokyo Mutual Life became the seventh Japanese insurer to file for bankruptcy since the end of World War II as it sought court protection, listing outstanding liabilities in excess of $7.9 billion. The move was precipitated...
AIG Unit To Offer Nasdaq Japan Liability Coverage
Feb 28 2001 // American International Underwriters, the international p/c unit of AIG, announced that an agreement has been reached with Nasdaq Japan to offer management liability insurance to companies listed on the exchange. Nasdaq...
AIG ON THE MOVE
Feb 26 2001 // AIG gave further evidence of its confidence in Japan’s economy on Feb. 6, with the announcement that the U.S. giant had agreed to acquire a 7.3-percent stake in H.I.S. Securities Co. Ltd. for $2.61 million. While...
AIG Bails Out Chiyoda Life; Taisho Life Also Rescued
Feb 23 2001 // AIG plans to inject $513.5 million in capital into failed Chiyoda Mutual Life Insurance Co, sponsoring a revival plan for Japan’s 12th largest life insurer. “As a result, AIG will significantly expand its...
Mitsubishi to Recall 1.52 Million Vehicles
Feb 20 2001 // Japanese auto maker Mitsubishi Motors Corp. said it plans to recall more than 1.52 million vehicles globally. The new total, announced during a Feb. 16 news conference was revised from the 1.35 million cars in Japan and...
AIG To Acquire 7.3 Percent Stake In Japanese Stockbroker
Feb 7 2001 // AIG gave further evidence of its confidence in Japan’s economy on Tuesday, with the announcement that the U.S. giant had agreed to acquire a 7.3 percent stake in H.I.S. Securities Co. Ltd. for 300 million yen ($2.61...
Prudential Puts Up $1.3 Billion For Kyoei, Upgrades Taiwan
Feb 2 2001 // The Prudential Insurance Co. of America has reportedly offered to invest at least 150 billion Yen ($1.3 billion) to bail out failed Japanese insurer Kyoei Life. It also announced that its Taiwan operations have become a...
Japan’s Softbank To Take Over Failed Life Insurer
Jan 24 2001 // Japan’s Softbank Corp. is reported to be seeking to enter the life insurance market through its Softbank Finance Co. unit, which is seeking to acquire the policies and remaining assets of failed insurer Taisho Life...
U.K.’s Prudential To Buy Japanese Life Insurer
Jan 23 2001 // The U.K. ‘s Prudential announced plans to purchase Japan’s Orico Life, a subsidiary of Orient Corp., for 23 billion yen (around $200 million). The move will further strengthen the company’s Asian...
Chiyoda, Kyoei Liabilities Threaten AIG, Prudential Acquisitions
Dec 29 2000 // New revelations of the parlous financial condition of two Japanese Life Companies, Chiyoda and Kyoei, both of whom have filed for bankruptcy protection, puts into question the previously announced plans of American...
ING To Acquire 35% Interest in Japanese Finance Company
Dec 21 2000 // Holland’s ING Group announced plans to acquire a 35 percent interest in the mid-sized Japanese financial services company Nice Co. for between $17.7 and $26.6 million, and will become its largest shareholder. The...
Great American To Sell Japanese Division To Mitsui
Dec 18 2000 // Great American Ins. Co., a division of American Financial Group, has agreed to sell its Japanese Division to Mitsui Marine & Fire Ins. Co. of America, for $22 million in cash, and the transfer of existing assets and...
Japan OK’s Hartford Annuity Sales
Dec 15 2000 // Japan’s Financial Reconstruction Commission approved the license application of Hartford Life Ins. Co. KK, The Hartford’s Japanese subsidiary, to sell variable annuities. Hartford immediately announced that...
RMS, Japanese Partner Complete Cat Exposure Model
Nov 17 2000 // Menlo Park based, Risk Management Solutions (RMS) and its Japanese partner OYO Corporation announced that their joint venture, OYO RMS, has completed “a detailed natural hazard risk analysis for the National Mutual...
Swiss Re Study Examines Changes in Japanese Market
Nov 14 2000 // Swiss Re’s new Sigma 8/2000 report, “Japan’s Insurance Markets—A Sea Change,” examines the industry in depth and discusses the uncertainties and the future outlook. “Financial market...
Japanese Regulator Seeks Reduction in Life Payouts
Nov 8 2000 // In a controversial move Hideyuki Aizawa, the head of Japan’s Financial Reconstruction Commission, which is trying to straighten out the country’s financial problems, highlighted by the recent failure of two...
Japanese P/C Insurers In Merger Talks
Nov 3 2000 // Another round of consolidation is shaping up in the Japanese insurance industry with the announcement that Yasuda Fire & Marine Ins. Co., Nissan Fire & Marine Ins. Co. and Taisei Fire & Marine Ins. Co. are...
More Fallout From Japanese Life Failures
Oct 24 2000 // Masaharu Hino, the head of Japan’s Financial Services Agency (FSA) which oversees the Japanese insurance industry, indicated that his office would press life insurers to supply more information concerning their...
