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 financial condition in the wake of the bankruptcy protection filings …
Nippon Life Insurance Co., Japan’s largest, was reportedly holding talks with Mitsui Marine & Fire Insurance Co., its 3rd largest p/c insurer and Sumitomo Marine & Fire Insurance Co., its 5th largest, in an effort to put together an alliance, …
More trouble was announced this morning for Japan’s life insurance sector with the news that Kyoei Life Insurance, the nation’s 11th largest life insurer, is preparing to file for court protection. With total debts of $42.4 billion it becomes the …
François: Well, we’ve finally turned the corner this year. Premium rates are on the upswing—about time too, we couldn’t survive another 1999. Mike: C’mon François, you said the same thing last year and the year before that. Of course you …
Hartford Financial Services Group has applied for permission from the Financial Services Administration for permission to begin marketing variable annuity products through its Japanese subsidiary. As in the U.S., flexible pension products are a fast growing market sector in Japan, …
AIG has reportedly confirmed that it will continue talks with Japan’s Chiyoda Life in an effort to restructure the 96 year old company, following yesterday’s announcement that it was filing for bankruptcy protection. Reuters News Agency quoted an unidentified AIG …
While the earthquake which struck Western Japan last week was very strong, measuring 7.3 on the Japanese Meteorological Agency scale, it was extremely deep, and the epicenter was far from a major population center – A set of circumstances that …
Chiyoda Mutual Life Insurance Co. became the latest, and so far largest, victim of Japan’s troubled financial community, when it filed for bankruptcy protection Monday, listing outstanding debt of 2.94 trillion yen ($26.95 billion). Chiyoda, Japan’s 12th largest life insurer, …
An earthquake measuring 7.1 on the Richter Scale jolted southwestern Japan in the early afternoon Friday, but early reports indicate it caused only moderate damage. According to the BBC, the quake, which lasted about 40 seconds, burst pipelines, started fires …
Confirming earlier reports, Japan’s largest p/c insurer, Tokio Marine and Fire Insurance Co. Ltd. plans to merge with the 5th largest life insurer, Asahi Mutual Life and a smaller p/c company Nichido Fire & Marine. The new group will have …
