Japan’s Daiichi Mutual Fire & Marine Insurance Co., which collapsed in May, will most likely be purchased by Shinsei Bank, industry sources told Kyodo News Service Thursday. The two companies will try to come up with an agreement sometime this month, the sources said.
In Japan, no bank has ever bought an insurance entity. For the most part, the law does not allow banks to enter the insurance sector, except when a bank takes over insurance contracts of a collapsed insurer.
Topics Mergers & Acquisitions
Was this article valuable?
Here are more articles you may enjoy.
Florida Reforms Cut Property Premiums but Data Show Multifamily Liability Rates Up 
Former Trident Reciprocal CEO Ordered to Pay $468K in Attorney and Arbitrator Fees 
More Florida Insurers Announce Rate Cuts for Auto, Homeowners, Condo Units 
How Federal Ban on Intoxicating Hemp Products Will Reshape Risk, Coverage 
