Japan’s ailing Fuji Fire & Marine Insurance Ltd. has reached an agreement with American International Group, and Orix Corp., Japan’s largest leasing company, to provide additional capital of 34.4 billion yen ($256.3 million).
AIG, whose AIU unit already has a stake in Fuji, will increase its shareholding to around 22.14 percent when new shares are issued, as will Orix. Both companies plan to participate in Fuji’s management.
AIG is already the largest foreign insurer in the Japanese p/c market, which generates around $100 billion a year, second only to the U.S. The acquisition of an additional stake in Fuji will further strengthen its position.
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