Japanese Life Insurer Agrees To Acquisition Of Nonlife Subsidiary

NU Online News Service, Aug. 27, 2:15 p.m. – Taiyo Mutual Life Insurance Company, Tokyo, a midsize Japanese life insurer, has agreed to transfer control over a property-casualty unit, Taiyo Fire & Marine Insurance Company Ltd., to NipponKoa Insurance Company Ltd., Tokyo, a midsize Japanese property-casualty insurer, in April 2002.

The agreement also calls for NipponKoa to sell its automobile insurance and other property-casualty insurance products through Taiyo Mutual's network of life insurance agents, Taiyo Mutual says.

Details about the deal and the sizes of the companies were not immediately available, but Standard & Poor's, New York, says the Taiyo Fire unit is much smaller than Nippon Koa.