Mitsui Sumitomo to acquire Taiwan's no. 2 nonlife writer.Mitsui Mitsui: see zaibatsu. Sumitomo Insurance Co. Ltd., the third-largest nonlife insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. in Japan, said it agreed to acquire Taiwan's second-largest nonlife insurer, in a move that the Japanese Japanese (jăp'ənēz`), language of uncertain origin that is spoken by more than 125 million people, most of whom live in Japan. There are also many speakers of Japanese in the Ryukyu Islands, Korea, Taiwan, parts of the United States, and company said will make it the largest nonlife insurer in Asia. Under the agreement, Mitsui Sumitomo will buy all of the out standing stock of Mingtai Fire & Marine Insurance Co. Ltd., the nonlife insurance subsidiary of Taiwan's First Financial Holding Company Ltd., for 28.5 billion yen (about $26 million). Mitsui Sumitomo said the acquisition will increase its gross premium income in Asia by about 50%, to 108 billion yen, making it the largest foreign-affiliated nonlife insurer in the Asian market. |
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