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Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
March 01, 2009 at 07:00 PM
A subsidiary of a U.S. life insurer has agreed to serve as reorganization sponsor for a Japanese life insurer that declared bankruptcy in October 2008.
Gibraltar Life Insurance Company Ltd., a unit of Principal Financial Inc., Newark, N.J., will be acquiring the Japanese life insurer, Yamato Life Insurance Company, Tokyo, “without purchase price consideration,” Prudential says.
“It is expected that Yamato will become a wholly owned subsidiary of Gibraltar Life and that Gibraltar Life will contribute capital, from its general account assets to Yamato in connection with the acquisition, Prudential says.
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