Business Services Industry
Sompo Japan Insurance Inc. Makes Joint Venture Brokerage Wholly Owned Unit.
Knight Ridder/Tribune Business News, September, 2003
Kyodo News International, Tokyo Knight Ridder/Tribune Business News
Sep. 1--TOKYO--Sompo Japan Insurance Inc. said Monday it made Sompo Japan Cigna Securities Co. a wholly owned subsidiary of the nonlife insurance company the same day.
Sompo Japan has completed a buyout of the 57,200 Sompo Japan Cigna Securities shares previously held by fifty-fifty joint venture partner Cigna Global Holdings Inc. of the United States in line with an agreement announced in July.
Tokyo-based Sompo Japan Cigna Securities, which engages mainly in pension-related businesses, is due to be renamed Sompo Japan DC Securities Inc. on Oct. 1, Sompo Japan Insurance said.
The wholly owned unit will continue its tie-up with the Cigna group in the field of...
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