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UnumProvident selling Japanese unit

Michael Bradford

December 08, 2003 Reprints

Benefits Legislation & Regulation European Union P/C Legislation & Regulation P/C Insurers Unum Group Asia-Pacific & Australasia Bermuda Canada China Latin America United Kingdom More + Less -

TOKYO--Hitachi Capital Corp. has agreed to purchase UNUM Japan Accident Insurance Co. for around $22.9 million.

UNUM Japan, a Tokyo-based unit of UnumProvident Corp., writes group and individual disability insurance. Its annual premium volume is around $32 million, with roughly 90% written for groups. Hitachi Capital also is based in Tokyo.

UnumProvident is selling the unit to focus on its business in the United States and United Kingdom, according to a statement by Thomas R. Watjen, president and chief executive officer of Chattanooga, Tenn.-based UnumProvident.

The deal is subject to approval by Japanese regulators.

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UnumProvident selling Japanese unit

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