The giant life insurance company to be set up by GE Capital Services Corp. of the U.S. and Toho Mutual Life Insurance Co. will be named GE Capital Edison Life Insurance Co., officials of the two firms said Wednesday.
The name comes from Thomas Edison, the American inventor who is one of the founders of General Electric. Toho Mutual Vice President Yasuhiro Ishizaka will become president of the new firm to be formed in an effective takeover by GE Capital of financially troubled Toho Mutual's operations.
Ishizaka will take office April 1, when the new company is expected to start operations after obtaining regulatory approval, they said. Other senior managers and board members will be determined and announced before operations begin, they said.
GE Capital Edison will be owned by GE Capital Services' wholly owned subsidiary, GE Financial Assurance, based in Richmond, Va., as well as by Toho.