The U.S. investment company Ripplewood Holdings LLC, the parent of Shinsei Bank, will take over the operations of the failed Daiichi Mutual Fire & Marine Insurance Co., industry sources said Thursday.
Daiichi Mutual's administrators, including the Marine and Fire Insurance Association of Japan, are expected to announce the deal later this week, the sources said.
The administrators, however, said it will take some time for them to reach a conclusion on exactly which entity will take over Daiichi Mutual's operations.