The administrators of failed Daiichi Mutual Fire & Marine Insurance Co. on Wednesday said they have terminated an eight-month search for a white knight.
The Nonlife Insurance Policyholders Protection Corp. of Japan -- the nonlife insurance industry's safety net, will assume responsibility for the insurer's policies, following approval from the Financial Services Agency and representatives of the protection corporation's member property insurers.
The 2,200 Daiichi Mutual employees will lose their jobs, although 200 to 400 will be rehired by the industry safety net.