Administrators of failed insurer Chiyoda Mutual Life Insurance Co. announced Friday that the company has signed a sponsorship agreement with American International Group Inc., which will support its rehabilitation.
After receiving an infusion of 30 billion yen in fresh capital from AIG in April, Chiyoda Life will shift from a mutual company to a publicly owned one and resume operations under the name AIG Star Life Insurance, they said.
Administrator Seiki Toguni is to hold the representative rights to the new company, they added.