The court-appointed trustee for the defunct Tokyo Mutual Life Insurance Co. has selected the alliance of Taiyo Mutual Life Insurance Co. and Daido Life Insurance Co. as the potential buyer for Tokyo Mutual.
The trustee selected the alliance after examining similar offers for the failed insurer from American International Group and GE Edison Life Insurance Co., an insurance arm of GE Capital Services Corp. of the United States, he said Tuesday.
Tokyo Mutual, a midsize insurer, went belly-up in March after asking the Tokyo District Court to protect its assets from creditor claims. The court granted the plea on March 31.