Taisei Fire & Marine Insurance Co. filed Thursday with the Tokyo District Court for protection from creditors, becoming the first Japanese insurer to collapse under the weight of obligations arising from the Sept. 11 terrorist attacks in the United States.
As the full scope of damage from the destruction of the World Trade Center becomes apparent, the midsize nonlife insurer realized it had exposed itself to overseas reinsurance claims estimated at 74.4 billion yen.
After applying for a capital boost from friendly companies and receiving rejections, Taisei filed for court protection with 39.8 billion yen in liabilities in excess of assets.