Gibraltar Life, a Japan-based Prudential Financial Inc. subsidiary, will serve as reorganization sponsor for Yamato Life, a small life insurance company in Japan that declared bankruptcy in October 2008, according to Prudential.
The subsidiary signed a definitive agreement that provides for Yamato to be acquired by Gibraltar without purchase price consideration. It is expected that Yamato will become a wholly owned subsidiary of Gibraltar Life, and that Gibraltar Life will contribute capital, from its general account assets to Yamato in connection with the acquisition. The amount of the capital contribution is not expected to be material, Prudential says.
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