Nippon Life Insurance: Asked Olympus For Explanation To Ease Market Concerns

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Nippon Life Insurance: Asked Olympus For Explanation To Ease Market Concerns
News from Fox Business:

TOKYO -(Dow Jones)- Nippon Life Insurance, the largest shareholder of Olympus Corp. (7733.TO) said Thursday that it has asked the Japanese manufacturer to provide a clear explanation to all shareholders to dispel market concerns surrounding the sudden resignation of its chief executive.

“We asked for a clear explanation that can dispel market uncertainty,” company spokesman Akira Tsuzuki said.

He declined to disclose when the company, which held a 8.3% stake in Olympus as of March, contacted the maker of cameras and medical equipment.

Former Olympus chief executive Michael Woodford, who was fired Friday, has claimed he was removed after raising questions about payments relating to acquisitions made before he joined the Olympus board. The acquisitions in question involve three small Japanese companies taken over between 2006 and 2008 as well as U.K. medical equipment firm Gyrus…………… continues on Fox Business
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Life Insurers Facing New Financial Challenges
News from Insurance Networking News:

Insurance Networking News, October 20, 2011

Carrie Burns

It’s been a challenging two years for the life insurance industry. It took a 12-percent hit to statutory surplus in 2008 and dealt with liquidity issues in a frozen credit market in 2009. The industry saw a little reprieve in 2010 in terms of assets, credit risks and investments. As a result however, life insurers now face a new and longer-term set of challenges from the lowest interest rates seen since the 1950s, according to a new study—“Life Insurance Industry Investments: Investigating Interest Rate and Sovereign Risk”—by Conning Research & Consulting.

The study, which analyzes life industry investments and four underwriting mar…………… continues on Insurance Networking News
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