TOKYO–Hitachi Capital Corp. has agreed to purchase UNUM Japan Accident Insurance Co. for around $22.9 million.
UNUM Japan, a Tokyo-based unit of UnumProvident Corp., writes group and individual disability insurance. Its annual premium volume is around $32 million, with roughly 90% written for groups. Hitachi Capital also is based in Tokyo.
UnumProvident is selling the unit to focus on its business in the United States and United Kingdom, according to a statement by Thomas R. Watjen, president and chief executive officer of Chattanooga, Tenn.-based UnumProvident.
The deal is subject to approval by Japanese regulators.
