PDF Version (90.1 KB)
日本語English
2022.7.22

Japan Petroleum Exploration Co., Ltd. (JAPEX) announced that its Board of Directors has resolved to establish a subsidiary at a meeting held on July 22, 2022 as follows.

1. Reason for Establishment of Subsidiary

In order to further improve the efficiency of our group's non-life insurance operations and enhance risk management, we will establish a captive insurance company (an insurance subsidiary that specializes in underwriting our group's risks).

2. Outline of the subsidiary to be established

(1) Name: JAPEX Insurance Ltd.

(2) Location: CLARENDON HOUSE, 2 Church Street, Hamilton HM 11, Bermuda

(3) Title and name of representative: YAMASHITA Michiro, Managing Director

(4) Business: Underwriting insurance related to JAPEX and its group companies

(5) Capital: 3.5 billion yen

(6) Date of Establishment: Scheduled for August 2022

(7) Investment Ratio: Wholly owned by JAPEX

(8) Relationship between JAPEX and JAPEX Insurance Ltd.:

    • Capital Relationship: Wholly owned by JAPEX
    • Personal relationship: JAPEX's Director and Senior Managing Executive Officer will concurrently serve as Managing Director of the subsidiary
    • Transaction Relationships: Underwriting insurance related to JAPEX and its group companies
3. Schedule

(1) Date of resolution by the Board of Directors: July 22, 2022

(2) Date of establishment (date of commencement of business): August 2022 (scheduled)

4. Outlook for the future

The impact of this matter on our business performance is expected to be negligible.

Please note that the information in the news is as of the announcement date and may be subject to change without notice.

  • IR
  • Press Release

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

JAPEX - Japan Petroleum Exploration Co. Ltd. published this content on 22 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 July 2022 05:23:04 UTC.