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| Mar 2, 2006 |
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DENSO to Establish Captive Insurance Company in Hawaii
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TOKYO -DENSO Corporation announced today that it will establish a wholly owned captive insurance company - DENSO Reinsurance America, Inc. - for its group companies in March. The initial capital investment for the company will be US$3 million, and the company will be located in Hawaii, United States. In April, DENSO Reinsurance America, Inc. will begin undertaking marine insurances for the DENSO group companies worldwide and workers' compensation insurances for DENSO group companies in the United States.
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"Our goal is to strengthen our global risk management through this captive insurance company," said Koji Kobayashi, DENSO managing officer responsible for Audit, Corporate Planning and Corporate Communications departments.
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DENSO Corporation, headquartered in Kariya, Aichi prefecture, Japan, is a leading global supplier of advanced technology, systems and components. Its customers include all the world's major carmakers. Worldwide, the company employs 104,000 people in 31 countries and regions, including Japan. Consolidated global sales for the fiscal year ended March 31, 2005 totaled US$26.2 billion. DENSO common stock is traded on the Tokyo, Osaka and Nagoya stock exchanges. For more information, go to www.globaldenso.com or visit our media website at www.densomediacenter.com.
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| New Company Profile |
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1. |
Name |
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DENSO REINSURANCE AMERICA, INC. |
| 2. |
Established |
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March 2006 |
| 3. |
Location |
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Hawaii, USA |
| 4. |
Capital |
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US$3 million |
| 5. |
Ownership |
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100 percent by DENSO Corporation |
| 6. |
President |
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Koji Kobayashi (managing officer responsible for Audit, Corporate Planning and Corporate Communications departments at DENSO Corporation, and a president of DENSO Finance & Accounting Center Co., Ltd.) |
| 7. |
Business |
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Undertaking marine insurances of DENSO group companies worldwide and workers' compensation insurances of DENSO group companies in the United States as a captive insurance company. |
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