JAPEX to create captive insurance company

Japan Petroleum Exploration (JAPEX) is to create a captive insurance company, which will be called JAPEX Insurance.

In a statement the company said that it was creating the captive in order to further improve the efficiency of our group's non-life insurance operations and enhance risk management.

JAPEX Insurance will be based in Bermuda, with JAPEX's director and senior managing executive officer Yamashita Michiro as its managing director.

It is scheduled to be created and will start doing business in August 2022 and will underwrite insurance related to JAPEX and its group companies.

The company will have 3.5bn yen in capital and will be wholly owned by JAPEX.