Millea Holdings Inc. has announced that it will set up a reinsurance company with JPMorgan Chase & Co. this month.
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The Tokyo company said Monday that the joint venture, to be named Tokio Marine Bluebell Re Ltd., will handle the reinsurance business for its unit Tokio Marine & Nichido Fire Insurance Co. It is to help hedge risks using JPMorgan's financial derivatives know-how.
Millea Holdings said the joint venture, to be based on the Isle of Man, will be initially capitalized at about $85 million. Millea is to hold a 90.1% stake and JPMorgan the rest.
