Japan-based T&D Holdings Inc. plans to convert its pet insurance provider into a general insurer as part of efforts to increase profit across the group, Tokyo's The Nikkei reported March 15, citing T&D Holdings incoming president Hirohisa Uehara.
The plan will convert Pet & Family Small-amount Short-term Insurance Co. into a general insurance company. The insurer currently provides insurance products for pet owners.
Under Japanese regulations, revenues of small-amount and short-term insurers are capped at ¥5 billion a year, while revenues of general insurance companies have no annual limit.
As of March 14, US$1 was equivalent to ¥106.17.
