Sullivan & Cromwell and Mori Hamada & Matsumoto have advised Japanese insurer Mitsui Sumitomo Insurance Co. Ltd. on a $1.3 billion hybrid notes issue on the Singapore Exchange.
MSI, Japan’s largest non-life insurance company by combined premiums, is offering the 60-year notes to raise funds for general corporate purposes. In a prospectus for the deal, the company said that recent disasters including flooding in Thailand and last year’s earthquake and tsunami in Fukushima had driven up reinsurance prices, forcing insurers to shore up their capital reserves.
