Ube Industries,Ltd. (President: Kazumasa Tsunemi) plans to form a new company, Ube Asset & Insurance Co., which will start operations April 1, by merging two units: the general affairs and personnel department's insurance and planning operations for group internal assets and the utilization of real estate owned by the group, and the life and casualty insurance agency operations conducted by Ube Industries Total Service Co., Ltd.
Ube Industries' real estate operations have contributed to cash-flow generation by vitalizing the group's real estate assets, but we think that forming a separate company will enhance the unit's flexibility and further enliven our real estate management.
The new unit will take charge of real estate management operations that previously were handled by individual group member companies on their own, with the aim of achieving more sophisticated and efficient operations.
In the insurance area, the move will help to make operations more efficient by eliminating areas of duplication between Ube Industries and Ube General Services. At the same time, it will help strengthen the group's risk management by enabling more effective risk analysis and insurance procedures.
In the areas of personal liability and life insurance, we will make greater efforts to more broadly market our products and consulting services.
The new company will not own real estate. Rather, it will be positioned to supply its expertise. Ube Industries itself will continue to maintain a real estate department within its operations, which will set the management direction for the new company, and retain decision-making powers. As a result, Ube Industries will be able to attain the kind of operations management best suited to its group strategy.
|Name||Ube Asset & Insurance|
|Address||Seavance North Building, 1-2-1 Shibaura, Minato-ku, Tokyo|
|Business||Real estate management, real estate sales, liability insurance, life insurance agency operations|
|Capital||¥19 million (100% owned by Ube Industries,Ltd.)|
|Representative||Morito Uchida (representative director / president; also head of real estate within the general affairs and personnel for Ube Industries)|
|Annual revenues||About ¥500 million|