Failed insurer Chiyoda Mutual Life Insurance Co. started anew Friday as AIG Star Life Insurance Co., with regaining customer confidence as the first order of business.

"Our staff will work together to rebuild the company and make sure we will never put a burden on our customers again," President Seiki Tokuni said at a news conference.

The reborn entity, capitalized at 30 billion yen, will push ahead with its rehabilitation program under the sponsorship of parent American International Group.