Taisei Fire & Marine Insurance Co., which failed last year, will reduce some insurance claim payouts to corporate clients by 25.8 percent, according to a rehabilitation plan submitted Friday to the Tokyo District Court.
Fire and liability policies covering factories and office buildings will be subject to the cuts.
Taisei Fire failed in November after incurring losses related to the Sept. 11 attacks in the United States. Its liabilities currently exceed its assets by 94.5 billion yen.